Refer to the specific census and withdrawal datesfor the semester(s) in which this unit is offered.
ACS1000 or equivalent.
AFC1030, ACC1030, AFF1121, ACF1121, ACB1002, AFG1002, ACG1002, ACW1002, AFW1002.
This unit will cover various aspects of financial accounting and builds on the principles introduced in ACS1000. Aspects associated with transaction reporting and the preparation of financial statements investigated include: the recording of inventory in a retail context, the use of control accounts, the role of specialised journals, a range of balance day-adjustments, reversing entries and account reconstruction. The unit also focuses on internal control procedures. The definition, recognition and disclosure criteria of financial statement elements are explored, as well as the cost and fair value measurement of various financial statement elements.
The learning goals associated with this unit are to:
Within semester assessment: 40% + Examination: 60%
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.