AFC1030 - Introduction to financial accounting
6 points, SCA Band 3, 0.125 EFTSL
Undergraduate Faculty of Business and Economics
This unit will provide a conceptual framework for accounting; the definition and recognition criteria for assets, liabilities, equity, income and expenses (including leases, inventory valuation, non-current assets, depreciation and impairment); the form and content of financial reports for partnerships and companies; and evaluate alternative measurement systems (historical cost, modified historical cost and fair value accounting).
The learning goals associated with this unit are to:
- apply the double-entry recording process to a range of transactions and balance-day
- describe the definitions and recognition criteria for assets, liabilities, equity, income and expenses
- evaluate and compare alternative measurement systems
- apply critical thinking, problem solving and presentation skills to individual and /or group activities dealing with financial accounting.
Within semester assessment: 35%
Examination (3 hours): 65%
Two 1-hour lectures and one 1.5-hour tutorial
One of AFC1000, AFC1021 or AFC1022