Undergraduate - UnitAFF1121 - Introduction to financial accounting

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Synopsis

This unit is concerned with developing a conceptual and practical accounting framework for financial reporting through the process of collecting, analysing, classifying, measuring, recording, presenting and interpreting financial information and developing financial reports for service and trading entities from both a manual and a computer-based system.

Outcomes

The learning goals associated with this unit are to:

1. explain and discuss generally accepted accounting principles (GAAP), measurement systems and the accounting conceptual framework
2. describe and apply definitions and recognition criteria for assets, liabilities, equities, expenses and income as specified in the conceptual framework
3. prepare financial statements for accounting entities including service and retail organisations using generally accepted accounting principles
4. apply principles of selected accounting standards
5. apply critical thinking, problem solving and procedures to individual and/or group activities dealing with financial accounting, and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by AFF1121.

Assessment

Within semester assessment: 40%
Examination (3 hours): 60%

Chief examiner(s)

Eric Lee

Contact hours

3 hours per week

Prerequisites

AFF1000, AFF1110 or AFP1000

Prohibitions

AFC1030, AFG1002, AFW1002