ACB1120 Financial accounting 1
Faculty of Business and Economics
ACB1120 Financial accounting 1 is a level 1, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2027 in Semester 1 at Peninsula. It has no prerequisites and unlocks 15 units, leading on to 30 units in all.
- Credit points
- 6
- Offered in 2027
- Semester 1
- Peninsula
- Assessment
- Exam 50%
- and 2 other tasks
- Workload
- 144 hours
- per semester
Reviews
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Requisites
Before ACB1120
Prohibitions
You can't enrol if you have passed any of these.
After ACB1120
15 units list ACB1120 as a prerequisite or corequisite.
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Enrolment rules
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 11 level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.
Equivalent units
The same content under another code. Only one of them counts.
Overview
This unit introduces you to fundamental accounting concepts and rules to provide a foundation for further study within the accounting discipline. Emphasis is placed on developing meaningful understanding of both accounting terminology and technical rules for recording, guided by the Conceptual Framework and selected Accounting Standards. Applying this knowledge along with critical thinking skills will facilitate evidence-based decision-making using accounting data, and the preparation and interpretation of financial statements.
Offerings in 2027
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Peninsula | On campus |
Assessment
- Exercise24%
- Project26%
- Examination50%
Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.
Learning outcomes
When you finish this unit, you should be able to:
- 1
explain fundamental accounting concepts and rules by justifying how and why economic transactions are recorded in accounting systems
- 2
apply the Conceptual Framework and selected Accounting Standards to record transactions and prepare basic financial statements
- 3
interpret accounting data to derive and communicate meaningful and relevant business insights
- 4
collaborate effectively in team-based accounting tasks to contribute disciplinary knowledge and support collective problem solving
- 5
analyse accounting data to identify issues and support reasoned conclusions in business contexts.
Workload and teaching
- Lectures12 hours
- Tutorials24 hours
- Seminars6 hours
- Teaching approachActive learning
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. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Required resources
Carlon, Shirley. Financial Accounting: Reporting, Analysis and Decision Making, 7th Edition, John Wiley & Sons, Incorporated, 2021. ProQuest Ebook Central, https://ebookcentral.proquest.com/lib/monash/detail.action?docID=6729410.
Technology resources
There may be an additional cost associated with purchasing a physical and/or virtual calculator. Specific details will be provided in the Learning Management System by commencement of Orientation week.
Where it fits
ACB1120 is part of 1 area of study in the 2027 handbook.
Contacts
- Chief Examiners
- Dr Ellinor Allen
Common questions
What are the prerequisites for ACB1120?
ACB1120 has no prerequisites, but enrolment rules apply.
What can I take after ACB1120?
ACB1120 is a prerequisite or corequisite for 15 units, including ACB2120, ACB2220, ACB2420, ACC2100, ACC2200 and ACC2400. Those lead on to 30 units in all.
When is ACB1120 offered?
In 2027, ACB1120 runs in Semester 1 at Peninsula.
How much work is ACB1120?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ACB1120 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 2 other tasks.
Which majors and minors include ACB1120?
ACB1120 is part of Accountancy.