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 2020 in Semester 1 at Peninsula. It has no prerequisites and unlocks 13 units, leading on to 29 units in all.
- Credit points
- 6
- Offered in 2020
- Semester 1
- Peninsula
- Workload
- 144 hours
- per semester
This is the 2020 handbook entry. See the 2027 entry.
Reviews
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Requisites
Before ACB1120
Prohibitions
You can't enrol if you have passed any of these.
After ACB1120
13 units list ACB1120 as a prerequisite or corequisite.
- ACB2120Financial accounting 2No reviews yet
- ACB2220Management accounting 1No reviews yet
- ACB2420Accounting information systemsNo reviews yet
- ACC2100Financial accountingNo reviews yet
- ACC2200Introduction to management accountingNo reviews yet
- ACC2400Accounting information systemsNo reviews yet
- ACF2100Financial accountingNo reviews yet
- ACF2200Introduction to management accountingNo reviews yet
Equivalent units
The same content under another code. Only one of them counts.
Overview
This unit provides students with an introduction to financial accounting guided by the Conceptual Framework and Accounting Standards. Emphasis is placed on accounting processes, practices and policies that enable the financial statements to be prepared. Students will integrate theoretical and technical knowledge learned and exercise judgement to explore accounting issues.
Offerings in 2020
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Peninsula | On campus |
| First semester (Fully flex) | Peninsula | Flexible |
Learning outcomes
When you finish this unit, you should be able to:
- 1
identify and analyse measurement systems and their relationship with the accounting Conceptual Framework
- 2
apply the principles of double-entry and accrual accounting
- 3
describe and apply definitions and recognition criteria for assets, liabilities, incomes and expenses as specified in the Conceptual Framework
- 4
apply principles of selected Accounting Standards and prepare financial statements for business entities including service and retail organisations
- 5
develop the ability to work effectively in a team; and demonstrate the development of skills in research, judgement and oral communication.
Workload and teaching
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.
Where it fits
ACB1120 is part of 1 area of study in the 2020 handbook.
Contacts
- Chief Examiners
- Dr Mahendra Goyal
Common questions
What are the prerequisites for ACB1120?
ACB1120 has no prerequisites.
What can I take after ACB1120?
ACB1120 is a prerequisite or corequisite for 13 units, including ACB2120, ACB2220, ACB2420, ACC2100, ACC2200 and ACC2400. Those lead on to 29 units in all.
When is ACB1120 offered?
In 2020, 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.
Which majors and minors include ACB1120?
ACB1120 is part of Accountancy.