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 2024 in Semester 1 at Peninsula. It has no prerequisites and unlocks 17 units, leading on to 32 units in all.
- Credit points
- 6
- Offered in 2024
- Semester 1
- Peninsula
- Assessment
- Exam 50%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2024 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
17 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
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- ACF2400Accounting information systemsNo reviews yet
- ACW2120Financial accounting 2No reviews yet
- ACW2220Management accounting 1No reviews yet
- ACW2420Accounting information systemsNo reviews yet
- ACX2100Financial accountingNo reviews yet
- ACX2200Introduction to management accountingNo reviews yet
- ACX2400Accounting information systemsNo reviews yet
- ACX3150Financial analysis and valuationNo reviews yet
- ACX3300Predictive analytics in accountingNo reviews yet
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 is designed for you if you are undertaking the accounting major. It will provide an introduction to financial accounting guided by the Conceptual Framework and Accounting Standards. Emphasis is placed on accounting processes, practices and policies that enable financial statements to be prepared. You will integrate theoretical and technical knowledge learned and exercise judgement to explore accounting issues.
Offerings in 2024
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Peninsula | On campus |
Assessment
- Within semester assessment50%
- Examination50%
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
apply critical thinking, problem solving, and communication skills within corporate financial reporting topics
Workload and teaching
- Seminars4.5 hours
- Tutorials24 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 2024 handbook.
Contacts
- Chief Examiners
- Ms 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 17 units, including ACB2120, ACB2220, ACB2420, ACC2100, ACC2200 and ACC2400. Those lead on to 32 units in all.
When is ACB1120 offered?
In 2024, 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 1 other task.
Which majors and minors include ACB1120?
ACB1120 is part of Accountancy.