ACB2120 Financial accounting 2
Faculty of Business and Economics
ACB2120 Financial accounting 2 is a level 3, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2022 in Semester 1 at Peninsula. It needs ACC1100, ACF1100, ACB1120, ACW1120 or ACX1100 and unlocks 11 units, leading on to 12 units in all.
- Credit points
- 6
- Offered in 2022
- Semester 1
- Peninsula
- Assessment
- Exam 50%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2022 handbook entry. See the 2027 entry.
Reviews
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Requisites
Before ACB2120
Prerequisites
Pass these before you enrol.
Prohibitions
You can't enrol if you have passed any of these.
After ACB2120
11 units list ACB2120 as a prerequisite or corequisite.
- ACB3120Financial accounting 3No reviews yet
- ACB3620 Assurance and audit servicesNo reviews yet
- ACC3100Advanced financial accountingNo reviews yet
- ACC3600Auditing and assuranceNo reviews yet
- ACF3100Advanced financial accountingNo reviews yet
- ACF3600Auditing and assuranceNo reviews yet
- ACW3120Financial accounting 3No reviews yet
- ACW3620Assurance and audit servicesNo 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 provides an overview of the current Australian reporting and regulatory framework applicable to reporting entities including an analysis of significant accounting standards, the conceptual framework, and professional reporting requirements. Financial reporting issues associated with corporate structures such as company operations; taxation; property, plant, and equipment; and consolidated accounting are examined.
Offerings in 2022
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Peninsula | On campus |
Assessment
- Within semester assessment50%
- ExaminationThreshold hurdle50%
Learning outcomes
When you finish this unit, you should be able to:
- 1
explain the content of, and regulatory requirements associated with, company financial statements
- 2
apply accounting standards and the conceptual framework to the preparation of company financial statements for single and consolidated entities
- 3
demonstrate judgement and discretion in selecting accounting methods and making estimates, and in company financial statement disclosures
- 4
demonstrate an ability to work independently and participate effectively in diverse group tasks
- 5
apply critical thinking, problem solving, and communication skills within corporate financial reporting topics.
Workload and teaching
- Tutorials18 hours
- Lectures18 hours
- Teaching approachActive learning
- Teaching approachEnquiry-based learning
- Teaching approachProblem-based 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. 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.
This unit engages students in actively applying their knowledge, skills and attributes in interactive, collaborative and reflective activities.
This unit engages students in enquiry-based learning, where they will be encouraged to use their own knowledge to develop and engage in a process of enquiry, study and research to identify areas to be investigated and an approach to doing so.
This unit includes problem-based learning approaches, where students engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.
Learning resources
Required resources
Leo, K., Knapp., J., McGowan, S., & Sweeting, J., Meng, L. (2020). Company Accounting (12th ed.). John Wiley & Sons.
Technology resources
The only Faculty approved calculators permitted in tests and examinations for all Australian campuses and locations is the HP10bII+ or Casio FX82 (any suffix).
Where it fits
ACB2120 is part of 2 areas of study in the 2022 handbook.
Contacts
- Chief Examiners
- Dr Lisa Powell
Common questions
What are the prerequisites for ACB2120?
You need ACC1100, ACF1100, ACB1120, ACW1120 or ACX1100 before you enrol. Enrolment rules also apply.
What can I take after ACB2120?
ACB2120 is a prerequisite or corequisite for 11 units, including ACB3120, ACB3620, ACC3100, ACC3600, ACF3100 and ACF3600. Those lead on to 12 units in all.
When is ACB2120 offered?
In 2022, ACB2120 runs in Semester 1 at Peninsula.
How much work is ACB2120?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ACB2120 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 1 other task.
Which majors and minors include ACB2120?
ACB2120 is part of Accountancy.