UnitLevel 1Undergraduate

ACC1001 Accounting fundamentals

Faculty of Business and Economics

ACC1001 Accounting fundamentals is a level 1, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2026 in Semester 1 and Semester 2 at Clayton. It has no prerequisites and unlocks 8 units, leading on to 14 units in all.

Credit points: 6
Offered in 2026: Semester 1, Semester 2; Clayton
Assessment: Exam 80%; and 4 other tasks
Workload: 144 hours; per semester

This is the 2026 handbook entry. See the 2027 entry.

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Requisites

Before ACC1001

Prohibitions

You can't enrol if you have passed any of these.

One of

After ACC1001

8 units list ACC1001 as a prerequisite or corequisite.

Enrolment rules

If you are enrolled in course B2007 you cannot undertake this unit.

To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12. 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 the fundamentals of accounting as the language of business, empowering future managers to interpret and analyse financial information for strategic and sustainable decision-making. Emphasising real-world application, the unit explores key financial concepts such as cost and performance measurement, budgeting, and financial planning, alongside critical non-financial dimensions including sustainability, ethics, social responsibility, and inclusivity.

Offerings in 2026

Teaching period	Campus	Mode
First semester	Clayton	On campus
Second semester	Clayton	On campus

Assessment

Exercise
30%
Project
30%
Examination
40%
Project
30%
Project
30%
Examination
40%

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
FIRST SEMESTER: demonstrate an understanding of various forms of business organisation

SECOND SEMESTER: explain the role of accounting in various forms of business organisation and its contribution to effective managerial decision-making
2
FIRST SEMESTER: apply financial and management accounting principles in the interpretation of financial statements

SECOND SEMESTER: apply core financial and management accounting principles in evaluations of financial statements and business performance
3
FIRST SEMESTER: measure and interpret information relating to financial performance, financial position, liquidity and risk indicators of businesses

SECOND SEMESTER: analyse financial and non-financial information to inform planning, budgeting, and performance management
4
FIRST SEMESTER: measure and interpret financial and non-financial information for managers to use in planning, decision making and control

SECOND SEMESTER: evaluate business decisions and accounting practices in relation to sustainability, ethics, inclusivity, and social and environmental responsibility
5
FIRST SEMESTER: develop the ability to work effectively in a team and demonstrate the development of judgement, and skills in problem solving, critical thinking and analysis.

SECOND SEMESTER: communicate effectively in teams by collaborating to enhance collective learning and problem-solving.

Workload and teaching

Lectures12 hours
Tutorials24 hours
Teaching approachActive 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. 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.

This unit includes problem-based learning approaches, where you 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

Accounting for Managers (Custom Text), 2nd edition

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.

Contacts

Chief Examiners: Mr Tirukumar Thiagarajah; Ms Tao Tao

Common questions

What are the prerequisites for ACC1001?

ACC1001 has no prerequisites, but enrolment rules apply.

What can I take after ACC1001?

ACC1001 is a prerequisite or corequisite for 8 units, including ACB2220, ACB2420, ACC2200, ACC2400, ACF2200 and ACF2400. Those lead on to 14 units in all.

When is ACC1001 offered?

In 2026, ACC1001 runs in Semester 1 and Semester 2 at Clayton.

How much work is ACC1001?

The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.

Does ACC1001 have an exam?

Yes. The exam is worth 80% of the final mark, alongside 5 other tasks.

More details

Credit points: 6
Level: 1
Study level: Undergraduate
Faculty: Faculty of Business and Economics
Organisational unit: Department of Accounting

Type: Coursework
EFTSL: 0.125
Student contribution: SCA Band 4
Study abroad: Available
Handbook years: 2024 202520262027