ACF1001 Accounting fundamentals
Faculty of Business and Economics
ACF1001 Accounting fundamentals is a level 1, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2027 in Semester 1 and Semester 2 at Caulfield. It has no prerequisites and unlocks 8 units, leading on to 14 units in all.
- Credit points
- 6
- Offered in 2027
- Semester 1, Semester 2
- Caulfield
- Assessment
- Exam 50%
- and 2 other tasks
- Workload
- 144 hours
- per semester
Reviews
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Requisites
Before ACF1001
Prohibitions
You can't enrol if you have passed any of these.
- ACB1020Accounting in businessNo reviews yet
- ACB1120Financial accounting 1No reviews yet
- ACC1100Introduction to financial accountingNo reviews yet
- ACF1100Introduction to financial accountingNo reviews yet
- ACW1020Accounting in businessNo reviews yet
- ACW1120Financial accounting 1No reviews yet
- ACX1100Introduction to financial accountingNo reviews yet
- ACC1001Accounting fundamentalsNo reviews yet
- ACX1001Accounting fundamentalsNo reviews yet
- ACI1001Accounting fundamentalsNo reviews yet
After ACF1001
8 units list ACF1001 as a prerequisite or corequisite.
- ACB2220Management accounting 1No reviews yet
- ACB2420Accounting information systemsNo reviews yet
- ACC2200Introduction to management accountingNo reviews yet
- ACC2400Accounting information systemsNo reviews yet
- ACF2200Introduction to management accountingNo reviews yet
- ACF2400Accounting information systemsNo reviews yet
- ACX3150Financial analysis and valuationNo reviews yet
- ACX3300Predictive analytics in accountingNo reviews yet
Enrolment rules
If you are enrolled in course B2029, B2040 or 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 2027
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Caulfield | On campus |
| Second semester | Caulfield | On campus |
Assessment
- Exercise20%
- Project30%
- 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 the role of accounting in various forms of business organisation and its contribution to effective managerial decision-making
- 2
apply core financial and management accounting principles in evaluations of financial statements and business performance
- 3
analyse financial and non-financial information to inform planning, budgeting, and performance management
- 4
evaluate business decisions and accounting practices in relation to sustainability, ethics, inclusivity, and social and environmental responsibility
- 5
demonstrate effective team communication and collaboration by contributing to shared problem-solving and group learning processes.
Workload and teaching
- Tutorials24 hours
- Lectures12 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
- Ms Tao Tao
Common questions
What are the prerequisites for ACF1001?
ACF1001 has no prerequisites, but enrolment rules apply.
What can I take after ACF1001?
ACF1001 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 ACF1001 offered?
In 2027, ACF1001 runs in Semester 1 and Semester 2 at Caulfield.
How much work is ACF1001?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ACF1001 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 2 other tasks.