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 2024 in Semester 1 and Semester 2 at Caulfield. It has no prerequisites and unlocks 5 units, leading on to 7 units in all.
- Credit points
- 6
- Offered in 2024
- Semester 1, Semester 2
- Caulfield
- Assessment
- Exam 50%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2024 handbook entry. See the 2027 entry.
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Requisites
Before ACF1001
Prohibitions
You can't enrol if you have passed any of these.
- ACB1120Financial accounting 1No reviews yet
- ACW1120Financial accounting 1No reviews yet
- ACC1100Introduction to financial accountingNo reviews yet
- ACX1100Introduction to financial accountingNo reviews yet
- ACB1020Accounting in businessNo reviews yet
- ACF1100Introduction to financial accountingNo reviews yet
- ACC1001Accounting fundamentalsNo reviews yet
- ACW1020Accounting in businessNo reviews yet
- ACX1001Accounting fundamentalsNo reviews yet
After ACF1001
5 units list ACF1001 as a prerequisite or corequisite.
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 basic accounting concepts to non-accountants. The information requirements of two main groups of information users are examined - external users such as current and potential investors and internal users such as managers. This unit provides an introduction to the structure, meaning, analysis and interpretation of financial statements, in addition to exploring financial issues confronting managers, such as cost and performance measurement and budgeting.
Offerings in 2024
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Caulfield | On campus |
| Second semester | Caulfield | On campus |
Assessment
- Within semester assessment50%
- ExaminationThreshold hurdle50%
Learning outcomes
When you finish this unit, you should be able to:
- 1
demonstrate an understanding of various forms of business organisation
- 2
apply financial and management accounting principles in the interpretation of financial statements
- 3
measure and interpret information relating to financial performance, financial position, liquidity and risk indicators of businesses
- 4
measure and interpret financial and non-financial information for managers to use in planning, decision making and control
- 5
develop the ability to work effectively in a team and demonstrate the development of judgement, and skills in problem solving, critical thinking and analysis.
Workload and teaching
- Tutorials24 hours
- Teaching approachProblem-based learning
- 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 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.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
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 5 units, including ACB2420, ACC2400, ACF2400, ACX3150 and ACX3300. Those lead on to 7 units in all.
When is ACF1001 offered?
In 2024, 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 1 other task.