ACF1100 Introduction to financial accounting
Faculty of Business and Economics
ACF1100 Introduction to financial accounting is a level 1, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2022 in Semester 1 and Semester 2 at Caulfield. It has no prerequisites and unlocks 17 units, leading on to 34 units in all.
- Credit points
- 6
- Offered in 2022
- Semester 1, Semester 2
- Caulfield
- Assessment
- Exam 50%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2022 handbook entry. See the 2027 entry.
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Requisites
Before ACF1100
Prohibitions
You can't enrol if you have passed any of these.
After ACF1100
17 units list ACF1100 as a prerequisite or corequisite.
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- ACW2120Financial accounting 2No reviews yet
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Enrolment rules
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 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 the financial statements to be prepared. You will integrate theoretical and technical knowledge learned and exercise judgement to explore accounting issues.
Offerings in 2022
| 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
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
develop the ability to work effectively in a team and demonstrate the development of skills in research, judgement and oral communication.
Workload and teaching
- Lectures24 hours
- Tutorials18 hours
- Teaching approachProblem-based learning
- Teaching approachActive learning
- Teaching approachCase-based teaching
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 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.
This unit engages students in actively applying their knowledge, skills and attributes in interactive, collaborative and reflective activities.
This unit includes case-based teaching, where students apply their knowledge and engage in analytical and reflective thinking to solve complex contextual scenarios. Activities are often designed so that there is not one clear answer, but students need to work together to examine, analyse and make decisions to resolve the situation.
Learning resources
Required resources
Carlon, S., McAlpine, R., Lee, C., Mitrione, L., Kirk, N., Wong, L. Financial Accounting: Reporting, Analysis and Decision Making - Conceptual Framework 2018 update custom edition.
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
ACF1100 is part of 2 areas of study in the 2022 handbook.
Contacts
- Chief Examiners
- Ms Chenlan Song
- Dr Christofer Adrian
Common questions
What are the prerequisites for ACF1100?
ACF1100 has no prerequisites, but enrolment rules apply.
What can I take after ACF1100?
ACF1100 is a prerequisite or corequisite for 17 units, including ACB2120, ACB2220, ACB2420, ACC2100, ACC2200 and ACC2400. Those lead on to 34 units in all.
When is ACF1100 offered?
In 2022, ACF1100 runs in Semester 1 and Semester 2 at Caulfield.
How much work is ACF1100?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ACF1100 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 1 other task.
Which majors and minors include ACF1100?
ACF1100 is part of Accounting.