ACF5950 Introduction to financial accounting
Faculty of Business and Economics
ACF5950 Introduction to financial accounting is a level 5, 6-credit-point, postgraduate 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 4 units, leading on to 12 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 ACF5950
No prerequisites or corequisites besides the enrolment rules below.
After ACF5950
4 units list ACF5950 as a prerequisite or corequisite.
Enrolment rules
If you are enrolled in course B6002 you cannot undertake this unit.
Overview
This unit provides you with an introduction to accounting and an understanding of the preparation, presentation and interpretation of financial statements. In particular, emphasis is placed on accounting processes, practices and policies that enable the financial performance and financial position of an entity, as displayed by the balance sheet, income statement and statement of cash flows, to be measured, analysed and interpreted.
Offerings in 2022
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Caulfield | Evening |
| 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
describe and apply the definition and recognition criteria for assets, liabilities, income and expenses as specified in the conceptual framework
- 2
apply the principles of double-entry accounting and appraise the relative merits of accrual and cash accounting
- 3
analyse and record accounting transactions throughout the accounting cycle, and prepare financial statements consistent with accounting standards
- 4
demonstrate effective technical skills to construct accounting records and financial statements using an accounting information system
- 5
apply principles of selected accounting standards for service and retail organisations
- 6
critically evaluate an entity's financial position and performance utilising financial statement analysis.
Workload and teaching
- Lectures18 hours
- Tutorials18 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. 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 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
Trotman, K., Carson , E. , & Morgan, K. (2019). Financial accounting: An integrated approach (7th ed.). Cengage Learning. Trotman, K. , Carson , E., & Morgan, K. (2019). Study guide: Financial accounting: An integrated approach (7th ed.). Cengage Learning.
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).
Contacts
- Chief Examiners
- Dr Christofer Adrian
- Dr Greg van Mourik
Common questions
What are the prerequisites for ACF5950?
ACF5950 has no prerequisites, but enrolment rules apply.
What can I take after ACF5950?
ACF5950 is a prerequisite or corequisite for 4 units, including ACF5130, ACF5904, ACF5953 and ACF5955. Those lead on to 12 units in all.
When is ACF5950 offered?
In 2022, ACF5950 runs in Semester 1 and Semester 2 at Caulfield.
How much work is ACF5950?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ACF5950 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 1 other task.