Introductory Financial Accounting (ACCT10002)

Undergraduate level 1Points: 12.5On Campus (Parkville)

You’re viewing the 2025 Handbook:
Or view archived Handbooks

Overview

Availability
Semester 1
Semester 2
FeesLook up fees

This subject focuses on the nature of accounting from the perspective of a preparer of financial reports in order to understand financial reporting from a user perspective. The method of recording and reporting transactions in an accounting system to ultimately provide the foundation for judgements and decisions in preparation of financial reports will be covered. The importance of accounting within the Australian external reporting environment is explained as well as adherence to the Conceptual Framework for accounting that provides a theoretical underpinning of accounting standards and reporting. Choices within accounting standards and the implications for financial reports are explored. This subject also covers an overview of analytical methods used in assessment of the performance and financial standing of a company.

Intended learning outcomes

On successful completion of this subject, students should be able to:

  • Identify the principal regulatory authorities that influence the framework for external financial reporting in Australia and explain their roles and functions in this process;
  • Describe the nature and objectives of General Purpose Financial Reporting;
  • Explain the key components of the Conceptual Framework for accounting as it applies to the preparation of general purpose financial statements;
  • Record accounting transactions and prepare the Trial Balance, Balance Sheet and the Income Statement;
  • Explain the main issues to be considered in relation to reporting of key transactions and balances reported in the Balance Sheet and Income Statement;
  • Describe the nature of company transactions and account for various capital transactions and profit distribution;
  • Describe the policy choices available to preparers and the flexibility that preparers have in applying the accounting standards;
  • Identify limitations in financial reporting;
  • Construct and analyse a Cash Flow Statement;
  • Apply analytical methods to assess a firm's performance and financial position in comparison with past performance and with other firms;
  • Identify an ethical dilemma and explain an ethical outcome; and
  • Explain the purpose of a firm's sustainability report.

Generic skills

On successful completion of this subject, students should have improved the following generic skills:

  • High level of development: problem solving; use of computer software.
  • Moderate level of development: written communication; application of theory to practice; interpretation and analysis; critical thinking; synthesis of data and other information; evaluation of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.
  • Some level of development: statistical reasoning.

Last updated: 9 April 2025

Eligibility and requirements

Prerequisites

Code Name Teaching period Credit Points
ACCT10001 Accounting Reports and Analysis
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
 12.5

Corequisites


Non-allowed subjects


Recommended background knowledge

Please refer to Prerequisites and Corequisites.

Inherent requirements (core participation requirements)

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Last updated: 9 April 2025

Assessment

DescriptionTimingPercentage

Subject engagement

  • 12 hours (of work required)
Throughout the semester10%

Three quizzes of 1 hour each

  • 8 hours (of work required)
Throughout the semester10%

Practice set assignment using computerised accounting software

  • 20 hours (of work required)
From Week 6 to Week 1120%

End-of-semester examination

  • 3 hours
During the examination period60%

Last updated: 9 April 2025

Dates & times

  • Semester 1
    Principal coordinatorDemi Wang
    Mode of deliveryOn Campus (Parkville)
    Contact hoursOne 90-minute lecture and one 90-minute tutorial per week
    Total time commitment170 hours
    Teaching period 3 March 2025 to 1 June 2025
    Last self-enrol date14 March 2025
    Census date31 March 2025
    Last date to withdraw without fail 9 May 2025
    Assessment period ends27 June 2025

    Semester 1 contact information

    Demi Wang: demi.wang@unimelb.edu.au

  • Semester 2
    Principal coordinatorDemi Wang
    Mode of deliveryOn Campus (Parkville)
    Contact hoursOne 90-minute lecture and one 90-minute tutorial per week
    Total time commitment170 hours
    Teaching period28 July 2025 to 26 October 2025
    Last self-enrol date 8 August 2025
    Census date 1 September 2025
    Last date to withdraw without fail26 September 2025
    Assessment period ends21 November 2025

    Semester 2 contact information

    Demi Wang: demi.wang@unimelb.edu.au

Time commitment details

170 Hours

What do these dates mean

Visit this webpage to find out about these key dates, including how they impact on:

  • Your tuition fees, academic transcript and statements.
  • And for Commonwealth Supported students, your:
       -  Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
     

    Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.

Last updated: 9 April 2025

Further information

Last updated: 9 April 2025