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Introductory Financial Accounting (ACCT10002)
Undergraduate level 1Points: 12.5On Campus (Parkville)
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable (login required)(opens in new window)
Contact information
Summer Term
Dr Poonam Bir: poonam.bir@unimelb.edu.au
Semester 1
Demi Wang: demi.wang@unimelb.edu.au
Semester 2
Demi Wang: demi.wang@unimelb.edu.au
Overview
Availability | Summer Term Semester 1 Semester 2 |
---|---|
Fees | Look 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
- 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: 27 April 2024
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)
Summer Term (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: 27 April 2024
Assessment
Description | Timing | Percentage |
---|---|---|
Subject engagement
| Throughout the semester | 10% |
Three quizzes of 1 hour each
| Throughout the semester | 10% |
Practice set assignment using computerised accounting software
| From Week 6 to Week 11 | 20% |
End-of-semester examination
| During the examination period | 60% |
Last updated: 27 April 2024
Dates & times
- Summer Term
Principal coordinator Poonam Bir Mode of delivery On Campus (Parkville) Contact hours Two 90-minute lectures and two 90-minute tutorials per week for six weeks Total time commitment 170 hours Teaching period 2 January 2024 to 9 February 2024 Last self-enrol date 8 January 2024 Census date 19 January 2024 Last date to withdraw without fail 2 February 2024 Assessment period ends 24 February 2024 Summer Term contact information
Dr Poonam Bir: poonam.bir@unimelb.edu.au
- Semester 1
Principal coordinator Demi Wang Mode of delivery On Campus (Parkville) Contact hours One 90-minute lecture and one 90-minute tutorial per week Total time commitment 170 hours Teaching period 26 February 2024 to 26 May 2024 Last self-enrol date 8 March 2024 Census date 3 April 2024 Last date to withdraw without fail 3 May 2024 Assessment period ends 21 June 2024 Semester 1 contact information
Demi Wang: demi.wang@unimelb.edu.au
- Semester 2
Principal coordinator Demi Wang Mode of delivery On Campus (Parkville) Contact hours One 90-minute lecture and one 90-minute tutorial per week Total time commitment 170 hours Teaching period 22 July 2024 to 20 October 2024 Last self-enrol date 2 August 2024 Census date 2 September 2024 Last date to withdraw without fail 20 September 2024 Assessment period ends 15 November 2024 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: 27 April 2024
Further information
- Texts
Prescribed texts
You will be advised of prescribed texts by your lecturer.
- Related Handbook entries
This subject contributes to the following:
Type Name Breadth Track Forensic Accounting - Breadth options
This subject is available as breadth in the following courses:
- Bachelor of Arts
- Bachelor of Biomedicine
- Bachelor of Design
- Bachelor of Environments
- Bachelor of Fine Arts (Acting)
- Bachelor of Fine Arts (Animation)
- Bachelor of Fine Arts (Dance)
- Bachelor of Fine Arts (Film and Television)
- Bachelor of Fine Arts (Music Theatre)
- Bachelor of Fine Arts (Production)
- Bachelor of Fine Arts (Screenwriting)
- Bachelor of Fine Arts (Theatre)
- Bachelor of Fine Arts (Visual Art)
- Bachelor of Music
- Bachelor of Science
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 27 April 2024