ACC1030

Introduction to financial accounting

Unit Guide
Semester 1, 2014
Copyright Monash University 2014. All rights reserved. Except as provided in the Copyright Act 1968,
this work may not be reproduced in any form without the written permission of the host Faculty and
School/Department.
The information contained in this unit guide is correct at time of publication. The University has the right
to change any of the elements contained in this document at any time.
Last updated: 07 Feb 2014
Table of Contents
ACC1030 Introduction to financial accounting - Semester 1, 2014......................................................1
Mode of Delivery..............................................................................................................................1
Workload requirements....................................................................................................................1
Additional workload requirements........................................................................................1
Unit Relationships........................................................................................................................................1
Prerequisites....................................................................................................................................1
Prohibitions......................................................................................................................................1
Chief Examiner(s)........................................................................................................................................1
Campus Lecturer(s).....................................................................................................................................1
Clayton.............................................................................................................................................1
Malaysia...........................................................................................................................................2
Your feedback to Us....................................................................................................................................2
Previous Student Evaluations of this Unit....................................................................................................2
Academic Overview...................................................................................................................................3
Learning Outcomes.........................................................................................................................3
Unit Schedule.............................................................................................................................................4
Teaching Approach..........................................................................................................................5
Assessment Summary.....................................................................................................................5
Second marking...................................................................................................................6
Return of final marks............................................................................................................6
Exam viewing.......................................................................................................................6
Assessment criteria..............................................................................................................6
Assessment Requirements......................................................................................................................7
Assessment Tasks...........................................................................................................................7
Participation.........................................................................................................................7
Assessment task 1...............................................................................................................7
Assessment task 2...............................................................................................................8
Assessment task 3...............................................................................................................8
Examination(s)...........................................................................................................................................10
Examination 1................................................................................................................................10
Learning resources....................................................................................................................................10
Feedback to you........................................................................................................................................10
Assignment submission.............................................................................................................................11
Online submission.........................................................................................................................11
Prescribed text(s) and readings.....................................................................................................11
Recommended text(s) and readings..............................................................................................11
Other Information....................................................................................................................................12
Policies..........................................................................................................................................12
Graduate Attributes Policy.................................................................................................12
Student Charter.........................................................................................................................................12
Student services........................................................................................................................................12
Monash University Library.........................................................................................................................12
Moodle 2....................................................................................................................................................12
Disability Liaison Unit................................................................................................................................13
ACC1030 Introduction to financial accounting - Semester 1, 2014
This unit will provide a conceptual framework for accounting; the definition and recognition criteria for
assets, liabilities, equity, income and expenses (including leases, inventory valuation, non-current
assets, depreciation and impairment); the form and content of financial reports for partnerships and
companies; and evaluate alternative measurement systems (historical cost, modified historical cost and
fair value accounting).
Mode of Delivery
Clayton (Day)
Malaysia (Day)
Workload requirements
3.5 hours per week
Additional workload requirements
An estimated additional 6-8 hours a week personal study time will be required to complete this subject
successfully.
Unit Relationships
Prerequisites
AFC1000 or ACC1000 or AFC1021 or AFC1022
Prohibitions
ACB1002, AFF1121, ACF1121, AFG1002, ACG1002, AFC1030, AFC1031, AFC1032, AFW1002,
ACW1002, AFW1032, AFC1030
Chief Examiner(s)
Mr Alan Serry
Campus Lecturer(s)
Clayton
Mr Alan Serry
Campus: Clayton
Phone: +61 3 990 55432
Email: Alan.Serry@monash.edu
Mr John Gerrand
Campus: Clayton
1
Phone: +61 3 990 52439
Email: John.Gerrand@monash.edu
Malaysia
Dr Sa'Adiah Hj. Munir
Campus: Malaysia
Phone: +60 3 5514 5843
Email: Saadiah.Munir@monash.edu
Your feedback to Us
Monash is committed to excellence in education and regularly seeks feedback from students, employers
and staff. One of the key formal ways students have to provide feedback is through the Student
Evaluation of Teaching and Units (SETU) survey. The Universitys student evaluation policy requires that
every unit is evaluated each year. Students are strongly encouraged to complete the surveys. The
feedback is anonymous and provides the Faculty with evidence of aspects that students are satisfied
and areas for improvement.
For more information on Monashs educational strategy, see:
www.monash.edu.au/about/monash-directions/ and on student evaluations, see:
www.policy.monash.edu/policy-bank/academic/education/quality/student-evaluation-policy.html
Previous Student Evaluations of this Unit
Introduction of blended learning and interactive examples
If you wish to view how previous students rated this unit, please go to
https://emuapps.monash.edu.au/unitevaluations/index.jsp
ACC1030 Introduction to financial accounting - Semester 1, 2014
2
Academic Overview
Learning Outcomes
The learning goals associated with this unit are to:
account for recording and reporting of inventory applying the periodic and perpetual method as
per issues raised in AASB 102. Prepare and complete balance day adjustments, closing entries
and internal control systems to allow all final statements and bank reconciliations to be complete
1.
apply the principles of double entry accounting to the reconstruction of accounts 2.
demonstrate how the regulatory environment affects accounting statements in the context of a
range of organisational forms
3.
apply the definition and recognition criteria for elements of financial statements as per the
framework and specific international financial reporting standards
4.
identify and comprehend the accounting and accountability issues that arise from different
measurement methods
5.
apply critical thinking, problem solving and presentation skills to individual and/or group activities
dealing with financial accounting and demonstrate in individual summative assessment tasks the
acquisition of a comprehensive understanding of the topics covered by ACC1030.
6.
3
Unit Schedule
Week Activities Assessment
0 No formal assessment or activities are
undertaken in week 0
1 Topic 1: Review AFC 1000 Components of the
Conceptual Framework and the concept of capital
maintenance. Specialised journals and Control
accounts. Required Reading: Gerrand et al Ch1 pages
1-84 Notes from Bazley Ch3 on Moodle. Accounting
Handbook 2014.
2 Topic 2: Internal control, cash management and
incomplete records. Required Reading: Gerrand et al
Ch2 pages 85-120 Notes on Incomplete records on
Moodle.
3 Topic 3: Accounting for inventory - measurement and
valuation. Required Reading: Gerrand et al Ch 3
pages 121-184 Accounting Handbook 2014 AASB 102
(IAS 22); AASB1031 Notes on Periodic Inventory
System (on Moodle)
4 Topic 4: Balance day adjustments and accounting for
Receivables. Required Reading: Gerrand et al Ch 4
pages 185-228. Peirson & Ramsay, Chapter 4 Notes
on Reversing Entries (on Moodle).
5 Test 1; Topic 5: Background to Financial Regulation.
Required Reading: Gerrand et al Ch 5 pages 2292-65
Notes from Loftus Ch 1 Accounting Handbook 2014
AASB 101(IAS 1); AASB134 (IAS 34)
In Semester Test 1 - 1st April 6pm
6 Topic 6:Companies: accounting for contributions and
distributions, including share issues, company taxation
and appropriation of profit. Required Reading:
Gerrand et al Ch 6 pages 267-269 and 277-314 Note:
Partnerships are not covered in this unit
7 Topic 7: Accounting for non current assets. Required
Reading: Gerrand et al Ch7 pages 315-357
Accounting Handbook 2014 AASB Accounting
Framework AASB 116 (IAS 16); AASB 136(IAS 36);
AASB 138 (IAS 38)
8 Topic 8: Accounting for liabilities and equity. Required
Reading: Gerrand et al Ch8 pages 359-433
Accounting Handbook 2014 AASB Accounting
Framework AASB 117(IAS 17); AASB 119 (IAS 19);
AASB 137(IAS 37)
9 Topic 9:Accounting for income. Required Reading:
Gerrand et al Ch9 pages 423-487 Accounting
Handbook 2014 AASB 118(IAS 18); AASB 111(IAS
11)
In Semester Test 2 - 6th May 6pm
10 Test 2; Topic 10: Accounting for expenses and
Intangibles. Required Reading: Gerrand et al Ch10
pages 489-563; Accounting Handbook 2014 AASB
4
Accounting Framework AASB 108 (IAS8);
AASB116(IAS116); AASB 136 (IAS36); AASB 138
(IAS 38))
11 Topic 11:Cash Flow Statements. Required Reading:
Gerrand et al Ch 11 pages 565-610 AASB 107 (IAS 7)
12 Topic 12:Measurement systems, critique of
historical/modified historical cost systems and the use
of fair value accounting in agriculture. Required
Reading: Gerrand et al Ch 12 pages 611 - 630
Peirson& Ramsay, Chapter 14 on Moodle "Accounting
for Agriculture" Accounting Handbook 2014; AASB
Accounting Framework AASB 141(IAS 41) Notes on
Agriculture Standard (IAS 41) on Moodle
SWOT VAC No formal assessment is undertaken
SWOT VAC
Examination period LINK to Assessment Policy:
http://policy.monash.edu.au/policy-bank/
academic/education/assessment/
assessment-in-coursework-policy.html
Teaching Approach
Lecture and tutorials or problem classes
This unit will be taught as two one hour lectures and one ninety minute tutorial each week for 12 weeks.
Lectures each week will include a discussion of each topic, in addition to the completion of practical
exercises to reinforce students knowledge. Students are expected to read the prescribed topic in the
textbook and bring a copy of the lecture notes to lectures. This will maximise understanding of the
materials covered in the lectures.
In tutorials, students are expected to bring along the text book which contains prescribed questions and
problems they have attempted prior to attending tutorials. Tutorials will discuss materials covered in the
previous weeks lecture (eg the Week 2 tutorial will review concepts covered in the Week 1 lecture).
Students are expected to attend lectures and tutorials weekly.
In addition, voluntary one-hour sessions will be offered at selected weekly times, commencing from
Week 2. More information on these voluntary sessions will be available on Moodle and announced in
lectures.
Voluntary sessions are designed to clarify concepts covered in each topic. Attendance is voluntary, and
details of times/venues of sessions will be provided to students.
Assessment Summary
Within semester assessment: 35%
Examination: 65%
Assessment Task Value Due Date
Unit Schedule
5
Assessment Tasks 1 &
2: In-Semester tests
10% + 10%. The two tests will
be marked out of 40 each and
will contribute to 20% of the
overall mark.
The tests will be held on In-Semester Test
1: Tuesday 1st April 6pm and In Semester
Test 2: Tuesday 6th May 6pm at 6:0pm.
The venues will be confirmed in lectures
and on Moodle. Each test will be of 1.5
hours duration.
Group presentation 5%
Participation and
preparation
10%
Examination 1 65% To be advised
Second marking
Where an assessment task is given a fail grade by an examiner, that piece of work will be marked again
by a second examiner who will independently evaluate the work, and consult with the first marker. No
student will be awarded a fail grade for an assessment task or unit without a second examiner confirming
the result.
Note: Exceptions to this are individual pieces of assessment contributing 10% or less of the final mark,
unless the total of such pieces exceeds 30% of the final mark.
Return of final marks
Faculty policy states that 'the final mark that a student receives for a unit will be determined by the Board
of Examiners on the recommendation of the Chief Examiner taking into account all aspects of
assessment'.
The final mark for this unit will be released by the Board of Examiners on the date nominated in the
Faculty Calendar. Student results will be accessible through the my.monash portal.
Exam viewing
Feedback on student performance in examinations and other end-of-semester assessment is required, in
accordance with the University procedures on Unit Assessment. For more information, please see the
following URL: http://www.buseco.monash.edu.au/acc/student/exam-view/index.html
Assessment criteria
Assessment Criteria Grading Descriptors available at:
http://www.buseco.monash.edu.au/esg/agu/policies/assessment.html.
Unit Schedule
6
Assessment Requirements
Assessment Tasks
Participation
ASSESSMENT TASK DUE DATE VALUE
First In-semester Test
(Tests Weeks 1-4 and outcomes 1,6)
Tuesday 1st April at 6:00pm
(Week 5)
Venues to be announced on Moodle
10%
Second In-semester Test
(Tests weeks 5-8 and Outcomes
2,3,4,5,6)
Tuesday 6th May at 6:00pm
(Week 9)
Venues to be announced on Moodle
10%
Group Presentation
(Tests Outcomes 1 6 )
Tutorials 5%
Individual preparation and participation
(Test Outcomes1-6)
Tutorials 10%
Final Exam
(Tests Outcomes 1 6)
Official Examination Period 65%
TOTAL 100%
Assessment task 1
Title:
Assessment Tasks 1 & 2: In-Semester tests
Due date:
The tests will be held on In-Semester Test 1: Tuesday 1st April 6pm and In Semester Test
2: Tuesday 6th May 6pm at 6:0pm. The venues will be confirmed in lectures and on
Moodle. Each test will be of 1.5 hours duration.
Details of task:
The tests are closed book (except for the Accounting Handbook - students may take an
unannotated copy). Students may have in their possession during the test a calculator
that complies with faculty policy.
Weighting/Value:
10% + 10%. The two tests will be marked out of 40 each and will contribute to 20% of the
overall mark.
Estimated return date:
Marked mid-semester tests will be returned to students during tutorials within two weeks
of the test.
Additional information:
Special consideration for Class Test of 10%
If an application for special consideration is received within two full days after an
in-semester test weighted at 10 per cent or less of the final mark; and the application is
approved by the Chief Examiner, then the Chief Examiner will have the option of either
setting an equivalent make-up test, which you will be required to take prior to the
examination period, or increasing the weighting of your final examination by the weighting

7
of the in-semester test. Students should not assume the outcome of an application for
special consideration.
Assessment task 2
Title:
Group presentation
Due date:
Details of task:
Group formation and Management
Presentations will be in groups established in week 1 by your tutor. Students will have a
ten-minute time limit for their presentations. These presentations will be delivered during
tutorials in weeks 2 to 12. There will generally only be one presentation per tutorial each
week, although other groups may be asked to comment on other groups answers.
Presentations will be based on the weekly in- class exercises. The tutors will nominate the
group to present after all groups have attempted the in class exercises in the tutorial.
Students may present using an overhead projector or data projector (where available), or
the white board.
Weighting/Value:
5%
Estimated return date:
Marks will be made available to students after tutorials in Week 12.
Criteria for marking:
This assessment is based on groups presenting a solution to the in class exercises
which will be handed out by your tutor on the day of your tutorial. It is designed to test a
students achievement of objectives 1-6. It is a group assessment task.
Students will be required to complete at least one in-class presentation which contributes
5% toward the final mark in the unit. Students will be graded using a 5 point scale (1 =
Low, 5 = High) on the following criteria:
Knowledge and understanding of content:
Audience interest and response;
Appropriate use of body language (incl. eye contact);
Fluency (speed, volume and pronunciation);
Timing,
Design and use of visual aids;
Ability to work as a team.

Assessment task 3
Title:
Participation and preparation
Due date:
Details of task:
Task details & Criteria for assessment:
Tutorials in AFC1030 will be 90-minutes long. Tutorials will be conducted as follows:
Each week students will be required to prepare individual answers to the questions set
under the individual heading in the tutorial schedule. These problems will then be
discussed in the tutorial and students will have the opportunity to ask questions about the
work they have prepared. Tutors will periodically check your prepared answers at the

Assessment Requirements
8
start of the tutorial. Preparation of this work will contribute to the tutorial mark. Solutions
to individual set work will be made available through Moodle one week after completion of
the tutorials.
Preparation for and participation in tutorials will be assessed by tutors and will count for
10% of total assessment of the subject. Assessment will be based on preparation of
tutorial work, discussion and other participation. The following guidelines will be used
when determining your participation mark:
MARK NATURE OF CONTRIBUTION: Participation
5 Outstanding contributor
The comments made by you revealed exceptional preparation and the
contribution provided a substantive foundation for furthering fruitful class
discussions. If you were absent, the tutorial would have lacked the desired
student directed learning.
4 Good contributor
The comments made by you revealed thorough preparation and your
contribution provided some useful insight into the topic. At times you even lead
the class discussions. If you were absent, the quality of student initiated debate
would have significantly diminished.
23 Standard contributor
The comments made by you revealed adequate preparation and at times your
contribution aided class discussions. However, your contribution was not
consistent. At times the comments you made were well argued and/or
persuasive, yet on other occasions they were unsubstantiated and/or illogical. If
you were absent from the class, the quality of the student initiated debate would
have suffered.
1 Poor contributor
You rarely contributed to class discussions, it is extremely difficult to assess your
level of preparation and the likely contribution you might have made to the class
discussions.
0 Non-contributor
The comments made by you revealed a lack of preparation and negatively
impacted upon class discussions. Additionally, your contributions failed to
provide a constructive lead to class discussions and invariably disrupted the flow
of debate.
NB. the guidelines on the previous page are reproduced here courtesy of Professor John
Tyler (Brown University) and Professor Richard Murnane (Harvard University). The
professors reproduced these guidelines from another source and the original attribution
for these guidelines is unknown.
Extra problems may be specified for completion during the tutorial. No solutions will be
made available for these problems outside the tutorial.
Approximately one week after all tutorials on a topic are completed, solutions to questions
set under the individual heading in the tutorial schedule will be available on the unit
Moodle site.
Weighting/Value:
10%
Assessment Requirements
9
Estimated return date:
Marks will be made available to students after tutorials in Week 12.
Examination(s)
Examination 1
Weighting:
65%
Length:
3 hours
Type (open/closed book):
Electronic devices allowed in the exam:
None
Remarks:
Date and location:
This examination will be held during the official examination period. The examination
timetable which provides full details of the examination schedule can be accessed through
the my.monash portal.
Task details:
The examination is closed book(except for the Accounting Handbook see below) and
may comprise multiple choice questions in addition to theoretical and practical questions
on a variety of topics covered during the semester. More information regarding exam
format will be available toward the end of semester. Practice exam questions with
solutions will be made available on the unit Moodle site for revision purposes toward the
end of semester.
Task details and materials examinable:
Students may take an unannotated copy of the Accounting handbook into the exam.
Details regarding material examinable will be provided to students after Week 11
All source materials, which are specified in the unit guide and on the unit's Moodle site,
are examinable. This includes prescribed reading and other source materials cited in
lectures, tutorials and assessment tasks.

Learning resources
Monash Library Unit Reading List (if applicable to the unit)
http://readinglists.lib.monash.edu/index.html
Feedback to you
Types of feedback you can expect to receive in this unit are:
Test results and feedback
Assessment Requirements
10
Assignment submission
Online submission
If Electronic Submission has been approved for your unit, please submit your work via the learning
system for this unit, which you can access via links in the my.monash portal.
Prescribed text(s) and readings
1. Gerrand, J. Hardy, L & Contessotto, C (2013). Introduction to Financial Accounting Second
Edition. McGraw Hill. ISBN-13 978-1-12-175409-6
2. Claire Locke FCA. Financial Reporting Handbook 2014. ICAA, John Wiley & Sons, ISBN
9781-11845-2370
Recommended text(s) and readings
Leo, K., Hoggett, J., & Sweeting, J. (2012). Company Accounting (9th ed) Milton,Qld Wiley
Loftus, J., Leo, K., Picker, R., Wise V. & Clark, K. (2013).Understanding Australian Accounting
Standards. , Milton,Qld: Wiley.
Weygandt, J.J., Mitrione, L., Rankin, M., Chalmers, K., Kieso, D.E., & Kimmel, P.D. (2013). Principles of
financial accounting (3rd Australian ed.). Milton, Qld: John Wiley.& Sons.
Assessment Requirements
11
Other Information
Policies
Monash has educational policies, procedures and guidelines, which are designed to ensure that staff and
students are aware of the Universitys academic standards, and to provide advice on how they might
uphold them. You can find Monashs Education Policies at:
www.policy.monash.edu.au/policy-bank/academic/education/index.html
Key educational policies include:
Student Academic Integrity Policy and Student Academic Integrity: Managing Plagiarism and
Collusion Procedures ;

Assessment in Coursework Programs;
Special Consideration;
Grading Scale;
Discipline: Student Policy;
Academic Calendar and Semesters;
Orientation and Transition; and
Academic and Administrative Complaints and Grievances Policy.
Graduate Attributes Policy
http://www.policy.monash.edu/policy-bank/academic/
education/management/monash-graduate-attributes-policy.html
Student Charter
www.opq.monash.edu.au/ep/student-charter/monash-university-student-charter.html
Student services
The University provides many different kinds of support services for you. Contact your tutor if you need
advice and see the range of services available at http://www.monash.edu.au/students
Monash University Library
The Monash University Library provides a range of services, resources and programs that enable you to
save time and be more effective in your learning and research. Go to www.lib.monash.edu.au or the
library tab in my.monash portal for more information.
Moodle 2
All unit and lecture materials, plus other information of importance to students, are available through the
virtual learning environment Moodle site. You can access Moodle via the my.monash portal.
Where to go for help
If you're stuck, confused or simply not sure how to approach Moodle, there are a number of Moodle
resources that you can tap into.
12
Disability Liaison Unit
Students who have a disability or medical condition are welcome to contact the Disability Liaison Unit to
discuss academic support services. Disability Liaison Officers (DLOs) visit all Victorian campuses on a
regular basis.
Website: http://www.monash.edu/equity-diversity/disability/index.html
Telephone: 03 9905 5704 to book an appointment with a DLO;
Email: dlu@monash.edu
Drop In: Equity and Diversity Centre, Level 1, Building 55, Clayton Campus.
Other Information
13