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Afw 1002 introduction to financial accounting unit guide semester 2 2013

Business and Economics Unit Guide Semester AFW Introduction to Financial Accounting SYNOPSIS This unit will cover various aspects of ?nancial accounting and builds on the principles introduced in AFW Aspects associated with transaction reporting and the preparation of ?nancial statements investigated include the recording of inventory in a retail context the use of control accounts the role of specialised journals a range of balance day- adjustments reversing entries and account reconstruction The unit also focuses on internal control procedures The de ?nition recognition and disclosure criteria of ?nancial statement elements are explored as well as the cost and fair value measurement of various ?nancial statement elements Mode of delivery Workload Prerequisites Co-requisites Prohibitions Chief examiner Campus Contact details Lecturer Campus Contact details Lecturer Campus Contact details Lecturer Campus Contact details ON-CAMPUS On-campus This is a six credit point unit with three hours class contact per week over teaching weeks It is expected that you will spend on average nine hours in self-directed study each week in addition to the three hours of class contact Self-directed study for a particular unit may exceed nine hours during weeks preceding an in-semester test submission of a major assignment or ?nal examination Students must have passed one of the following AFG AFW or AFW pre before undertaking this unit AFC AFF AFW Les Hardy Les Hardy monash edu Gippsland Email Les Hardy monash edu Jon Phillips Berwick YB Foo Malaysia Email foo yee boon monash edu Email foo yee boon monash edu South Africa HANDBOOK ENTRY http www monash edu au pubs handbooks units AFW html Australia ? Malaysia ? South Africa ? Italy ? India MAY CACADEMIC OVERVIEW Learning objectives The learning objectives associated with this unit are to account for the recording and reporting of inventory applying the periodic and perpetual method as per issues raised in AASB IAS Prepare and complete balance day adjustments closing entries and internal control systems to allow all ?nal statements and bank reconciliations to be completed apply the principles of double entry according to the reconstruction of accounts demonstrate how the regulatory environment a ?ects accounting statements in the context of a range of organizational forms apply the de ?nition and recognition criteria for elements of ?nancial statements as per the Framework and speci ?c international ?nancial reporting standards Consider accounting and accountability issues that arise from di ?erent measurement methods apply critical thinking problem solving and presentation skills to individual and or group activities dealing with ?nancial accounting and demonstrate in individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by AFG Graduate attributes Monash prepares its graduates to be responsible and e ?ective global citizens who a engage in an internationalised world b exhibit cross-cultural competence c demonstrate ethical values critical and creative scholars who a produce innovative solutions to problems b apply research skills to a range of challenges c communicate perceptively and e ?ectively Assessment summary ASSESSMENT TASK Mid-Semester Test Assignment Exam DUE DATE Week beginning August