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AFM101 Introduction to Financial Accounting

Credit Points 6
Offering
Responsible Campus Teaching Period Mode of Study
Armidale Summer Semester Off Campus
Armidale Trimester 1 Off Campus
Armidale Trimester 1 On Campus
Armidale Trimester 2 Off Campus
Intensive School(s)
Start Finish Attendance Notes
16 April 2012 18 April 2012 Non-Mandatory There is no Intensive School for the Summer Semester.
18 August 2012 20 August 2012 Non-Mandatory There is no Intensive School for the Summer Semester.
Supervised Exam There is a UNE Supervised Examination held at the end of the teaching period in which you are enrolled.
Pre-requisites None
Co-requisites None
Restrictions AFM217 or AFM317
Notes None
Combined Units None
Coordinator(s)
Unit Description

A unit of lectures and tutorials providing a comprehensive introduction to the theory and practice of financial accounting. The unit provides a detailed explanation of the double entry framework used to represent the activities and affairs of businesses/firms in monetary terms. The conventional rules to recognise and measure the financial effects of economic events are examined. Attention is given to the design and operation of procedures to record, store, control and summarise data in accounting systems. This unit is also taught in the Summer Semester period.
Prescribed Material
Mandatory 		Text(s):

Note: Students are expected to purchase prescribed material. Please note that textbook requirements may vary from one teaching period to the next.

Financial Accounting
ISBN: 9781442505087
Horngren, C.T., Best, P., Fraser, D. and Willett, R., Pearson Education 6th ed. 2009
Text refers to: Summer Semester and Trimesters 1 and 2 , On and Off Campus
Disclaimer Unit information may be subject to change prior to commencement of the teaching period.
Assessment
Title Exam Length Weight Mode No. Words
Assignment 1 20%
Assessment Notes
Word length not applicable due to the numerical/accountancy nature of the assignment.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-4 GA: 1-4, 7
Assignment 1 30% Summer Only
Assessment Notes
Word length not applicable due to the numerical/accountancy nature of the assignment.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-4 GA: 1-4, 7
Quiz 5%
Assessment Notes
Short quiz made up of a series of quantitative and qualitative questions.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1 GA: 1-4
Quiz 2 5%
Assessment Notes
Word length is not applicable owing to the statistical nature of the questions.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-5 GA: 1, 3, 4 and 7
Final Examination 2 hrs 70% Summer Only
Assessment Notes
Series of quantitative and qualitative questions.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-6 GA: 1-3, 7
Final Examination 2 hrs 70%
Assessment Notes
Series of quantitative and qualitative questions.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1-6 GA: 1-3, 7

Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. use the double-entry system for recording the effects of transactions in journals and ledgers;
  2. understand how to prepare financial statements from the accounting records;
  3. process and analyse financial transactions data in merchandising and other complex business environments;
  4. understand the functions and specific uses of accounting information;
  5. evaluate and interpret accounting literature; and
  6. develop an awareness of the distinction and connection between accounting as a discipline and as a social phenomenon.

Graduate Attributes (GA)
Attribute Taught Assessed Practised
1 Knowledge of a Discipline
An introductory command of the financial accounting discipline will be achieved through knowledge presented in the teaching and learning activities of the unit, practised through the quizzes and assessed in Assignment 1 and the Final Examination. 		True True True
2 Communication Skills
The role of financial information as a communication and a decision making tool will be presented in the teaching and learning activities of this unit, practised through the quizzes and assessed in Assignment 1 and the Final Examination. 		True True
3 Global Perspectives
Accounting is a global discipline and as such the principles taught are applicable globally. 		True True True
4 Information Literacy
The basic understanding of financial statements and other accounting reports are practised and assessed in the major assignment as well as addressed in the teaching and learning activities of the unit. 		True True True
7 Social Responsibility
Ethical considerations for the accounting profession are analysed at an introductory level in the unit materials and assessed in the assignment and the Final Examination. 		True True True
   

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