MONASH Y1S1
ACW1120
Financial accounting 1
(NOTES)
Accounting Challenge 3%
Group Assignment 23%
Accounting Challenge 4%
Mid-Semester Test 15%
Accounting Challenge 5%
Final Exam 50%
,Content Table
Week 1 Introduction to accounting and
-
(27/02/23 – 05/03/23) the conceptual framework
Week 2 Transaction analysis and
-
(06/03/23 – 12/03/23) the recording process
Week 3 Accrual accounting concepts and
-
(13/03/23 – 19/03/23) the balance day adjustments
Accounting Challenge
Week 4 Inventory recording
(3%)
(20/03/23 – 26/03/23) (perpetual and periodic)
[23/03/23]
Week 5
Preparing financial statements -
(27/03/23 – 02/04/23)
Week 6 Financial statement analysis and
-
(03/04/23 – 09/04/23) the internal control
Group Assignment
Mid-Semester Break
- (23%)
(10/04/23 – 16/04/23)
[10/04/23]
Week 7
Accounting for cash -
(17/04/23 – 23/04/23)
Week 8
Accounting for inventory -
(24/03/23 – 30/04/23)
Accounting Challenge
(4%)
Week 9 [01/05/23]
Accounting for non-current assets
(01/05/23 – 07/05/23) Mid-Semester Test
(15%)
[02/05/23]
Week 10
Accounting for liabilities and expenses -
(08/05/23 – 14/05/23)
Week 11
Accounting for income and receivables -
(15/05/23 – 21/05/23)
Accounting Challenge
Week 12
Accounting for equity (5%)
(22/05/23 – 28/05/23)
[25/05/23]
Revision Week
- -
(29/05/23 – 04/06/23)
Final Exam
Final Exam Week
- (50%)
(05/06/23 – 21/06/23)
[12/06/23]
,Week 1: Introduction to accounting and the conceptual framework
1. Conceptual framework:
Qualitative Definition of
Concepts Principles (Principal)
characteristics elements
Accounting entity1 Cost1 principle Relevance1 Assets
concept --All the assets are --Financial reports / --An asset is a
--The accounting initially recorded in financial information present economic
records of assets, the accounting are relevant if resource that
liabilities and records at their it is useful and will controlled by a
business activities purchase price influence decision business as a result
of the entity are making by helping of past transactions
kept completely in evaluating which is expected to
separated from current position or provide in an inflow
those of the owner forecasting prospects of economic
and other entities resources
Current assets
--Resources that
are expected to be
consumed, sold or
used within the
next 12 months
Non-current assets
--Resources that are
not held for sale and
are expected to be
used beyond the
next 12 months
Accounting period2 Monetary2 principle Faithful2 Liabilities
concept --The items included representation --A liability is a
--The business life in accounting --Financial reports / present obligation to
cycle is divided into records must be financial information transfer economic
cut-off points to able to expressed must truthfully resources as a result
enable financial in monetary terms reflect any economic of past transactions
reports to be such as $ event and must be which is expected to
prepared for a complete, neutral result in an outflow
specific time period and free from of economic
to compare material error resources
performance
Current liability
--Obligations that will
be settled within
the next 12 months
Non-current liability
--Obligations that will
be settled beyond
the next 12 months
Full3 disclosure Understandability3 Equity
principle --Financial reports / --The residual
--All the financial information interest in the
circumstances and are understandable if assets of the entity
events that could it is easy to after deducting
make a difference to comprehend by its liabilities
decision making
, process should be users with
disclosed in the reasonable
financial reports knowledge of
business and
economic activities
Going concern4 Comparability4 Revenues
principle --Financial reports / --The increase in
--The transactions financial information economic resources
must be recorded are comparable if which leads to the
and financial reports it is able to be increase in assets
must be prepared compared within or decrease in
based on the the entity and liabilities and
assumption that the across entities the increase in
business will be on to identify trends owner’s equity
going, which means
that it will operate
into the future
Timeliness5 Expenses
--Financial reports / --The decrease in
financial information economic resources
are useful if which leads to the
it is able to be decrease in assets
presented on time or increase in
as it may be no value liabilities and
if financial reports / the decrease in
financial information owner’s equity
are delayed
Verifiability6
--Financial reports /
financial information
are verifiable if
it is supported by
source documents
and allows different
knowledgeable
and independent
observers to confirm
that the information is
faithfully represented
ACW1120
Financial accounting 1
(NOTES)
Accounting Challenge 3%
Group Assignment 23%
Accounting Challenge 4%
Mid-Semester Test 15%
Accounting Challenge 5%
Final Exam 50%
,Content Table
Week 1 Introduction to accounting and
-
(27/02/23 – 05/03/23) the conceptual framework
Week 2 Transaction analysis and
-
(06/03/23 – 12/03/23) the recording process
Week 3 Accrual accounting concepts and
-
(13/03/23 – 19/03/23) the balance day adjustments
Accounting Challenge
Week 4 Inventory recording
(3%)
(20/03/23 – 26/03/23) (perpetual and periodic)
[23/03/23]
Week 5
Preparing financial statements -
(27/03/23 – 02/04/23)
Week 6 Financial statement analysis and
-
(03/04/23 – 09/04/23) the internal control
Group Assignment
Mid-Semester Break
- (23%)
(10/04/23 – 16/04/23)
[10/04/23]
Week 7
Accounting for cash -
(17/04/23 – 23/04/23)
Week 8
Accounting for inventory -
(24/03/23 – 30/04/23)
Accounting Challenge
(4%)
Week 9 [01/05/23]
Accounting for non-current assets
(01/05/23 – 07/05/23) Mid-Semester Test
(15%)
[02/05/23]
Week 10
Accounting for liabilities and expenses -
(08/05/23 – 14/05/23)
Week 11
Accounting for income and receivables -
(15/05/23 – 21/05/23)
Accounting Challenge
Week 12
Accounting for equity (5%)
(22/05/23 – 28/05/23)
[25/05/23]
Revision Week
- -
(29/05/23 – 04/06/23)
Final Exam
Final Exam Week
- (50%)
(05/06/23 – 21/06/23)
[12/06/23]
,Week 1: Introduction to accounting and the conceptual framework
1. Conceptual framework:
Qualitative Definition of
Concepts Principles (Principal)
characteristics elements
Accounting entity1 Cost1 principle Relevance1 Assets
concept --All the assets are --Financial reports / --An asset is a
--The accounting initially recorded in financial information present economic
records of assets, the accounting are relevant if resource that
liabilities and records at their it is useful and will controlled by a
business activities purchase price influence decision business as a result
of the entity are making by helping of past transactions
kept completely in evaluating which is expected to
separated from current position or provide in an inflow
those of the owner forecasting prospects of economic
and other entities resources
Current assets
--Resources that
are expected to be
consumed, sold or
used within the
next 12 months
Non-current assets
--Resources that are
not held for sale and
are expected to be
used beyond the
next 12 months
Accounting period2 Monetary2 principle Faithful2 Liabilities
concept --The items included representation --A liability is a
--The business life in accounting --Financial reports / present obligation to
cycle is divided into records must be financial information transfer economic
cut-off points to able to expressed must truthfully resources as a result
enable financial in monetary terms reflect any economic of past transactions
reports to be such as $ event and must be which is expected to
prepared for a complete, neutral result in an outflow
specific time period and free from of economic
to compare material error resources
performance
Current liability
--Obligations that will
be settled within
the next 12 months
Non-current liability
--Obligations that will
be settled beyond
the next 12 months
Full3 disclosure Understandability3 Equity
principle --Financial reports / --The residual
--All the financial information interest in the
circumstances and are understandable if assets of the entity
events that could it is easy to after deducting
make a difference to comprehend by its liabilities
decision making
, process should be users with
disclosed in the reasonable
financial reports knowledge of
business and
economic activities
Going concern4 Comparability4 Revenues
principle --Financial reports / --The increase in
--The transactions financial information economic resources
must be recorded are comparable if which leads to the
and financial reports it is able to be increase in assets
must be prepared compared within or decrease in
based on the the entity and liabilities and
assumption that the across entities the increase in
business will be on to identify trends owner’s equity
going, which means
that it will operate
into the future
Timeliness5 Expenses
--Financial reports / --The decrease in
financial information economic resources
are useful if which leads to the
it is able to be decrease in assets
presented on time or increase in
as it may be no value liabilities and
if financial reports / the decrease in
financial information owner’s equity
are delayed
Verifiability6
--Financial reports /
financial information
are verifiable if
it is supported by
source documents
and allows different
knowledgeable
and independent
observers to confirm
that the information is
faithfully represented
