This unit will cover various aspects of financial accounting and builds on the principles introduced in AFW1000. Aspects associated with transaction reporting and the preparation of financial 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 definition, recognition and disclosure criteria of financial statement elements are explored as well as the cost and fair value measurement of various financial statement elements. -- Course Website
Prerequisites: Students must have passed one of the following: AFG1000, AFW1000 or AFW1001 (pre 2009) before undertaking this unit.
