AFC1000: Principles of Accounting and Finance

This is a core unit that you have to take if you're a commerce student at Clayton. Fairly interesting for the most part, however I can see how some of the content could be seen as dry. I highly recommend keeping up to date throughout the semester. Some of the content and terminology can take a little while to get used to if you haven't encountered it before. Cramming isn't easy for accounting, and with the hurdle on the exam you want to do well on the exam.

Financial Accounting
This is the part of the unit that I hear VCE accounting helps out with. I can't comment on the similarities between the two as I didn't do accounting in Yr 12. Covers the background + ideas of accounting, transaction analysis, debits and credits, the accounting equation, balance day adjustments and ratio analysis. Probably the part of the unit that people have the most trouble with, so again keep up with the course if you can. They use accounting to explain accounting here (the textbook defines a debit as "the left side of an account" which meant nothing to me when I was learning it) and is where the difficulty comes from. The mid-sem covers financial accounting

Management Accounting
Covers performance measurement, costing and budgets. I actually found this to be the most interesting part of the course. Ralph was my favourite lecturer of the 3 too. Is easier than financial accounting, and is also much shorter at only 3 weeks/6 lectures.

Finance
Not very much is covered, as this part of the unit has been reduced and is now only 4 lectures. Covers the time value of many, interest rates and compounding, types of investments and risk. The easiest part of the course if you haven't touched accounting before imo.

Tutorials
Tutorials consist of going through the answers to that weeks set questions, and then review of the material which is very helpful. Tutes are worth 15%, which is a good thing imo as it encourages you to show up. 5 of that 15 is a group presentation where you basically answer a question. You get 2 goes at this and only the best mark is used.

Going into AFC1000 you hear about the 30% fail rate (only was that high one semester I think) and can be a bit intimidated by this unit, especially if you hadn't done accounting before. I sure was. Well don't be. Just keep up to date (hopefully I've drilled that into your head enough ) which isn't too difficult given the structure of the unit and you may end up liking it. I definitely did.

Past exams with solutions are available dating back to 2009. Pretty similar across the years, but the emphasis on finance has decreased a bit since 2009.

4/5

Unfortunately not. Best to show up though, can be helpful despite being a bit boring at times.

Carey, P. (2010). Principles of accounting and finance (2nd ed.). Is prescribed and needed, covers just about everything you need to know, and contains the weekly tute questions which you need to do for preparation marks.

They also recommend this iStudy USB accounting study guide if you haven't done accounting before. This is not needed, save your $15. I hadn't done accounting before and didn't touch it.

Two 1-hour lectures and one 1.5 hour tutorial

2013 Semester 1

85 HD