Subject content is boring, but fundamental to accounting. It can be hard to initially grasp, but once you get the hang of it you'll be pumping out T accounts and financial statements in no time.
Online tests are fast (10 or 20 minutes, 10 questions), but they reuse questions from other sources. Just copy paste the questions into google and you'll find the answers. Moderate difficulty.
You must choose your own groups. Part 2 of this assignment is a huge pain in the ass because you need to use university software (MYOB) to complete it, meaning you (and by extension, your group) have to come to uni. I had an extremely negative experience with this assignment with regards to group member schedules and excuses so I would recommend just doing everything yourself, the assignment is not much work and can be done solo.
The exam is short/long answer questions. Make sure you know how to do statements of cash flows (direct & indirect method) as this will be on every exam. Other financial statements may or may not appear. There will be 2 or 3 marks on the dumb crap taught to you in lecture 1/2 that noone cares about.
Tutors try to go through the questions in the textbook but you can just look at the detailed answers on the LMS. You may have to come to tutes to hand in/receive assignments though.
It may be a good idea to get the book but you'll live without it.