ACCT10002: Introductory Financial Accounting

Overall its a repeat of IFA, with a lot of information repeated and with a little more detail

Yes, with everything recorded. Other lecturers wouldn't record the second screen and would draw on it or explain stuff but everything was recorded.

Warren McKeown - great lecturer. Knew he had to compete with Noelsy and was great. I enjoyed listening to his lectures

5/5. Warren was great and his slides were awesome. Had perfect amount of info and can add dot points from what he says. The lectures were very robust and had so helpful. He explained everything very clearly.

Yes, 6 exams with solutions were provided!

I messed this up big time. I think a lot of students did. No explanation for how to use the accounting software (Xero) was provided, only like four 5-minute videos. I followed those and got it all wrong (ended up getting 7/15). Then when i frantically did it all manually, i got it all 100% correct which really hurt but i got some consolation knowing i messed up from the software not knowledge.

4.5 Out of 5

Recommended: Carlon, et al (2018), Financial Accounting- Reporting, Analysis and Decision Making, 6th Edition, Wiley.
I didn't get it and don't feel very disadvantaged at all

Tutorials are painful (explained later)

End-of-semester exam 70%

i absolutely dreaded them. My tutor struggled to get through the entire tutorial work and was very slow in getting through it. When he asked questions, NO ONE ANSWERED. 0 discussion was had, it got to the point where i grew so sick of it and was answering pretty much every single question which sped it up. I only showed up for the 10% and to get my answers and leave.
The tutorials are released a week before and were quite helpful. I found them quite straightforward. I highly recommend doing it all and consolidating your knowledge from the answers and tiny discussion had in the class. There are a lot of questions but they are broken into 3 categories: "REQUIRED to be completed before tutorial", "SHOULD be completed" and "MAY be discussed". I just did them all
The random exercises is just one question from one week of the tutorial so it isn't very hard to complete it and get a good mark for em. Should be a guaranteed 9% if not 10%.


Week by Week Outline of Content
Introduction, Conceptual Framework and External Reporting
Double Entry Recording
Accrual Accounting and Adjustments
Inventories
Receivables
Non-Current Assets
Liabilities
Equities
Share Issues/Changes in Equity
Statement of Cash Flows
Accounting for GST
Course review and Revision questions

One 2 Hour Lecture, One 1 Hour Tutorial

2019 Semester 1

Tutorial Participation (10%), composed of Attendance (2%), Participation (2%) and Tutorial Assignments (2 × 3%)
Assignments 2 × 7%
Online Quiz 6%
End of semester exam (3hr) 70%

Assignment 1 was the cause of a lot of annoyance and stress for many students. You had to manually journalise some transactions related to a fictional company, then create the trial balance and GPFS on excel. The actual work was straightforward, but it was a very tedious and time-consuming assignment.Assignment 2 required you to do the same thing as the first (for the company’s next month), but specifically using accounting software. The Uni labs contain the software, but I was able to do it all at home by downloading an MYOB 30 day free trial (which worked out perfectly as they gave you less time than this to complete the assignment). Once you got the hang of it, it became much more enjoyable than the first.

Overall, a pretty good continuation from ARA. The coursework is relatively straightforward once you get the hang of it, and this definitely felt like my easiest subject throughout the semester. That being said, you still need to work consistently to do well.A lot of the content from the reporting side of ARA is carried over, but you go into more/specific details for some types of accounts on the different GPFS. You’re also introduced to journals and debits/credits in week 2, and these skills are used throughout the rest of the course. This is apparently revision for people who did VCE accounting. When I first read the relevant material this related to this I was very confused, but after doing some questions it became very straightforward. You then cover a bit of ratios/analysis, and finally GST.

Was honestly a lot harder than I was expecting, so I’m glad I still studied for it like normal. There’ll be an approx. 50/50 mix of theory and practical/calculation questions, so make sure you know how to do everything (or as much as possible ). Still, there’ll always be a decent amount of stuff you’ve seen before.

Yes, with screen capture

Warren Mckeown

Advertised time is 2hrs, but many finished within 1.5hrs Slides were a bit all over the place (especially compared to ARA), but contained everything you needed to know. Warren would provide a good explanation of things, and on most occasions worked examples/illustrations, which showed you exactly what/how to do the questions. Best to be there in person for the illustrations, as usually both projectors were used.

1 full exam with solutions, plus many other scattered questions with solutions

Some practice quizzes of the same format are given, so best to at least try one before attempting. Pretty much that same thing as tutorial questions, just make sure you’re careful with reading the questions and inputting answers.

4 Out of 5

Financial Accounting, Reporting, Analysis and Decision Making, 5th ed, Carlon. Not really needed, but did provide a good review of everything. I’d recommend getting a cheap PDF from StudentVIP

I found all the tutors I met in this subject really dedicated and helpful. Tutorials were very useful. Concepts were first explained/reviewed, and then you’d discuss a worksheet previously given (you’re expected to attempt all questions, but this wasn’t really required, so it probably sufficed to just try all major questions). The full 4% for participation/attendance is easily obtainable if you make an effort to do just that. The assignments were also pretty straightforward, but make sure you read them carefully (I got an absolute shocker mark on the first because I didn’t read it properly).

1 × 2hr lecture per week
1 × 1hr tutorial per week

2017, Semester 2

H1 (80)

Individual assignment (25%), tutorial participation (5%), 3hr exam (70%)

I'm back to review another accounting subject! Don't judge me but I enjoyed this subject, mainly because I also enjoyed VCE accounting and ARA, and this subject was quite similar to both.

IFA mainly focuses on double entry accounting but there is a lot to remember. VCE accounting students will cruise through about weeks 2-5 as it's just double entry with a few differences. The last few weeks though, you'll get hit with new content and it starts to get messier and more complicated.

A lot of people I knew said Greg, the lecturer, was similar to a high school principal because he tells people off for chatting and using their phones during his lecture. At moments he also tells us to put down our pens so he can have our full attention haha apart from all this though, I honestly think he is a great lecturer. If you did VCE accounting, you'll probably find some of his explanations of simple double entries very long and boring, but when you get to the new content you'll find that these long explanations are actually extremely helpful.

Tutorials are also very useful, especially if you get a tutor who knows the subject inside out like the tutor I was lucky enough to have. Definitely pay attention in tutes because the questions you do in them are similar to the ones you'll get in the exam, so it's important that you understand how to do those type of questions and get your tutor to clarify anything that confuses you. If you struggle with tute questions, you'll struggle with the exam. Simple as that.
I recommend the subject to those who are pursuing an accounting career, or those who have done accounting in the past, especially those who did well in it in VCE and enjoyed it.

Yes, with screen capture

Greg Cusack

None, but there were many practice topic questions available on the LMS

4 out of 5

Introductory financial accounting, the book is very unappealing as it is black and white.. I bought it and barely touched it, in the rare moments where I did open the textbook I found it confusing to find things and there was way too much info. Lecture slides and tutorial work were more than enough to help you through this subject.

1 x 2hr lecture and 1 x 1hr tutorial a week

2014, semester 2

H1