ACC1100 / ACF5950 Intro to Financial Accounting (Sem 1 2025)
Difficulty:
Year Completed: Semester 1, 2025
Prerequisite: N/A
Exemption:
CB1 Business Finance
ACC1100 (50%), BFC2140(50%)
Weighted average of 70% required. Minimum of 60% required
for each unit.
Mean Setu Score: 79.6%
Clarity of Learning Outcomes: 90.89%
Clarity of Assessments: 91.61%
Feedback: 74.71%
Resources: 86.89%
Engagement: 85.25%
Satisfaction: 87.59%
Subject Content:
Lecture(s) and Tutorial(s):
Textbook(s):
Assessments:
This unit explored the basics of accounting - looking at what financial accounting involves and why is it important for a recording entity. The subject also focused a lot on the recording process, with having a main focus on ledgers and the financial statements. Similarly, understanding and interpreting the information in the financial statements to describe the current state and activities of the entity was another key component. In the few last weeks of the unit, there is greater detail into the accounting for inventory, non-current assets and liabilities, equity and financial statement analysis.
1 x 2-hour in-person per week
1 x 2 hour tutorial
Financial Accounting: Reporting, Analysis and Decision Making (7th Ed.) – useful for extra support
Assignment 1 (16%) – Manual accounting entries and financial statement analysis
Assignment 2 (10%) – Similar to Assignment 1 but using MYOB software (easier for many students)
Portfolio Tasks (24%) – 11 tasks completed in tutorials, with best 6 counted
Final Exam (50%) – Digital, closed-book, calculator allowed; based on all content
Comments
ACC1100 introduces students to the foundations of financial accounting. The unit begins with basic accounting principles and the conceptual framework, before progressing to topics such as recording transactions, adjusting entries, financial statements, and analysis. Later content includes inventory, non-current assets, equity, and liabilities — with an emphasis on practical application, such as depreciation methods and interpreting performance through statements.
Lectures were pre-recorded, clear, and structured with examples. Students appreciated the flexibility of watching them at their own pace, and each week built on the previous one.
Tutorials were split into two halves:
Part 1: Tutor-led discussion of weekly questions
Part 2: Group-based portfolio task, submitted weekly (6 best results counted toward your grade)
Preparation was essential — reviewing lecture material and attempting tutorial questions made the most of the learning experience. Students strongly recommended attending all tutorials due to their link to assessment.
The tutorials began in the first week. There are weekly tutorial questions that you are expected to complete before the tutorial, however time was given throughout the tutorials for students to attempt these questions.
Tutorial participation is recommended as these tutorials allow students to apply the concepts taught within lectures, as well as provide students the opportunity to ask any clarifying questions that they may have, as well as contributing directly to your grade.
Assignments were considered fair and marked clearly. While Assignment 1 required more precision, Assignment 2 was seen as more user-friendly due to the use of software. No full practice exam was provided, but revision materials were otherwise solid..
Format: Digital, closed-book, non-programmable calculator allowed
Weight: 50% of final grade
Coverage: All weeks of content, including topics from both Assignments 1 & 2
Structure: Mixture of multiple choice, short answer, and applied questions
Time Pressure: Most students found the timing manageable; ample time to check answers and complete responses carefully
Key Points:
The exam was divided into sections based on weekly topics, allowing for targeted revision
Some extended-response questions could appear more complex than their mark allocation warranted — students advise not overwriting for low-mark questions
No full practice exam was provided, which made exam preparation slightly more challenging
Understanding the accounting equation, journal entries, and interpretation of financial statements was essential
Practising application-based problems from tutorials and assignments was the best way to prepare
VCE Accounting helps but is not required — students without it just need to spend more time on basics like the accounting equation and financial statement types.
PASS classes are highly recommended for consolidating content weekly.
Don’t fall behind on lectures or tutorial questions — staying up to date makes assessments and exams significantly easier.
Don’t overwrite in exam short answers — be concise and stick to mark allocations.
General Overview:
Lectures:
Tutorials:
Assessments/Other Assessments
Exams
Concluding Remarks