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What am I learning in this unit and why am I learning it?
o How am I learning in this unit and how am I using what I am learning?
o What are my priorities as a learner in this unit?
o How can I overcome my learning weaknesses and build on my strengths in this
o What are my greatest challenges as a learner in accounting, and why?
o What different skills are needed for different components of my learning in
How can I use the feedback from my assessment tasks to improve my learning?
o How are different parts of my learning connected?
o How is my learning in this topic affected by my learning (or lack of learning) in
o How well am I achieving my goals in accounting?
o How can I improve my learning process?
o How are my attitudes and ideas changing through the learning process?
o What are my strategies for achieving my goals and ambitions, and for overcoming
my identified weaknesses in learning this unit?
Explain the concepts of fair value and historic cost. Discuss which one should be used when
we measure the value of assets in order to provide relevant and reliable information to
investors? Give one example of a situation when fair value is applied in a business transaction
and one example in which historic cost is applied. The comments you make should follow the
requirements of the Australian Conceptual Framework. BHP had to write down asset value –
shale oil – by $10.3 billion recently. Use BHP as an example in your essay. The link is
Explain the concept of the going concern assumption. Discuss why this assumption is
important and what its impact is on accounting treatment. Use Dick Smith as an example in
your discussion. You can find news regarding the closure of Dick Smith from the link provided: