Course Title: Maintain financial records
Part B: Course Detail
Teaching Period: Term1 2007
Course Code: ACCT5180C
Course ID: 036505
Course Title: Maintain financial records
School: 650T TAFE Business
Program Code: C4169 - Certificate IV in Financial Services (Accounting)
Course Contact : Laurine Symington
Course Contact Phone: +61 3
Course Contact Email: email@example.com
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 60
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
This Unit of Competency is taught in conjunction with:
FNSICACC304A Prepare and bank receipts [ACCT5197C]
FSNICACC306A Process journal entries [ACCT5198C]
This unit covers the maintenance of financial records for a business. It includes activities such as the maintenance of daily financial records, including reconciling debtors’ and creditors’ systems and preparing a maintaining a general ledger and preparing a trial balance. It also includes activities associated with the monitoring of cash control for accounting purposes.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
BSBCMN308A Maintain financial records
Maintain daily financial records
1.1. Daily financial records are maintained correctly and in accordance with organisational requirements for accounting purposes
Maintain general ledger
2.1. General ledger is maintained in accordance with organisational requirements
Monitor cash control
Please refer to Elements of Competency.
Overview of Learning Activities
Details of Learning Activities
Students will be expected to complete practical exercises both during the class time and at home to build on the skills required to successfully complete these units. They will include manual processing and using a computerised accounting package which simulates a working environment.
The use of MYOB as an example of a computerised accounting package is included in this unit although it does NOT constitute part of the assessment as the use of MYOB will be assessed in FNSACCT407A Set up and operate a computerised accounting package.
The practical/simulation tests will be used to gauge the level of understanding of the units and a number score will result from these activities.
|Week 1 – 12th February||Elements of Accounting, Statement of Financial Position|
|Week 2 – 19th February||Chart of Accounts, Business documents, Internal Control, legislative requirements|
|Week 3 – 26th February||Business documents and journals||Test One: Underpinning knowledge
Concepts and environment. (10%)
|Week 4 – 5th March||Ledger accounts and the trial balance|
|Week 5 – 12th March||Ledger accounts and the trial balance|
|Week 6 – 19th March||Ledger accounts and the trial balance||Test Two: Prepare journals (15%)|
|Week 7 – 26th March||Complete journals and maintain manual accounting records|
|Week 8 – 2nd April||Complete journals and maintain computerised accounting records|
|Mid Semester Break (Student Vacation) – 5th April to 11th April|
|Week 9 – 16th April||Bank Reconciliation||Test Three: Post journals (25%)|
|Week 10 – 23rd April||Computerised Cash Accounts & Banking|
|Week 11 – 30th April||Error correction, manual and computerised.||Test Four: Cash and Bank Reconciliation (15%)|
|Week 12 – 7th May||Petty Cash|
|Week 13 – 14th May||Debtors and creditors subsidiary ledgers|
|Week 14 – 21st May||Debtors and creditors subsidiary ledgers||Test Five: Errors and Petty Cash (15%)|
|Week 15 – 28th May||Computerised Debtors and creditors subsidiary ledgers|
|Week 16 – 4th June||Computerised Debtors and creditors subsidiary ledgers|
|Week 17 – 11th June||Revision||Test Six: Subsidiary ledgers (20%)|
|Week 18 -18th June||Resubmissions and review|
Overview of Learning Resources
Neish, W & Kahwati, G 2006, Computer Accounting Using MYOB Business Software, 9th ed, McGraw Hill, Australia.
Yates, Y Mroczkowski, N Fleay, D & Poustie, N. 2003, TAFE Accounting to Trial Balance, 8th ed, Thomson Australia
Neish and Kahwati, Computer Accounting using MYOB is also used for ACCT5152C Process payroll and COSC5239C Set up and operate a computerised accounting system.
Overview of Assessment
This unit is co-assessed with FNSICACC304A Prepare and bank receipts [ACCT5197C] and FSNICACC306A Process journal entries [ACCT5198C].
The assessment for this cluster is a series of tests and a folio of evidence. The “folio of evidence” is a collection of exercises which may have been completed during the classes and then submitted to support the grade of competent. The tests will then be used to allocate a number grade which is only available after the folio has been deemed competent. It is through the results of the tests that students will receive an indication of their progress.
The first practical assessment/test will assess some of the underpinning knowledge required for the unit BSBCMN308A, including relevant legislation from all levels of Government, organisational policies and procedures, identification of source documents, the chart of accounts, principles of double entry bookkeeping and accrual accounting.
Test Two will assess your understanding of source documents and the preparation of specialised journals.
Test Three will assess your understanding of double entry accounting by testing your ability to process transactions from specialised and general journals into general ledger accounts.
Test Four is the only assessment for FNSICACC304A- Prepare and bank receipts, and will combine the preparation of a bank reconciliation statement with the preparation of banking documents.
Test Five will assess your ability to correct errors, through the use of general journals and the process for recording petty cash.
The final assessment, Test Six will test your ability to maintain a general ledger with subsidiary ledger accounts for debtors and creditors.
The program of tests is designed to build on the practical exercises submitted as the folio of evidence, and be used to guarantee the student’s understanding of the concepts presented. These will be closed book requiring application of the practical skills developed during the semester.
These courses are assessed as a cluster and the same result is granted for all courses.
Students will be required to gain at least 50% in each assessment task plus submit a satisfactory Folio of Evidence to be deemed competent in these courses. A number score will then be granted.
Either failure to gain 50% in each assessment task or an unsatisfactory folio of evidence will result in the grade of NYC (not yet competent) being granted for each course in the cluster.
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