Course Title: Maintain financial records

Part B: Course Detail

Teaching Period: Term1 2009

Course Code: ACCT5180C

Course Title: Maintain financial records

School: 650T TAFE Business

Campus: City Campus

Program: C4169 - Certificate IV in Financial Services (Accounting)

Course Contact : Laurine Symington

Course Contact Phone: +61 3 99255484

Course Contact Email:Laurine.Symington@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Ian Nash

Susan Naser

Philip Dean

Claude Maresco

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:
FNSICACC304B Prepare and bank receipts [ACCT5252C]
FSNICACC306B Process journal entries [ACCT5253C]

Course Description

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

Element:

Maintain daily financial records

Performance Criteria:

1.1 Daily financial records are maintained correctly and in accordance with organisational requirements for accounting purposes

1.2 Discrepancies or errors in documentation or transactions are identified and rectified or referred to designated persons in accordance with organisational requirements

1.3 Credit and debit transactions are accurately and promptly entered into journals in accordance with organisational requirements

Element:

Maintain general ledger

Performance Criteria:

2.1 General ledger is maintained in accordance with organisational requirements

2.2 Transactions are posted into the general ledger in accordance with organisational reporting requirements

2.3 Debtors' and creditors' systems are reconciled with general ledger

2.4 Trial balance is accurately prepared from general ledger in accordance with organisational requirements

Element:

Monitor cash control

Performance Criteria:

3.1 Cash flow is accurately accounted for in accordance with organisational requirements

3.2 Payments are made and received in accordance with organisational requirements

3.3 Outstanding accounts are collected or followed up within designated timelines

3.4 Payment documentation is checked for accuracy of information and despatched to creditors within designated timeline


Learning Outcomes


After completing this unit of competency, students should be able to demonstrate they can:

   Identify and respond to discrepancies and errors

  Transfer and record financial data accurately

  Identify and comply with organisational requirements

  Reconcile expenditures and revenue

  Recommend options for financial decision making


Details of Learning Activities

Manual calculations and computerised tasks will be used as learning activities.


Teaching Schedule

WEEKDate beginningTEST Learning Outcomes
 19th February 2009 Accounting concepts and environment Underpinning knowledge
 
216th February 2009 Accounting concepts and environment
Business document and journals
FNSICACC306B-1
FNSICACC306B-2
BSBCMN308A-1
323rd February 2009 Business document and journals FNSICACC306B-1
FNSICACC306B-2
BSBCMN308A-1
4  2nd March 2009OneLedger accounts and the trial balance FNSICACC306B-3
FNSICACC306B-4
FNSICACC306B-5
BSBCMN308A-1
BSBCMN308A-2
5 9th March 2009 Ledger accounts and the trial balanceFNSICACC306B-3
FNSICACC306B-4
FNSICACC306B-5
BSBCMN308A-1
BSBCMN308A-2
6 
16th March 2009
 
 
 Debtors and creditors subsidiary ledgers FNSICACC306B-3
FNSICACC306B-4
FNSICACC306B-5
BSBCMN308A-1
BSBCMN308A-2
723rd March 2009Two Debtors and creditors subsidiary ledgers FNSICACC306B-3
FNSICACC306B-4
FNSICACC306B-5
BSBCMN308A-1
BSBCMN308A-2 
30th March 2009 Bank reconciliation
Petty cash
BSBCMN308A-3
FNSICACC304B-1
FNSICACC304B-2
FNSICACC304B-3
FNSICACC306B-5 
96th April 2009 Bank reconciliation  BSBCMN308A-3
FNSICACC304B-1
FNSICACC304B-2
FNSICACC304B-3
FNSICACC306B-5
1020th April 2009ThreePetty cashBSBCMN308A-3
FNSICACC304B-1
FNSICACC304B-2
FNSICACC304B-3
FNSICACC306B-5


Learning Resources

Prescribed Texts

TAFE Accounting to trial balance 9th Edition, 2007 Mroczkowski, Fleay, Poustie and Yates.  Thomson

0170128792


References


Other Resources


Overview of Assessment

This unit is co-assessed with FNSICACC304B Prepare and bank receipts [ACCT5252C] and FSNICACC306B Process journal entries [ACCT5253C].  There will be three (3) tests and the final mark will be the combined score of all the tests.
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.


Assessment Tasks

There will be three tests in weeks 4, 7 and 10. The cumulative score will be the score you receive for the cluster of units.

The first test will assess the understanding of students regarding the accounting concepts and environment,  the accounting concepts and environment and business document and journals.

The second test will assess the students ability to post the journals to ledger accounts including debtors and creditors subsidiary ledgers and to extract the trial balance.

The third test will assess the students ability to correctly complete a bank reconciliation and to maintain the records for a petty cash imprest system and to monitor cash flows.

 


Assessment Matrix

Element Test OneTest twoTest threeResubmissions available
BSBCMN308A-1 yesyes yes
BSBCMN308A-2 yes yes
BSBCMN308A-3   yesyes

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