Course Title: Maintain asset and inventory records

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: ACCT5196C

Course Title: Maintain asset and inventory records

School: 650T TAFE Business

Campus: City Campus

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

Course Contact : Ian Nash

Course Contact Phone: +61 3 9925 5733

Course Contact Email:ian.nash@rmit.edu.au

Name and Contact Details of All Other Relevant Staff

Nominal Hours: 30

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:

FNSACCT402A Produce job costing information [COSC 5237C]

Course Description

This unit describes those functions associated with the maintenance of records for fixed assets and inventory.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:	FNSACCT406A Maintain asset and inventory records
Element:	Comply with organisational asset acquisition procedures.
Performance Criteria:	Approval and authorisation for purchase of assets is obtained Quotes are obtained and other organisational purchase procedures are followed All asset purchases documentation and invoices are reconciled Assets received are checked for compliance with the quantity and quality as per documentation
Element:	Prepare schedules and ad hoc reports.
Performance Criteria:	Depreciation expense is updated regularly according to depreciation schedule Spreadsheets/ad hoc reports are prepared as requested
Element:	Recognise new assets and asset categories.
Performance Criteria:	New asset categories are identified where appropriate Proforma for input of asset details is prepared and processed accurately and in a timely fashion
Element:	Reconcile asset register and inventory records to general ledger.
Performance Criteria:	All asset expenditures are reconciled in accordance with organisation's policies, procedures and practices to the accounting records Discrepancies are identified and actioned according to organisation's policies, procedures and practices
Element:	Record disposal of fixed assets.
Performance Criteria:	Accurate records are kept to document the disposal and possible profit/loss on disposal
Element:	Record inventory flows.
Performance Criteria:	Periodic and perpetual records are maintained Inventory flow assumptions are applied as appropriate Inventory is valued using appropriate valuation rules

Learning Outcomes

Please refer to Elements of Competency.

Details of Learning Activities

Students will be expected to complete the practical exercises selected from their text book and supplementary exercises provided, in class time and also devote time for completion of these exercises at home. Guideline notes covering key concepts for each element of competency will be provided on the DLS for student access. Students will be expected to read the prescribed text references in order to consolidate an understanding of WHY they are likely to use a particular method and not just HOW to apply that method.

Teaching Schedule

1 Feb 11 Topic. Introduction to course including review of course guide, weekly program and assessment guide and use of the DLS.
2 Feb 18 Topic. Introduction (cont) Topic. Terminology
3 Feb 25 Topic. Inventory Management(1)
4 Mar 3 Topic. Stock Ledger card FIFO Topic. Stock Ledger card WAC
5 Mar 10 (Labour day Monday March 10) Topic. Inventory Management-(Purchasing and storage) Topic. Materials Control
6 Mar 17 (Easter vacation March 20-26) Topic. Materials Accounting
6 Mar 24 (Easter vacation March 20-26) Topic. Labour Control Topic. Labour Accounting
7 Mar 31 Topic. Manufacturing overhead control Topic. Department overhead budget
8 Apr 7 Topic. Overhead Application
9 Apr 14 Topic. Accounting for Manufacturing Overhead
10 Apr 21 (Anzac day April 25) Topic. Accounting for Manufacturing overhead
11 Apr 28 Topic. Job costing
12 May 5 Topic. Job costing
13 May 12 Topic. Manufacturing Statements
14 May 19 Topic. Cost/Volume/Profit Analysis
15 May 26 Topic. Fixed Asset Management
16 June 2 Topic. Capital Expenditure Evaluation
17 June 9 Topic. Capital Expenditure Evaluation
18 June 16 Feedback – course/tests/competencies

Learning Resources

Prescribed Texts

Management Accounting Principles and Applications (Hart and Wilson) 3rd Edition

References

Relevant learning resources will be placed on the learning hub (DLS) progressively throughout the semester. Students will need to access this site on a weekly basis, print the materials and bring them to class. COPIES OF MATERIALS WILL NOT BE HANDED OUT IN CLASS

Other Resources

Overview of Assessment

The student must demonstrate an understanding of all elements of a particular competency to be deemed competent. Assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.

Assessment will incorporate a variety of methods including technical requirements documentation, homework and in class exercises, written tests, practical problem solving exercises, presentations and practical tests. Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.

The written tests will focus on the student’s practical ability to solve problems and provide meaningful solutions to a set of questions asked of them for the work completed up to the time of the test.

Assessment Tasks

The student must demonstrate an understanding of all elements of a particular competency to be deemed competent. Assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.
Assessment will incorporate a variety of methods including technical requirements documentation, homework and in class exercises, written tests, practical problem solving exercises, a workbook and practical tests. Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.

The written tests will focus on the student’s practical ability to solve problems and provide meaningful solutions to a set of questions asked of them for the work completed up to the time of the test

The Assessment matrix includes the assessment for the other competency that is delivered with this course – Maintain asset and inventory records

Assessment Matrix

Other Information

This program will also incorporate elements of Employability Skills. Various skills may include communication, problem solving, initiative and enterprise, planning and organising, self management, learning and technology

Course Overview: Access Course Overview