Course Title: Prepare and bank receipts
Part B: Course Detail
Teaching Period: Term1 2008
Course Code: ACCT5197C
Course Title: Prepare and bank receipts
School: 650T TAFE Business
Campus: City Campus
Program: C4169 - Certificate IV in Financial Services (Accounting)
Course Contact : Angelo Sellan
Course Contact Phone: +61 3 9925 5460
Course Contact Email:Angelo.Sellan@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Laurine Symington on 992 55484 or Laurine.Symington@rmit.edu.au
Susan Naser on 992 55464 or Susan.Naser@rmit.edu.au
David Turner on 992 55464 or David.Turner@rmit.edu.au
Pat Ragozzino on 99255464
Please nte some of these teachers are not full time at RMIT, so check with the teacher fro your group as to the preserred method for communicating with them.
Nominal Hours: 10
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:
FNSICACC306B Process journal entries [ ACCT5198C]
BSBCMN308A Maintain financial records [ACCT5180C]
Course Description
This unit describes the functions involved in preparing and banking financial receipts.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSICACC304A Prepare and bank receipts |
Element: |
Batch monetary items |
Performance Criteria: |
1.1 Items are batched completely and accurately |
Element: |
Lodge flows |
Performance Criteria: |
2.1 Deposit facility selected is appropriate to the banking method used |
Element: |
Prepare deposit facility |
Performance Criteria: |
3.1 Security and safety precautions are taken appropriate to the method of banking in accordance with company policy and industry and legislative requirements |
Learning Outcomes
Please refer to Elements of Competency.
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 FNSACCT407B 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.
Teaching Schedule
| Week | Date | Work to be covered | Assessment |
| 1 | 11th February | Elements of Accounting, Statement of Financial Position | |
| 2 | 18th February | Chart of Accounts, Business documents, Internal Control, legislative requirements |
|
| 3 | 25th February | Business documents and journals | Test One: Underpinning knowledge Concepts and environment. (10%) |
| 4 | 3rd march | Ledger accounts and the trial balance |
|
| 5 | 10th March | Ledger accounts and the trial balance |
|
| 6 | 17th March, 24th March | Ledger accounts and the trial balance | Test Two: Prepare journals (15%) |
| 7 | 31st March | Complete journals and maintain manual accounting records | |
| 8 | 7th April | Complete journals and maintain computerised accounting records |
|
| 9 | 14th April | Bank Reconciliation | Test Three: Post journals (25%) |
| 10 | 21st April | Computerized Cash Accounts & Banking | |
| 11 | 28th April | Error correction, manual and computerised. | Test Four: Cash and Bank Reconciliation (15%) |
| 12 | 5th May | Petty Cash | |
| 13 | 12th May | Debtors and creditors subsidiary ledgers |
|
| 14 | 19th May | Debtors and creditors subsidiary ledgers |
Test Five: Errors and Petty Cash (15%) |
| 15 | 26th May | Computerised Debtors and creditors subsidiary ledgers | |
| 16 | 2nd June | Computerised Debtors and creditors subsidiary ledgers |
|
| 17 | 9th June | Revision | Test Six: Subsidiary ledgers (20%) |
| 18 | 16th June | Resubmissions and review |
Learning Resources
Prescribed Texts
TAFE Accounting to Trial Balance, Yates, Y Mroczkowski, N Fleay, D & Poustie, N. 2003, 8th ed, Thomson Australia |
|
Computer Accounting a systematic approach. Euan Sutherland Pearson Ed 2008 |
References
Other Resources
Overview of Assessment
This unit is co-assessed with FNSICACC306B Process journal entries [ACCT5198C] and BSBCMN308A Maintain financial records [ACCT5180C].
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
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 FNSICACC304B- 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.
A Folio of Evidence will need to be created during the semester and will be submitted and must be considered satisfactory before a result for these units can be given.
A mark of greater than 50% in total is required to be deemed Competent for the unit. Resit opportunities will be available during week seventeen (test one to five) and eighteen (test six).
Assessment Matrix
| Folio of evidence. | Practical test | Resubmission Available | |
| Prepare and bank receiptsFNSICACC304B/1. Batch monetary items | Yes | Test 4 | Yes |
| Prepare and bank receiptsFNSICACC304B/2. Prepare deposit facility | Yes | Test 4 | Yes |
| Prepare and bank receiptsFNSICACC304B/3. Lodge flows | Yes | Test 4 | Yes |
Other Information
It is expected that students will complete the tasks as specified, either in the class or elsewhere, but they MUST attend for the tests in the times as specified.
Special Consideration
Special Consideration is a process that enables the University to take account of unexpected circumstances such as illness, injury or bereavement that affect a student’s performance in assessment. You must apply no later than two working days after the examination/assessment that has been affected. You must complete the Special Consideration Application Form and lodge the original and one photocopy at the Hub. Forms are available from the Student Hub on Level 3 or from http://www.rmit.edu.au/students/specialconsideration
Course Overview: Access Course Overview