Course Title: Prepare financial statements

Part B: Course Detail

Teaching Period: Term2 2009

Course Code: ACCT5237C

Course Title: Prepare financial statements

School: 650T TAFE Business

Campus: City Campus

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

Course Contact : Bruce Phillips

Course Contact Phone: +61 3 9925 5735

Course Contact Email:bruce.phillips@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Claude Marasco

Angelo Sellan

Jenny Wotzko

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

None

Course Description

This unit requires the application of skills and knowledge required to prepare financial statements. The unit encompasses compiling data and preparing reports. The unit can be applied across all sectors of the financial services sector.

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.

 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACCT405B Prepare financial statements

Element:

1.  Compile Data

1.1  Data is systematically coded, classifed and checked for accuracy and reliability in acordance with organisational policies and procedures

1.2  Internal and external financial data is checked to ensure consistency and accuracy

Performance Criteria:

Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures.

Internal and external financial data is checked to ensure consistency and accuracy

Element:

2.  Prepare Reports

2.1 Charts, diagrams and supporting data are presented in an appropriate manner.

2.2  Reports are prepared following a clear and appropriate structure and format and conform to organisation requirements.

2.3  Statements and data are error free and comprehensive

2.4  Report is cross checked against original data and accounting standards

2.5  Any necessary corrections are made

2.6  Corrections are verified and authorized by relevant persons

 

Performance Criteria:

Charts, diagrams and supporting data are presented in an appropriate manner
Reports are prepared following a clear and appropriate structure and format and conform to organisation requirements
Statements and data are error free and comprehensive
Report is cross checked against original data and accounting standards
Any necessary corrections are made
Corrections are verified and authorised by relevant persons


Learning Outcomes



Details of Learning Activities

Demonstration followed by exercises on ledger account reconstruction and preparing final reports from incomplete records.

Demonstration followed by exercises on preparing financial statements for not-for-profit organisations using single entry analysis techniques.

Demonstration followed by exercises on preparing simple cash flow statements.Discussion of solutions.

Demonstration followed by general journal entries required where a new partnership acquires the assets and liabilities of existing sole trader businesses. Exercises

Demonstration of preparing general journal entries required at year end to distribute the profit to partners in accordance with the partnership agreement, followed by exercises

Partnership is normally dissolved upon the death or retirement of a partner, requiring journal entries which will be demonstrated; followed by exercises.Discussion of solutions.


Teaching Schedule

Weekly Program
WeekWeek BeginningTopicAssessment
9Sep 7Incomplete or single entry systems 
1014

Incomplete or single entry systems, Not-for-profit organisations

 
1121Not-for-profit organisations, Statement of Cash Flows 
1228Statement of Cash Flows, Test
13Oct 5Partnership - formation
                      - appropriation of profit
 
1412Partnership - appropriation of profit 
1519 Partnership - dissolution 
1626 Partnership - dissolution 
17Nov 2 Test 2 Test
189 Resit tests, feedback (courses, tests, competencies) 


Learning Resources

Prescribed Texts

TAFE Accounting: Financial Accounting Applications (2nd edition) Fleay, Poustie, Thomson  Publishers


References

Notes will be disseminated through the blackboard (DLS) as and when required.


Other Resources


Overview of Assessment


Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

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. Students will be provided with feedback throughout the course to check their progress.


 


Assessment Tasks

Test 1  Single entry and Not-for-profit, Statement of Cash Flows               50%

Test 2  Partnerships (formation, appropriation of profit, dissolution)         50%

                                                                                                              TOTAL        100%


Assessment Matrix

Course Overview: Access Course Overview