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:firstname.lastname@example.org
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 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
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
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
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
Charts, diagrams and supporting data are presented in an appropriate manner
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.
|9||Sep 7||Incomplete or single entry systems|
Incomplete or single entry systems, Not-for-profit organisations
|11||21||Not-for-profit organisations, Statement of Cash Flows|
|12||28||Statement of Cash Flows,||Test|
|13||Oct 5||Partnership - formation|
- appropriation of profit
|14||12||Partnership - appropriation of profit|
|15||19||Partnership - dissolution|
|16||26||Partnership - dissolution|
|17||Nov 2||Test 2||Test|
|18||9||Resit tests, feedback (courses, tests, competencies)|
TAFE Accounting: Financial Accounting Applications (2nd edition) Fleay, Poustie, Thomson Publishers
Notes will be disseminated through the blackboard (DLS) as and when required.
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.
Test 1 Single entry and Not-for-profit, Statement of Cash Flows 50%
Test 2 Partnerships (formation, appropriation of profit, dissolution) 50%
Course Overview: Access Course Overview