Course Title: Prepare financial statements

Part B: Course Detail

Teaching Period: Term1 2012

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

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

 

Performance Criteria:

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

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

Element:

2.  Prepare Reports

 

 

 

 

Performance Criteria:

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 organisational 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 authorised by relevant persons


Learning Outcomes



Details of Learning Activities

In order to achieve learning outcomes, students will participate in the following activities: 

  • Attend and prepare notes during scheduled classes
  • Participate in class discussions and problem solving exercises 
  • Answers to be prepared for inclass activities that are based on materials covered in class
  • Complete required assessment tasks


Teaching Schedule

 

WeekWeek Commencing
(Monday)
 TOPICElements
1 Feb 6Depreciation 1.1,2.1
2 Feb 13Bank Reconciliation 1.2
3 Feb 20Final reports 1.1,2.2,2.3,2.4,2.5,2.6
4 Feb 27Final reports 
5 Mar 5Final reports 
6 Mar 12Cash Flow statements 2.2,2.3
7 Mar19Test (for competency purposes) 
8 Mar 26Balance day adjustments 
 9Apr 2 Incomplete accounting (single entry systems) 
  Mid semester break  
 10 Apr 16Incomplete accounting (single entry systems) 
 11 Apr23Incomplete accounting (single entry systems) 
 12 Apr 30 Incomplete accounting (single entry systems) 
13 May 7 Not for profit organisations 
14 May 14 Not for profit organisations 
15 May 21 Revision 
16 May 28 Final test (for grading purposes only) 

 

The weekly schedule may be subject to change. Students will be advised on the online learning hub and in class should any changes occur.


Learning Resources

Prescribed Texts

Relevant learning resources will be placed on the online learning hub 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

TAFE Accounting Basic Reports 9th ed by Mroczkowski, Fleay, Poustie


References


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

Overview of Assessment
Students must demonstrate an understanding of all elements of competency to be deemed competent.

A range of assessment methods are used to assess practical skills and knowledge, for example:
• direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
• review of authenticated documents from the workplace or training environment
• demonstration of techniques

Critical aspects of assessment
Evidence of the following is essential:
Demonstrate knowledge of organisational policies and procedures
Demonstrate ability to prepare report and financial statements

Assessment Tasks

You are required to complete 1 task. You must successfully complete this task to be deemed competent in this unit.

TASK 1(Due week 7)
This consists of a closed book test on the topics of depreciation, bank reconciliation, preparation of final reports, and cash flow statements.
The test is to be conducted under exam conditions, whereby no communication is allowed between students and no materials are allowed to be brought in, including a so-called cheat sheet.
the test will run for 2 hours.

TASK 2(Due week 16)
Note this task is not for competency purposes, but is used as part of the grading of your marks.
This test is a closed book test on the topics of incomplete accounting(single entry systems), and not-for-profit organisations (Often called clubs).


Assessment Matrix

Submission Requirements

Assessment tasks need to be submitted in-class and via the Blackboard where indicated.
You should:

• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Bruce Phillips, 3245678, Task 2, ACCT5237C Prepare Financial Statements, Page 1 of 10.

Marking Guide (competency)

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.


The grading is according to the following criteria:

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to preparing data and reports.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING

We are looking for depth of understanding of the key concepts and knowledge required in compiling data and preparing reports. You should be able to demonstrate a thorough understanding of all applicable accounting standards and  requirements in all the assessment tasks.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. You also need to show an understanding of the kinds of problems that can arise in compiling data and how these might be addressed.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see ongoing uploading of information into Pebble Pad that is relevant to the unit, full utilisation of Pebble Pad and Blackboard as per course requirements and timely submission of all required assessment tasks.


5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK

We expect to see contributions to relevant discussions and participation in scheduled Collaborate sessions. In addition your tasks should demonstrate a very good understanding of strategies for a team approach to compiling data and preparing reports in the workplace.

Final grades table:


CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment


Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview