Course Title: Maintain asset and inventory records

Part B: Course Detail

Teaching Period: Term1 2009

Course Code: ACCT5251C

Course Title: Maintain asset and inventory records

School: 650T TAFE Business

Campus: City Campus

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

Course Contact : Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact

Name and Contact Details of All Other Relevant Staff

Susan Naser

Ian Nash

Claudio Marasco

Philip Dean

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


Course Description

This unit describes those functions associated with the maintenance of records for fixed assets and inventory using manual and computerised systems

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:

FNSACCT406B Maintain asset and inventory records


1. Comply with organisational asset acquisition procedures

Performance Criteria:

1.1 Approval and authorisation for purchase of assets is obtained

1.2 Quotes are obtained and other organisational purchase procedures are followed

1.3 All asset purchases documentation and invoices are reconciled

1.4 Assets received are checked for compliance with the quantity and quality as per documentation


2. Reconcile asset register and inventory records to general ledgers

Performance Criteria:

2.1 All asset expenditures are reconciled in accordance with organisation's policies, procedures and practices to the accounting records

2.2 Discrepancies are identified and actioned according to organisation's policies, procedures and practices


3. Record inventory flows

Performance Criteria:

3.1 Purchase of inventory is recorded in subsidiary ledger

3.2 Asset register is established and maintained

3.3 Periodic and perpetual records are maintained

3.4 Inventory flow assumptions are applied as appropriate

3.5 Inventory is valued using appropriate valuation rules


4. Recognise new assets and asset categories

Performance Criteria:

4.1 New asset categories are identified where appropriate

4.2 Proforma for input of asset details is prepared and processed accurately and in a timely fashion


5. Prepare schedules and ad hoc reports

Performance Criteria:

5.1 Spreadsheets/ ad hoc reports are prepared as requested


6. Record disposal of fixed assets

Performance Criteria:

6.1 Assets are disposed of in accordance with organisational procedures, relevant legislative requirements and under supervision of appropriate persons

6.2 Disposal price data is obtained and entered into accounting records

6.3 Accounting procedures are followed for the removal of assets from ledger and asset register

Learning Outcomes

Details of Learning Activities

Manual calculations and computerised task will be used as learning activities.

Teaching Schedule

WeekBeginning dateDescriptionElement
1127th April 2009InventoriesFNSACCT406B-1
12 4th May 2009Fixed Assets Accounting for property, plant and equipment FNSACCT406B-2
1311th May 2009 Fixed Assets Accounting for property, plant and equipmentFNSACCT406B-2
1418th May 2009Accounting for property, plant and equipment

Learning Resources

Prescribed Texts

TAFE Accounting basic reports 8th Edition 2007 Mrcozkowski, Fleay, Poustie and Yates Thomson


TAFE Accounting Financial accounting applications 2dn edition 2004 Fleay and Poustie Thomson



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 and presentation of a portfolio of evidence.

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

A Test will assess competence in the manual components of this unit and a computerised simulation will be used to assess your competence in the use of MYOB for the recording and maintenance of the required records for Inventory and Non-current assets.

Assessment Matrix

ElementTestComputerised taskResubmissions available

Course Overview: Access Course Overview