Course Title: Maintain asset and inventory records

Part B: Course Detail

Teaching Period: Term2 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 Email:callie.harvey@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Name: Linda Boyce

Contact Details: Will be advised in class.

Name: Lyn Montalti

Contact DetailsPhone: 9925 5988
                               Email:lynette.montalti@rmit.edu.au

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

None

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

Element:

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

Element:

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

Element:

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

Element:

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

Element:

5. Prepare schedules and ad hoc reports

Performance Criteria:

5.1 Spreadsheets/ ad hoc reports are prepared as requested

Element:

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
1121st September 2009InventoriesFNSACCT406B-1
FNSACCT406B-2
FNSACCT406B-3
FNSACCT406B-5
12 28th September 2009

Fixed Assets

Accounting for Property, Plant and Equipment

FNSACCT406B-2
FNSACCT406B-4
FNSACCT406B-5
FNSACCT406B-6
135th October 2009

 Fixed Assets

Accounting for Property, Plant and Equipment

FNSACCT406B-2
FNSACCT406B-4
FNSACCT406B-5
FNSACCT406B-6
14

12th October 2009

Accounting for Property, Plant and Equipment

TEST

FNSACCT406B-2
FNSACCT406B-4
FNSACCT406B-5
FNSACCT406B-6


Learning Resources

Prescribed Texts

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

017011378

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

017012150X


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 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.

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
FNSACCT406B-1YesYesYes
FNSACCT406B-2YesYesYes
FNSACCT406B-3YesYesYes
FNSACCT406B-4YesYesYes
FNSACCT406B-5YesYesNo
FNSACCT406B-6YesYesYes

Course Overview: Access Course Overview