Course Title: Collect, assess and use information

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: ACCT5210C

Course Title: Collect, assess and use information

School: 650T TAFE Business

Campus: City Campus

Program: C4170 - Certificate IV in Financial Services

Course Contact : Clem Simonetto

Course Contact Phone: +61 3 9925 5426

Course Contact Email:clem.simonetto@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 10

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

Collect, assess and use information covers the skills needed for obtaining information and presenting it in an appropriate format.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSICGEN403A Collect, assess and use information

Element:

Analyse and draw conclusions, if necessary

Performance Criteria:

1. Information/data is interpreted and analysed.
2. Significance of information/data is determined and discussed with appropriate personnel.
3. Conclusions based on information/data are drawn, if required.

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Element:

Clarify the requirements for the information

Performance Criteria:

1. Scope and purpose for which the information is required are clarified.
2. Timeline for collection and presentation of information is determined.

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Element:

Collect and organise the information

Performance Criteria:

1. Identify sources of information
2. Access and appropriately record information/data
3. Check to see that the information/data is accurate, up-to-date and comprehensive
4. Organise information/data so it is easy to use

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Element:

Present information in an appropriate format.

Performance Criteria:

1. Information is presented in an appropriate format.
2. Completeness and accuracy of the information/data and justification of the conclusions are evaluated.


Learning Outcomes


Refer to performance elements and performance criteria.


Details of Learning Activities

Theory and practice will be introduced via class lectures. Students will participate in tutorial-based self-directed learning activities that assist them to develop and apply their knowledge and skills in situations they may encounter in a business environment.


Teaching Schedule

Week beginningTopicsAssessment
Week 1 – 11 Feb1. Introduction to Accounting 
Week 2 – 18 Feb1. Introduction to Accounting 
Week 3 – 25 Feb1. Introduction to Accounting 
Week 4 – 3 Mar2 Introduction to Financial Statements/
Overview of the accounting system
 
Week 5 – 10 MarIntroduction to Financial Statements/
Overview of the accounting system
 
Week 6 – 17 MarIntroduction to Financial Statements/
Overview of the accounting system
 
                                                                                 Easter Break – 20th to 26th March
Week 7 – 31 MarIntroduction to Financial Statements/
Overview of the accounting system
 
Week 8 – 7 AprilClass Test Class Test
Week 9 – 14 April3. Analysing accounting transactions and determination of the effect on financial reports. 
Week 10 - 21 AprilAnalysing accounting transactions and determination of the effect on financial reports 
Week 11 – 28 AprilAnalysing accounting transactions and determination of the effect on financial reports 
Week 12 – 5 MaylAnalysing accounting transactions and determination of the effect on financial reports 
Week 13– 12 MayAnalysing accounting transactions and determination of the effect on financial reports 
Week 14 – 19 MayAnalysing accounting transactions and determination of the effect on financial reports 
Week 15 – 26 MayIndividual Report  
Week 16 – 2 JuneIndividual Report  
Week 17 - 9 JuneReport/assignment due  Report/assignment due
Week 17 – 11 JuneFeedback on report  


Learning Resources

Prescribed Texts

References and Further Readings
• Print-based resources
Students will be provided with a learner’s guide that will include tutorial discussion questions, short answer questions and problem sets, self-directed exercises, some solutions and core notes for each topic.


References


Other Resources

• On-line resources
Students will be provided with on-line resources in the learning hub that include lectures and self-directed exercises, on-line feedback exercises and relevant URL’s.


Overview of Assessment

Assessment methods measure achievement of each competency in a flexible manner over a range of assessment tasks. These tasks will be done both during class and for homework. They may incorporate a Group Demonstration, Document Folio of simple documents and a Group Report on a company or organisation.

You will receive ongoing feedback on your progress in the course. Feedback on assessment will be given in a timely manner. You will be informed about how to improve your performance in the competency/course and what you need to do to be deemed competent or to gain a pass in the assessment.


Assessment Tasks

The assessment will consist of:

1. Class test comprising 40% of the assessment of the unit. It will be conducted in week 8.

2. An individual report/assignment comprising the collection, organization and presentation of information. It will comprise 60% of the assessment for the course and is due in week 17.

Students are assessed against all the performance elements of the course and must demonstrate an understanding of all elements to be deemed competent. To receive a pass for this course a student must also achieve 50% overall.


Assessment Matrix

 Class TestIndividual Report
1. Clarify the requirements for the informationYY
2. Collect and organise the informationYY
3. Analyse and draw conclusions, if necessaryYY
4. Present information in an appropriate format.YY

Other Information

Assessment criteria
The following lists the assessment criteria for each topic.

Topic
1. Introduction to Accounting

1.1 Explain what accounting is and why accounting is considered an information system.
1.2 Identify potential users of accounting information
1.3 Discuss the potential information requirements of each user
1.4 Distinguish between internal and external users of accounting information
1.5 Explain the role of accounting in decision-making, planning and control.

Topic
2. Introduction to Financial Statements

2.1 Discuss the definition and purpose of the balance sheet as per the AASB Framework.for the Preparation and Presentation of Financial Statements.
2.2 Define assets, liabilities and equity as per the Framework
2.3 Identify and justify from a list of accounts which accounts are assets, liabilities and equity items
2.4 Distinguish between current assets and non current assets and current liabilities and non current liabilities for a sole proprietor,
2.5 Prepare a classified balance sheet for a sole proprietor from a list of accounts.
2.6 Discuss and describe the income statement as per the Framework
2.7 Discuss definitions of revenue and expenses as per the Framework.
2.8 Classify items as asset, liability, equity, revenue or expense.
2.9 From a list of account balances prepare the income statement and balance sheet for a sole proprietor for either a service business or merchandising business.
2.10 Describe the purpose of the cash flow statement as per the Framework.
2.11 From a list of transactions or summaries of cash payments and cash receipts prepare a simple statement of cash flow
2.12 Explain possible uses of each of these statements including limitations in financial decision making.

Topic
3. Overview of the accounting system

3.1 Describe the purpose of the chart of accounts
3.2 Describe ledgers maintained in a manual accounting system and the purpose of each ledger.
3.3 Describe the role of the trial balance and its role in relationship to the preparation of reports.

Topic
4. Analysing accounting transactions and determination of the effect on financial reports.

4.1 Define the entity convention, the accounting equation and the profit equation.
4.2 Using a work sheet, analyse transactions to determine their impact on individual accounting items (accounts) and the accounting equation for a service concern.
4.3 Prepare financial reports after completing an analysis of a set of transactions for a service concern
4.4 Using a work sheet, analyse transactions to determine their impact on individual accounting items (accounts) and the accounting equation for a merchandising concern (perpetual inventory).
4.5 Prepare financial reports after completing an analysis of a set of transactions for a merchandising concern using perpetual inventory.






Course Overview: Access Course Overview