Course Title: Prepare financial statements

Part B: Course Detail

Teaching Period: Term1 2010

Course Code: ACCT5237C

Course Title: Prepare financial statements

School: 650T TAFE Business

Campus: City Campus

Program: C4210 - Certificate IV in Financial Services

Course Contact : Jenny Seiler (city campus only)

Course Contact Phone: +61 3 9925 1621

Course Contact Email:jenny.seiler@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Jenny Seiler
Level 13, Building 108
Phone 99251621
Email jenny.seiler@rmit.edu.au

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 covers the competency to identify skills and outcomes associated with the development of financial reports. 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.

As there are no pre-requisites for this unit the course will also include an introduction to accounting and the accounting process.


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 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


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
• Locate company reports using the internet, industry contacts and prescribed/recommended references.
• Answers to be prepared for inclass activities that are based on materials covered in class
• Complete required assessment tasks


Teaching Schedule

WeekWeek CommencingTopic ElementsLearning Activities
18/2/2010

Overview & introduction of course including review of course guide, weekly program, assessment guide and online learning hub
Why have accounting?
1.1, 2.2, 2.3, 2.4, 2.5, 2.6 Analysing the needs of a business and distinguish between cash and accrual accounting
215/2/2010
 Why have accounting?
Topic 1 Introduction to Accounting
1.1, 2.2, 2.3, 2.4, 2.5, 2.6Analysing the needs of a business and distinguish between cash and accrual accounting
322/2/2010
Topic 1 Introduction to Accounting
Topic 2 Introduction to Financial Statements (Balance Sheet)
1.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of balance sheets
41/3/2010
Topic 2 Introduction to Financial Statements (Balance Sheet and Income Statement)1.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of balance sheets and income statements
58/3/2010 
Topic 2 Introduction to Financial Statements (Income Statement & Cash Flow)1.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of income statements and cash flow statements
615/3/2010
Topic 2 Introduction to Financial Statements (Cash Flow)
Topic 7 Analysis and Interpretation
1.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of cash flow statements, ratio calculations and reports
722/3/2010
Revision
TEST 1

  
8 29/3/2010
Topic 7 Analysis and Interpretation
Test Review

1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of ratio calculations and reports
  Mid Semester Break 1/4/2010 – 7/4/2010
  1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6 

8

(cont)

8/4/2010
Topic 7 Analysis and Interpretation
Test Review

1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6 Completion of ratio calculations and reports
912/4/2010
 Topic 3 Analysing Transactions
1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6,Double entry analysis and integrated exercises
1019/4/2010
 
Topic 4 Overview of accounting system
1.1, 1.2Completion of chart of accounts, recognizing control factors in the system
1126/4/2010 

Topic 5 Ensuring Accuracy
1.1, 1.2, 2.2, 2.3, 2.4, 2.5, 2.5Double entry analysis to ensure accurate figures are reported
123/5/2010

Revision
TEST 2


  
1310/5/2010

Topic 5 Ensuring Accuracy
Test Review

1.1, 1.2, 2.2, 2.3, 2.4, 2.5, 2.5Double entry analysis to ensure accurate figures are reported

Completion of income statements for a business that undertakes various business activities
1417/5/2010
Topic 6 Varying activities and structures

1.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of income statements for a business that undertakes various business activities
1524/5/2010

Topic 8 Budgeting 1.1, 2.2, 2.3, 2.4, 2.5, 2.6 Complete a cash budgets and variance reports
1631/5/2010
Revision
TEST 3
 Complete a cash budgets and variance reports
177/6/2010Test Review
Deferred Test 1/Retest 1
  




Learning Resources

Prescribed Texts


References

Financial Services Resources Learner Guide, FNSACCT405A Prepare Financial Statements,(2007) Scope, Pearson Education Australia

URL: http://www.aasb.com.au/ AASB The Framework for the Preparation and Presentation of Final Reports (July 2004)


Other Resources

Weekly  Resources

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


Overview of Assessment

Assessments may include: class exercises, tests, and assignments (including reports produced on a spreadsheet)

Throughout the semester students will be able to gauge their progress with the completion and discussion about class exercises. 

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

Assessment                   Week No.                Assessment Description                                  Maximum % grade allocated
Test 1                                Week 7                      Test on topics 1 & 2                                            CA / NYC
                                                                                                                                                                       30
Test 2                               Week 12                     Test on topics 3, 4 and 7                                   CA / NYC
                                                                                                                                                                        30
Test 3                               Week 16                     Test on topics 5, 6 and 8                                    CA / NYC
                                                                                                                                                                         30
In class exercises         Across the semester .                                                                                       10

                                        

Inclass exercises

Across the semester each teacher will select five class exercises that will be completed IN class by the student, corrected by the student and then submitted in the same class. It is expected that students will have the pro-forma to complete their work on to receive marks. Of the 5 exercises students will have to submit four exercises to obtain full marks. THERE WILL BE NO ALTERNATIVE CHANCE TO RESUBMIT. STUDENTS MUST ATTEND THE CLASS THEY ARE ENROLLED IN


Assessment Matrix

 Test 1Test 2Test 3In class exercises
Element 1: Compile data

xxx 
Element 2: Prepare reports
xxx 

Other Information

Competency and Grading Information  

Competency and grading requirements:
Assessment methods have been designed to measure achievement of each competency. To be deemed competent students must demonstrate an understanding of all elements of a competency.

Students will achieve a grade of CA if competent, or alternatively a NYC to indicate they are not yet competent for each assessment. If competent, the assessment will also carry a numerical weighting for the purpose of articulation into degree courses.

Where a student fails a test they will be given an opportunity to resit the test as scheduled in week 17. Students who achieve competency in a retest will be allocated a CA grade for the test and assuming competency is achieved in all assessments an overall course grade of CA.

Students who have an approved special consideration application will be able to complete the missed assessment for competency and if successful, a grade

Employabilty Skills

On completion of this course students should display the following employability skills:
• Communication
• Initiative and Enterprise
• Planning & Organization
• Self Management
• Learning
• Technology

Special Consideration and missed Tests

If a student misses a test for ANY REASON, they must complete a special consideration application. Please note that applications must be submitted through the Hub on RMIT Melbourne campuses within 2 working days of the scheduled assessment

IT IS EXPECTED THAT STUDENTS WILL SHOW THEIR TEACHER THE WRITTEN RECEIPT GRANTING A DEFERRED ASSESSMENT AS SOON AS IT IS RECEIVED so it can be recorded

Special Consideration (the full policy can be found at http://www.rmit.edu.au/browse;ID=g43abm17hc9w. This site includes a link to the application form)







Course Overview: Access Course Overview