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: 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

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
16/2/2012Overview & 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
213/2/2012 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
320/2/2012Topic 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
427/2/2012

Topic 2 Introduction to Financial Statements (Balance Sheet and Income Statement)

BRIEFING RE ASSESSMENT 5

1.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of balance sheets and income statements
55/3/2012Topic 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
612/3/2012Topic 2 Introduction to Financial Statements (Cash Flow)
1.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of cash flow statements,
719/3/2012Revision
ASSESSMENT 1

  
826/3/2012Topic 7 Analysis and Interpretation
ASSESSMENT Review

1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6Completion of ratio calculations and reports
9.12/4/2012 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
  MID SEMESTER BREAK  
9.29/4/2012 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
1016/4/2012Topic 3 Analysing Transactions

Topic 4 Overview of accounting system
1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6,

Double entry analysis and integrated exercises

Completion of chart of accounts, recognizing control factors in the system

1123/4/2012Topic 4 Overview of accounting system
1.1, 1.2Completion of chart of accounts, recognizing control factors in the system
1230/4/2012

Revision 
ASSESSMENT  2


  
137/5/2012

Topic 5 Ensuring Accuracy 
ASSESSMENT  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 reports after adjustments
1414/5/2012
Topic 5 Ensuring Accuracy
1.1, 1.2, 2.2, 2.3, 2.4, 2.5, 2.5

Double entry analysis to ensure accurate figures are reported

Completion of reports after adjustments

 

1521/5/2012Topic 8 Budgeting 1.1, 2.2, 2.3, 2.4, 2.5, 2.6 Complete a cash budgets and variance reports
1628/5/2012Revision 
ASSESSMENT  3
  
174/6/2012Assessment Review
Deferred Assessment/Reassessment
  
**This schedule maybe subject to change.  Students will be advised in class and on the learning hub of such changes



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 (Operative date Jan 2009)


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 Tasks

    You are required to complete 5 tasks. You must successfully complete all  tasks to be deemed competent in this unit.

Assessment 1 (Week 7) -Reference Assessment
Students may refer to their Accounting Framework for the Preparation and Presentation of Financial Reports, to answer a selection of questions classifying and coding data and preparing reports, individually, in a limited time.

Assessment 2 (Week 12) - Closed Book Test
Students will be given necessary formulae to assist with their calculations of standard analysis techniques, look at the impact of double entry on accounting reports and control factors

Assessment 3 (week 16) - Open Book Test
Students may refer to their own notes and class exercises to, answer a selection of questions and prepare reports individually, in a limited time.

Assessment 4 (across the semester) - Exercises/Observations
Four class exercises will be completed IN class by the students in consultation with their peers. Errors will be identified and corrected. Work practices will be observed. Students must be present for at least two of these exercises to be deemed competent. 

 
Assessment 5A financial statement will be presented on a spread sheet during the semester. Students will be advised of the task in week 1 and it must be submitted by email, by week 15. This task will be completed individually, in the students own time.

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 accurate financial statements

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 to prepare financial statements. You should be able to demonstrate a  thorough understanding of principles needed to classify data corrrectly and prepare accurate financial reports.


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


4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see  effective planning, self management & work organization resulting in punctual attendance in class 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 required teamwork.  In addition you should demonstrate a range of well-developed communication and inter-personal skills appropriate to each task

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

 





                              


Assessment Matrix

 Assessment

Elements/Performance Criteria

Critical Aspects of Evidence

Required Skills

Required Knowledge
11.1
2.2
2.3
2.4
2.5
2.6
1
2
3
1
2
3
4
5
6
7
1
2
5
6
21.1
1.2
2.1
2.2
2.3
2.4
2.5
2.6
1
2
3
1
2
3
4
6
7

2
3
4
5
6
7

31.1
1.2
2.2
2.3
2.4
2.5
2.6
1
2
3
1
2
3
4
7
2
3
6
41.1
1.2
2.1
2.2
2.3
2.4
2.5
2.6
1
2






1
2
3
4
5
6
7
8
1
2
3
4
5
6
7

Critical Aspects of evidence

To achieve competency in this unit, a person must be able to demonstrate:
1. knowledge of organisational policies and procedures
2. ability to compile data
3. ability to prepare report and financial statements

Required Skills

1. interpersonal skills and communications (eg liaising, listening, consulting)
2. report writing, preparation and formatting
3. numeracy skills for calculating data
4. identifying and solving discrepancies in data
5. researching for data testing and collection
6. working with others to prepare reports
7. managing own time and workplace priorities
8. information technology skills for set up and use of spreadsheets and preparation of documents

Required Knowledge

1. options, methods and practices for deductions, benefits and depreciations
2. organisational guidelines and procedures
3. principles of double entry bookkeeping and accrual accounting
4. forecasting and analysis techniques
5. methods of presenting financial data
6. financial legislation (eg taxable transactions, reporting requirements)
7. ethical considerations for the handling of financial matters (eg conflict of interests)

Other Information

Missed Assessments
If a student misses an assessment 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