Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term1 2012
Course Code: ACCT5287C
Course Title: Prepare financial reports
School: 650T TAFE Business
Campus: City Campus
Program: C4296 - Certificate IV in Accounting
Course Contact : Jenny Seiler
Course Contact Phone: +61 3 99251621
Course Contact Email:jenny.seiler@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Linda Boyce
Nominal Hours: 50
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
Nil.
Course Description
This unit describes the performance outcomes, skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIA401A Prepare financial reports |
Element: |
1. Maintain asset register |
Performance Criteria: |
1.1. Prepare a register of property, plant and equipment from fixed asset transactions in accordance with organisational policy and procedures
|
Learning Outcomes
Details of Learning Activities
It is expected that students will attend classes.
During class time students will prepare notes, participate in discussions and complete problem solving exercises. Across the semester students will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system. Reports will also be completed in excel. Students will be required to complete all the assessment tasks,
Teaching Schedule
| Week | Date Beginning | Topics |
Assessment ACCT5303C |
Assessment ACCT 5306C |
Assessment ACCT5304C |
Assessment ACCT5287C |
Assessment COSC6059C |
| 1 | 6/2/2012 |
Source Documents, Accounting Equation, Transaction Analysis |
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| 2 | 13/2/2012 | Accounting Process to trial balance Basic Reports |
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| 3 | 20/2/2012 | Processing in MYOB | Test - Manual Accounting | Test - Manual Accounting | Test - Manual Accounting | ||
| 4 | 27/2/2012 | Processing in MYOB | Test Review | Test Review | Test Review | ||
| 5 | 5/3/2012 |
Processing in MYOB Manual Subsidiary Processes |
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| 6 | 12/3/2012 (Mon public holiday) | Manual & Computerized Subsidiary Processes |
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| 7 | 19/3/2012 | Set Up a Computerized System | Test Debtors/Creditors | Test Debtors/Creditors | |||
| 8 | 26/3/2012 |
Intergrated Computerized Exercise including set up, processing and production of a trial balance Test Review |
Intergrated Computerized Exercise including set up, processing and production of a trial balance Test Review |
Intergrated Computerized Exercise including set up, processing and production of a trial balance |
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| 9.1 | 2/4/2012 (Mon-Wed) |
Introduction to end of period reporting Asset Registers |
Review Intergrated Exercise | Review Intergrated Exercise | Review Intergrated Exercise | ||
| MID SEMESTER BREAK | |||||||
| 9.2 | 9/4/2012 (Thurs-Fri) |
Introduction to end of period reporting Asset Registers |
Review Intergrated Exercise | Review Intergrated Exercise | Review Intergrated Exercise | ||
| 10 | 16/4/2012 | Balance Day Adjustments | |||||
| 11 | 23/4/2012 (Wed public hol) | Manual & Computerized Closing Entries | |||||
| 12 | 30/4/2012 | Manual & Computerized Preparation of Final Reports | |||||
| 13 | 7/5/2012 |
Intergrated manual exercise Cash Flow Statements & Cash Budgets |
Excel Class Exercise | ||||
| 14 | 14/5/2012 | Revision | Test Asset Register, BDA, Manual Closing entries & Reports | Test Asset Register, BDA, Manual Closing entries & Reports | |||
| 15 | 21/5/2012 |
Review Test Holistic MYOB Inclass Assignment including BDA, end year procedures & reports |
Review Test |
Holistic MYOB Inclass Assignment including BDA, end year procedures & reports |
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| 16 | 28/5/2012 | Reassessment | Review inclass assignment | Review inclass assignment | |||
| 17 | 4/6/2012 | Reassessment |
**The teaching schedule maybe subject to change. Students will be advised via the Blackboard and inclass should changes occur
Learning Resources
Prescribed Texts
A Step by Step Approach to Process Financial Transactions and Extract Interim Reports (Manual and MYOB AccountRight v19), Marian Brown, Software Publications Pty Ltd, 2011 |
9781921885587 |
A Step by Step Approach to Administer Subsidairy Accounts and Ledgers Using MYOB AccountRight v19), Marian Brown, Software Publications Pty Ltd, 2011 |
9781921885594 |
A Step by Step Approach to Prepare Financial Reports (Manual with MYOB AccountRight v19 Option), Marian Brown, Software Publications Pty Ltd, 2011 |
9781921885426 |
References
Other Resources
Other relevant learning material will be placed on the online learninghub (http:www.rmit.edu.au/learninghub) progressively during the semester on the ACCT5303C Prepare Financial Trasactions and Extract Interim Reports blackboard site. Students will need to access this site on a weekly basis and print of materials and bring them to class as necessary
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, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
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
1. Closed Book InclassTest in a limited time
Students will be tested on basic accounting principles including transaction analysis, the accounting equation and preparation of a balance sheet
2. Closed Book Inclass Test in a limited time
Students will be tested on subsidiary theory and manual processing
3. Intergrated Computerized Assignment to be completed in class in a limited time
Students will complete an MYOB exercise which incorporates set up and processing transactions and the extraction of a trial balance.
4. Inclass Excel Exercise
Students will be required to complete a cash flow statement on excel and electronically submit to your teacher. Students may refer to their class notes as they complete this exercise.
5. Closed Book Inclass Test in a limited time
Students will complete an asset register and manually record balance day adjustments, closing entries and final reports
6. Intergrated Computerized Assignment to be completed in class in a limited time
Students will complete an MYOB exercise which included balance day adjustments, end of period procedures and printing final reports
Assessment Matrix
Other Information
This competency is taught concurrently with:
ACCT 5306C Administer Subsidiary Ledgers and Accounts (FNSACC302A)
ACCT 5304C Prepare Financial Statements for Non-reporting Entities (FNSACC404A)
ACCT 5303C Process Financial Transactions and Extract Interim Reports (FNSACC301A)
COSC 6059C Set Up and Operate a Computerized Accounting System (FNSACC406A)
The cluster is referred to as ACCT 5303C Process Financial Transactions and Extract Interim Reports
To be competent evidence of the following is essential:
1. preparing financial reports
2. applying the Australian Accounting and Auditing Standards
3. applying double-entry principles.
Required skills
1. communication skills to clarify reporting requirements and obtain required data
2. literacy skills to:
a. identify financial information
b. follow the Australian Accounting and Auditing Standards
c. follow the organisation’s accounting procedures
3. numeracy skills to calculate percentages, addition and subtraction.
Required knowledge
1. double-entry bookkeeping principles
2. general journal and general ledger entries
3. key provisions of relevant legislation and regulations from all forms of government, standards and codes that may affect aspects of business operations, such as:
a. Australian Taxation Office regulations
b. accounting and auditing standards
c.Goods and Services Tax (GST) regulations
d. anti-discrimination legislation
e. ethical principles
f. codes of practice
g. finance legislation
h. privacy laws
i. occupational health and safety
4. organisational accounting systems
5. organisational policies, procedures and accounting requirements.
When submitting assessments you should:
• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example,
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 well as demonstrating a high level of initiative while proccessing transactions and extracting reports.
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 in processing financial transactions. You should be able to demonstrate a thorough understanding of double entry bookkeeping principles and procedures involved when processing financial transactions and preparing reports.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for techniques to be used in problem solving, using appropriate technology and methodology to assist in recording data and preparing reports. You also need to show an understanding of the kinds of problems that can arise in bookkeeping and reporting.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see effective planning, self management & work organization resulting in 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. In addition you should demonstrate a range of well-developed interpersonal 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
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview