Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term1 2014
Course Code: ACCT5287C
Course Title: Prepare financial reports
School: 650T TAFE Business
Campus: City Campus
Program: C4324 - Certificate IV in Accounting
Course Contact : Jenny Wotzko
Course Contact Phone: +61 3 99255701
Course Contact Email:jennifer.wotzko@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Ifzal Syed
Hemant Goel
Jenny Seiler
Claudio Marasco
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
None
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.
This course is clustered with:
- ACCT5303C (FNSACC301A) Process financial transactions & extract interim reports
- ACCT5304C (FNSACC404A) Prepare financial statements for non reporting entities
- ACCT5306C (FNSACC302A) Administer subsidiary accounts & ledgers
- COSC6059C (FNSACC406A) Set up & operate a computerised accounting system
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 |
Element: |
2. Record general journal entries for balance day adjustments |
Performance Criteria: |
2.1. Record depreciation of non-current assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements |
Element: |
3. Prepare final general ledger accounts |
Performance Criteria: |
3.1. Enter general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements |
Element: |
4. Prepare end of period financial reports |
Performance Criteria: |
4.1. Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period |
Learning Outcomes
Details of Learning Activities
Full-time students:
Primarily you will be learning face to face, with an online course site (Blackboard) used to disseminate materials, including videos, notes & activities and to provide access to on-line assessments & assessment submission points.
During class time you will prepare notes, participate in discussions and complete problem solving exercises. Across the semester you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system. You will be required to complete all activities & assessment tasks, either in class or in your own time.
You will also be provided with recorded "Collaborate" sessions, on-line notes, problem solving exercises & solutions on the Blackboard site, which you will be expected to access & use in addition to your scheduled classes every week.
Part-time students:
Your learning experiences will be an equal mixture of face to face workshops & online.
It is expected that you will attend all scheduled workshops. During the workshops you will be expected to make notes during lectures, participate in discussions, complete illustrative examples and problem solving activities.
During the remaining 8 weeks of the semester you will be provided with a Blackboard "Collaborate" session, which you may access live &/or as a recording. You will also be provided with on-line notes, problem solving exercises & solutions on the Blackboard site every week. These will be provided for both manual & computerised accounting systems.
Teaching Schedule
Introduction Elements of Accounting & Simple Reports Accounting Transactions & Source Documents |
Discussion of Teaching Schedule & Assessment
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Transaction Analysis: Cash Accounting vs. Accrual Accounting | Lecture Illustrations completion & discussion Activities 2.1 – 2.7 |
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The Accounting Process: Transaction Analysis to General Ledger |
Lecture Illustrations completion & discussion Activities 3.1 – 3.7 |
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The Accounting Process: Transaction Analysis to Journals to General Ledger |
On-line Test See details under Assessment Tasks |
Lecture Illustrations completion & discussion S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger Discussion of Case Study transactions |
The Accounting Process: Transaction Analysis to Journals to Subsidiary Ledgers Introduction to MYOB
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Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers; S Tan Practice Case Study - posting to Subsidiary Ledgers Read Sutherland Ch.1 MYOB Activity 5 Clearwater Pty Ltd |
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Set Up a Computerised System Accounting for Cash Transactions Petty Cash - manual & MYOB |
Read Sutherland Ch.2 & 3 Lecture Illustrations completion & discussion; MYOB Activities: Sutherland 2.1 – 2.3; Sutherland 3.6 S Tan Practice Case Study - Set up MYOB file + manual petty cash transactions Manual Activities 6.1 – 6.3; |
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Bank Reconciliations - manual & MYOB Management of Cash |
Lecture Illustrations completion & discussion; Manual Activities 7.1 - 7.3; S Tan Practice Case Study - manual Bank Reconciliation; Activity 7.4 Magnetic Boats Manual MYOB Activities: Sutherland 3.1
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Accounting for Credit Transactions: Management of Debtors & Creditors MYOB Purchases Module & Inventory Module |
Comprehensive Case Study – Part A due Fri 4th April See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors Read Sutherland Ch.4 & 6 MYOB Activities: Sutherland 4.1 - 4.3; Sutherland 6.1; S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items |
Accounting for Credit Transactions: MYOB Sales Module & Inventory Module |
On-line Theory Test See details under Assessment Tasks |
Lecture Illustrations completion & discussion;
Manual Activities: 9.1 & 9.2 Manual accounting for credit transactions Read Sutherland Ch.5 MYOB Activities: Sutherland 5.1 - 5.3; Sutherland 6.2 S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions
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Introduction to end of period procedues & reporting
Accounting for Fixed Assets - manual & MYOB |
Comprehensive Case Study – Part A Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion Manual Activities: 10.1 – 10.6 Manual Fixed Assets Read Sutherland Ch.7 & 10 MYOB Activities: Sutherland 7.1 (as directed by teacher) S Tan Practice Case Study - process fixed asset transactions manual & MYOB
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MID SEMESTER BREAK + ANZAC DAY HOLIDAY |
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Balance Day Adjustments - manual & MYOB |
Lecture Illustrations completion & discussion; Manual Activities 11.1 – 11.5 Read Sutherland Ch.7 MYOB Activities: Sutherland 7.1 - 7.3 S Tan Practice Case Study - Balance day adjustmentsmanual & on MYOB |
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Balance Day Adjustments - manual & MYOB Closing Entries & Reversing Entries - manual MYOB Year end rollover & Reversing entries |
Comprehensive Case Study – Part B due Mon 5 May. See details under Assessment Tasks |
Lecture Illustrations completion & discussion
S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;
MYOB Closing Entries Activities: Sutherland 3.2 |
Preparation of Final Reports - manual & MYOB |
Comprehensive Case Study – Part B Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion MYOB Activities: Review reports Sutherland Ch.3 - 7; complete Sutherland 7.3 S Tan Practice Case Study - manual & MYOB Reports |
Integrated Manual & MYOB exercise |
Comprehensive Case Study – Part C due week beginning Mon 19 May See details under Assessment Tasks & on Blackboard |
Questions regarding Case Study Part C
Manual & MYOB Activities: Comprehensive Case Study Part C;Sutherland Ch.8 |
Review & Reassessment |
Interviews - Comprehensive Case Study Part C Resubmissions & RESITS See details under Assessment Tasks & on Blackboard |
Interviews & RESITS |
Review & Reassessment | Resubmissions & RESITS | Interviews & RESITS |
Assessment | Activities to be completed | |
WORKSHOP 1: Discussion of Teaching Schedule & Assessment
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COLLABORATE Read Lecture & Illustrations |
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WORKSHOP 2: Lecture Illustrations completion & discussion Activities 3.1 – 3.7 |
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On-line Test See details under Assessment Tasks
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COLLABORATE Read Lecture & Illustrations S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger Discussion of Case Study transactions |
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WORKSHOP 3: Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers; S Tan Practice Case Study - posting to Subsidiary Ledgers Read Sutherland Ch.1 MYOB Activity 5 Clearwater Pty Ltd |
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COLLABORATE Read Sutherland Ch.2 & 3 Lecture & Illustrations completion & discussion; MYOB Activities: Sutherland 2.1 – 2.3; Sutherland 3.6 S Tan Practice Case Study - Set up MYOB file + manual petty cash transactions Manual Activities 6.1 – 6.3;
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WORKSHOP 4: Lecture Illustrations completion & discussion; Manual Activities 7.1 - 7.3; S Tan Practice Case Study - manual Bank Reconciliation; Activity 7.4 Magnetic Boats Manual MYOB Activities: Sutherland 3.1
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Comprehensive Case Study – Part A due Fri 11th April
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COLLABORATE Lecture Illustrations completion & discussion; Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors Read Sutherland Ch.4 & 6 MYOB Activities: Sutherland 4.1 - 4.3; Sutherland 6.1; S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items |
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On-line Theory Test
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WORKSHOP 5: Lecture Illustrations completion & discussion; Read Sutherland Ch.5 MYOB Activities: Sutherland 5.1 - 5.3; Sutherland 6.2 S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions
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Comprehensive Case Study – Part A Feedback & Interview
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COLLABORATE Lecture Illustrations completion & discussion Manual Activities: 10.1 – 10.6 Manual Fixed Assets Read Sutherland Ch.7 & 10 MYOB Activities: Sutherland 7.1 (as directed by teacher) S Tan Practice Case Study - process fixed asset transactions manual & MYOB
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WORKSHOP 6: Lecture Illustrations completion & discussion; Manual Activities 11.1 – 11.5 Read Sutherland Ch.7 MYOB Activities: Sutherland 7.1 - 7.3 S Tan Practice Case Study - Balance day adjustmentsmanual & on MYOB |
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Comprehensive Case Study – Part B due Mon 12 May.
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COLLABORATE Lecture Illustrations completion & discussion
S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;
MYOB Closing Entries Activities: Sutherland 3.2 |
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Comprehensive Case Study – Part B Feedback & Interview See details under Assessment Tasks |
WORKSHOP 7: Lecture Illustrations completion & discussion MYOB Activities: Review reports Sutherland Ch.3 - 7; complete Sutherland 7.3 S Tan Practice Case Study - manual & MYOB Reports |
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Comprehensive Case Study – Part C due week beginning Mon 26 May See details under Assessment Tasks & on Blackboard |
COLLABORATE Questions regarding Case Study Part C Comprehensive Case Study Part C; Sutherland Ch.8 |
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Interviews - Comprehensive Case Study Part C Resubmissions & RESITS See details under Assessment Tasks & on Blackboard
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WORKSHOP 8: Interviews & RESITS |
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Resubmissions & RESITS |
COLLABORATE Interviews & RESITS |
**The teaching schedule may be subject to change. Students will be advised via the Blackboard and in class should changes occur
MID SEMESTER BREAK: There will be no classes from Thursday 17 April to Wednesday 23 April.
Learning Resources
Prescribed Texts
Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011 |
9781442554016 |
References
Other Resources
Other relevant learning material, including lectures, class activities, additional reading & videos illustrating both manual & MYOB procedures will be placed on the blackboard site for this cluster of competencies, which is found under the name Prepare Financial Reports. Students will need to access this site on a weekly basis to check for announcements, access materials & print off materials to bring to class when asked to do so.
For online collaborate sessions, please ensure you have JAVA installed on your computer https://java.com/en/download/index.jsp. You will also need a headset & microphone.
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.
You are advised that you will be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met. You will be provided with feedback throughout the course to check your progress.
Assessment Tasks
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Assessment Matrix
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be Not Yet Competent in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
Other Information
FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVE INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE
Course Overview: Access Course Overview