Course Title: Prepare financial statements for non-reporting entities
Part B: Course Detail
Teaching Period: Term1 2014
Course Code: ACCT5304C
Course Title: Prepare financial statements for non-reporting entities
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
ifzal.syed@rmit.edu.au
Hemant Goel
hemant.goel@rmit.edu.au
Jenny Seiler
jenny.seiler@rmit.edu.au
Claudio Marasco
claudio.marasco@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 describes the performance outcomes, skills and knowledge required to develop a range of commonly required financial reports for entities that do not have a statutory duty to file financial reports with government agencies and regulators.
This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC404A Prepare financial statements for non-reporting entities |
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 |
Element: |
2. Prepare reports |
Performance Criteria: |
2.1. Charts, diagrams and supporting data are presented in an appropriate manner |
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 |
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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 |
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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 | |
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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.
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. Comprehensive Case Study
You will be tested on the set-up of an accounting system; processing of cash & accrual transactions, including subsidiary ledger entries; processing of adjusting & closing entries & the preparation of final reports for a fictitious business. Submissions will be made both manually & using MYOB in three parts over the semester.
Part A - set up of a manual accounting system ; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Friday 4 April.
Part B - set up of a computerised accounting system; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 5 May.
Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments. Due for submission on Friday 23 May.
Individual Interview
Following submission of each part of the case study you will be individually interviewed & be asked to demonstrate to your teacher the knowledge & skills required to produce your case study submissions. You must be assessed as competent in both your submitted work & the interview for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.
2. On-line multiple choice test - this test focusses on the elements of accounting, debit & credit rules & analysis of transactions. You will have multiple opportunities to complete this test during the fourth week of semester.
3. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors. You will have multiple opportunities to complete this test during the ninth week of semester.
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:
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Other Information
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.
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