Course Title: Prepare financial statements for non-reporting entities
Part B: Course Detail
Teaching Period: Term2 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
Hemant Goel
Jenny Seiler
Claudio Marasco
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
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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 Transaction Analysis Self-Test |
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 29th August See details under Assessment Tasks On-line Theory Test to be completed during mid-semester break 1st to 5th September. 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 |
Comprehensive Case Study – Part A Supervised in-class on-line test.
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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 |
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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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 29 Sept. See details under Assessment Tasks Comprehensive Case Study – Part B Supervised in-class on-line test. |
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 |
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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Integrated Manual & MYOB exercise |
Comprehensive Case Study – Part C due week beginning Mon 13 Oct 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 |
Comprehensive Case Study – Part C Supervised in-class on-line test. 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 Transaction Analysis Self-Test |
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 29th Aug.
On-line Theory Test to be completed during mid-semester break 1st to 5th September. See details under Assessment Tasks
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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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Comprehensive Case Study – Part A Supervised in-class on-line 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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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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Comprehensive Case Study – Part B due Fri 26th September. Comprehensive Case Study – Part B Supervised in-class on-line test.
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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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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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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 13 October. 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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Comprehensive Case Study – Part C Supervised in-class on-line test. 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 Monday 1st September to Friday 5th September
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 for Rita’s Animal Refuge; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Friday 22 March.
Part B - set up of a computerised accounting system for Rita’s Animal Refuge; 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 29 April.
Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Rita’s Animal Refuge. Due for submission on Monday 20 May.
Individual Interview
Following submission of each part of the case study there will be a supervised in-class on-line test to enable you to demonstrate the knowledge & skills required to produce your case study submissions. You must be assessed as competent in both your submitted work & the on-line test for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.
2. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.
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