Course Title: Prepare financial statements for non-reporting entities

Part B: Course Detail

Teaching Period: Term2 2015

Course Code: ACCT5304C

Course Title: Prepare financial statements for non-reporting entities

School: 650T Vocational Business Education

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

 

Helen Mustafa

helen.mustafa@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:

 <font size="3"><font face="Times New Roman">1.1.            Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures</font></font>

<font size="3"><font face="Times New Roman"><o:p></o:p></font></font><font face="Times New Roman" size="3"> </font>1.2. Internal and external financial data is checked to ensure consistency and accuracy

Element:

2. Prepare reports

Performance Criteria:

 <font size="3"><font face="Times New Roman">2.1.            Charts, diagrams and supporting data are presented in an appropriate manner<o:p></o:p></font></font>

<font face="Times New Roman" size="3"> </font><font size="3"><font face="Times New Roman">2.2.            Reports are prepared following a clear and appropriate structure and format and to conform with organisation requirements</font></font>

<font size="3"><font face="Times New Roman"><o:p></o:p></font></font><font face="Times New Roman" size="3"> </font><font size="3"><font face="Times New Roman">2.3.            Statements and data are error free and comprehensive with the full report cross-checked against original data and accounting standards</font></font>

<font size="3"><font face="Times New Roman"><o:p></o:p></font></font><font face="Times New Roman" size="3"> </font>2.4. Any necessary corrections are made and verified and authorised by relevant persons


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

ACCT5287C Prepare financial reports is "clustered" with:


ACCT5303C Process financial transactions and extract interim reports
ACCT 5306C Administer subsidiary accounts and ledgers
ACCT 5304C Prepare Financial Reports for Non-reporting Entities
COSC6059C Set up and operate a computerised accounting system
 

This means that all 5 courses listed above are delivered & assessed together.

 The Teaching Schedule for this cluster of courses is as follows:


Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:

• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
o Recognition of Prior Learning and Credit Transfers
o Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities

Course Delivery:

 

<thead> <th colspan="2" scope="col">FULL TIME STUDENTS</th> <th scope="col"> </th> <th scope="col"> </th> <th scope="col">Week beginning </th> <th scope="col">Topics</th> <th scope="col">Assessment</th> <th scope="col">Activities to be completed</th> </thead> <th scope="row"> 1July 6 </th> <th scope="row"> 2July 13 </th> <th scope="row"> 3July 20 </th> <th scope="row"> 4 July 27 </th> <th scope="row"> 5Aug 3  </th> <th scope="row"> 6Aug 10 </th> <th scope="row"> 7Aug 17 </th> <th scope="row"> 8Aug 24 </th> <th scope="row">  9Sept 7 </th> <th scope="row"> 10Sept 14 </th> <th scope="row">   </th> <th scope="row"> 11Sept 21 </th> <th scope="row"> 12Sept 28 </th> <th scope="row"> 13Oct 5 </th> <th scope="row"> 14Oct 12 </th> <th scope="row"> 15Oct 19 </th> <th scope="row"> 16Oct 26 </th> <th colspan="2" scope="row">  FLEXED STUDENTS </th> <th scope="row">Week beginning</th> <th>Topics</th> <th scope="row">1                          </th> <th>Introduction Elements of Accounting & Simple Reports Accounting Transactions & Source Documents  </th> <th scope="row">2   </th> <th>Transaction Analysis: Cash Accounting vs. Accrual Accounting </th> <th scope="row">3   </th> <th>The Accounting Process: Transaction Analysis to General Ledger   </th> <th scope="row"> 4   </th> <th> The Accounting Process: Transaction Analysis to Journals to General Ledger   </th> <th scope="row"> 5   </th> <th>The Accounting Process: Transaction Analysis to Journals to Subsidiary LedgersIntroduction to MYOB  </th> <th scope="row"> 6   </th> <th>Set Up a Computerised System Accounting for Cash TransactionsPetty Cash - manual & MYOB   </th> <th scope="row"> 7   </th> <th>Bank Reconciliations - manual & MYOB Management of Cash   </th> <th scope="row"> 8   </th> <th>Accounting for Credit Transactions: Management of Debtors & CreditorsMYOB Purchases Module & Inventory Module   </th> <th scope="row"> 9  </th> <th>Accounting for Credit Transactions: MYOB Sales Module & Inventory Module   </th> <th scope="row">  </th> <th>  </th> <th scope="row"> 10   </th> <th>Introduction to end of period procedues & reporting Accounting for Fixed Assets - manual & MYOB   </th> <th scope="row"> 11   </th> <th>Balance Day Adjustments - manual & MYOB </th> <th scope="row"> 12   </th> <th>Balance Day Adjustments - manual & MYOB Closing Entries & Reversing Entries - manualMYOB Year end rollover & Reversing entries   </th> <th scope="row"> 13               </th> <th>Preparation of Final Reports - manual & MYOB </th> <th scope="row"> 14   </th> <th>Integrated Manual & MYOB exercise </th> <th scope="row"> 15   </th> <th>Review & Reassessment </th> <th scope="row"> 16  </th> <th>Review & Reassessment </th>
Introduction
Elements of Accounting & Simple Reports

Accounting Transactions & Source Documents

 

Discussion of Teaching Schedule & Assessment


Activities: Elements of Accounting 1.1 – 1.7
Documents 1.1 - 1.4

Transaction Analysis: Cash Accounting vs. Accrual Accounting Lecture Illustrations completion & discussion
Activities 2.1 – 2.7

The Accounting Process:

Transaction Analysis to General Ledger

 Lecture Illustrations completion & discussion
Activities 3.1 – 3.7
The Accounting Process:

Transaction Analysis to Journals to General Ledger

On-line Transaction Analysis Self-Test

Lecture Illustrations completion & discussion
Activities 4.1 – 4.5

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

 

 

Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers; 

S Tan Practice Case Study - posting to Subsidiary Ledgers 

MYOB Activity 5 Clearwater Pty Ltd

Set Up a Computerised System

Accounting for Cash Transactions

Petty Cash - manual & MYOB

 

Lecture Illustrations completion & discussion;

MYOB Activities: 2.1 – 2.3;

S Tan Practice Case Study - Set up MYOB file + process petty cash transactions
 

Manual Activities 6.1 – 6.3;

 

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;

MYOB Activities: S Tan Practice Case Study - MYOB Bank Reconciliation

 

 

Accounting for Credit Transactions:

Management of Debtors & Creditors

MYOB Purchases Module & Inventory Module

Comprehensive Case Study – Part A due Mon 30th March

See details under Assessment Tasks

On-line Theory Test to be completed during mid-semester break 2nd to 8th April. See details under Assessment Tasks

Lecture Illustrations completion & discussion;

Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors

MYOB Activities: 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 - time will be set by teacher. 

 

 

Lecture Illustrations completion & discussion;

Manual Activities: 9.1 & 9.2 Manual accounting for credit transactions

MYOB Activities:

S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions

 

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
 

MYOB Activities:

S Tan Practice Case Study - process fixed asset transactions manual & MYOB

 

 

 

 

 

 

 

Balance Day Adjustments - manual & MYOB 

Lecture Illustrations completion & discussion;

Manual Activities 11.1 – 11.5 

MYOB Activities:

S Tan Practice Case Study - Balance day adjustments manual & on MYOB

Balance Day Adjustments - manual & MYOB

Closing Entries & Reversing Entries - manual

MYOB Year end rollover & Reversing entries

Comprehensive Case Study – Part B due Mon 4th May

See details under Assessment Tasks

Comprehensive Case Study – Part B Supervised in-class on-line test - time will be set by teacher. 

Lecture Illustrations completion & discussion


Manual Activities: Manual closing entries12.1 – 12.5;

S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;

 

MYOB Closing Entries Activities:

Preparation of Final Reports - manual & MYOB 

Lecture Illustrations completion & discussion
Manual Activities 13.1 – 13.5
 

MYOB Activities:

S Tan Practice Case Study - manual & MYOB Reports

Integrated Manual & MYOB exerciseComprehensive Case Study – Part C due Mon 18th May

See details under Assessment Tasks & on Blackboard

Questions regarding Case Study Part C

Manual & MYOB Activities:

Comprehensive Case Study Part C;

Review & Reassessment

Comprehensive Case Study – Part C Supervised in-class on-line test - time will be set by teacher. 

Resubmissions & RESITS

 

See details under Assessment Tasks & on Blackboard
 

Interviews & RESITS
Review & ReassessmentResubmissions & RESITS Interviews & RESITS
  
AssessmentActivities to be completed
 

 WORKSHOP 1:

Discussion of Teaching Schedule & Assessment


Activities: Elements of Accounting 1.1 – 1.7
Documents 1.1 - 1.4
 

 

 COLLABORATE

Read Lecture & Illustrations
Activities 2.1 – 2.7

 

  WORKSHOP 2:

Lecture Illustrations completion & discussion

Activities 3.1 – 3.7

On-line Transaction Analysis Self-Test
 

  COLLABORATE

Read Lecture & Illustrations
Activities 4.1 – 4.5

S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger

Discussion of Case Study transactions
 

 

 WORKSHOP 3:

Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers;

S Tan Practice Case Study - posting to Subsidiary Ledgers

MYOB Activity 5  

 

  COLLABORATE

 

Lecture & Illustrations completion & discussion;

MYOB Activities

S Tan Practice Case Study - Set up MYOB file + manual petty cash transactions
 

Manual Activities 6.1 – 6.3;

 

 

 WORKSHOP 4:

Lecture Illustrations completion & discussion;

Manual Activities 7.1 - 7.3;

S Tan Practice Case Study - manual Bank Reconciliation; S Tan Practice Case Study - MYOB Bank Reconciliation

 

Comprehensive Case Study – Part A due Mon 30th Mar.
See details under Assessment Tasks
 

On-line Theory Test to be completed during mid-semester break 2nd to 8th April. See details under Assessment Tasks

 

  COLLABORATE

Lecture Illustrations completion & discussion;

Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors

MYOB Activities

S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items
 

Comprehensive Case Study – Part A Supervised in-class on-line test. 
 

 


See details under Assessment Tasks

 

 WORKSHOP 5:

Lecture Illustrations completion & discussion;
Manual Activities: 9.1 & 9.2 Manual accounting for credit transactions

MYOB Activities

S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions

 

  


 

  COLLABORATE

Lecture Illustrations completion & discussion

Manual Activities: 10.1 – 10.6 Manual Fixed Assets
 

S Tan Practice Case Study - process fixed asset transactions manual & MYOB

 

 

 

 WORKSHOP 6:

Lecture Illustrations completion & discussion;

Manual Activities 11.1 – 11.5

MYOB Activities

S Tan Practice Case Study - Balance day adjustments manual & on MYOB
 

Comprehensive Case Study – Part B due Mon 4th May. See details under Assessment Tasks

 

 

 

  COLLABORATE

Lecture Illustrations completion & discussion


Manual Activities: Manual closing entries12.1 – 12.5;

S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;

 

MYOB Closing Entries Activities 

Comprehensive Case Study – Part B Supervised in-class on-line test.

 WORKSHOP 7:

Lecture Illustrations completion & discussion
Manual Activities 13.1 – 13.5

MYOB Activities

S Tan Practice Case Study - manual & MYOB Reports
 

Comprehensive Case Study – Part C due Sunday 24th May
See details under Assessment Tasks & on Blackboard
 

  COLLABORATE

Questions regarding Case Study Part C
Manual & MYOB Activities:

Comprehensive Case Study Part C 

Comprehensive Case Study – Part C Supervised in-class on-line test.

Resubmissions & RESITS

See details under Assessment Tasks & on Blackboard

 

 WORKSHOP 8:

Interviews & RESITS

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, August 31 - Friday September 4


Learning Resources

Prescribed Texts

Gourlay, D and Flanders, D MYOB Accounting Plus: version 19.7, Cengage

9780170177726


References

Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011  
 

9781442554016


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

Critical Aspects of Evidence - your assessment tasks have been designed to provide evidence of the following essential knowledge & skills:

Evidence of the ability to:
• accurately enter and balance deposits and withdrawals
• process and balance petty cash transactions
• check and verify supporting documentation
• apply relevant security measures for preparing and banking receipts
• batch monetary items and prepare deposit facilities
• use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries
• prepare and authorise journals and check journal processing reports
• extract and check/correct a trial balance
• file documentation to meet all organisational and regulatory requirements.
• interpret and comply with organisation policies and procedures and industry compliance requirements for monitoring accounts
• identify bad and doubtful debts in a timely manner and plan effective recovery actions
• follow bank account reconciliation processes
• use relevant data entry systems accurately.
• set up an organisation’s chart of accounts by modifying an established integrated financial software system
• interpret and apply organisational policies and procedures
• implement an integrated accounting system ensuring integrity of the data
• process transactions within the integrated system and generate reports
• maintain the integrated system.
• interpret and comply with organisational policies and procedures
• access, analyse and compile relevant financial data
• draft comprehensive and accurate reports and financial statements.
• prepare financial reports
• apply the Australian Accounting and Auditing Standards
• apply double-entry principles.
 

You are required to complete 2 tasks. You must successfully complete all parts of each task to be deemed competent in this course. 

1. Comprehensive Case Study
For this assessment task you are an assistant accountant  who has been asked to set up a new accounting system for a client, "Foppi’s Bike Shop" first manually & then on MYOB & then to process all transactions, including year-end transactions for that client.  You have also been asked to prepare all reconciliations & final reports. Submissions will be made both manually & using MYOB in three parts over the semester.

Part A - set up of the manual accounting system for Foppi’s Bike Shop; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 24th August.

Part B - set up of a computerised accounting system for Foppi’s Bike Shop; 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 28th September.

Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Foppi’s Bike Shop. Due for submission on Monday 12th October.
 

Following submission of each part of the case study there will be a supervised in-class on-line testto 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.

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• 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 each assessment task 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, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

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 unsuccessful 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

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.


Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

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.
 


Assessment Matrix

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