Course Title: Prepare financial reports

Part B: Course Detail

Teaching Period: Term2 2013

Course Code: ACCT5287C

Course Title: Prepare financial reports

School: 650T TAFE Business

Campus: City Campus

Program: C4325 - Certificate IV in Bookkeeping

Course Contact : Jenny Wotzko

Course Contact Phone: +61 3 99255701

Course Contact

Name and Contact Details of All Other Relevant Staff

Linda Boyce

Claude 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


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 co-delivered & co-assessed with:

ACCT5350C Develop & implement policies & procedures relevant to bookkeeping activities
ACCT5352C Establish & maintain an accrual accounting system
ACCT 5306C Administer subsidiary accounts and ledgers
COSC6059C Set up and operate a computerised accounting system


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIA401A Prepare financial reports


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
•1.2.Determine method of calculating depreciation in accordance with organisational requirements
•1.3.Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements


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
•2.2.Adjust expense accounts and revenue accounts for prepayments and accruals
•2.3.Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements
•2.4.Adjust ledger accounts for inventories, if required, and transfer to final accounts


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
•3.2.Post revenue and expense account balances to final general ledger accounts system
•3.3.Prepare final general ledger accounts to reflect gross and net profits for reporting period


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
•4.2.Prepare balance sheet to reflect financial position of business at end of reporting period
•4.3.Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures

Learning Outcomes

Details of Learning Activities

Over a period of eight weeks you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system.

It is expected that you will attend classes when scheduled and complete all assessment tasks.

During workshops you will prepare notes from lectures, participate in discussions and complete problem solving exercises.   During weeks scheduled for flexible delivery you will be provided with on-line resources, activities & assessment.

Teaching Schedule


<thead> <th scope="col">Week</th> <th scope="col">Topics</th> <th scope="col">In Class Activities</th> <th scope="col">Self Study Activities</th> <th scope="col">Assessment</th> </thead> <th scope="row">1</th> <th scope="row">2</th> <th scope="row">3</th> <th scope="row">4</th> <th scope="row">5</th> <th scope="row">6</th> <th scope="row">7</th> <th scope="row">8</th>
Elements of Accounting & Simple Reports

Transaction Analysis – Service Businesses

Transaction Analysis – Trading Businesses

Discussion of Teaching Schedule & Assessment
Lecture & Illustration completion & discussion.

Activities 1 – 3 Elements of Accounting & Simple Reports Lecture & Illustration – Transaction Analysis

Activity 1 Transaction Analysis 
Accounting Process to trial balance

Posting transactions to the General Ledger

Lecture & Illustration completion & discussion – Posting transactions to the General Ledger

Activity 2.1

Activities 2.2 – 2.3 
Accrual Transactions:Manual Journals;
Manual Accounts Receivable & Payable Subsidiary Ledgers,

Introduction to MYOB
Set Up a Computerized System – MYOB Accounts Module & Cards Module

Lectures & Illustrations completion & discussion
Activities 3.1 – 3.2
Manual entry of Accounts Receivable & Payable transactions
Activity 3.3

Set up MYOB Accounts List & Cards

Activities 3.4 – 3.5
Manual & MYOB Chart of Accounts
& Subsidiary Ledgers
Accounting for fixed Assets

MYOB Banking module

No class.  Refer to on-line materials

Blackboard Collaborate session:

Read/listen to audio powerpoint notes & illustration.
Activity 1a & b - Depreciation calculations
Watch video demonstration of Activity 1a
Activities 2 – 3 Purchase & Disposal of Fixed Assets

On-line Theory Test

For details, see Assessment Tasks

Balance day adjustments – Manual & MYOB

MYOB Purchases Module

Lecture & Illustration completion & discussion – Balance Day Adjustments
Activity 1 – BDA

Lecture & Illustration – MYOB Purchases Module
Activity 1 – MYOB Purchases Module

Activities 2 – 3 Balance Day Adjustments Manual & MYOB

Activities 2 – 3 MYOB Purchases

Case Study

Closing entries – Manual & MYOB

MYOB Sales Module

Lecture & Illustration completion & discussion – Closing Entries
Activity 1 – Closing Entries

Lecture & Illustration – MYOB Sales Module
Activity 1 – MYOB Sales Module

Activities 2 – 3 Closing Entries

Activities 2 – 3 MYOB Sales Module

Case Study

Final Reports – Manual & MYOB

MYOB Inventory Module

Illustration completion & discussion – Final Reports
Activity 1 – Final Reports

Lecture & Illustration – MYOB Inventory Module
Activity 1 – MYOB Inventory Module

Activities 2 – 3 Final Reports

Activities 2 – 3 MYOB Inventory Module

Case Study

Comprehensive Case Study – Manual & MYOBNo class.  Refer to on-line materials.Completion of Case Study

Case Study – Manual & MYOB

For details, see Assessment Tasks

**The teaching schedule may be subject to change. Students will be advised via the Blackboard and in class should changes occur.









Learning Resources

Prescribed Texts



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


Other Resources

Detailed notes, illustrations, videos, activities & solutions - both manual & on-line - will be provided on the blackboard site for this cluster of competencies.  You are expected to refer to the blackboard site at least once a week to access materials & participate in on-line activities.

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

Assessment Tasks
1. On-line Theory Test – multiple choice & matching test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.

2. 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. Your submission will be made both manually & using MYOB.

Assessment Matrix

Other Information

This course is co-delivered & co-assessed with:

ACCT5350C Develop & implement policies & procedures relevant to bookkeeping activities
ACCT5352C Establish & maintain an accrual accounting system
ACCT 5306C Administer subsidiary accounts and ledgers
COSC6059C Set up and operate a computerised accounting system

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;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:


We are looking for a high level of ability to complete all tasks independently as well as demonstrating a high level of initiative while rocessing transactions and extracting reports.


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.


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.

We expect to see effective planning, self management & work organization resulting in timely submission of all required assessment tasks

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