Course Title: Prepare Financial Reports

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: ACCT5112C

Course Title: Prepare Financial Reports

School: 650T TAFE Business

Campus: City Campus

Program: C5178 - Diploma of Accounting

Course Contact : Jenny Wotzko

Course Contact Phone: +61 3 9925 5701

Course Contact Email:jennifer.wotzko@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 40

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 covers recording general journal adjustment entries and preparing end-of-period financial reports such as revenue statements and balance sheets for a non-reporting entity.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBADM408A Prepare financial reports

Element:

Maintain asset register

Performance Criteria:

1.1 A register of property, plant and equipment is prepared from fixed asset transactions in accordance with organisational policy and procedures

1.2 Method of calculating depreciation is determined in accordance with organisational requirements

1.3 Asset register and associated depreciation schedule are maintained in accordance with organisational policy and procedures and accounting requirements

Element:

Prepare end-of-period financial reports

Performance Criteria:

4.1 Revenue statement is prepared in accordance with organisational requirements to reflect operating profit for reporting period

4.2 Balance sheet is prepared in accordance with organisational requirements to reflect financial position of business at end of reporting period

4.3 Errors are identified and corrected, or referred for resolution in accordance with organisational policy and procedures

Element:

Prepare final general ledger accounts

Performance Criteria:

3.1 General journal entries for balance day adjustments are entered in general ledger system in accordance with organisational policy and procedures and accounting requirements

3.2 Revenue and expense account balances are posted to final general ledger accounts system in accordance with organisational policy and procedures and accounting requirements

3.3 Final general ledger accounts are prepared to reflect gross and net profits for reporting period in accordance with organisational policy and procedures and accounting requirements

Element:

Record general journal entries for balance day adjustments

Performance Criteria:

2.1 Depreciation of non-current assets and disposal of fixed assets are recorded in accordance with organisational policy and procedures

2.2 Expense and revenue accounts are adjusted for prepayments and accruals in accordance organisational policy and procedures and accounting requirements

2.3 Bad and doubtful debts are recorded in accordance with organisational policy and procedures and accounting requirements

2.4 Ledger accounts are adjusted for inventories , if required, and transferred to final accounts in accordance with organisational policy and procedures and accounting requirements


Learning Outcomes



Details of Learning Activities

Each week students will be introduced to the accounting theory and relevant accounting standards related to each topic, along with practical applications of the theory and standards.
Students will then complete graded exercises, both in class and at home, and will participate in group discussion, problem – solving and project completion in a mock work environment.


Teaching Schedule

TEACHING SCHEDULE
WeekWeek beginningPerformance CriteriaAssessment
111/02/08 Introduction/Revision of general journal entries & subsidiary ledgers
1.1 – 1.3 Maintain asset register
 
218/02/08

2.1 – 2.2 Record general journal entries for balance day adjustments

 

 
325/02/08

2.3 – 2.4 Record general journal entries for balance day adjustments
+
3.1 Prepare final general ledger accounts

Quiz 1
PC 1.1 – 2.1

 

4 03/03/08 3.2 – 3.3 Prepare final general ledger accounts 

 
510/03/08

4.3 Prepare end-of-period financial reports (subsidiary ledger reconciliations & correction of errors)  +

4.1 - 4.2 Prepare end-of-period financial reports (Income Statement & Balance Sheet, including design of chart of accounts)

Quiz 2
PC 2.2 – 3.1
617/03/08 4.1 - 4.2 Prepare end-of-period financial reports (Income Statement & Balance Sheet, including design of chart of accounts)
 
  Mid Semester Break (Student Vacation) 20th to 26th March 
731/03/08 Case Study Quiz 3
PC 3.2 – 4.3

 


 



Learning Resources

Prescribed Texts

TAFE Accounting: Basic Reports (8th edition)
Mroczkowski, Fleay, Poustie & Yates, Thompson, 2006


References

Supplementary notes and exercises placed on the learning hub (DLS) progressively each week.

http://www.aasb.com.au/
Search: AASB Standards


Other Resources


Overview of Assessment

Throughout this course interactive class exercises performed as a group, followed by discussion of the solutions and question & answer sessions will provide formative feedback to the students regarding their progress in achieving competency.

Assessment tasks may include individual in-class exercises, closed book class tests, assignments, question & answer activities and closed book exams.


Assessment Tasks

Assessment Tasks                               Marks Allocated                               Performance Criteria tested
o Quiz 1                                                                20                                                               1.1 – 2.1
o Quiz 2                                                                20                                                               2.2 – 3.1
o Quiz 3                                                                20                                                               3.2 – 4.3
o Case Study                                                       40                                                                1.1 – 4.3

Note: the case study will be used to assess competency in both ACCT5112C & COSC5239C and will not be due for submission until late in the semester.


Assessment Matrix

 Quiz 1
Quiz 2
Quiz 3
Case Study
1. Maintain asset register X  X

2. Record general journal entries for balance day adjustments 

XX X
3. Prepare final general ledger accounts  XXX
4. Prepare end-of-period financial reports   XX

Other Information

Employability skills statement
Embedded within the unit of competency is the following skills:
Communication, teamwork, problem-solving, initiative/enterprise, planning/organising, self-management, learning, and technology.

Tests
If a student receives a mark of less than 50% for a test they have completed, they will be given the opportunity to resit
the test for a maximum mark of 50% as per the teaching schedule. 
Assignments/Case Study
All assignments must be submitted using the faculty cover sheet for assignments. These are available from the foyer on
level 13.

If a student receives a mark of less than 50% for an assignment they have completed, they will be given the opportunity
to resubmit the assignment to achieve a pass grade.

Missed Assessment
If a student misses an assessment or due date for ANY REASON, they must complete a special consideration
application as detailed below. Please note that applications must be submitted through the Hub on RMIT Melbourne
campuses within 2 working days of the assessment deadline or scheduled assessment

IT IS EXPECTED THAT STUDENTS WILL SHOW THEIR TEACHER THE WRITTEN RECEIPT GRANTING A
DEFERRED ASSESSMENT AS SOON AS IT IS RECEIVED so it can be recorded

Special Consideration (the full policy can be found at http://www.rmit.edu.au/browse;ID=g43abm17hc9w.
This site includes a link to the application form)

Course Overview: Access Course Overview