Course Title: Prepare financial reports

Part B: Course Detail

Teaching Period: Term1 2010

Course Code: ACCT5287C

Course Title: Prepare financial reports

School: 650T TAFE Business

Campus: City Campus

Program: C5178 - Diploma of Accounting

Course Contact : Angelo Sellan

Course Contact Phone: +61 3 9925 5460

Course Contact Email:angelo.sellan@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Angelo Sellan  992 55460

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

Nil

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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIA401A 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 organnnisational 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 corrrected, 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 account 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 with 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 finl accounts in accordance with organisational policy and accounting requirements


Learning Outcomes



Details of Learning Activities

Preparing exercises on completion of financial accounting framework; demonstrations and discussions. Finally discussion of solutions.
As above, but this time on asset register and inventory cards.
As above, but this time on balance day adjustments.
As above, but this time on bad & doubtful debts and closing entries for a service business.
As above, but now on reconciliation process and closing entries  for a service business.
As above, but finally on the preparation of income statements and balance sheets, both for a service and a trading business.


Teaching Schedule

WeekWeek beginningTopic as per student learning guide
1Feb 8thIntroduction/ Revision of general journal entries.
Maintain the asset register
215thRecord general journal entries for balance day adjustments(depreciation, prepayments & accruals)
322ndRecord general journal entries for balance day adjustments(bad & doubtful debts)
4Mar 1st

Prepare final general ledger accounts for a service then a trading business.
Reconciliations and corrections of errors.

58thPrepare end-of-period final reports: Income Statement & Balance Sheet
615thPrepare end-of-period final reports: Income Statement & Balance Sheet
722ndRevision
829thTest
9Apr 12thCase study due


Learning Resources

Prescribed Texts

TAFE Accounting Basic Reports by Mroczkowski, Fleay, Poustie, Yates ..Cengage Learning  8th edition


References


Other Resources

Workbook that accompanyies that TAFE Accounting stable of textbooks
Resources that are distributed from time to time via the Learning Hub.


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

TEST this provides for a comprehensive testing of all the learning outcomes except those in Perf Criteria 1.1 to 1.3.
The test is expected to take 2 hours, and is a closed book test. The test is worth 70% of the final grade. It is essential that a student pass this test.

CASE STUDY  this provides students with an opportunity to work in teams (3 per team), produce the end- of -year final reports and all the processes and procedures that are required before publishing the reports, and integrate the end of year requirements with the ongoing business of maintaining financial records.
The case study will go out in week 2, and will be handed in in week 9.


Assessment Matrix

Course Overview: Access Course Overview