Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term2 2011
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
Bruce Phillips Jenny Wotsko Claude Marasco Pat Ragozzini
Phone: (+61 3) 9925 5735 992 55701 992 51651
Email: bruce.phillips@rmit.edu.au jennifer.wotsko@rmit.edu.au claude.marasco@rmit.edu.au pragozzini@hotmail.com
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. |
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 |
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 |
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. |
Learning Outcomes
Details of Learning Activities
Students will learn year end bookkeeping entries and report preparation through class work on prescribed exercises, research and assessment work. There is a holistic assignment prepared manually.
The following schedule is for 5x8= 40 hrs, which exactly equals the nominal hours (40).
Teaching Schedule
The total number of scheduled hours of teaching, learning and assessment involved in this course will include all planned activities. This may incorporate face-to-face classes, lectures, workshops and seminars; wherever possible workplace visits, online learning and other forms of structured teaching and learning. The total scheduled hours includes the amount of effort required to undertake, evaluate and complete all assessment requirements, including observation of work performance, discussions with supervisors and others providing third party evidence and one on one and group assessment sessions with students.
Week | Week Commencing | Topic | Assessment |
13 | 03/10/2011 | Introduction / Revision of general journal entries & subsidiary ledgers. 1.1 - 1.3 Maintain asset & inventory card. 2.1 - 2.2 Record general journal entries for balance day adjustments (bda) (depreciation, accruals and prepayments) 2.3 - 2.4 Balance Day Adjustments (bad and doubtful debts) |
|
14 | 10/10/2011 | Assignment – in class work Perpetual inventory method revisited Cash flow statements (Simple) |
|
15 | 17/10/2011 | 3.1 - 3.3 Prepare final general ledger accounts for a trading or service business 4.3 Reconciliations & correction of errors 4.1 - 4.2 prepare end of period financial reports (Income statement & Balance sheet, including design of chart of accounts for a service business) |
|
16 | 24/10/2011 | 4.1 4.2 Prepare end of period financial reports (Income statement & Balance sheet, including design of chart of accounts for a trading business) Revision | Assign due (30%) Test (70%) |
17 | 31/10/2011 | Resits, feedback, review of assessments, resubmission of assignments |
Learning Resources
Prescribed Texts
TAFE Accounting: Basic Reports (9th ed) by Mroczkowski, Fleay, Poustie; Cengage, 2011 |
References
Relevant learning resources will be placed on the MyRMIT studies (DLS) progressively throughout the semester. Students will need to access this site on a weekly basis to obtain exercises set for practice. |
Other Resources
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 weighs 70%, Assignment 30%
Candidates must demonstrate competency in the class test to successfully complete this unit of study. The test is a closed book test of 2 1/2 hours duration.
The candidates are exposed to situations similar to the test in preparation for the test. They also have the opportunity to do a resit test if they are not competent after the initial attempt.
Assessment Matrix
Performance Criteria | Test | Assignment |
1. Maintain asset register | V | V |
2. Record gen jnl entries for BDA’s | V | V |
3. Prepare final gen ledger accounts | V | V |
4. Prepare end-of-year financial report | V | V |
Other Information
Embedded within the unit of competency is the following skills:
- Communication
- teamwork
- problem-solving
- initiative/enterprise
- planning/organising
- self-management
- learning
- technology
Special Consideration
Students may apply for Special Consideration on a range of medical or compassionate grounds where they experience unexpected or extenuating circumstances during or at end of a semester which:
- Prevented them from submitting assessable work; or,
- Prevented them from attending an examination; or,
- Substantially affected their performance in the above.
Examples of unexpected or extenuating circumstances normally considered include:
- Serious illness or psychological condition – e.g. hospital admission, serious injury, severe asthma, severe anxiety or depression. Does not include minor illness such as a cold.
- Loss or bereavement – e.g. death of a close family member, family/relationship breakdown.
- Hardship/trauma – e.g. victim of crime, sudden loss of income or employment, severe disruption to domestic arrangements.
Students should not presume that special consideration is automatically granted for any missed assessment. Special Consideration must be applied for and the procedures for application must be followed. For details relating to formal application click on the following link. http://mams.rmit.edu.au/vbi4hpp6m8on.pdf
Where a student misses an assessment without reason they will be given an opportunity to redo the assessment as scheduled. Under these circumstances the maximum marks available will be 50% of the total marks for the assessment.
The assignment aims to give students an opportunity to demonstrate ability including wider research without a strict limitation on time. Where students are unable to submit the assignment on time, then they must seek special consideration as per above.
Course Overview: Access Course Overview