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.

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

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.

WeekWeek CommencingTopicAssessment
13 03/10/2011Introduction / 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)
 
1410/10/2011Assignment – in class work
Perpetual inventory method revisited
Cash flow statements (Simple)
 
1517/10/20113.1 - 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)
 
1624/10/20114.1 4.2 Prepare end of period financial reports (Income statement & Balance sheet, including design of chart of accounts for a trading business) RevisionAssign due (30%)
Test (70%)
1731/10/2011Resits, feedback, review of assessments, resubmission of assignments
 


Learning Resources

Prescribed Texts

TAFE Accounting: Basic Reports (9th ed) by Mroczkowski, Fleay, Poustie; Cengage, 2011
TAFE Accounting: Financial Accounting Applications (3rd ed); by Fleay, Poustie, Mroczkowski; 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
2. Record gen jnl entries for BDA’s VV
3. Prepare final gen ledger accounts VV
4. Prepare end-of-year financial report VV

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