Course Title: Report on financial activity

Part B: Course Detail

Teaching Period: Term2 2014

Course Code: ACCT5276C

Course Title: Report on financial activity

School: 650T TAFE Business

Campus: City Campus

Program: C5225 - Diploma of Management

Course Contact : Sylvia Baroutis

Course Contact Phone: +61 3 9925 5469

Course Contact Email:sylvia.baroutis@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

 helen.mustafa@rmit.edu.au

Nominal Hours: 30

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 describes the performance outcomes, skills and knowledge required to report financial activity for business both in response to client requests and to meet statutory requirements such as the completion of statutory requirement reports.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

This unit applies to individuals with a broad knowledge of financial activities who contribute financial skills and knowledge to address reporting requirements of clients and legal authorities.  They may have the responsibility to provide guidance or to delegate aspects of these tasks to others.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIA402A Report on financial activity

Element:

1.  Compile financial information and data

Performance Criteria:

1.1. Collect, evaluate and code current financial data to ensure consistency, quality and accuracy in accordance with organisational requirements
1.2. Use conversion and consolidation procedures to compile analysis in accordance with organisational requirements
1.3. Make, record and disclose asset and liability valuations in accordance with organisational requirements
1.4. Ensure that discrepancies, unusual features or queries are identified, resolved or referred to the appropriate authority
 

Element:

2. Prepare statutory requirement reports

Performance Criteria:

2.1. Correctly record income and expenditure to ensure compliance with statutory requirements
2.2. Calculate liabilities for tax in accordance with current legislation and revenue gathering practices
2.3. Correctly identify relevant receipts, revenue documentation and payments
2.4. Ensure that statements and claims take full advantage of available benefits and allowances in accordance with statutory requirements
2.5. Submit statutory requirement reports to appropriate authorities within stated deadlines
 

Element:

3. Provide financial business recommendations

Performance Criteria:

3.1. Ensure that recommendations are logically derived and supported by evidence in report
3.2. Provide recommendations to propose constructive actions to enhance the effectiveness and efficacy of functions and services
3.3. Ensure recommendations are concise and facilitate direction and control of organisation's operations
3.4. Identify and prioritise significant issues in statements including comparative financial performances for review and decision making
3.5. Ensure structure and format of reports are clear and conform to organisational and statutory requirements
 


Learning Outcomes



Details of Learning Activities

 

 

Learning activities may include class and group discussions, exercises and ’hands-on’ computer activities in relation to MYOB and payroll management.


Teaching Schedule

Week beginningContentAssessment

1

7 July

 Introduction to course, assessments and textbook 

2

14 July

Chapter 1

 Topic 1 Introduction to accounting theory

 

3

21 July

Chapter 1

 Topic 2 Types of accounting documents and chart of accounts

 

4

28 July

 Chapter 1

Topic 3 Understanding balance sheet

 

5

4 August

 Chapter 1

Topic 4 Correction of error and internal control

ONLINE CLASS

 

6

11 August

 IN CLASS OPEN BOOK ASSESSMENTASSESSMENT 1

7

18 August

 Chapter 2

Topic 5 Introduction to statutory requirement reports

ASSIGNMENT - Company Report

 

8

25 August

-----------------------

1-5 September

 Chapter 2

Topic 5 Introduction to statutory requirement reports 

ONLINE CLASS

WORK IN PROGRESS 
 --------------------------------------------------------------------------------------------------------

                                                                    MID-SEMESTER BREAK

 

9

8 September

Chapter 2

Topic 6 Balance day adjustments

 

10

15 September

 IN CLASS OPEN BOOK ASSESSMENT ASSESSMENT 2

11

22 September

 Chapter 3

Topic 7 Financial statements

WORK IN PROGRESS 
 

 

12

29 September

Chapter 3

 Topic 8 Ratio analysis

ONLINE CLASS

 

13

6 October

Chapter 3

Topic 9 Ratio analysis

WORK IN PROGRESS

 

14

13 October

 WORK IN PROGRESS

 

15

20 October

Presentation

Company reportdue

 ASSESSMENT 3

16

27 October

 Resubmission of assignment 


Learning Resources

Prescribed Texts

Patterson, A. BSBFIA402A Report on financial activity, 2011 Aspire Publishing

1 876 602 295


References


Other Resources

RMIT Library

myRMIT Studies


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 assessments, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of 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

Students are required to complete three (3) tasks.  You must successfully complete all three tasks to be assessed as competent in this unit.

In the team assessment each team member will be marked individually. You will be assessed from observation and peer feedback against several criteria including:

• Did you attend scheduled meetings, and on time?
• Did you meet deadlines for your allocated contributions?
• Did you accept constructive criticism and act on it?
• Did you contribute and share ideas and research?
• Did you participate in team activities and successfully complete all the tasks allocated to you?
• Did you treat other team members with respect?
• Did you contribute proactively to the team, or were you only reactive to others’ suggestions and directions?


Various methods for individual evaluation will be used including contribution to wikis, discussion boards, team meetings, emails, communication systems as well as face to face questioning. All team members are expected to be competent in all aspects of the subject matter so that, even if you accept responsibility for one particular aspect of the assessment, you must know and understand all areas of the assessment

 

TASK 1 - In-class open book assessment (Week 6)

This assessment will assess your knowledge/skills of accounting theory and balance sheets.

TASK 2 - In class open book assessment (Week 10)

This assessment will assess your knowledge/skills of statutory requirement reports

TASK 3 - Company report due and presentation (Week 15)

This assignment will assess the knowledge and skills you have developed throughout the course.

 

Submission Requirements

Assessment tasks need to be submitted via MyRMIT (BLACKBOARD) or hard copy, if required.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.

More information: http://www.rmit.edu.au/students/assessment/extension

Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf

Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or schedule examination.

More information: http://www.rmit.edu.au/browe:ID=g43abm17hc9w

Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdw

Resubmissions

If you are found to be Not Yet Competent in a Course Assessment Task you will be allowed one submission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the submission. The highest grade you will receive if your resubmission is successful is “CAG”.

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:

More information: http://rmit.edu.au/browe:ID=7usdbki1fjf31

You should:

• Ensure that your 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 are available through myRMIT and links in the Student Diary.
• 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 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 tile and page numbers.

 
Special Consideration

Special consideration is a process that enables the University to take account of unexpected circumstances such as illness, injury or bereavement that affect a student’s performance in assessment. 

Forms are available from http://www.rmit.edu.au/student/forms.

Further information can be accessed from http://www.rmit.edu.au/students/specialconsideration

Variations to Assessment

A change will not be made to the form or forms of assessment as detailed in the course guide unless:

1. the students enrolled in that course have received notice in writing of the proposed change; and

2. the change is approved by the Head of School and not less than 70% of the students enrolled in that course

Appealing Assessment

You are entitled to appeal assessment results.  Refer to RMIT Policy - Appeal Against Assessment Result available at http://www.rmit.edu.au/governance/policies in the Teaching and Learning Policy area.

Students are required to attempt all assessments and be rated as competent against all performance criteria to pass the course.

Recognition of Prior Learning and Credit Transfer

RMIT University recognises nationally accredited or endorsed qualifications and statements of attainment issued to the student by other Registered Training Organisations (RTO’s). Also, RMIT provides credit for work experience or other forms of life experience that match the learning outcomes/competencies of RMIT courses.  You must provide evidence that is current, relevant, valid and verifiable that your experience matches the learning outcomes/competencies of the relevant course for which you are seeking credit. This evidence may include formal qualifications (certificates, etc); work samples; references, documents, etc. Please speak to your teacher before applying.

To apply, you should obtain an RPL Information Sheet.  Forms are available on the RMIT website at http://www.rmit.edu.au/student-records/studentforms.  You should complete the appropriate form (RPL and/or Credit Transfer), attach the relevant supporting documentation and submit the form to your facilitator for this unit.

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)

Each assessment task is marked as Competent or Not Yet Competent but not graded until achieving competency across the assessment tasks.  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:

1. Level of independence, initiative, enterprise and performance of work task

We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to reporting on financial activity

2. Demonstrated breadth of underpinning knowledge and a willingness to continue learning

We are looking for depth of understanding of the key concepts and knowledge required in reporting on financial activity.  You should be able to demonstrate a thorough understanding of all applicable principles for reporting on financial activity in all the assessment tasks.

3. Techniques & processes, technology skills and problem solving

We are looking for appropriate use of technology to assist in reporting on financial activity.  You also need to show an understanding of the kinds of problems that can arise in reporting on financial activity in a workplace with people and how these might be addressed.

4. Work organisation, planning and self-management

We expect to see ongoing demonstration of an ability to plan your time (both in and outside of class) in order to produce the required work, together with timely submission of all required assessment tasks.

5. Communication, people networking, language and interpersonal skills and teamwork

We expect to see contributions to relevant class discussions and/or group discussions.

 
Final Grades Table:

CHD Competent with High Distinction
CDI 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


Assessment Matrix

REQUIRED SKILLS AND KNOWLEDGE
This section describes the skills and knowledge required for this unit.

Required skills
• literacy skills to identify financial information and the organisation’s accounting procedures, and to create financial reports
• problem-solving skills to deal with a defined range of predictable problems
• decision making skills to make routine decisions
• numeracy skills to calculate data and to reconcile figures. 

Required knowledge
• key provisions of relevant legislation from all levels of government that may affect aspects of business operations, such as:
• anti-discrimination legislation
• ethical principles
• codes of practice
• privacy laws
• financial legislation
• occupational health and safety (OHS)
• principles of double entry bookkeeping and accrual accounting
• techniques for forecasting and analysis
• Federal government taxes and charges
• options, methods and practices for deductions, benefits and depreciations.
 

Other Information

Plagiarism
Plagiarism is the presentation of the work, idea or creation of another person as though it is your own. It is a form of cheating and is a very serious academic offence that may lead to expulsion from the University. Plagiarised material can be drawn from, and presented in, written, graphic and visual form, including electronic data and oral presentation. Plagiarism occurs when the origin of the material used is not appropriately cited. Examples of plagiarism include:
• Copying sentences or paragraphs word-for-word from one or more sources, whether published or unpublished, which could include but is not limited to books, journals, reports, theses, websites, conference papers, course notes, etc. without proper citation;
• Piecing together text from one or more sources and adding only linking sentences;
• Copying or submitting whole or parts of computer files without acknowledging their source;
• Copying a whole or any part of another student’s work; and
• Submitting work as your own that someone else has done for you.
For further information including “Plagiarism (and how to avoid it): Resources for Students” refer to the Plagiarism section of the RMIT Policies, at http://www.rmit.edu.au/governance/policies in the Teaching and Learning Policy section. Penalties include official reprimand, recording of a failure result or expulsion from the University. 

Referencing
Students are required to use the Harvard system of referencing for this course
Submissions which do not use the Harvard system of referencing will not be assessed as Not Yet Competent,(NYC), but will penalised in the grading until referencing is correct, Wrong referencing includes using the footnote system instead of the Harvard (author-date) system, no page numbers in references where there is a quote, being unable to use the formula for in-text referencing, using a bibliography instead of a reference list, having no reference list, failing to show where a quote begins and ends, writing out the book title because you don’t know how to use references and not using all elements of the reference citation i.e. surname, initial, date published, title (correctly signified), publisher and place published. Minor errors such as wrong punctuation, a wrong page number or a simple typographical error in a date are not defined as an error.

Submission of written work/assessments
Written work must conform with RMIT’s guidelines “Written Reports And Essays: Guidelines For Referencing And Presentation In RMIT Business”, in respect to Harvard Referencing, which can be found at: http://mams.rmit.edu.au/s9sx559hurvc.rtf
Written assessment must be lodged by the due date in the format specified.
Please do not place hard copy work in plastic binders or plastic pockets
Attach a signed Assignment Cover Sheet to each submission of written work or assessment, whether the submission is online or in hard copy. For team submissions, all team members must sign the cover sheet

You must keep a copy of your assignment/written work, which can be produced if the original is lost or damaged.
Each page of your online assessments should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Juliet Wiggins S123456, Task 2, MKTG5811C Establish and adjust the marketing mix, Page 1 of 10.

Course Overview: Access Course Overview