Course Title: Report on financial activity
Part B: Course Detail
Teaching Period: Term2 2015
Course Code: ACCT5276C
Course Title: Report on financial activity
School: 650T Vocational Business Education
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
Email: 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 |
Element: |
2. Prepare statutory requirement reports |
Performance Criteria: |
2.1. Correctly record income and expenditure to ensure compliance with statutory requirements |
Element: |
3. Provide financial business recommendations |
Performance Criteria: |
3.1. Ensure that recommendations are logically derived and supported by evidence in report |
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.
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
o Recognition of Prior Learning and Credit Transfers
o Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
Teaching Schedule
Week beginning | Content | Assessment |
6 July |
Introduction to the Course including: |
|
13 July |
Chapter 1 Topic 1 Introduction to accounting theory |
|
20 July |
Chapter 1 Topic 2 Types of accounting documents and chart of accounts |
|
27 July |
Chapter 1 Topic 3 Understanding balance sheet |
|
3 August |
Chapter 1 Topic 4 Correction of error and internal control
|
|
10 August |
ONLINE WEEK - Chapter 2 -Topic 5 Introduction to statutory requirement reports | |
17 August |
IN CLASS OPEN BOOK ASSESSMENT ASSIGNMENT - Company Report |
ASSESSMENT 1 |
24 August
----------------------- 31 Aug- 7 Sept |
Chapter 2 Topic 5 Introduction to statutory requirement reports WORK IN PROGRESS MID-SEMESTER BREAK |
|
7 September |
Chapter 2 Topic 6 Balance day adjustments |
|
14 September |
IN CLASS OPEN BOOK ASSESSMENT | ASSESSMENT 2 |
21 September |
Chapter 3 Topic 7 Financial statements WORK IN PROGRESS |
|
28 September |
Chapter 3 Topic 8 Ratio analysis ONLINE CLASS |
|
5 October |
Chapter 3 Topic 9 Ratio analysis WORK IN PROGRESS |
|
12 October |
WORK IN PROGRESS |
|
19 October |
Presentation Company reportdue |
ASSESSMENT 3 |
26 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
You are required to complete three (3) tasks. You must successfully complete all three tasks to be assessed as competent in this unit.
TASK 1 - In-class open book assessment (Week 7)
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.
<font size="3"><font face="Times New Roman">Critical aspects for assessment and evidence required to demonstrate competency in this unit<o:p></o:p></font></font> |
<font size="3"><font face="Times New Roman">Evidence of the following is essential:<o:p></o:p></font></font> · <font size="3"><font face="Times New Roman">organising financial data to highlight relevant features<o:p></o:p></font></font> · <font size="3"><font face="Times New Roman">presenting financial data in comprehensive format<o:p></o:p></font></font> · <font size="3"><font face="Times New Roman">completing Business Activity Statements<o:p></o:p></font></font> · <font size="3"><font face="Times New Roman">knowledge of relevant legislation.<o:p></o:p></font></font> |
Submission Requirements
Assessment tasks need to be submitted via MyRMIT (BLACKBOARD)
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
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.
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.
Course Overview: Access Course Overview