Course Title: Maintain financial records
Part B: Course Detail
Teaching Period: Term2 2008
Course Code: ACCT5180C
Course Title: Maintain financial records
School: 650T TAFE Business
Campus: City Campus
Program: C4169 - Certificate IV in Financial Services (Accounting)
Course Contact : Laurine Symington
Course Contact Phone: +61 3 99255484
Course Contact Email:Laurine.Symington@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Laurine Symington
Susan Nasser
Nominal Hours: 60
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
This Unit of Competency is taught in conjunction with:
FNSICACC304B Prepare and bank receipts [ACCT5252C]
FSNICACC306B Process journal entries [ACCT5253C]
Course Description
This unit covers the maintenance of financial records for a business. It includes activities such as the maintenance of daily financial records, including reconciling debtors’ and creditors’ systems and preparing a maintaining a general ledger and preparing a trial balance. It also includes activities associated with the monitoring of cash control for accounting purposes.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBCMN308A Maintain financial records |
Element: |
Maintain daily financial records |
Performance Criteria: |
1.1 Daily financial records are maintained correctly and in accordance with organisational requirements for accounting purposes |
Element: |
Maintain general ledger |
Performance Criteria: |
2.1 General ledger is maintained in accordance with organisational requirements |
Element: |
Monitor cash control |
Performance Criteria: |
3.1 Cash flow is accurately accounted for in accordance with organisational requirements |
Learning Outcomes
After completing this unit of competency, students should be able to demonstrate they can:
Identify and respond to discrepancies and errors
Transfer and record financial data accurately
Identify and comply with organisational requirements
Reconcile expenditures and revenue
Recommend options for financial decision making
Details of Learning Activities
Students will be expected to complete practical exercises both during the class time and at home to build on the skills required to successfully complete these units. They will include manual processing and using a computerised accounting package which simulates a working environment.
The use of MYOB as an example of a computerised accounting package is included in this unit although it does NOT constitute part of the assessment as the use of MYOB will be assessed in FNSACCT407B Set up and operate a computerised accounting package.
The practical/simulation tests will be used to gauge the level of understanding of the units and a number score will result from these activities.
Teaching Schedule
| Week | Date | Work to be covered | Assessment |
| 1 | 7th July | Elements of Accounting, Statement of Financial Position | |
| 2 | 13th July | Chart of Accounts, Business documents, Internal Control, legislative requirements |
|
| 3 | 20th July | Business documents and journals | Test One: Underpinning knowledge Concepts and environment. (10%) |
| 4 | 27th July | Ledger accounts and the trial balance |
|
| 5 | 4th August | Ledger accounts and the trial balance |
|
| 6 | 11th August | Ledger accounts and the trial balance | Test Two: Prepare journals (15%) |
| 7 | 18th August | Complete journals and maintain manual accounting records | |
| 8 | 25th August | Complete journals and maintain computerised accounting records |
|
| 9 | 8th September | Bank Reconciliation (ACCT5198C) | Test Three: Post journals (25%) |
| 10 | 15th September | Computerized Cash Accounts & Banking | |
| 11 | 22nd September | Error correction, manual and computerised. | |
| 12 | 29th September | Petty Cash (ACCT 5198C) | |
| 13 | 6th October | Debtors and creditors subsidiary ledgers |
Test Four: Cash, Bank reconciiation, Errors and Petty Cash (30%) |
| 14 | 13th October | Debtors and creditors subsidiary ledgers |
|
| 15 | 20th October | Computerised Debtors and creditors subsidiary ledgers | |
| 16 | 27th October | Computerised Debtors and creditors subsidiary ledgers |
|
| 17 | 3rd November | Revision and final assessment | Test Five: Subsidiary ledgers (20%) |
| 18 | 10th November | Resubmissions and review |
Learning Resources
Prescribed Texts
TAFE Accounting to Trial Balance, Yates, Y Mroczkowski, N Fleay, D & Poustie, N. 2003, 8th ed, Thomson Australia |
|
Computer Accounting a systematic approach. Euan Sutherland Pearson Ed 2008 |
References
Other Resources
Overview of Assessment
This unit is co-assessed with FNSICACC304B Prepare and bank receipts [ACCT5252C] and FSNICACC306B Process journal entries [ACCT5253C]. There will be three (3) tests and the final mark will be the combined score of all the tests.
The assessment for this cluster is a series of tests and a folio of evidence. The “folio of evidence” is a collection of exercises which may have been completed during the classes and then submitted to support the grade of competent. The tests will then be used to allocate a number grade which is only available after the folio has been deemed competent. It is through the results of the tests that students will receive an indication of their progress.
Assessment Tasks
The first practical assessment/test will assess some of the underpinning knowledge required for the unit BSBCMN308A, including relevant legislation from all levels of Government, organisational policies and procedures, identification of source documents, the chart of accounts, principles of double entry bookkeeping and accrual accounting.
Test Two will assess your understanding of source documents and the preparation of specialised journals.
Test Three will assess your understanding of double entry accounting by testing your ability to process transactions from specialised and general journals into general ledger accounts.
Test Four is the only assessment for FNSICACC304B- Prepare and bank receipts, and will combine the preparation of a bank reconciliation statement with the preparation of banking documents. Also it will assess your ability to correct errors, through the use of general journals and the process for recording petty cash.
The final assessment, Test Five will test your ability to maintain a general ledger with subsidiary ledger accounts for debtors and creditors.
The program of tests is designed to build on the practical exercises submitted as the folio of evidence, and be used to guarantee the student’s understanding of the concepts presented. These will be closed book requiring application of the practical skills developed during the semester.
A Folio of Evidence will need to be created during the semester and will be submitted and must be considered satisfactory before a result for these units can be given.
A mark of greater than 50% in total is required to be deemed Competent for the unit. Resit opportunities will be available during week seventeen (test one to four) and eighteen (test five).
Assessment Matrix
| |
Folio of evidence. | Practical test | Resubmission Available |
| Maintain Finaicial Records BSBCMN308A/1.Maintain daily financial records Maintain Financial Records | Yes | Test 1,2, 3, 4 and 5 |
Yes |
| BSBCMN308A/2. Maintain the general ledger | Yes | Test 2, 3, 4 and 5 | Yes |
| Maintain Financial Records BSBCMN308A/3. Maintain cash control | Yes | Test 4and 5 | Yes |
Other Information
It is expected that students will complete the tasks as specified, either in the class or elsewhere, but they MUST attend for the tests in the times as specified.
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. You must apply no later than two working days after the examination/assessment that has been affected. You must complete the Special Consideration Application Form and lodge the original and one photocopy at the Hub. Forms are available from the Student Hub on Level 3 or from http://www.rmit.edu.au/students/specialconsideration
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