Course Title: Prepare financial statements
Part B: Course Detail
Teaching Period: Term2 2010
Course Code: ACCT5237C
Course Title: Prepare financial statements
School: 650T TAFE Business
Campus: City Campus
Program: C4210 - Certificate IV in Financial Services
Course Contact : Jenny Seiler (city campus only)
Course Contact Phone: +61 3 9925 1621
Course Contact Email:jenny.seiler@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Jenny Seiler
Level 13, Building 108
Phone 99251621
Email jenny.seiler@rmit.edu.au
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
None
Course Description
This unit covers the competency to identify skills and outcomes associated with the development of financial reports. This unit requires the application of skills and knowledge required to prepare financial statements. The unit encompasses compiling data and preparing reports. The unit can be applied across all sectors of the financial services sector.
As there are no pre-requisites for this unit the course will also include an introduction to accounting and the accounting process.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACCT405B Prepare financial statements |
Element: |
1. Compile Data |
Performance Criteria: |
1.1 Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures |
Element: |
2. Prepare Reports |
Performance Criteria: |
2.1 Charts, diagrams and supporting data are presented in an appropriate manner 2.3 Statements and data are error free and comprehensive |
Learning Outcomes
Details of Learning Activities
In order to achieve learning outcomes, students will participate in the following activities:
• Attend and prepare notes during scheduled classes
• Participate in class discussions and problem solving exercises
• Locate company reports using the internet, industry contacts and prescribed/recommended references.
• Answers to be prepared for inclass activities that are based on materials covered in class
• Complete required assessment tasks
Teaching Schedule
| Week | Week Commencing | Topic | Elements | Learning Activities |
| 1 | 5/7/2010 |
Overview & introduction of course including review of course guide, weekly program, assessment guide and online learning hub Why have accounting? |
1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Analysing the needs of a business and distinguish between cash and accrual accounting |
| 2 | 12/7/2010 |
Why have accounting? Topic 1 Introduction to Accounting |
1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Analysing the needs of a business and distinguish between cash and accrual accounting |
| 3 | 19/7/2010 |
Topic 1 Introduction to Accounting Topic 2 Introduction to Financial Statements (Balance Sheet) |
1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Completion of balance sheets |
| 4 | 26/7/2010 |
Topic 2 Introduction to Financial Statements (Balance Sheet and Income Statement) | 1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Completion of balance sheets and income statements |
| 5 | 2/8/2010 |
Topic 2 Introduction to Financial Statements (Income Statement & Cash Flow) | 1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Completion of income statements and cash flow statements |
| 6 | 9/82010 |
Topic 2 Introduction to Financial Statements (Cash Flow) Topic 7 Analysis and Interpretation |
1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Completion of cash flow statements, ratio calculations and reports |
| 7 | 16/8/2010 |
Revision ASSESSMENT 1 |
||
| 8 | 23/8/2010 |
Topic 7 Analysis and Interpretation ASSESSMENT Review |
1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Completion of ratio calculations and reports |
| Mid Semester Break 30/8/2010-3/9/2010 | ||||
| 9 | 6/9/2010 |
Topic 3 Analysing Transactions |
1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, | Double entry analysis and integrated exercises |
| 10 | 13/9/2010 |
Topic 4 Overview of accounting system |
1.1, 1.2 | Completion of chart of accounts, recognizing control factors in the system |
| 11 | 20/9/2010 |
Topic 5 Ensuring Accuracy |
1.1, 1.2, 2.2, 2.3, 2.4, 2.5, 2.5 | Double entry analysis to ensure accurate figures are reported |
| 12 | 27/92010 |
Revision |
||
| 13 | 4/10/2010 |
Topic 5 Ensuring Accuracy |
1.1, 1.2, 2.2, 2.3, 2.4, 2.5, 2.5 | Double entry analysis to ensure accurate figures are reported Completion of income statements for a business that undertakes various business activities |
| 14 | 11/10/2010 |
Topic 6 Varying activities and structures |
1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Completion of income statements for a business that undertakes various business activities |
| 15 | 18/10/2010 |
Topic 8 Budgeting | 1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Complete a cash budgets and variance reports |
| 16 | 25/10/2010 |
Revision ASSESSMENT 3 |
Complete a cash budgets and variance reports | |
| 17 | 1/11/2010 | Assessment Review Deferred Assessment/Reassessment |
Learning Resources
Prescribed Texts
References
Financial Services Resources Learner Guide, FNSACCT405A Prepare Financial Statements,(2007) Scope, Pearson Education Australia |
|
URL: http://www.aasb.com.au/ AASB The Framework for the Preparation and Presentation of Final Reports (July 2004) |
Other Resources
Weekly Resources
Relevant learning resources will be placed on the online learning hub progressively throughout the semester. Students will need to access this site on a weekly basis, print the materials and bring them to class. COPIES OF MATERIALS WILL NOT BE HANDED OUT IN CLASS
Overview of Assessment
Assessments may include: class exercises, tests, and assignments (including reports produced on a spreadsheet)
Throughout the semester students will be able to gauge their progress with the completion and discussion about class exercises.
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
Assessment Week No. Assessment Description Maximum % grade allocated
1 Week 7 Topics 1 & 2 CA / NYC
30
2 Week 12 Topics 3, 4 and 7 CA / NYC
30
3 Week 16 Topics 5, 6 and 8 CA / NYC
30
In class exercises Across the semester . 10
Inclass exercises
Across the semester each teacher will select five class exercises that will be completed IN class by the student, corrected by the student and then submitted in the same class. It is expected that students will have the pro-forma to complete their work on to receive marks. Of the 5 exercises students will have to submit four exercises to obtain full marks. THERE WILL BE NO ALTERNATIVE CHANCE TO RESUBMIT. STUDENTS MUST ATTEND THE CLASS THEY ARE ENROLLED IN
Assessment Matrix
|
Assessment 1 |
Assessment 2 |
Assessment 3 |
In class exercises | |
| Element 1: Compile data |
x | x | x | |
| Element 2: Prepare reports |
x | x | x |
Other Information
Competency and Grading Information
Competency and grading requirements:
Assessment methods have been designed to measure achievement of each competency. To be deemed competent students must demonstrate an understanding of all elements of a competency.
Students will achieve a grade of CA if competent, or alternatively a NYC to indicate they are not yet competent for each assessment. If competent, the assessment will also carry a numerical weighting for the purpose of articulation into degree courses.
Where a student is graded as NYC they will be given an opportunity to resit the asseessment as scheduled in week 17. Students who achieve competency in a reassessment will be allocated a CA grade for the assessment and assuming competency is achieved in all assessments an overall course grade of CA.
Students who have an approved special consideration application will be able to complete the missed assessment for competency and if successful, a grade
Employabilty Skills
On completion of this course students should display the following employability skills:
• Communication
• Initiative and Enterprise
• Planning & Organization
• Self Management
• Learning
• Technology
Special Consideration and Missed AssessmentsIf a student misses an assessment for ANY REASON, they must complete a special consideration application. Please note that applications must be submitted through the Hub on RMIT Melbourne campuses within 2 working days of the scheduled assessment
IT IS EXPECTED THAT STUDENTS WILL SHOW THEIR TEACHER THE WRITTEN RECEIPT GRANTING A DEFERRED ASSESSMENT AS SOON AS IT IS RECEIVED so it can be recorded
Special Consideration (the full policy can be found at http://www.rmit.edu.au/browse;ID=g43abm17hc9w. This site includes a link to the application form)
Course Overview: Access Course Overview