Course Title: Prepare financial statements
Part B: Course Detail
Teaching Period: Term1 2012
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
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 |
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 | 6/2/2012 | 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 | 13/2/2012 | 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 | 20/2/2012 | 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 | 27/2/2012 |
Topic 2 Introduction to Financial Statements (Balance Sheet and Income Statement) BRIEFING RE ASSESSMENT 5 |
1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Completion of balance sheets and income statements |
5 | 5/3/2012 | 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 | 12/3/2012 | Topic 2 Introduction to Financial Statements (Cash Flow) |
1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Completion of cash flow statements, |
7 | 19/3/2012 | Revision ASSESSMENT 1 |
||
8 | 26/3/2012 | 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 |
9.1 | 2/4/2012 | 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 |
MID SEMESTER BREAK | ||||
9.2 | 9/4/2012 | 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 | 16/4/2012 | Topic 3 Analysing Transactions Topic 4 Overview of accounting system |
1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, |
Double entry analysis and integrated exercises Completion of chart of accounts, recognizing control factors in the system |
11 | 23/4/2012 | Topic 4 Overview of accounting system |
1.1, 1.2 | Completion of chart of accounts, recognizing control factors in the system |
12 | 30/4/2012 | Revision |
||
13 | 7/5/2012 | 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 reports after adjustments |
14 | 14/5/2012 |
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 reports after adjustments
|
15 | 21/5/2012 | Topic 8 Budgeting | 1.1, 2.2, 2.3, 2.4, 2.5, 2.6 | Complete a cash budgets and variance reports |
16 | 28/5/2012 | Revision ASSESSMENT 3 |
||
17 | 4/6/2012 | 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 (Operative date Jan 2009) |
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 Tasks
You are required to complete 5 tasks. You must successfully complete all tasks to be deemed competent in this unit.
Assessment 1 (Week 7) -Reference Assessment
Students may refer to their Accounting Framework for the Preparation and Presentation of Financial Reports, to answer a selection of questions classifying and coding data and preparing reports, individually, in a limited time.
Assessment 2 (Week 12) - Closed Book Test
Students will be given necessary formulae to assist with their calculations of standard analysis techniques, look at the impact of double entry on accounting reports and control factors
Assessment 3 (week 16) - Open Book Test
Students may refer to their own notes and class exercises to, answer a selection of questions and prepare reports individually, in a limited time.
Assessment 4 (across the semester) - Exercises/Observations
Four class exercises will be completed IN class by the students in consultation with their peers. Errors will be identified and corrected. Work practices will be observed. Students must be present for at least two of these exercises to be deemed competent.
Assessment 5A financial statement will be presented on a spread sheet during the semester. Students will be advised of the task in week 1 and it must be submitted by email, by week 15. This task will be completed individually, in the students own time.
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)
After achieving competency 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 preparing accurate financial statements
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 to prepare financial statements. You should be able to demonstrate a thorough understanding of principles needed to classify data corrrectly and prepare accurate financial reports.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. You also need to show an understanding of the kinds of problems that can arise
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see effective planning, self management & work organization resulting in punctual attendance in class and timely submission of all required assessment tasks
5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
We expect to see contributions to relevant discussions and required teamwork. In addition you should demonstrate a range of well-developed communication and inter-personal skills appropriate to each task
Final Grades table:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment
Assessment Matrix
Assessment |
Elements/Performance Criteria |
Critical Aspects of Evidence |
Required Skills |
Required Knowledge |
1 | 1.1 2.2 2.3 2.4 2.5 2.6 |
1 2 3 |
1 2 3 4 5 6 7 |
1 2 5 6 |
2 | 1.1 1.2 2.1 2.2 2.3 2.4 2.5 2.6 |
1 2 3 |
1 2 3 4 6 7 |
2 3 4 5 6 7 |
3 | 1.1 1.2 2.2 2.3 2.4 2.5 2.6 |
1 2 3 |
1 2 3 4 7 |
2 3 6 |
4 | 1.1 1.2 2.1 2.2 2.3 2.4 2.5 2.6 |
1 2 3 |
1 2 3 4 5 6 7 8 |
1 2 3 4 5 6 7 |
Critical Aspects of evidence
To achieve competency in this unit, a person must be able to demonstrate:
1. knowledge of organisational policies and procedures
2. ability to compile data
3. ability to prepare report and financial statements
Required Skills
1. interpersonal skills and communications (eg liaising, listening, consulting)
2. report writing, preparation and formatting
3. numeracy skills for calculating data
4. identifying and solving discrepancies in data
5. researching for data testing and collection
6. working with others to prepare reports
7. managing own time and workplace priorities
8. information technology skills for set up and use of spreadsheets and preparation of documents
Required Knowledge
1. options, methods and practices for deductions, benefits and depreciations
2. organisational guidelines and procedures
3. principles of double entry bookkeeping and accrual accounting
4. forecasting and analysis techniques
5. methods of presenting financial data
6. financial legislation (eg taxable transactions, reporting requirements)
7. ethical considerations for the handling of financial matters (eg conflict of interests)
Other Information
Missed Assessments
If 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