Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term1 2013
Course Code: ACCT5287C
Course Title: Prepare financial reports
School: 650T TAFE Business
Campus: City Campus
Program: C4324 - Certificate IV in Accounting
Course Contact : Jenny Wotzko
Course Contact Phone: +61 3 99255701
Course Contact Email:jennifer.wotzko@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Claude Marasco
9925 1651
Jenny Seiler
9925 1261
Max Li
Ifzal Syed
Nominal Hours: 50
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 record general journal adjustment entries and to prepare end of period financial reports.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
This course is clustered with:
- ACCT5303C (FNSACC301A) Process financial transactions & extract interim reports
- ACCT5304C (FNSACC404A) Prepare financial statements for non reporting entities
- ACCT5306C (FNSACC302A) Administer subsidiary accounts & ledgers
- COSC6059C (FNSACC406A) Set up & operate a computerised accounting system
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIA401A Prepare financial reports |
Learning Outcomes
Details of Learning Activities
National Competency Codes, Titles, Elements and Performance Criteria
ELEMENT PERFORMANCE CRITERIA
1. Maintain asset register 1.1. Prepare a register of property, plant and equipment from fixed asset transactions in accordance with organisational policy and procedures
1.2. Determine method of calculating depreciation in accordance with organisational requirements
1.3. Maintain asset register & associated depreciation schedule in accordance with organisation policy, procedures & accounting requirements
2. Record general journal entries for balance day adjustments 2.1. Record depreciation of non-current assets & disposal of fixed assets in accord with organisation policy, procedures & accounting requirem’ts
2.2. Adjust expense accounts and revenue accounts for prepayments and accruals
2.3. Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements
2.4. Adjust ledger accounts for inventories, if required, and transfer to final accounts
3. Prepare final general ledger accounts 3.1. Enter general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements
3.2. Post revenue and expense account balances to final general ledger accounts system
3.3. Prepare final general ledger accounts to reflect gross and net profits for reporting period
4. Prepare end of period financial reports 4.1. Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period
4.2. Prepare balance sheet to reflect financial position of business at end of reporting period
4.3. Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures
Full-time students:
It is expected that you will attend classes.
During class time you will prepare notes, participate in discussions and complete problem solving exercises. Across the semester you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system. You will be required to complete all the assessment tasks.
Part-time students:
It is expected that you will attend the five on campus classes scheduled during the semester. During those classes you will prepare notes, participate in discussions, complete problem solving exercises & receive feedback on your case study submissions. During the remaining 11 weeks of the semester you will be provided with on-line notes, discussion board, problem solving exercises & solutions. These will be provided for both manual & computerised accounting systems.
Teaching Schedule
Week | Date Beginning | Topics | Assessment Full-time & Part-time Delivery |
Full-time Delivery In class Self study activities activities |
Part-time Delivery | |
1 | 11/2/2013 |
Introduction |
Discussion of Teaching Schedule & Assessment Elements 1.1 – 1.4 Documents 1.1 |
Elements 1.5 – 1.7 Documents 1.2 & 1.3 |
Workshop 1 Discussion of Teaching Schedule & Assessment Elements 1.1 – 1.7 Documents 1.1 – 1.3 |
|
2 | 18/2/2013 |
Transaction Analysis – Service Businesses Transaction Analysis – Trading Businesses |
Lecture Illustration completion & discussion Activities 2.1 – 2.3, 2.9 |
Activities 2.4 – 2.8 | Read lectures & lecture illustrations Activities 2.1 - 2.9 |
|
3 | 25/2/2013 |
The General Ledger Accounting Process to trial balance |
Lecture Illustrations completion & discussion Activities 3.1 – 3.2, 3.3.1 |
Activities 3.3.2 – 3.3.4 | Read lectures & lecture illustrations Activities 3.1 - 3.3.4 |
|
4 | 4/3/2013 | Cash Transactions: |
Lecture Illustrations completion & discussion Activities 4.1 – 4.5 |
Rita’s Animal Refuge – Chapter 3 May Journal Compulsory On-line multiple choice self-test |
Workshop 2 |
|
5 |
12/3/2013 (Mon public holiday) |
Manual Subsidiary Ledgers Introduction to MYOB Set Up a Computerized System |
Activity 5.1 Accounts Receivable & Payable Subsidiary Ledgers; Activity 5.2 Inventory Subsidiary Ledger; Clearwater Pty Ltd; Sutherland 2.1 – 2.3 |
Rita’s Animal Refuge – Chapter 3 May General & Subsidiary Ledgers; Case Study Part A | Read lectures & lecture illustrations Activity 5.1 Accounts Receivable & Payable Subsidiary Ledgers; Activity 5.2 Inventory Subsidiary Ledger; Clearwater Pty Ltd; Sutherland 2.1 – 2.3 |
|
6 | 18/3/2013 | Cash Transactions: Processing in MYOB |
Comprehensive Case Study – Part A due Fri 22 Mar. See details under Assessment Tasks |
Lecture Illustrations completion & discussion Activities 6.1 – 6.3 Activity 6.4 Magnetic Boats Manual Sutherland 3.1 Magnetic Boats – MYOB |
Sutherland 3.2
Case Study Part A |
Read lectures & lecture illustrations Activities 6.1 – 6.3 Activity 6.4 Magnetic Boats – manual & MYOB Sutherland 3.2; Case Study Part A |
7.1 |
25/3/2013 (Mon-Wed) |
Accrual Transactions: Credit Control Accrual Transactions:
|
Lecture Illustrations completion & discussion 7.1 Cozy Dry Cleaners manual Sutherland 4.1 & 5.1 |
7.2 The Blinds man manual; Sutherland 4.2 & 5.2; 7.3 The Ice-cream Parlour manual; Sutherland 4.3 & 5.3 Case Study Part B |
Read lectures & lecture illustrations Activities 7.1 – 7.3 Sutherland 4.3 & 5.3 Case Study Part B |
|
7.2 |
4/4/2013 (Thurs-Fri) |
as above |
as above |
as above |
as above |
|
8 |
8/4/2013 | Accounting for Inventory – Manual
Accounting for Inventory – MYOB |
Comprehensive Case Study – Part A Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Comprehensive Case Study – Part A Feedback & Interview Activities 8.1 & 8.2 Manual Inventory; |
Sutherland 6.2 & 6.3; Case Study Part B |
Workshop 3 Lecture Illustrations completion & discussion Comprehensive Case Study – Part A Feedback & Interview Activities 8.1 & 8.2 Manual Inventory; Sutherland 6.1 MYOB Inventory; Sutherland 6.2 & 6.3; Case Study Part B |
9 | 15/4/2013 |
Introduction to end of period reporting Accounting for Fixed Assets – Manual & MYOB |
On-line Theory Test Comprehensive Case Study – Part A Resubmissions |
Lecture Illustrations completion & discussion Activities 9.1 – 9.5 Manual Fixed Assets Sutherland 10.1 |
Sutherland 10.2 & 10.3; Case Study Part B |
Read lectures & lecture illustrations Activities 9.1 – 9.5 Manual Fixed Assets Sutherland 10.1 – 10.3; Case Study Part B |
10 |
22/4/2013 (Thurs public hol) |
Manual & Computerized Balance Day Adjustments | Lecture Illustrations completion & discussion Activities 10.1 – 10.5; |
Case Study Part B | Read lectures & lecture illustrations Activities 10.1 – 10.5; Case Study Part B |
|
11 | 29/4/2013 | Manual & Computerised Balance Day Adjustments |
Comprehensive Case Study – Part B due Mon 29 Apr. See details under Assessment Tasks |
Lecture Illustrations completion & discussion Activity 11.1 “Australand..” Manual Sutherland 7.1 |
Activity 11.2 Sports Physio Manual Sutherland 7.2 | Read lectures & lecture illustrations Activity 11.1 “Australand..” Manual; Sutherland 7.1; Activity 11.2 Sports Physio Manual; Sutherland 7.2 |
12 | 6/5/2013 | Manual Closing Entries |
Comprehensive Case Study – Part B Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Comprehensive Case Study – Part B Feedback & Interview Activities 12.1 – 12. |
Case Study Part C |
Workshop 4 Lecture Illustrations completion & discussion Activities 12.1 – 12.4 Comprehensive Case Study – Part B Feedback & Interview |
13 | 13/5/2013 | Manual & Computerised Preparation of Final Reports & rollover to new financial year |
Comprehensive Case Study – Part B Resubmissions | Lecture Illustrations completion & discussion Activities 13.1 – 13.4 |
Sutherland 7.3 Case Study Part C |
Read lectures & lecture illustrations; Activities 13.1 – 13.4 Sutherland 7.3 Case Study Part C |
14 | 20/5/2013 | Manual Cash Flow Statements
Integrated manual & MYOB exercise |
Comprehensive Case Study – Part C due Mon 20 May See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Activities 14.1 – 14.6; |
Sutherland 8.1 | Read lectures & lecture illustrations; Activities 14.1 – 14.6; Sutherland 8.1 |
15 | 27/5/2013 | Integrated manual & MYOB exercise |
Comprehensive Case Study – Part C Feedback & Interview See details under Assessment Tasks |
Comprehensive Case Study – Part C Feedback & Interview Sutherland 8.1 |
Sutherland 8.1 |
Workshop 5 Comprehensive Case Study – Part C Feedback & Interview Sutherland 8.1 |
16 | 3/6/2013 | Review & Reassessment |
Comprehensive Case Study – Part C Resubmissions Theory Test Resit |
Review & Reassessment | Review & Reassessment |
Workshop 6 Comprehensive Case Study – Part C Resubmissions Theory Test Resit |
**The teaching schedule may be subject to change. Students will be advised via the Blackboard and in class should changes occur
MID SEMESTER BREAK: There will be no classes from Thursday 28th March to Wednesday 3rd April.
Learning Resources
Prescribed Texts
Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011 |
9781442554016 |
Frost, Mellida, Rita's Animal Refuge: A Manual & Computerised Accounting Practice Set, Cengage, 2011 |
9780170190817 |
References
Other Resources
Other relevant learning material will be placed on the online learninghub (http:www.rmit.edu.au/learninghub) progressively during the semester. Students will need to access this site on a weekly basis, print off materials and bring them to class as necessary
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 tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a 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.
You are advised that you will be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met. You will be provided with feedback throughout the course to check your progress.
Assessment Tasks
1. Comprehensive Case Study
You will be tested on the set-up of an accounting system; processing of cash & accrual transactions, including subsidiary ledger entries; processing of adjusting & closing entries & the preparation of final reports for a fictitious business. Submissions will be made both manually & using MYOB in three parts over the semester.
Part A - set up of a manual accounting system for Rita’s Animal Refuge; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Friday 22 March.
Part B - set up of a computerised accounting system for Rita’s Animal Refuge; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 29 April.
Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Rita’s Animal Refuge. Due for submission on Monday 20 May.
2. Individual Interview
Following submission of each part of the case study you will be individually interviewed & be asked to demonstrate the knowledge & skills required to produce your case study submissions. You must be assessed as competent in both your submitted work & the interview for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.
3. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors.
Assessment Matrix
Other Information
To be competent evidence of the following is essential:
1. preparing financial reports
2. applying the Australian Accounting and Auditing Standards
3. applying double-entry principles.
Required skills
1. communication skills to clarify reporting requirements and obtain required data
2. literacy skills to:
a. identify financial information
b. follow the Australian Accounting and Auditing Standards
c. follow the organisation’s accounting procedures
3. numeracy skills to calculate percentages, addition and subtraction.
Required knowledge
1. double-entry bookkeeping principles
2. general journal and general ledger entries
3. key provisions of relevant legislation and regulations from all forms of government, standards and codes that may affect aspects of business operations, such as:
a. Australian Taxation Office regulations
b. accounting and auditing standards
c.Goods and Services Tax (GST) regulations
d. anti-discrimination legislation
e. ethical principles
f. codes of practice
g. finance legislation
h. privacy laws
i. occupational health and safety
4. organisational accounting systems
5. organisational policies, procedures and accounting requirements.
When submitting assessments you should:
• Ensure that you 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 is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• 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 for 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 title and page numbers. For example,
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 well as demonstrating a high level of initiative while proccessing transactions and extracting reports.
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 processing financial transactions. You should be able to demonstrate a thorough understanding of double entry bookkeeping principles and procedures involved when processing financial transactions and preparing reports.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for techniques to be used in problem solving, using appropriate technology and methodology to assist in recording data and preparing reports. You also need to show an understanding of the kinds of problems that can arise in bookkeeping and reporting.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see effective planning, self management & work organization resulting in 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. In addition you should demonstrate a range of well-developed interpersonal 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
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview