Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term2 2013
Course Code: ACCT5287C
Course Title: Prepare financial reports
School: 650T TAFE Business
Campus: City Campus
Program: C4325 - Certificate IV in Bookkeeping
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
Linda Boyce
linda.boyce@rmit.edu.au
Claude Marasco
claudio.marasco@rmit.edu.au
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 co-delivered & co-assessed with:
ACCT5350C Develop & implement policies & procedures relevant to bookkeeping activities
ACCT5352C Establish & maintain an accrual accounting system
ACCT 5306C Administer subsidiary accounts and ledgers
COSC6059C Set up and operate a computerised accounting system
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIA401A Prepare financial reports |
Element: |
1. Maintain asset register |
Performance Criteria: |
•1.1.Prepare a register of property, plant and equipment from fixed asset transactions in accordance with organisational policy and procedures |
Element: |
2. Record general journal entries for balance day adjustments |
Performance Criteria: |
•2.1.Record depreciation of non-current assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements |
Element: |
3. Prepare final general ledger accounts |
Performance Criteria: |
•3.1.Enter general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements |
Element: |
4. Prepare end of period financial reports |
Performance Criteria: |
•4.1.Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period |
Learning Outcomes
Details of Learning Activities
Over a period of eight weeks you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system.
It is expected that you will attend classes when scheduled and complete all assessment tasks.
During workshops you will prepare notes from lectures, participate in discussions and complete problem solving exercises. During weeks scheduled for flexible delivery you will be provided with on-line resources, activities & assessment.
Teaching Schedule
| Introduction Elements of Accounting & Simple Reports Transaction Analysis – Service Businesses Transaction Analysis – Trading Businesses |
Discussion of Teaching Schedule & Assessment Lecture & Illustration completion & discussion. Activities 1 – 3 Elements of Accounting & Simple Reports Lecture & Illustration – Transaction Analysis |
Activity 1 Transaction Analysis | |
| Accounting Process to trial balance
Posting transactions to the General Ledger |
Lecture & Illustration completion & discussion – Posting transactions to the General Ledger Activity 2.1 |
Activities 2.2 – 2.3 | |
| Accrual Transactions:Manual Journals; Manual Accounts Receivable & Payable Subsidiary Ledgers, Introduction to MYOB |
Lectures & Illustrations completion & discussion Activities 3.1 – 3.2 Manual entry of Accounts Receivable & Payable transactions Activity 3.3 Set up MYOB Accounts List & Cards |
Activities 3.4 – 3.5 Manual & MYOB Chart of Accounts & Subsidiary Ledgers |
|
| Accounting for fixed Assets
|
No class. Refer to on-line materials |
Blackboard Collaborate session: Read/listen to audio powerpoint notes & illustration. |
On-line Theory Test For details, see Assessment Tasks |
| Balance day adjustments – Manual & MYOB
|
Lecture & Illustration completion & discussion – Balance Day Adjustments Activity 1 – BDA Lecture & Illustration – MYOB Purchases Module |
Activities 2 – 3 Balance Day Adjustments Manual & MYOB
Activities 2 – 3 MYOB Purchases Case Study |
|
| Closing entries – Manual & MYOB
|
Lecture & Illustration completion & discussion – Closing Entries Activity 1 – Closing Entries Lecture & Illustration – MYOB Sales Module |
Activities 2 – 3 Closing Entries
Activities 2 – 3 MYOB Sales Module Case Study |
|
| Final Reports – Manual & MYOB
|
Illustration completion & discussion – Final Reports Activity 1 – Final Reports Lecture & Illustration – MYOB Inventory Module |
Activities 2 – 3 Final Reports
Activities 2 – 3 MYOB Inventory Module Case Study |
|
| Comprehensive Case Study – Manual & MYOB | No class. Refer to on-line materials. | Completion of Case Study |
Case Study – Manual & MYOB For details, see Assessment Tasks |
**The teaching schedule may be subject to change. Students will be advised via the Blackboard and in class should changes occur.
Learning Resources
Prescribed Texts
None |
References
Sutherland, Euan Computer Accounting: A Systematic Approach, Pearson, 2011 |
9781442554016 |
Other Resources
Detailed notes, illustrations, videos, activities & solutions - both manual & on-line - will be provided on the blackboard site for this cluster of competencies. You are expected to refer to the blackboard site at least once a week to access materials & participate in on-line activities.
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
Assessment Tasks
1. On-line Theory Test – multiple choice & matching test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.
2. 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. Your submission will be made both manually & using MYOB.
Assessment Matrix
Other Information
This course is co-delivered & co-assessed with:
ACCT5350C Develop & implement policies & procedures relevant to bookkeeping activities
ACCT5352C Establish & maintain an accrual accounting system
ACCT 5306C Administer subsidiary accounts and ledgers
COSC6059C Set up and operate a computerised accounting system
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 rocessing 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