Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term2 2016
Course Code: ACCT5370C
Course Title: Prepare financial reports
School: 650T Vocational Business Education
Campus: City Campus
Program: C4362 - Certificate IV in Bookkeeping
Course Contact: Ben Sethia
Course Contact Phone: +61 3 9925 1374
Course Contact Email: firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
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
This unit describes skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports.
It applies to individuals employed in a range of work environments who are responsible for preparing financial reports. They may be individuals providing administrative support within an enterprise, or they might have responsibility for these tasks in relation to their own workgroup or role.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
BSBFIA401 Prepare financial reports
1 Maintain asset register
1.1 Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures
1.2 Determine method of calculating depreciation in accordance with organisational requirements
1.3 Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements
2 Record general journal entries for balance day adjustments
2.1 Record depreciation of non-current assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements
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 Make 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
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
Primarily you will be learning face to face, with an online course site (Blackboard) used to disseminate materials, including videos, notes & activities and to provide access to on-line assessments & assessment submission points.
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 activities & assessment tasks, either in class or in your own time.
You will also be provided with recorded "Collaborate" sessions, on-line notes, problem solving exercises & solutions on the Blackboard site, which you will be expected to access & use in addition to your scheduled classes every week.
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
The Teaching Schedule for this course is as follows but please note that it is subject to change.
Elements of Accounting & Simple Reports
The Accounting Process:
a) Setting up a manual accounting system
The Accounting Process:
c) Transaction Analysis to the General Journal,
Book-keeping policies & procedures
On-line Transaction Analysis
Set up MYOB Inventory Items
On-line Theory Test - Due date: Friday 5th August
You will receive feedback immediately on-line
Record Accounts Receivable Transactions - manual & MYOB
COMPREHENSIVE CASE STUDY
"FOPPI’S BIKE SHOP" - TASK 1 -Due date 09/08/16
You will receive feedback in Week 7
If required, resubmission of this assessment is due 20/08/16
|7||15/08/16||Petty Cash - manual & MYOB||
|8||22/08/16||Bank Reconciliations - manual & MYOB||
|MID SEMESTER BREAK|
Introduction to end of period procedures & reporting
Accounting for Fixed Assets - manual & MYOB
COMPREHENSIVE CASE STUDY
"FOPPI’S BIKE SHOP" - TASK 2 - Due date: 06/09/16
You will receive feedback in Week 10
If required, resubmission is due by 17/09/16
Balance Day Adjustments - manual & on MYOB
Closing Entries - manual & on MYOB
Final Reports - manual & on MYOB
Comprehensive Case Study "Foppi’s Bike Shop"
COMPREHENSIVE CASE STUDY
"FOPPI’S BIKE SHOP" - TASKS 3 - 5 -Due date: 30/09/16
You will receive feedback by 07/10/16
If required, resubmission is due by 14/10/16
|13||03/10/16||On-line courses only|
|14||10/10/16||On-line courses only|
|15||17/10/16||On-line courses only|
|16||24/10/16||On-line courses only|
MID SEMESTER BREAK : There will be no classes from Monday 29th August to Friday 2nd September. Classes will resume on Monday 5th September.
The teaching schedule may be subject to change. You will be advised in class and via blackboard if changes become necessary.
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Gourlay, D and Flanders, D MYOB Accounting Plus: version 19.7, Cengage
Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011
Anne Collins & Andrew Duncan, Accounting Principles (12th edn), 2016
Anne Collins & Vivian Rowden, Book-keeping Policies & Procedures (4th edn), 2015
Other relevant learning material, including lectures, class activities, additional reading & videos illustrating both manual & MYOB procedures will be placed on the blackboard site for this cluster of competencies, which is found under the name Prepare Financial Reports. You will need to access this site on a weekly basis to check for announcements, access materials & print off materials to bring to class when asked to do so.
For online collaborate sessions, please ensure you have JAVA installed on your computer https://java.com/en/download/index.jsp. You will also need a headset & microphone.
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Evidence of the ability to:
- produce a detailed asset register and depreciation schedule
- accurately record entries for balance day adjustments
- prepare financial reports
- trace and reconcile errors systematically or seek expert advice if required
- apply double-entry principles
- complete all tasks according to organisational policies and industry standards .
To complete the unit requirements safely and effectively, you must:
- explain double-entry bookkeeping principles
- identify general journal and general ledger entries
- list the key provisions of relevant legislation, regulations, standards and codes of practice that may preparation of financial reports
- describe organisational accounting systems
- outline relevant organisational policies, procedures and accounting standards.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial administration field of work and include access to:
- office equipment and resources
- computer equipment and relevant software
- relevant standards
- samples of financial data
- workplace reference materials such procedural manuals and company policy
- case studies and, where possible, real situations.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.
This course is co-delivered and co-assessed with the following competencies:
ACCT5375C Process financial transactions
ACCT5376C Administer subsidiary accounts and ledgers
ACCT5377C Prepare financial reports for non-reporting entities
ACCT5378C Develop & Implement policies & procedures relevant to book-keeping activities
COSC6188C Set up and operate a computerised accounting system
Critical Aspects of Evidence - your assessment tasks have been designed to provide evidence of the following essential knowledge & skills:
Evidence of the ability to:
- accurately enter and balance deposits and withdrawals
- process and balance petty cash transactions
- check and verify supporting documentation
- apply relevant security measures for preparing and banking receipts
- batch monetary items and prepare deposit facilities
- use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries
- prepare and authorise journals and check journal processing reports
- extract and check/correct a trial balance
- file documentation to meet all organisational and regulatory requirements.
- interpret and comply with organisation policies and procedures and industry compliance requirements for monitoring accounts
- identify bad and doubtful debts in a timely manner and plan effective recovery actions
- follow bank account reconciliation processes
- use relevant data entry systems accurately.
- set up an organisation’s chart of accounts by modifying an established integrated financial software system
- interpret and apply organisational policies and procedures
- implement an integrated accounting system ensuring integrity of the data
- process transactions within the integrated system and generate reports
- maintain the integrated system.
- interpret and comply with organisational policies and procedures
- access, analyse and compile relevant financial data
- draft comprehensive and accurate reports and financial statements.
- prepare financial reports
- apply the Australian Accounting and Auditing Standards
- apply double-entry principles.
You are required to complete 2 assessments. You must successfully complete all parts of each assessment to be deemed competent in this course.
Assessment 1. Comprehensive Case Study
For this assessment task you are an assistant accountant who has been asked to set up a new accounting system for a client, "Foppi’s Bike Shop" first manually & then on MYOB & then to process all transactions, including year-end transactions for that client. You have also been asked to prepare all reconciliations & final reports. Submissions will be made both manually & using MYOB in three parts over the semester.
Task 1 - set up of the manual & MYOB accounting system for Foppi’s Bike Shop; Due for submission on Tuesday 9th August, Week 6.
Task 2 - record all transactions both manually & in the most appropriate MYOB module, then generate a pre-adjustment Trial Balance; Due for submission on Tuesday 6th September 2016, Week 9.
Tasks 3 - 5 - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Foppi’s Bike Shop. Due for submission on Friday 30th September, end of week 12.
Assessment 2. On-line Theory Test - must be completed on-line during week 5, due date Friday 5th August.
For this task you must complete an on-line multiple choice & matching test focussing on basic internal control procedures, manual & computerised, management of debtors & creditors and book-keeping policies & procedures.
- Ensure that you submit assessments on or before the due date.
- 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 each assessment task 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, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
- Late Submission Procedures
- You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w (unresolved)
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:
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.
FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVA INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE
Course Overview: Access Course Overview