Course Title: Prepare financial reports

Part B: Course Detail

Teaching Period: Term1 2018

Course Code: ACCT5370C

Course Title: Prepare financial reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C4362 - Certificate IV in Bookkeeping

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Jennifer Wotzko

jennifer.wotzko@rmit.edu.au

Available for student assistance on Tuesdays 9am to 12pm or 2pm to 5pm.

Possibly available at other times by appointment via email.

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

There are no pre-requisites for this unit.

Course Description

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

Element:

1 Maintain asset register

Performance Criteria:

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

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 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

Element:

3 Prepare final general ledger accounts

Performance Criteria:

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

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 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


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The collaborative classroom based activities will include group discussion, question & answer sessions, interactive group demonstrations of the application of accounting principles to specific book-keeping problems & case studies using both manual & computerized accounting techniques. The completion of case studies in class will provide the opportunity to practice your skills in a simulated work environment.

The self-paced activities will be delivered through various technology platforms, including the use of a computerized accounting package, quizzes & interactive sessions.

 


Teaching Schedule

This course is clustered (co-delivered & co-assessed) with:

ACCT5371C Develop and implement policies and procedures relevant to bookkeeping activities 
ACCT5375C Process financial transactions and extract interim reports 
ACCT5376C Administer subsidiary accounts and ledgers 
ACCT5377C Prepare financial statements for non-reporting entities 
COSC6188C Set up and operate a computerised accounting system 

 

 Course Delivery:

Week

 

Week Starting

Topics

Assessment

Competencies

Delivered

1

5/02/2018

Introduction to the Course including:

  • Course requirements
  • Course support documents
  • CANVAS access
  • Accuracy of enrolment
  • Assessment requirements     
  • Extensions/Resubmissions
  • Feedback in this course
  • Getting help

Introduction to Accounting

  • Accounting within the Business Context
  • Accounting equation
  • Assets, Liabilities & Owner’s Equity

 

 

ACCT5370C Prepare Financial Reports

(BSBFIA401)

ACCT5371C Develop and implement policies and procedures relevant to bookkeeping activities 

(FNSBKG401)
ACCT5375C Process financial transactions and extract interim reports (FNSACC301)

ACCT5376C Administer subsidiary accounts and ledgers

(FNSACC302) 
ACCT5377C Prepare financial statements for non-reporting entities

(FNSACC404) 
COSC6188C Set up and operate a computerized accounting system

(FNSACC406)  

2

12/02/2018

Analysis of transactions

  • Debit & Credit rules
  • Practice exercises on Analysis of Transactions

 

 As above

3

19/02/2018

 Journals & Ledgers

  • General Journal
  • Application of the Debit & Credit Rules
  • General Ledger
  • Practice exercises on entries to the General Journal and General Ledger
  • Holistic case study in class introducing the Manual transactions

 

 As above 

4

26/02/2018

Subsidiary Ledgers

  • Set up of Subsidiary Ledgers
  • Analysis & entry of transactions which update manual subsidiary ledgers
  • Holistic Case Study continued

 

 As above

5

5/03/2018

Reconciliations & Trial Balance     

  • Introduction to reports
  • Trial Balance preparation
  • Accounts Receivable Reconciliation
  • Accounts Payable Reconciliation
  • Bank Reconciliation

 

 

 

 As above

6

12/03/2018

(No classes on Monday 12/03/2018.

Public Holiday - Labour Day)

Practice Test – MANUAL ACCOUNTING

 

INTRODUCTION TO MYOB

Assessment Part A Due END OF WEEK 6.  You will receive the feedback by the end of week 7 and if required for any resit, it will be completed in week 8.

 As above

7

19/03/2018

MYOB   

  • Setting up a new file
  • Practice exercises

In - class test

An in class test to judge the authenticity of case study submission and skill based learning under pressure and time critical scenario to simulate the time critical workplace environment.  

 As above

8a

25/03/2018

MYOB

  • Setting up subsidiary ledgers
  • Comprehensive exercises - manual to MYOB

 Re-sit for Assessment Part A

 As above

  

Mid semester break (29/03 - 4/04 inclusive)

  
8b2/04/2018

As for 8a

  

9

9/04/2018

BANKING & BANK RECONCILIATION

 

 As above

10

16/04/2018

MYOB practice in class

Completion of Practice Case Study in MYOB

 

 As above

11

No classes on 25/04/18 (Anzac Day)

23/04/2018

 

Accounting for Fixed Assets

Fixed Assets discussed

  • Fixed Asset card
  • Depreciation Introduction
  • Depreciation Methods
  • Fixed asset accounts
  • Repair cards
  • Recording of fixed asset related elements in reports like Balance sheet and Profit and loss
  • Practice exercise

Assessment Part B due in week 11.  You will receive the feedback by the end of week 12, and if required to resubmit it will be due by the end of Week 13.

 

In - class test

An in class test to judge the authenticity of case study submission and skill based learning under pressure and time critical scenario to simulate the time critical workplace environment.  

 As above

12

30/04/18

Management of Debtors & Creditors

  • Debtors & Creditors schedules Introduced
  • Bad debts Concepts
  • Bad debts policy
  • Doubtful debts introduction
  • Doubtful debts treatment
  • Example of contract
  • Entry of bad & doubtful debts, manual & using MYOB

 Resubmission Assessment Part B

 

 As above

13

7/05/18

Year-end adjustments

  • Balance day adjustments
  • Entry of balance day adjustments to General Journal, manual & using MYOB
  • Impact on General Ledger balances
  • Impact on balance sheet and Income Statement
  • Practice exercises on entry of balance day adjustments, manual & MYOB

 

 As above

14

14/05/18

  • Practice exercises on entry of balance day adjustments, manual & MYOB

 

Final Reports

Preparation of post adjustment  final reports 

  • Balance sheet
  • Profit and loss account
  • Exercises on year end entries & preparation of post adjustment final reports

 

 

 As above

15

21/05/18

 

Assessment Task C

In - class test

An in class test to judge the authenticity and skill based learning under pressure and time critical scenario to simulate the time critical workplace environment.  

 

You will receive the feedback by the end of week 15

If required, resubmission for this assessment is due by the end of week 16

 

 

16

28/05/18

Re-submission/s if required

 

 

17

4/06/18

Re-submission/s if required

  

 

** The teaching schedule may be subject to change.  You will be advised in class and via Canvas 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 this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

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 .

Knowledge Evidence

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 Conditions

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

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.


Assessment Tasks

Your assessment in this course is primarily via a comprehensive case study which simulates (on a small scale) the accounting process in dealing with a bookkeeping file.  The case study will be submitted by you in three parts & you must be graded as competent in all three parts.  

TASK 1: CASE STUDY PART A.  Due date - end of week 6.  Feedback will be provided in week 8.

For this assessment task you will be setting up a manual accounting system & manually recording a range of transactions for a small business.  You will do this in your own time & submit either a word or Excel document, followed by a short multiple choice test in week 7.

TASK 2: CASE STUDY PART B.  Due date - week 11.  Feedback will be provided by the end of week 12.

For this assessment task you will be setting up a computerised accounting system & recording the same transactions as in Part A on the computerised system.  You will do this in your own time & submit the required MYOB files, followed by a short multiple choice test in week 11.

TASK 3: CASE STUDY PART C.  Due date - week 15 in class.  Feedback will be provided by the end of week 16.

For this assessment task you will complete a comprehensive closed book, in-class test.  The test questions will focus on the topics covered during weeks 11 to 14.  However, to be successful you will need to draw upon the knowledge & skills learned throughout the course.

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS, Certificate IV in Bookkeeping, Manual & Computerised Accounting, Assignments.

Other Information

Submission Requirements:

You should:

 

  • 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 the Assessment task document that includes a declaration and statement of authorship.
  • 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.

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 Informationhttps://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

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:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

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.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

 

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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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:

 

CHD

Competent with High Distinction

CDI

Competent with Distinction

CC

Competent with Credit

CAG

Competency Achieved – Graded

CA

Competency Achieved – Not Graded

NYC

Not Yet Competent

DNS

Did Not Submit for assessment

 

Course Overview: Access Course Overview