Course Title: Prepare financial reports

Part B: Course Detail

Teaching Period: Term1 2019

Course Code: ACCT5370C

Course Title: Prepare financial reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C4398 - Certificate IV in Accounting and Bookkeeping

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Naveen Garg


Please send an email to make an appointment to talk to the teacher.

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


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 work group or role.

Please note: This unit is a prerequisite for FNSACC514 (ACCT5427C) Prepare financial reports for corporate entities

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIA401 Prepare financial reports


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


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


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


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 accounting techniques. The completion of case studies in class will provide the opportunity to practice your skills.


There will be several exercises, worksheets available on Canvas.

Teaching Schedule

 Here is the weekly delivery schedule for this unit.  It provides the information on:

  • When classes will be held
  • What learning materials and activities need to be completed; and,
  • What assessments are due and when 


Example course schedule

Course Schedule:      Prepare Financial Reports                                                   Semester 1: 2019



Readings and Activities

(to be completed prior to next class)


Unit(s) of Competency

Week 1




 No Class   

Week 2



 No Class   

Week 3


 No Class   

Week 4


 No Class   

Week 5



 No Class   

Week 6



 No Class   

Week 7


 No Class   

Week 8


  • Recording of Fixed Assets

    Closing Entries

    • Closing Entries for a service and trading business
    • End of period Reconciliations
      • Payables
      • Receivables
      • Inventory
      • Fixed Assets




  • Accounting for FIxed assets Register.
  • Comprehensive exercises
  • Video and illustrative tutorials in class









  As above

Week 9


Year-end adjustments

  • Balance day adjustments
    • Accrued Expenses
    • Prepaid Expense
    • Accrued Revenue
    • Prepaid Revenue
    • Depreciation
    • Bad and Doubtful debts
    • Entry of balance day adjustments to General Journal
 Assessment task released 

Week 10


Final Reports

Preparation of post adjustment (continued)

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


  • Exercises on year end entries & preparation of post adjustment final reports




  As above

Week 11


 No Class   

Week 12


 No Class   

Week 13


 No Class   

Week 14 



 No Class   

Week 15


 No Class online submission for assessment due 

Week 16


Re-submission/s if required





 * Please note this schedule can be subject to change and you will be advised on CANVAS of any changes


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


Other Resources

All material and relevant readings will be provided on CANVAS for students

Overview of Assessment

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 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 for this unit is as follows:

 Assessment Task : handed out week 9 and due week 15 (online submission)

Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS.

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 Information

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:

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 CA only (Competency Achieved) 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:


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.


All assessment tasks must be completed to a satisfactory standard in order for competency to be awarded in this unit.


Course Overview: Access Course Overview