Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: VE 2024
Class Number: 3618
Class Section: AC03
For flexible terms and optional semesters, a Part B course guide may have been published for the entire teaching period, or for the specific class number in which you are enrolled. If there is no Part B course guide published for your specific class number, please refer to the guide for the teaching period in which you are enrolled. Enrolment Online is the definitive source for details regarding your class enrolment.
Course Code: ACCT5448C
Course Title: Prepare financial reports
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
School: 525T Business & Enterprise
Campus: City Campus
Program: C4435 - Certificate IV in Accounting and Bookkeeping
Course Contact: Nick Reynolds
Course Contact Phone: +61 3 9925 0791
Course Contact Email: nick.reynolds@rmit.edu.au
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
None
Course Description
This unit describes the skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports.
The unit applies to individuals who are responsible for preparing financial reports. They may be individuals providing administrative support in an organisation, or they might have responsibility for these tasks in relation to their own workgroup or role.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC421 Prepare financial reports |
Element: |
1. Prepare and maintain asset register |
Performance Criteria: |
1.1 Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures 1.2 Determine method of calculating depreciation according to organisational requirements 1.3 Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies 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 according to accounting requirements and organisational policies and procedures 2.2 Adjust expense accounts and revenue accounts for prepayments and accruals 2.3 Record bad and doubtful debts according to accounting requirements and organisational policy and procedures 2.4 Adjust ledger accounts for inventories and transfer to final accounts, if required. |
Element: |
3. Update and prepare final general ledger accounts |
Performance Criteria: |
3.1 Make general journal entries for balance day adjustments in general ledger system according to accounting requirements and organisational policies and procedures 3.2 Post revenue and expense account balances to final general ledger accounts system 3.3 Prepare final general ledger accounts that reflect gross and net profits for reporting period. |
Element: |
4. Prepare end of period financial reports |
Performance Criteria: |
4.1 Prepare revenue statement that reflects operating profit for reporting period according to organisational requirements 4.2 Prepare balance sheet and reflect financial position of business at end of reporting period 4.3 Identify and correct errors or refer for resolution according to organisational policy and procedures. |
Learning Outcomes
Details of Learning Activities
Welcome to FNSACC421 Prepare financial reports.
This is a 9-week course, and all learning and assessment activities for this course must be completed within this time. A weekly breakdown of the activities for this course can be found in the ‘Teaching Schedule’ section below.
To ensure you accomplish the expected learning outcomes of this course, you will be required to devote study time each week outside of scheduled class times, completing exercises, activities and assessment tasks.
All assessment tasks should be completed and submitted by their due dates as shown in CANVAS.
Teaching Schedule
| Week 1 |
Introduction, Welcome and Orientation and important information about the course (including Teacher contact info, Canvas navigation, Unit modules, Resources/Textbook, Assessment and other Q&A about the course) Depreciation & Asset Register |
Self-Testing Exercise Chapter Review Questions Class recording |
| Week 2 |
Depreciation & Asset Register |
Self-Testing Exercise Chapter Review Questions Class recording |
| Week 3 | Balance Day Adjustments |
Self-Testing Exercise Chapter Review Questions Class recording |
| Week 4 |
Assessment 1 Review |
Self-Testing Exercise Chapter Review Questions Class recording |
| Week 5 |
Closing Entries |
Self-Testing Exercise Chapter Review Questions Class recording Assessment 1 due |
| Week 6 | Final Reports |
Complete activities Self-Testing Exercise Class recording |
| Week 7 |
Assessment 2 Review |
Assessment 2 due |
| Week 8 |
Assessment Feedback & Resubmissions |
|
| Week 9 | Final week to resubmit all assessments, if required. |
Learning Resources
Prescribed Texts
Prepare Financial Reports (Accounting Principles Book 2)by Anne Collins & Andrew Duncan14th Edition (January, 2023) |
978-1-76073-267-7 |
References
Other Resources
The online learning materials listed include:
- Course outlines
- PowerPoint presentations
- Supporting reading material
- Industry relevant articles
- Activities
Overview of Assessment
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- produce at least one complete asset register and depreciation schedule.
In the course of the above, the candidate must:
- record entries for balance day adjustments
- trace and reconcile errors systematically
- apply double-entry bookkeeping principles to prepare and maintain financial reports and ledgers
- complete all tasks according to organisational policies and industry standards.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- double-entry bookkeeping principles
- processes for making general journal and general ledger entries
- key provisions of legislation, regulations, standards and codes of practice relevant to the preparation of financial reports
- key features of organisational accounting systems used for preparing financial reports
- organisational policies, procedures and accounting standards relevant to own role.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- office equipment and resources, including computer equipment and relevant software
- accounting standards relating to financial reports
- samples of financial data
- workplace reference materials, such procedural manuals and organisational policies.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
There is a total of two (2) assessment tasks you need to complete for this course. Both assessment tasks need to be satisfactorily completed in order to be deemed competent for this course.
Assessment Task 1 - due in Week 5
Assessment Task 2 - due in Week 7
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
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: https://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 (VE 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 to a CA only
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.
Course Overview: Access Course Overview