Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term2 2024
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
The learning content for this cluster will be delivered over nine weeks.
A range of learning activities are planned for this course, including online webinar sessions and collaborative classroom-based activities.
The collaborative, classroom-based activities will include group discussion, question-and-answer sessions, interactive group demonstrations of the application of accounting principles to specific bookkeeping problems, and case studies using manual accounting techniques. Completing learning activities both in class and outside of class will provide the opportunity to practice and consolidate your skills.
Teaching Schedule
| Week 1 |
Introduction, Welcome and Orientation and Important Information about the unit course, Teacher contact info, Canvas Navigation, Unit Modules, Resources/Textbook, Assessment and other Q&A about the unit Depreciation & Asset Register |
Self-Testing Exercise Chapter Review Questions
|
| Week 2 | Depreciation & Asset Register |
Self-Testing Exercise Chapter Review Questions |
| Week 3 | Balance Day Adjustments |
Self-Testing Exercise Chapter Review Questions |
| Week 4 |
Assessment 1 Review |
Self-Testing Exercise Chapter Review Questions |
| Week 5 |
Closing Entries |
Self-Testing Exercise Chapter Review Questions Assessment 1 due |
| Week 6 | Final Reports |
Complete activities Self-Testing Exercise
|
| Week 7 |
Assessment 2 Review |
Assessment 2 due |
| Week 8 | Assessment Feedback & Resubmission |
|
| Week 9 | Final week to submit all assessments and re-submissions if required. |
Learning Resources
Prescribed Texts
Prepare Financial Reports by Anne Collins & Andrew Duncan 14th Edition (January, 2023) |
978-1-76073-267-7 |
References
Other Resources
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
You need to complete two (2) assessment tasks for this course. Both assessment tasks must be “satisfactory” and completed to be deemed competent for this course. Each assessment task is to be completed individually.
Assessment Task 1 - due date as per unit syllabus
Assessment Task 2 - due date as per unit syllabus
This assessment task aims to assess the student’s skills and knowledge in preparing and processing journal entries and balance-day adjustments, posting journal entries and adjustments to ledgers, extracting a trial balance, and preparing end-of-period financial reports.
Assessment Matrix
Assessment 1 (refer to marking guide)
Prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.
Assessment 2 (refer to Marking Guide)
Prepare and process routine financial documents and journal entries, post journal entries to ledgers, prepare to bank and reconcile financial receipts, and extract a trial balance and interim reports.
Other Information
Students will undertake and complete these two assessments on their own time; however, there will be ongoing discussions on this assessment during the semester. Students will be assessed against the criteria listed in the marking guide in Section B of this task. To achieve a satisfactory result, they must address all task criteria satisfactorily.
Course Overview: Access Course Overview