Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term1 2010
Course Code: ACCT5287C
Course Title: Prepare financial reports
School: 650T TAFE Business
Campus: City Campus
Program: C5178 - Diploma of Accounting
Course Contact : Angelo Sellan
Course Contact Phone: +61 3 9925 5460
Course Contact Email:angelo.sellan@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Angelo Sellan 992 55460
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
Nil
Course Description
This unit describes the performance outcomes, skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIA401A Prepare financial reports |
Element: |
Maintain Asset Register |
Performance Criteria: |
1.1 A register of property, plant and equipment is prepared from fixed asset transactions in accordance with organisational policy and procedures. |
Element: |
Prepare end- of-period financial reports. |
Performance Criteria: |
4.1 Revenue statement is prepared in accordance with organisational requirements to reflect operating profit for reporting period |
Element: |
Prepare final general ledger accounts. |
Performance Criteria: |
3.1 General journal entries for balance day adjustments are entered in general ledger system in accordance with organisational policy and procedures and accounting requirements |
Element: |
Record general journal entries for balance day adjustments. |
Performance Criteria: |
2.1 Depreciation of non-current assets and disposal of fixed assets are recorded in accordance with organisational policy and procedures. |
Learning Outcomes
Details of Learning Activities
Preparing exercises on completion of financial accounting framework; demonstrations and discussions. Finally discussion of solutions.
As above, but this time on asset register and inventory cards.
As above, but this time on balance day adjustments.
As above, but this time on bad & doubtful debts and closing entries for a service business.
As above, but now on reconciliation process and closing entries for a service business.
As above, but finally on the preparation of income statements and balance sheets, both for a service and a trading business.
Teaching Schedule
Week | Week beginning | Topic as per student learning guide |
1 | Feb 8th | Introduction/ Revision of general journal entries. Maintain the asset register |
2 | 15th | Record general journal entries for balance day adjustments(depreciation, prepayments & accruals) |
3 | 22nd | Record general journal entries for balance day adjustments(bad & doubtful debts) |
4 | Mar 1st | Prepare final general ledger accounts for a service then a trading business. |
5 | 8th | Prepare end-of-period final reports: Income Statement & Balance Sheet |
6 | 15th | Prepare end-of-period final reports: Income Statement & Balance Sheet |
7 | 22nd | Revision |
8 | 29th | Test |
9 | Apr 12th | Case study due |
Learning Resources
Prescribed Texts
TAFE Accounting Basic Reports by Mroczkowski, Fleay, Poustie, Yates ..Cengage Learning 8th edition |
References
Other Resources
Workbook that accompanyies that TAFE Accounting stable of textbooks
Resources that are distributed from time to time via the Learning Hub.
Overview of Assessment
Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.
Assessment Tasks
TEST this provides for a comprehensive testing of all the learning outcomes except those in Perf Criteria 1.1 to 1.3.
The test is expected to take 2 hours, and is a closed book test. The test is worth 70% of the final grade. It is essential that a student pass this test.
CASE STUDY this provides students with an opportunity to work in teams (3 per team), produce the end- of -year final reports and all the processes and procedures that are required before publishing the reports, and integrate the end of year requirements with the ongoing business of maintaining financial records.
The case study will go out in week 2, and will be handed in in week 9.
Assessment Matrix
Course Overview: Access Course Overview