Course Title: Prepare financial reports

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: ACCT5370C

Course Title: Prepare financial reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C4362 - Certificate IV in Bookkeeping

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 1374

Course Contact Email: bhupendra.sethia@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Upasana Mahajan

03 9925 5460

Upasna.mahajan@rmit.edu.au 

Naveen Garg

naveen.garg@rmit.edu.au

 

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 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.

Primarily you will be learning face to face, with an online course site (Blackboard) used to disseminate materials, including videos, notes & activities and to provide access to on-line assessments & assessment submission points. 

During class time you will prepare notes, participate in discussions and complete problem solving exercises.  Across the semester you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerised system.  You will be required to complete all activities & assessment tasks, either in class or in your own time. 

You will also be provided with recorded "Collaborate" sessions, on-line notes, problem solving exercises & solutions on the Blackboard site, which you will be expected to access & use in addition to your scheduled classes every week.


Teaching Schedule

           

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 The Teaching Schedule for this course is as follows but please note that it is subject to change.

Week

 

Week Commencing

Topics

Assessment

Competencies Delivered

1

6/2/2017

Introduction to the Course including:

·       Course requirements

·       Course support documents

·       Course Blackboard access

·       Accuracy of enrolment

·       Assessment requirements/Cover Sheets

·       Reminder re Plagiarism

·       Reminder re Appeals

·       Extensions/Resubmissions

·       Feedback in this course

·       Reminder re submission requirements

·       Getting help

Introduction to Accounting

·       Accounting theory

·       Accounting equation

·       Analysis of transaction

·       Analysis of Accounts

 

 

 

2

13/2/2017

·       Analysis of transaction

·       Debit Credit rules

·       Practice questions on Accounting equation

·       Cash Book Introduction

·       Petty Cash Book

·       Practice exercise on Debit Credit

·       Practice exercise on Cash Book from blackboard

 

 

 

3

20/2/2017

·       Introduction to Journal

·       Rules of Journal

·       Subsidiary Journals

·       Introduction to Ledger Concept

·       Practice exercise on Journal and Ledger

 

 

 

4

27/2/2017

Introduction to Ledger cont.

·       Ledger preparation

·       Exercises on Ledger

·       Introduction to reports

·       Trial Balance preparation

·       Pre adjustment Trial Balance

·       Online Test

 

 

 

 

5

6/3/2017

MYOB Introduction

·       Setting up a company

·       Setting of Chart of Accounts

·       Creating debtors and Creditors schedules

·       Exercises on MYOB

 

 

 

6

13/3/2017

MYOB Continued

·       Command centre discussed

·       Transitions processing

·       Cash Book preparation

·       Petty cash preparation

·       Exercises on MYOB from blackboard

 

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

 

7

20/3/2017

MYOB practice in class

·       Lots of practice exercises to make students comfortable

·       Practice case study

Re-sit for Assessment Part A

 

8

27/3/2017

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

 

 

 

9

3/4/2017

Debtors schedule Introduced

·       Bad debts Concepts

·       Bad debts policy

·       Doubtful debts introduction

·       Doubtful debts treatment

·       Students will be introduced to the contracts and given introduction of Practice firm

Students will be given real scenario to work in the class and assessed on that. 

 

10

10/4/17

Year end adjustments introduced

·       Balance day adjustments

·       Treatment of balance day adjustments

·       Recording in various reports like balance sheet and Profit and loss account

 

 

Students will be given real scenario to work in the class and assessed on that.

 

11

17/4/17

Extracting post adjustment trial balance.

·       How the adjustments will be affected in the trial balance

·       Exercises for balance day adjustment

 

 

 

12

24/4/17

Preparation of post adjustment balance sheet

Profit and loss account

Exercises on post adjustment exercises

 

 

 

 

13

1/5/17

Holistic case student in class introducing the Manual transactions

 

 

 

14

8/5/17

Holistic exercise continued with computerised system

Students problems discussed

 

 

 

 

15

15/5/17

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.

Assessment Task B Due at the end of this week.  You will receive the feedback in week 16.

 If required, resubmission for this assessment is due by the end of week 17

 

 

16

22/5/17

Re-submission/s if required

.

 

17

29/5/17

Re-submission/s if required

 

 

 

Break: The mid-semester break is between Thursday, 13/4/2017 and Wednesday, 19/4/2017

** The teaching schedule may be subject to change.  You will be advised in class and via blackboard if changes become necessary.

 For FAST TRACK students: 

Week

 

Topics

Assessment

Competencies Delivered

1

Introduction to the Course including:

·       Course requirements

·       Course support documents

·       Course Blackboard access

·       Accuracy of enrolment

·       Assessment requirements/Cover Sheets

·       Reminder re Plagiarism

·       Reminder re Appeals

·       Extensions/Resubmissions

·       Feedback in this course

·       Reminder re submission requirements

·       Getting help

Introduction to Accounting

·       Accounting theory

·       Accounting equation

·       Analysis of transaction

·       Analysis of Accounts

·       Analysis of transaction

·       Debit Credit rules

·       Practice questions on Accounting equation

·       Cash Book Introduction

·       Petty Cash Book

·       Practice exercise on Debit Credit

·       Practice exercise on Cash Book from blackboard

 

 

 

2

·       Introduction to Journal

·       Rules of Journal

·       Subsidiary Journals

·       Introduction to Ledger Concept

·       Practice exercise on Journal and Ledger

Introduction to Ledger cont.

·       Ledger preparation

·       Exercises on Ledger

·       Introduction to reports

·       Trial Balance preparation

·       Pre adjustment Trial Balance

·       Online Test

 

 

 

 

3

MYOB Introduction

·       Setting up a company

·       Setting of Chart of Accounts

·       Creating debtors and Creditors schedules

·       Exercises on MYOB

MYOB Continued

·       Command centre discussed

·       Transitions processing

·       Cash Book preparation

·       Petty cash preparation

·       Exercises on MYOB from blackboard

 

 

 

4

MYOB practice in class

·       Lots of practice exercises to make students comfortable

·       Practice case study

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

 

 

 

5

Debtors schedule Introduced

·       Bad debts Concepts

·       Bad debts policy

·       Doubtful debts introduction

·       Doubtful debts treatment

·       Simulation with Practice firm

·       Students will be introduced to the contracts and given introduction of Practice firm

Year end adjustments introduced

·       Balance day adjustments

·       Treatment of balance day adjustments

·       Recording in various reports like balance sheet and Profit and loss account

 

 

 

 

6

Extracting post adjustment trial balance.

·       How the adjustments will be affected in the trial balance

·       Exercises for balance day adjustment

·       Simulation in practice firm exercises

Preparation of post adjustment balance sheet

Profit and loss account

Exercises on post adjustment exercises

Simulation in practice form of the concepts discussed in the class

 

 

 

7

Holistic case student in class introducing the Manual transactions

Simulation in practice form of the concepts discussed in the class

 

Holistic exercise continued with computerised system

Students problems discussed

Simulation in practice form of the concepts discussed in the class

 

 

 

 

8

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.

Re-submission/s if required

Assessment Task A Due at the end of this week.  You will receive the feedback in week 8.

If required, resubmission for this assessment is due by the end of week 8.

 

 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.


Learning Resources

Prescribed Texts

Gourlay, D and Flanders, D MYOB Accounting Plus: version 19.7, Cengage

9780170177726


References

Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011  
 

9781442554016

Duncan, Andrew,   Introductory Accounting (10th edn), Learn Now Publications


Other Resources

Other relevant learning material, including lectures, class activities, additional reading & videos illustrating both manual & MYOB procedures will be placed on the blackboard site for this cluster of competencies, which is found under the name Prepare Financial Reports.  Students will need to access this site on a weekly basis to check for announcements, access materials & print off materials to bring to class when asked to do so.

For online collaborate sessions, please ensure you have JAVA installed on your computer https://java.com/en/download/index.jsp.  You will also need a headset & microphone.


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

This course is co-delivered and co-assessed with the following competencies:

ACCT5371CDevelop 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 computerised accounting system (FNSACC406)

Critical Aspects of Evidence - your assessment tasks have been designed to provide evidence of the following essential knowledge & skills:

Evidence of the ability to:
• accurately enter and balance deposits and withdrawals
• process and balance petty cash transactions
• check and verify supporting documentation
• apply relevant security measures for preparing and banking receipts
• batch monetary items and prepare deposit facilities
• use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries
• prepare and authorise journals and check journal processing reports
• extract and check/correct a trial balance
• file documentation to meet all organisational and regulatory requirements.
• interpret and comply with organisation policies and procedures and industry compliance requirements for monitoring accounts
• identify bad and doubtful debts in a timely manner and plan effective recovery actions
• follow bank account reconciliation processes
• use relevant data entry systems accurately.
• set up an organisation’s chart of accounts by modifying an established integrated financial software system
• interpret and apply organisational policies and procedures
• implement an integrated accounting system ensuring integrity of the data
• process transactions within the integrated system and generate reports
• maintain the integrated system.
• interpret and comply with organisational policies and procedures
• access, analyse and compile relevant financial data
• draft comprehensive and accurate reports and financial statements.
• prepare financial reports
• apply the Australian Accounting and Auditing Standards
• apply double-entry principles.
 

Assessment Part A (Due Date : End of week 5)

 

  1. For this Assessment Task you need to complete a case study covering Topics from week 1-5.
  2. You would also be required to present the report and role play based on the scenario where all students will be divided in 6 groups and will be given the role to play as Accounts payable , Accounts receivable and Production Manager and Sales Department and Manager and Bookkeeper . You will have to come and present their reports to the whole group based on the reports. The students will be assessed based on observation and role play model and will have the criteria to be assessed on the Observation checklist.

 

Assessment TASK 2 Simulated case study (Due date : week 9 & 10)

 

The second assessment will be completed in week 9&10 in the class, where students will be in simulated with a case study working as bookkeepers with manager as teacher.

  1. You will be appointed as bookkeeper in the travel and bank business .
  2. They will be given the tasks to complete in the bookkeeper role. 3. They will be assessed based on the reports produced in the firm.

 

Assessment Task 3 Case study  (Due Date: End of Week 15)  

 The main summative assessment where students will be given a holistic case study in week 14 and will be due for submission in week 15. You will produce the final reports following  all the legislation and rules laid by the governmental bodies, ready to lodge with  he required government body. you will be given the organisational policies and procedures and transactions to simulate the real scenario. you will be taking over the role of a bookkeeper. for this assessment. 

 For FAST TRACK students: 

Assessment Task 1 Case study  (Due Date: End of Week 8)  

 The main summative assessment where students will be given a holistic case study in week 7 and will be due for submission in week 8. You will produce the final reports following  all the legislation and rules laid by the governmental bodies, ready to lodge with  he required government body. you will be given the organisational policies and procedures and transactions to simulate the real scenario. you will be taking over the role of a bookkeeper. for this assessment. 

 

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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• 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. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

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: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
 

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: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
 

Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
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.
 

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: More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

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:

Final Grades table:

CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment


Further information regarding the application of the grading criteria will be provided by your teacher.
 


Assessment Matrix

Other Information

FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVA INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE
 

Course Overview: Access Course Overview