Course Title: Prepare financial reports
Part B: Course Detail
Teaching Period: Term1 2025
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
Course Coordinator:
Paul Lim
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
This course is scheduled to run for 9 weeks. Please note that there will be no additional time available beyond this date. To achieve competency in this course, you must complete all assigned quizzes and assessments by the deadlines and achieve satisfactory results.
Review the unit syllabus, course materials, and assessment details. Keep track of weekly progress and deadlines for quizzes and assessments. In the first week, learn the name of your class group's contact teacher for any inquiries during the course.
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 Class recording |
| Week 3 | Balance Day Adjustments |
Self-Testing Exercise Chapter Review Questions |
| Week 4 |
Assessment 1 Review |
Self-Testing Exercise Chapter Review Questions Assessment 1 due |
| Week 5 |
Closing Entries |
Self-Testing Exercise Chapter Review Questions |
| Week 6 | Final Reports |
Complete activities Self-Testing Exercise |
| Week 7 | Assessment 2 Review |
Assessment 2 due |
| Week 8 | Study Support, assessment feedback, and re-submissions |
|
| Week 9 | Final week for study support, assessment feedback, and re-submissions |
Learning Resources
Prescribed Texts
Prepare Financial Reports (Accounting Principles Book 2) |
978-1-76073-267-7 |
References
Other Resources
Available on Canvas
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
Assessment 1
TASK 1 - 8 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
Summary and Purpose of Assessment
There is a total of two (2) assessment tasks you need to complete for this course ACCT5448C. This is assessment task 1 of two (2). Both assessment tasks need to be “satisfactory” completed in order to be deemed Competent for this course. This assessment task is to be completed individually.
The purpose of this assessment task is to assess students’ skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports.
Assessment Instructions
This assessment comprises of 8 tasks (Tasks 1-8) listed below. Each task is a separate task and you are required to complete all the tasks.
- Download the assessment document from Canvas and complete the 8 task questions. Save in Microsoft Word format and upload your assignment via Canvas.
- You MUST complete all sections; student name, ID, signature and date where appropriate on the information sheet that has been provided.
- When completing the tasks, you need to pay attention to the reliability of the data and ensure accuracy throughout your workings.
- You need to perform a check on your final calculations, including reviewing against all internal and external financial data sources were given in the questions and must ensure they follow all necessary protocols, policies and procedures and accounting standards.
Assessment 2
This assessment comprises of nine (9) tasks (Tasks 1-9) listed below. Each task is a separate task and you are required to complete all the tasks.
- Download the assessment document from Canvas and complete the 9 task questions. Save in Microsoft Word format and upload your assignment via Canvas.
- You MUST complete all sections; student name, ID, signature and date where appropriate on the information sheet that has been provided.
- When completing the tasks, you need to pay attention to the reliability of the data and ensure accuracy throughout your workings.
- You need to perform a check on your final calculations, including reviewing against all internal and external financial data sources were given in the questions and must ensure they follow all necessary protocols, policies and procedures and accounting standards.
You will be provided some class time to work on this assessment, however, it is expected that the majority of this assessment will be completed outside of class.
How you will be assessed
You will be assessed against the criteria listed in the marking guide in Section B of this task. To achieve a satisfactory result, you will need to address all criteria satisfactorily.
You will be assessed against the criteria as listed in the rubric/observation checklist.
To achieve a satisfactory result you will need to address all criteria satisfactorily.
Conditions for assessment
- This is an individual task. You must not copy the work of others. (For more information regarding Academic Integrity please refer to RMIT Academic Integrity Guidelines.) If in any doubt about what kind of support is allowable then you need to seek clarification from your assessor.
- You can seek clarification from the assessor about any part of this assessment task.
- You must submit all documents listed in the instructions and marking criteria on or before the specified due date.
- Your work will receive a result of Satisfactory or Not Satisfactory. You must meet all the criteria listed in the marking guide to be deemed to be satisfactory for this assessment. If you are deemed not satisfactory, the feedback from your assessor, as noted in the marking guide, will indicate how you need to improve your work before resubmitting
- You are entitled to a second resubmission of this assessment task if the first submission was not satisfactory.
- In certain circumstances students may be eligible for an assessment adjustment (e.g. a disability or long-term medical or mental health condition; unavoidable employment, family, cultural, religious or elite sporting commitment known in advance; other unexpected circumstances outside their control) or an extension of time.
- If you are unable to meet the submission deadline as stated in Canvas then you need to consult with your assessor as soon as possible, preferably at least one (1) week before the assessment submission due date. Information found on the web pages below will also help inform you of your rights and responsibilities.
- For a 7-day extension see https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
- For special consideration see https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
- For reasonable adjustment see https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment
- Students can appeal the assessment decision according to the RMIT Assessment Processes document
- For Equitable Assessment Arrangements please see Equitable Assessment Arrangements - RMIT University
- Failure to complete this assessment within the scheduled time will result in the task being assessed as Not Satisfactory unless alternative arrangements have been made to complete the assessment prior to the date of the assessment task.
You will be assessed against the criteria as listed in the rubric/observation checklist.
To achieve a satisfactory result you will need to address all criteria satisfactorily.
Instructions on submitting your assessment
You must submit your responses to Tasks 1-8 and upload them on Canvas by the due date.
Students are required to submit these answers into a Word document and upload onto Canvas. Name your file as: your student number _your name_ Assessment 1 Prepare Financial Reports
For example, 23456789JohnSmith__ Assessment 1Prepare Financial Reports.docx
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