Course Title: Prepare financial reports

Part A: Course Overview

Program: C4435 Certificate IV in Accounting and Bookkeeping

Course Title: Prepare financial reports

Portfolio: Vocational Education

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.

Important Information:

Please note that this course may have compulsory in-person attendance requirements for some teaching activities. 


Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5448C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term1 2024

Course Contact: Nick Reynolds

Course Contact Phone: +61 3 9925 0791

Course Contact Email: nick.reynolds@rmit.edu.au



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.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSACC421 Prepare financial reports

Elements:

1. Prepare and maintain asset register

2. Record general journal entries for balance day adjustments

3. Update and prepare final general ledger accounts

4. Prepare end of period financial reports

Learning Outcomes


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.