Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term1 2013

Course Code: ACCT5303C

Course Title: Process financial transactions and extract interim reports

School: 650T TAFE Business

Campus: City Campus

Program: C4324 - Certificate IV in Accounting

Course Contact : Jenny Wotzko

Course Contact Phone: +61 3 99255701

Course Contact Email:jennifer.wotzko@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Claude Marasco

9925 1651

claudio.marasco@rmit.edu.au

Jenny Seiler

9925 1261

jenny.seiler@rmit.edu.au

Max Li

meng.li@rmit.edu.au

Ifzal Syed

ifzal.syed@rmit.edu.au

anjella.davydov@rmit.edu.au

Nominal Hours: 60

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 functions involved in preparation and processing of routine financial documents, preparing journal entries, posting journals to ledgers, preparing, banking and reconciling financial receipts, and extracting a trial balance and interim reports. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
 

If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.


 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC301A Process financial transactions and extract interim reports


Learning Outcomes



Details of Learning Activities

National Competency Codes, Titles, Elements and Performance Criteria

ELEMENT 1. Check and verify supporting documentation

PERFORMANCE CRITERIA
1.1. Information from documents is identified, checked and recorded
1.2. Supporting documentation is examined to establish accuracy and completeness and to ensure authorisation by appropriate personnel
 

ELEMENT 2. Prepare and process banking and petty cash documents

PERFORMANCE CRITERIA 

2.1. Deposits and withdrawals are accurately entered and balanced according to organisational procedures
2.2. Cheques and card vouchers are checked for validity before processing
2.3. Banking documentation is reconciled with organisation’s financial records
2.4. Petty cash claims and vouchers are checked, processed and recorded and the petty cash book is balanced according to organisational procedures
 

ELEMENT 3. Prepare and process invoices for payment to creditors and for debtors

PERFORMANCE CRITERIA
3.1. Invoices are prepared in accordance with organisational procedures
3.2. Invoices are checked against source documents for accuracy and any errors corrected
3.3. All invoices and related documents are filed for auditing purposes
 

ELEMENT 4. Prepare journals and batch monetary items

PERFORMANCE CRITERIA
4.1. Journals are prepared accurately and completely and items batched within organisational timelines
4.2. Batch items are precisely matched to initial receipt records
4.3. Journals are authorised in accordance with organisational policy and procedures
 

ELEMENT 5. Post journals to ledger

PERFORMANCE CRITERIA
5.1. Journals are posted to ledger accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts
 

ELEMENT 6. Enter data into system

PERFORMANCE CRITERIA
6.1. Data is entered into system accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts
6.2. Related systems are updated to maintain the integrity of relationships between financial systems
 

ELEMENT 7. Prepare deposit facility and lodge flows

PERFORMANCE CRITERIA
7.1. A deposit facility is selected appropriate to the banking method to be used
7.2. Batch is balanced with deposit facility without error
7.3. Security and safety precautions are taken appropriate to the method of banking in accordance with organisational policy and industry and legislative requirements
7.4. Proof of lodgement is obtained and filed so that it is easily accessible and traceable
 

ELEMENT 8. Extract a trial balance and interim reports

PERFORMANCE CRITERIA
8.1. Any special transactions are processed accurately
8.2. Cash and credit journals are completed and posted to general ledger
8.3. A trial balance is extracted and checked and other required reports prepared
8.4. Any errors are found and corrected
 

Full-time students:

It is expected that you will attend classes. 

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 computerized system.  You will be required to complete all the assessment tasks.

Part-time students:

It is expected that you will attend the six on campus classes scheduled during the semester.  During those classes you will prepare notes, participate in discussions, complete problem solving exercises & receive feedback on your case study submissions.  During the remaining 11 weeks of the semester you will be provided with on-line notes, discussion board, problem solving exercises & solutions.  These will be provided for both manual & computerised accounting systems.


Teaching Schedule

 

WeekDate Beginning Topics

Assessment Full-time & Part-time Delivery

 Full-time Delivery

 In class                Self study activities                activities

Part-time Delivery
 1 11/2/2013

 

Introduction
Elements of Accounting & Simple Reports

Accounting Transactions & Source Documents
 

  Discussion of Teaching Schedule & Assessment
Elements 1.1 – 1.4
Documents 1.1
 
Elements 1.5 – 1.7
Documents 1.2 & 1.3
 
 Workshop 1 Discussion of Teaching Schedule & Assessment
Elements 1.1 – 1.7
Documents 1.1 – 1.3
 
 218/2/2013

Transaction Analysis – Service Businesses
 

Transaction Analysis – Trading Businesses
 
 

  Lecture Illustration completion & discussion
Activities 2.1 – 2.3, 2.9
 
Activities 2.4 – 2.8 Read lectures & lecture illustrations
Activities 2.1 - 2.9
 
 3 25/2/2013

The General Ledger
 

Accounting Process to trial balance
 

  Lecture Illustrations completion & discussion
Activities 3.1 – 3.2, 3.3.1
 
Activities 3.3.2 – 3.3.4 Read lectures & lecture illustrations
Activities 3.1 - 3.3.4
 
 4 4/3/2013

Cash Transactions:
Manual Recording, Internal Controls & Banking
Accrual Transactions:
Manual Recording, Internal Controls & Bad Debts
 

 Lecture Illustrations completion & discussion
Activities 4.1 – 4.5
 

Rita’s Animal Refuge – Chapter 3 May Journal

Compulsory On-line multiple choice self-test

Workshop 2
Lecture Illustrations completion & discussion
Activities 4.1 - 4.5
Rita’s Animal Refuge – Chapter 3 May Journals; Case Study Part A
Compulsory On-line multiple choice self-test

 5

 12/3/2013

(Mon public holiday)

Manual Subsidiary Ledgers

Introduction to MYOB
 

Set Up a Computerized System
 

 Activity 5.1 Accounts Receivable & Payable Subsidiary Ledgers;
Activity 5.2 Inventory Subsidiary Ledger;
Clearwater Pty Ltd;
Sutherland 2.1 – 2.3
 
 Rita’s Animal Refuge – Chapter 3 May General & Subsidiary Ledgers; Case Study Part ARead lectures & lecture illustrations
Activity 5.1 Accounts Receivable & Payable Subsidiary Ledgers;
Activity 5.2 Inventory Subsidiary Ledger;
Clearwater Pty Ltd;
Sutherland 2.1 – 2.3
 
 618/3/2013

Cash Transactions: Processing in MYOB

Bank Reconciliations – manual & on MYOB
 

Comprehensive Case Study – Part A due Fri 22 Mar.

See details under Assessment Tasks

 Lecture Illustrations completion & discussion
Activities 6.1 – 6.3
Activity 6.4 Magnetic Boats Manual Sutherland 3.1
Magnetic Boats – MYOB
 
Sutherland 3.2

Case Study Part A
 

Read lectures & lecture illustrations
Activities 6.1 – 6.3
Activity 6.4 Magnetic Boats – manual & MYOB
Sutherland 3.2;
Case Study Part A
 
 7.1

25/3/2013

(Mon-Wed)

Accrual Transactions:
Credit Control

Accrual Transactions:
Processing in MYOB

 

 Lecture Illustrations completion & discussion
7.1 Cozy Dry Cleaners manual
Sutherland 4.1 & 5.1
 
7.2 The Blinds man manual;
Sutherland 4.2 & 5.2;
7.3 The Ice-cream Parlour manual; Sutherland 4.3 & 5.3
Case Study Part B
 
Read lectures & lecture illustrations
Activities 7.1 – 7.3
Sutherland 4.3 & 5.3
Case Study Part B
 

 7.2

4/4/2013

(Thurs-Fri)

 as above
 
 

 as above
 

 as above
 
 as above
 
 8
 
8/4/2013Accounting for Inventory – Manual

Accounting for Inventory – MYOB
 

Comprehensive Case Study – Part A Feedback & Interview

See details under Assessment Tasks

Lecture Illustrations completion & discussion;
 

Comprehensive Case Study – Part A Feedback & Interview

Activities 8.1 & 8.2 Manual Inventory;
Sutherland 6.1 MYOB Inventory
 

Sutherland 6.2 & 6.3;
Case Study Part B
 
Workshop 3
Lecture Illustrations completion & discussion
Comprehensive Case Study – Part A Feedback & Interview
Activities 8.1 & 8.2 Manual Inventory;
Sutherland 6.1 MYOB Inventory;
Sutherland 6.2 & 6.3;
Case Study Part B
 
 9 15/4/2013

Introduction to end of period reporting
 

Accounting for Fixed Assets – Manual & MYOB
 

On-line Theory Test

Comprehensive Case Study – Part A Resubmissions

Lecture Illustrations completion & discussion
Activities 9.1 – 9.5 Manual Fixed Assets
Sutherland 10.1
 
Sutherland 10.2 & 10.3;
Case Study Part B
 
Read lectures & lecture illustrations
Activities 9.1 – 9.5 Manual Fixed Assets
Sutherland 10.1 – 10.3;
Case Study Part B
 
 10

22/4/2013

(Thurs public hol)

Manual & Computerized Balance Day Adjustments Lecture Illustrations completion & discussion
Activities 10.1 – 10.5;
 
Case Study Part BRead lectures & lecture illustrations
Activities 10.1 – 10.5;

Case Study Part B
 

 1129/4/2013

Manual & Computerised Balance Day Adjustments
Computerised Closing Entries & Reversing Entries 
 

Comprehensive Case Study – Part B due Mon 29 Apr.

See details under Assessment Tasks

 Lecture Illustrations completion & discussion
Activity 11.1
“Australand..”
Manual
Sutherland 7.1
 
Activity 11.2 Sports Physio Manual Sutherland 7.2 Read lectures & lecture illustrations Activity 11.1
“Australand..”
Manual;
Sutherland 7.1; Activity 11.2 Sports Physio Manual; Sutherland 7.2
 126/5/2013

Manual Closing Entries 

Comprehensive Case Study – Part B Feedback & Interview

See details under Assessment Tasks

 Lecture Illustrations completion & discussion;
 

Comprehensive Case Study – Part B Feedback & Interview

Activities 12.1 – 12.
 

Case Study Part CWorkshop 4
Lecture Illustrations completion & discussion
Activities
12.1 – 12.4

Comprehensive Case Study – Part B Feedback & Interview
Case Study Part C
 

 1313/5/2013

Manual & Computerised Preparation of Final Reports & rollover to new financial year 

Comprehensive Case Study – Part B ResubmissionsLecture Illustrations completion & discussion
Activities 13.1 – 13.4
 
Sutherland 7.3
Case Study Part C
 
Read lectures & lecture illustrations;
Activities
13.1 – 13.4
Sutherland 7.3
Case Study Part C
 
 14 20/5/2013Manual Cash Flow Statements

Integrated manual & MYOB exercise
 

Comprehensive Case Study – Part C due Mon 20 May

See details under Assessment Tasks

Lecture Illustrations completion & discussion;
Activities 14.1 – 14.6;
 
Sutherland 8.1Read lectures & lecture illustrations;
Activities
14.1 – 14.6;
Sutherland 8.1
 
 1527/5/2013Integrated manual & MYOB exercise

Comprehensive Case Study – Part C Feedback & Interview

See details under Assessment Tasks

Comprehensive Case Study – Part C Feedback & Interview
Sutherland 8.1
 

Sutherland 8.1

Workshop 5
Comprehensive Case Study – Part C Feedback & Interview
Sutherland 8.1
 
 16 3/6/2013 Review & Reassessment

Comprehensive Case Study – Part C Resubmissions

Theory Test Resit

 Review & ReassessmentReview & ReassessmentWorkshop 6
Comprehensive Case Study – Part C Resubmissions
Theory Test Resit

**The teaching schedule may be subject to change.  Students will be advised via the Blackboard and in class should changes occur

MID SEMESTER BREAK:  There will be no classes from Thursday 28th March to Wednesday 3rd April.


Learning Resources

Prescribed Texts

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

9781442554016

Frost, Mellida, Rita's Animal Refuge: A Manual & Computerised Accounting Practice Set, Cengage, 2011

9780170190817


References


Other Resources

Other relevant learning material will be placed on the online learninghub (http:www.rmit.edu.au/learninghub) progressively during the semester. Students will need to access this site on a weekly basis, print off materials and bring them to class as necessary


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

1. Comprehensive Case Study

You will be tested on the set-up of an accounting system; processing of cash & accrual transactions, including subsidiary ledger entries; processing of adjusting & closing entries & the preparation of final reports for a fictitious business.  Submissions will be made both manually & using MYOB in three parts over the semester.

Part A - set up of a manual accounting system for Rita’s Animal Refuge; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance.  Due for submission on Friday 22 March.
 

Part B - set up of a computerised accounting system for Rita’s Animal Refuge; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including  unadjusted Trial Balance.  Due for submission on Monday 29 April.

Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Rita’s Animal Refuge.  Due for submission on Monday 20 May.

2.  Individual Interview

Following submission of each part of the case study you will be individually interviewed & be asked to demonstrate the knowledge & skills required to produce your case study submissions.  You must be assessed as competent in both your submitted work & the interview for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.

3.  On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors.


Assessment Matrix

Other Information

 
To be competent evidence of the following is essential:
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.
Required skills
• communication skills to:
• determine and confirm work requirements, using questioning and active listening as required
• share information, listen and understand
• read and interpret documentation from a variety of sources
• use language and concepts appropriate to cultural differences
• numeracy skills to make financial calculations
• information technology skills for accessing and using spreadsheets and databases
• literacy skills for data analysis and interpretation
• evaluative and general analytical skills
• organisational skills, including the ability to plan and sequence work
Required knowledge
• accounting conventions, processes and procedures
• banking procedures and guidelines
• industry codes of practice
• legislative and regulatory requirements relevant to the work
• organisational policy and procedures
• relevant Acts and regulations
• security procedures for handling cheques, vouchers and cash
 

When submitting assessments you should:

• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• 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 work for assessment 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,

Marking Guide (competency): 

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading) 

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.

The grading is according to the following criteria:

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK

We are looking for a high level of ability to complete all tasks independently as well as demonstrating a high level of initiative while proccessing transactions and extracting  reports.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING

We are looking for depth of understanding of the key concepts and knowledge required in processing financial transactions. You should be able to demonstrate a thorough understanding of double entry bookkeeping principles and procedures involved when processing financial transactions and preparing reports.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for techniques to be used  in problem solving, using appropriate technology and methodology to assist in recording data and preparing reports.   You also need to show an understanding of the kinds of problems that can arise in bookkeeping and reporting.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see effective planning, self management & work organization resulting in timely submission of all required assessment tasks

5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK

We expect to see contributions to relevant discussions.  In addition you should demonstrate a range of well-developed interpersonal skills appropriate to each task

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.





 

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