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.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
BSBFIA401

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following required skills: - 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, and; - complete all tasks according to organisational policies and industry standards. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - 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, and; - outline relevant organisational policies, procedures and accounting standards.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

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