FNSACC421 - Prepare financial reports

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Unit code: FNSACC421 | Study level: TAFE
Credit points
N/A
Location
City Campus
Footscray Nicholson
Werribee
Prerequisites
N/A
Overview
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Overview

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.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & 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 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.

Students will also be expected to demonstrate the following knowledge:

  • 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.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the VU Polytechnic and/or via the VU Polytechnic e-learning system.

As part of a course

This unit is studied as part of the following course(s):

Accounting Principles Skill Set
FNSSS00014 | Non-award course | Duration: 20 weeks
Certificate IV in Accounting and Bookkeeping
FNS40222 | Certificate iv | Duration:

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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