BSBFIA401 - Prepare financial reports

    Unit code: BSBFIA401 | Study level: TAFE
    Credit points
    N/A
    Location
    City King St
    Footscray Nicholson
    Industry
    St Albans
    Sunshine
    Werribee
    Prerequisites
    N/A
    Overview
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    Overview

    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.

    Assessment

    For Melbourne campuses

    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.

    Required reading

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

    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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