BSBFIA401

Prepare Financial Reports

Student Unit Instructions and Assessment Pack

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TABLE OF CONTENTS

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TABLE OF CONTENTS...........................................................................2HOW TO USE THIS DOCUMENT...............................................................3ABOUT THE UNIT.................................................................................3LEARNING RESOURCES........................................................................4ASSESSMENT METHODS.......................................................................8ASSESSMENT......................................................................................8RESOURCES REQUIRED FOR ASSESSMENT...............................................9UNIT DOCUMENTS...............................................................................9STUDENT ASSESSMENT CHECKLISTS...................................................10MARKING AND SUBMISSION...............................................................10ASSESSMENT CHECKLIST- BSBFIA401...............................................11

BSBFIA401 Unit Pack Version No. 1.1Australian College of Business and Accounting Page 2

HOW TO USE THIS DOCUMENT

Welcome to your BSBFIA401 Prepare Financial Reports assessment.

The Student Unit Instructions and Assessment pack outlines;

The Resources and Materials required for study and assessment of the unit

The Assessment Methods Required documents/readings Assessment Checklists

The Student Unit Instructions and Assessment Pack is to be used to prepare for study in the unit, and in conjunction with your assessment.

ABOUT THE UNIT

The unit BSBFIA401 Prepare Financial Reports covers the following accounting processes.

1. Maintaining an asset register

2. Calculating and producing depreciation schedules

3. Recording general journal entries for balance day adjustments for end of year financial reporting

4. Preparing final general ledger accounts

5. Preparing end of period financial reports

BSBFIA401 Unit Pack Version No. 1.1Australian College of Business and Accounting Page 3

LEARNING RESOURCES

Below are the learning resources required to effectively gain the required knowledge and skills to complete your unit of study.

Provided Written Materials

BSBFIA401 Learner Guide AASB13 AASB101 AASB108 AASB1034 Complied APES RCSP Disclosure and Materiality RG43 ASIC Financial Report and Audit Relief RE68 ASIC Financial Reports and Procedural

Requirements SAC 1 Definition of the Reporting Entity MYOB Account Right User Guide MYOB V19

Study steps for this unit; Read the learner guide for BSBFIA401 and complete the activities

in the learner guide. Read the listed required readings above. Use the additional resources links and materials to further develop

your accounting skills and MYOB skills. Once you have absorbed and completed all learning and are

confident in the material you can start undertaking your assessment tasks.

Handy Hint- You may light to review the Learning Guides from FNSACC311 and FNSACC312 whilst completing this unit.

Additional Resource Links and MaterialsThe below are great and useful videos, websites and other resources to use as part of your studies in this unit. The below list of links have been

BSBFIA401 Unit Pack Version No. 1.1Australian College of Business and Accounting Page 4

reviewed for content, accuracy and direct linking to your specific unit of study.

ACOBA acknowledges that everyone learns differently and therefore provide materials that allow for various learning styles and flexibility in obtaining learning.

These videos are continually reviewed to ensure you get accurate, current and sound materials as part of the course materials (beyond just reading a book) for the unit of study.

Enjoy- BSBFIA401 Prepare Financial Reports

Australian Accounting Standards Board

https://www.aasb.gov.au/Home.aspx

Australian Securities and Investment Commission

https://asic.gov.au/

Australian Tax Office

https://www.ato.gov.au/Forms/Guide-to-depreciation-2001/?page=2

Accounting Coach

https://accoutingcoach.com

Investopedia – Double Entry System

https://www.investopedia.com/terms/d/double-entry.asp

Investopedia

https://www.investopedia.com/ask/answers/022615/what-double-entry-bookkeeping-and-how-does-it-work-general-ledger.asp

YouTube- What is Double Entry Accounting?

https://www.youtube.com/watch?v=uprjZ2Se0e8

YouTube – Double Entry Accounting Systems Explained 101 – Accounting Equation

https://www.youtube.com/watch?v=66e9QbrkE4g

Learn Accounting in 1 Hour- Debits and Credits

BSBFIA401 Unit Pack Version No. 1.1Australian College of Business and Accounting Page 5

https://www.youtube.com/watch?v=ii91oi0OpXM

YouTube- What is Depreciation- How it affects Profit and Cash Flow

https://www.youtube.com/watch?v=4lI7XJyTNhs

YouTube – Using Financial Statements for Business Management

https://www.youtube.com/watch?v=YZBs-vn0Z0k

YouTube – Review of Accounting daily adjusting and closing entries and AR AP subsidiary ledgers

https://www.youtube.com/watch?v=U_IzEmMqF3g

YouTube- Using Financial Statements for Business Management

https://www.youtube.com/watch?v=YZBs-vn0Z0k&t=308s

Slide Player - Manual and Computerized Accounting Entries

https://slideplayer.com/slide/6911944/

Adjusting Entries in your Accounting Journals

https://www.thebalancesmb.com/adjusting-entries-in-your-accounting-journals-392996

Slide Share -Methods of Accounting

https://www.slideshare.net/barneyn/accrual-accounting-and-balance-day-adjustments

Accounting Coach – Adjusting Entries

https://www.accountingcoach.com/bookkeeping/explanation/10

YouTube – What is Financial Reporting

https://www.youtube.com/watch?v=xxTA2PoTpKM

YouTube – Understanding Financial Statements – Operating Activities

https://www.youtube.com/playlist?list=PLtbMxaJRltItaJC7F0_uhf5QX38wmowep

Trial Balance in Accounting (3 Golden Rules)

https://www.youtube.com/watch?v=1JGVzMz-AMc

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YouTube- Using Financial Statements for Business Management

https://www.youtube.com/watch?v=YZBs-vn0Z0k&t=308s

Easy Method to Learn = Introduction to Accounting -Journal, Ledger and Trial Balance

https://www.youtube.com/watch?v=0R0SNfYgmjc

ANAO. (2010). Better Practice Guide on the Strategic and Operational Management of Assets by Public Sector Entities. Updated 11 December 2017

https://www.anao.gov.au/sites/g/files/net616/f/2011_Strategic_and_operational_ management_of_assets_by_public_sector_entities.pdf

Australian Taxation Office. (2017). Uniform capital allowance system: low-value pools

https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/In-detail/Low-value-pools/Uniform-capital-allowance-system--low-value-pools/

Accounting Tools. (n.d.). What is the difference between bad debt and doubtful debt?

http://www.accountingtools.com/questions-and-answers/what-is-the-difference-between-bad-debt-and-doubtful-debt.html

Accounting Simplified.com. (n.d.). Provision/Allowance for doubtful debts.

http://accounting-simplified.com/provision-for-doubtful-debts.html

MYOB Training Lean MYOB in 7 Days – Part 1 – Intro to MYOB

https://www.youtube.com/watch?v=P_C4vQgGthY&list=PLjoqR-AwxMePIvTLqHLT_ebpXdVdtxpr3&index=2&t=0s

MYOB Training Lean MYOB in 7 Days – Part 2- Intro to MYOB

https://www.youtube.com/watch?v=c9sX795L0zg&list=PLjoqR-AwxMePIvTLqHLT_ebpXdVdtxpr3&index=2

MYOB Training Lean MYOB in 7 Days – Part 3 – Command Centers

https://www.youtube.com/watch?v=gEkybfosBIE&list=PLjoqR-AwxMePIvTLqHLT_ebpXdVdtxpr3&index=3

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MYOB Training Lean MYOB in 7 Days – Part 4- Banking Command Centre

https://www.youtube.com/watch?v=g8DCBcxoyN0&list=PLjoqR-AwxMePIvTLqHLT_ebpXdVdtxpr3&index=4

MYOB Training Lean MYOB in 7 Days – Part 5- Sales Command Centre

https://www.youtube.com/watch?v=aTahn9euzcQ&list=PLjoqR-AwxMePIvTLqHLT_ebpXdVdtxpr3&index=5

MYOB Training Lean MYOB in 7 Days – Part 6- Purchase Command Center

https://www.youtube.com/watch?v=v2icFcJBgz8&list=PLjoqR-AwxMePIvTLqHLT_ebpXdVdtxpr3&index=6

MYOB Training Lean MYOB in 7 Days – Part 9- End of Year

https://www.youtube.com/watch?v=6TL8lJbwPyc&list=PLjoqR-AwxMePIvTLqHLT_ebpXdVdtxpr3&index=9

ASSESSMENT METHODS

Your assessment uses the following assessment methods:

1. Knowledge Assessment – A set of short answer questions which tests your general knowledge and understanding of the required theory and concepts behind the unit and application in the workplace.

2. Case Study – Includes detailed scenarios and simulated environment providing all necessary information required to complete relevant tasks and activities as close as possible to real world situations.

Your case study for this unit requires you to undertake:

Written Practical tasks Computerised Practical tasks in MYOB Video recorded roleplays

ASSESSMENT

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The Assessment for BSBFIA401 Prepare Financial Reports is comprised of three assessment workbooks which have been provided to you;

Part A: Knowledge Assessment Part B: Case Study

o which includes Written, Practical and Roleplay tasks

o Part C: Practical Task

RESOURCES REQUIRED FOR ASSESSMENT

You will need access to: Computer with Internet and email access and a working web

browser

Installed software:

o MS Word

o Adobe Acrobat Reader

o MYOB AccountRight Enterprise

o Zoom Account and Software or App

o Acute PDF Printer

At least one (1) volunteer to participate in the roleplaying activity

A video recording device (e.g. mobile phone, webcam, video camera, etc.)

A safe place to conduct the roleplaying activities

Access to:

o A range of workplace policies and procedures relating to processing transactions and producing reports

o Organisation’s banking methods

o Policies, procedures, and protocols relating to financial reporting, including:

- Legislative requirements relating financial report

- Internal policy for Balance Day adjustments

- Internal policy Journals and Ledgers

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UNIT DOCUMENTS The following documents are required for your assessment tasks:

Unit Pack Assessment Checklist Student Workbook – Part A – Knowledge Assessment Student Workbook – Part B – Case Study Accounting Policies and Procedures for Micro Systems Blank Accounting Records and Reports Blank Asset Register Student MYOB file for Micro Systems

STUDENT ASSESSMENT CHECKLISTS

To assist in tracking your progress and in compiling your assessment evidence you are provided with Student Assessment Checklists for each of the Assessment workbooks.

While all of the workbooks clearly outline the required evidence (print outs, workbooks etc), we have supplied the checklists to make the assessment submission process easy for you.

MARKING AND SUBMISSION

You are to submit all assessment requirements/evidence as per the assessment checklist and assessment instructions to your assessor as required.

An incomplete submission or mislabelled/misnamed submissions may be sent back without being marked or reviewed by your assessor. Please double check all requirements.

If you are asking for advice, for example you email Print Out 2 in an email with some questions to ask your trainer (let’s say the print out is perfect), you will still need to provide Print Out 2 at the time of submission with all your documents compiled in one place.

Upon your complete submission your assessment will be reviewed and assessed by your trainer.

Your trainer will provide you feedback to assist in your skill and knowledge development.

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Please refer to Marking and Submission Student Guide for further advice or ask your trainer.

ASSESSMENT CHECKLIST- BSBFIA401

You may use the following checklist to assist you in keeping track of your progress in the unit, and in compiling all your evidence (assessment) files.

Submission Evidence Submitted

Marked

Workbooks

Part A: Knowledge Assessment Workbook (7 questions) ☐ ☐

Signed Student Declaration of Authenticity – Part A ☐ ☐

Part B: Case Study ☐ ☐

Signed Student Declaration of Authenticity – Part B ☐ ☐

Part B: Cast Study- Submission evidence -Individual task break down

Task 1 Completed – Opening Balances Entered into Excel ☐ ☐

Task 2 – Asset Register Updated ☐ ☐

Task 3 – Sales Journal Entered ☐ ☐

Task 3 – Purchases Journal Entered ☐ ☐

Task 3 – Cash Receipts Journal Entered ☐ ☐

Task 3 – Cash Payments Journal Entered ☐ ☐

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Task 4 – Journal Entered ☐ ☐

Task 5 – Sale of Asset – Updated Deprecation Schedule ☐ ☐

Task 5 – Entered Sale of Asset Journal ☐ ☐

Task 6- Depreciation Entered ☐ ☐

Task 7 -Balance Day Adjustment ☐ ☐

Task 7 – Written Questions (2) Questions ☐ ☐

Task 8 – Bad Debt Entered ☐ ☐

Task 9 – Accrued Expenses ☐ ☐

Task 10 – Accrued Income ☐ ☐

Task 11- Stock Balance day adjustment ☐ ☐

Task 12 – Planning a Meeting (Email) ☐ ☐

Task 13- Role Play Activity* ☐ ☐

Task 14- Bad debt Adjustment ☐ ☐

Task 14 – Posting to Ledger all entries ☐ ☐

Task 15- Trial Balance ☐ ☐

Task 15- Written Question (4 error examples) ☐ ☐

Task 16 – Profit and Loss ☐ ☐

Task 17 -Balance Sheet ☐ ☐

Print Out 1 Timeframe Email ☐ ☐

Print Out 2 MYOB Trial Balance ☐ ☐

Print Out 3 MYOB Profit and Loss ☐ ☐

Print Out 4 Balance Sheet ☐ ☐

Print Out 5 General Ledger ☐ ☐

* Requires a video recording, the observation form is included within your assessment workbook. Your Assessor will review your video submission and assess you against the criteria as outlined in the observation form.

A completed observation form will be returned with the assessment feedback from your trainer upon completion of marking.

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