Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBFIA401 Mapping and Delivery Guide
Prepare financial reports

Version 1.0
Issue Date: March 2024


Qualification -
Unit of Competency BSBFIA401 - Prepare financial reports
Description
Employability Skills
Learning Outcomes and Application 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.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities
Slides
PPT
Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Maintain asset register
  • Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures
  • Determine method of calculating depreciation in accordance with organisational requirements
  • Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements
       
Element: Record general journal entries for balance day adjustments
  • Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements
  • Adjust expense accounts and revenue accounts for prepayments and accruals
  • Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements
  • Adjust ledger accounts for inventories, if required, and transfer to final accounts
       
Element: Prepare final general ledger accounts
  • Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements
  • Post revenue and expense account balances to final general ledger accounts system
  • Prepare final general ledger accounts to reflect gross and net profits for reporting period
       
Element: Prepare end of period financial reports
  • Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period
  • Prepare balance sheet to reflect financial position of business at end of reporting period
  • Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures

1.2 Determine method of calculating depreciation in accordance with organisational requirements

1.3 Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements

2 Record general journal entries for balance day adjustments

2.1 Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements

2.4 Adjust ledger accounts for inventories, if required, and transfer to final accounts

3 Prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements

3.2 Post revenue and expense account balances to final general ledger accounts system

3.3 Prepare final general ledger accounts to reflect gross and net profits for reporting period

4 Prepare end of period financial reports

4.1 Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period

4.2 Prepare balance sheet to reflect financial position of business at end of reporting period

4.3 Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures

1.2 Determine method of calculating depreciation in accordance with organisational requirements

1.3 Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements

2 Record general journal entries for balance day adjustments

2.1 Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements

2.4 Adjust ledger accounts for inventories, if required, and transfer to final accounts

3 Prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements

3.2 Post revenue and expense account balances to final general ledger accounts system

3.3 Prepare final general ledger accounts to reflect gross and net profits for reporting period

4 Prepare end of period financial reports

4.1 Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period

4.2 Prepare balance sheet to reflect financial position of business at end of reporting period

4.3 Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Revenue statement comprises:

cost of goods sold if applicable

gross profit

operating net profit

unclassified adjusted expenses and revenue

Balance sheet comprises:

narrative or T format

unclassified assets and liabilities

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures 
Determine method of calculating depreciation in accordance with organisational requirements 
Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements 
Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements 
Adjust expense accounts and revenue accounts for prepayments and accruals 
Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements 
Adjust ledger accounts for inventories, if required, and transfer to final accounts 
Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements 
Post revenue and expense account balances to final general ledger accounts system 
Prepare final general ledger accounts to reflect gross and net profits for reporting period 
Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period 
Prepare balance sheet to reflect financial position of business at end of reporting period 
Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures 

Forms

Assessment Cover Sheet

BSBFIA401 - Prepare financial reports
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

BSBFIA401 - Prepare financial reports

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: