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

FNSACC421 Mapping and Delivery Guide
Prepare financial reports

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC421 - Prepare financial reports
Description
Employability Skills
Learning Outcomes and Application 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.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

office equipment and resources, including computer equipment and relevant software

accounting standards relating to financial reports

samples of financial data

workplace reference materials, such procedural manuals and organisational policies.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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: Prepare and maintain asset register
  • Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures
  • Determine method of calculating depreciation according to organisational requirements
  • Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures
       
Element: Record general journal entries for balance day adjustments
  • Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures
  • Adjust expense accounts and revenue accounts for prepayments and accruals
  • Record bad and doubtful debts according to accounting requirements and organisational policy and procedures
  • Adjust ledger accounts for inventories and transfer to final accounts, if required
       
Element: Update and prepare final general ledger accounts
  • Make general journal entries for balance day adjustments in general ledger system according to accounting requirements and organisational policies and procedures
  • Post revenue and expense account balances to final general ledger accounts system
  • Prepare final general ledger accounts that reflect gross and net profits for reporting period
       
Element: Prepare end of period financial reports
  • Prepare revenue statement that reflects operating profit for reporting period according to organisational requirements
  • Prepare balance sheet and reflect financial position of business at end of reporting period
  • Identify and correct errors or refer for resolution according to 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. Prepare and maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures

1.2 Determine method of calculating depreciation according to organisational requirements

1.3 Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures

2. Record general journal entries for balance day adjustments

2.1 Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts according to accounting requirements and organisational policy and procedures

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

3. Update and prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system according to accounting requirements and organisational policies and procedures

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

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

4. Prepare end of period financial reports

4.1 Prepare revenue statement that reflects operating profit for reporting period according to organisational requirements

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

4.3 Identify and correct errors or refer for resolution according to organisational policy and procedures

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

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.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

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.

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. Prepare and maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures

1.2 Determine method of calculating depreciation according to organisational requirements

1.3 Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures

2. Record general journal entries for balance day adjustments

2.1 Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts according to accounting requirements and organisational policy and procedures

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

3. Update and prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system according to accounting requirements and organisational policies and procedures

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

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

4. Prepare end of period financial reports

4.1 Prepare revenue statement that reflects operating profit for reporting period according to organisational requirements

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

4.3 Identify and correct errors or refer for resolution according to organisational policy and procedures

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 according to legislative and organisational policies and procedures 
Determine method of calculating depreciation according to organisational requirements 
Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures 
Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures 
Adjust expense accounts and revenue accounts for prepayments and accruals 
Record bad and doubtful debts according to accounting requirements and organisational policy and procedures 
Adjust ledger accounts for inventories and transfer to final accounts, if required 
Make general journal entries for balance day adjustments in general ledger system according to accounting requirements and organisational policies and procedures 
Post revenue and expense account balances to final general ledger accounts system 
Prepare final general ledger accounts that reflect gross and net profits for reporting period 
Prepare revenue statement that reflects operating profit for reporting period according to organisational requirements 
Prepare balance sheet and reflect financial position of business at end of reporting period 
Identify and correct errors or refer for resolution according to organisational policy and procedures 

Forms

Assessment Cover Sheet

FNSACC421 - 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

FNSACC421 - 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: