FNSACC321 - Process financial transactions and extract interim reports

Unit code: FNSACC321 | Study level: TAFE
60
City Campus
Footscray Nicholson
Werribee
N/A
Overview
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Overview

This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.The unit applies to individuals who follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.

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:

  • process financial transactions and extract interim reports involving at least twelve separate transactions and performed for a minimum of two different entities
  • prepare each of the following at least once:
  • trial balance
  • bank reconciliation
  • balance of petty cash.
    In the course of the above, the candidate must prepare special journal entries to include at least three of the following components:
  • equity transactions including capital contributions involving business owner(s) relevant to the business structure
  • bad debts
  • bad debts recovered
  • correction of errors
  • discounts received and allowed.

Required reading

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

As part of a course

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

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