COURSE OVERVIEW:
Welcome to the course Prepare Financial Reports. This course is designed to provide you with a thorough understanding of the essential principles and practices involved in preparing accurate and compliant Australian financial reports, crucial for effective financial management and decision-making.
We begin with an introduction to double-entry bookkeeping, the foundation of all accounting systems. You will learn the principles of double-entry bookkeeping, which ensures that every financial transaction affects at least two accounts, maintaining the accounting equation and ensuring balanced financial records.
Next, we delve into journal and ledger entries, fundamental components of the accounting process. This section covers the processes for making general journal entries, which record initial transactions, and general ledger entries, which organise these transactions into specific accounts for detailed tracking and reporting.
Understanding Australian legislation and standards is critical for compliance. We will explore key provisions of relevant legislation, regulations, standards, and codes of practice that govern financial reporting in Australia, ensuring that your reports meet legal and regulatory requirements.
Accounting systems are vital for managing financial data efficiently. This section will discuss the key features of organisational accounting systems, including how they facilitate accurate data entry, processing, and reporting.
Organisational policies and procedures guide consistent and compliant financial practices. You will learn about the specific organisational policies, procedures, and accounting standards that dictate how financial transactions should be recorded and reported within your organisation.
Preparing and maintaining an asset register is essential for tracking and managing fixed assets. This section covers how to prepare a register of property, plant, and equipment, determine the appropriate depreciation method, and establish processes for maintaining the asset register to ensure accurate and up-to-date records.
Recording journal entries for balance day adjustments ensures that financial statements reflect true financial positions. You will learn how to record depreciation and disposal of assets, adjust expense and revenue accounts, record bad and doubtful debts, and adjust ledger accounts for inventories.
Updating and preparing final general ledger accounts is a key step in finalising financial records. This section covers making balance day adjustments in the general ledger, posting balances to final general ledger accounts, and preparing final general ledger accounts that accurately reflect profits and losses.
Preparing end-of-period financial reports is the culmination of the financial reporting process. You will learn how to prepare a revenue statement and balance sheet, identify and correct errors, and ensure that the financial reports accurately reflect the organisation's financial performance and position.
By the end of this course, you will be equipped with the skills and knowledge to prepare comprehensive and accurate financial reports, ensuring compliance with regulatory standards and providing valuable insights for financial decision-making.
This course is designed to align with the content outlined in the Nationally Recognised Unit of Competency FNSACC421.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand the following topics:
1. Double-Entry Bookkeeping:
- Principles of double-entry bookkeeping
2. Journal and Ledger Entries:
- Processes for making general journal and general ledger entries
3. Australian Legislation and Standards:
- Key provisions of relevant legislation, regulations, standards, and codes of practice
4. Accounting Systems:
- Key features of organisational accounting systems
5. Policies and Procedures:
- Organisational policies, procedures, and accounting standards
6. Prepare and Maintain Asset Register:
- Prepare register of property, plant, and equipment
- Determine depreciation method
- Establish asset register maintenance process
7. Record Journal Entries for Balance Day Adjustments:
- Record depreciation and disposal of assets
- Adjust expense and revenue accounts
- Record bad and doubtful debts
- Adjust ledger accounts for inventories
8. Update and Prepare Final General Ledger Accounts:
- Make balance day adjustments in general ledger
- Post balances to final general ledger accounts
- Prepare final general ledger accounts reflecting profits
9. Prepare End of Period Financial Reports:
- Prepare revenue statement
- Prepare balance sheet
- Identify and correct errors or refer for resolution
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.