Recognition for Unit of Competency2010419232212 by lindayy

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									                                                Recognition for Unit of Competency

      Unit Number:          9434A                               Unit Name:      Accounting 1

Teaching Section:           Accounting

Step 1: Read the unit competency requirements (If you have the skills/knowledge to meet these elements, go to step 2)
  Unit Descriptor:          Provide the participant with:
                            - a foundation knowledge of accounting theory
                            - skills to analyse transactions in accordance with the accounting equation;
                            - an ability to write up books of original entry and to post to the ledger;
                            - ability to balance ledger accounts and to extract a trial balance;
                            - necessary skills to prepare basic management reports from an unadjusted


        ELEMENTS                                                            PERFORMANCE CRITERIA




Unit Number: 9434A                                                                                                       2010
Unit Name:   Accounting 1                                                                                               OTEN
                                              Recognition for Unit of Competency
 1. Describe the foundations of accounting.         Define basic accounting terms.
                                                         Accounting
                                                         Assets
                                                         Liabilities
                                                         Proprietorship/Owner's Equity
                                                         Revenue/Income
                                                         Expense

                                                    Describe accounting conventions or assumptions.
                                                         Entity
                                                         Period
                                                         Going Concern (Continuity of Activity)
                                                         Monetary
                                                         Historical Cost
                                                         Recognition of Law

                                                    Explain accounting doctrines
                                                         Consistency
                                                         Disclosure
                                                         Materiality

                                                    Explain Accounting Standards and the development of a Conceptual Framework in Accounting.
                                                         Establishment of standards
                                                         Legal recognition of standards
                                                         Identify purpose of standards
                                                         Outline relevance of Statements of Accounting Concepts

                                                    Identify the major different types of business ownership and list their advantages and disadvantages.
                                                          Sole trader
                                                          Partnership
                                                          Corporation

                                                    Identify the types of accounting source documents and outline the need for external evidence of
                                                    accounting transactions.
                                                          Cheque and cheque butt
                                                          Receipt and bank deposit
                                                          Invoice to customer
                                                          Invoice from supplier
                                                          Credit note to customer
                                                          Credit note from supplier
                                                          Internal memorandum

Unit Number: 9434A                                                                                                                                           2010
Unit Name:   Accounting 1                                                                                                                                   OTEN
                                           Recognition for Unit of Competency
                                                 Explain the principle of ethics as it applies to accounting.

 10. Construct basic management reports.         Prepare Trading and Profit and Loss Accounts in general ledger assuming no end of period adjustments.
                                                      Closing general journal entries
                                                       - income and expenses
                                                       - periodic stock
                                                       - gross profit and net profit (loss)
                                                       - drawings
                                                      Post journals to ledger
                                                      Extract trial balance

                                                 Prepare classified narrative Revenue Statement and Balance Sheet.
                                                      Narrative classified revenue statement
                                                      Narrative classified balance sheet




Unit Number: 9434A                                                                                                                                   2010
Unit Name:   Accounting 1                                                                                                                           OTEN
                                           Recognition for Unit of Competency
 2. Explain, analyse and apply transactions to the   Apply the Accounting Equation when the owner introduces capital to commence business.
    accounting equation.
                                                          A     = P
                                                          (Assets)  (Proprietorship)

                                                          A     = L + P
                                                          (Assets) = (Liabilities) + (Proprietorship)

                                                     Classify items into assets, liabilities and proprietorship and apply these to the Accounting Equation.
                                                            Introduction of additional capital
                                                            Acquisition of assets on credit and for cash
                                                            Obtaining a loan or a mortgage
                                                            Identify increase in left hand side of the accounting equation as debit and the right hand side as
                                                     credit
                                                            Treat purchase of stock as an asset (ie. perpetual and not periodic)

                                                     Classify items in Accounting Equation under appropriate balance sheet headings.
                                                          Differentiate between current and non-current liabilities
                                                          Differentiate between current and non-current assets
                                                          Proprietorship
                                                          Describe purpose and operation of chart of accounts

                                                     Present Accounting Equation as a balance sheet in T format.
                                                          T format assets on left; liabilities and proprietorship on right
                                                          Classify items into current and non-current
                                                          Categorise assets as debits; liabilities and proprietorship as credits

 3. Extend the analysis and application of           Apply source documents evidencing revenue/income and expense to the Accounting Equation.
    transactions to the Accounting equation               A + E = L + .I + P
    incorporating revenue / income, expense and           Categorise assets and expenses as debits and liabilities, income and proprietorship as credits
    profit.                                               Extend chart of accounts to include revenue and expense items
                                                          Stock remains as perpetual rather than periodic and sales include both cost and selling price of the
                                                     transaction




Unit Number: 9434A                                                                                                                                                2010
Unit Name:   Accounting 1                                                                                                                                        OTEN
                                            Recognition for Unit of Competency
 4. Prepare general journal entries, post to the        Enter all source documents in general journal.
    general ledger.                                          General journal format
                                                             Date, including the year
                                                             Match debits and credits to accounting equation
                                                             Narration, including source documents as evidence
                                                             Introduce periodic stock system as a necessary alternative when perpetual inventory records are
                                                        not maintained. For the rest of this module the periodic stock method will be used.

                                                        Post general journal to general ledger and balance general ledger accounts.
                                                             General ledger in T format using folio numbers
                                                             Enter year, date, folio and account details
                                                             Balance ledger account and bring down balance, if necessary
                                                             Reproduce details in columnar/running balance general ledger format.

 5. Prepare trial balance.                              Extract trial balance from general ledger.
                                                             Format, including headings
                                                             Errors disclosed
                                                             Errors not disclosed

 6. Prepare cash and credit journals, post to general   Enter all source documents in cash and credit journals.
    ledger and extract trial balance.                        Sales include returns and non-trade goods
                                                             Purchases include returns and non-trade goods
                                                             Cash receipts
                                                             Cash payments
                                                             Cash book

                                                        Post cash and credit journals to general ledger and balance general ledger accounts.
                                                             Total journals at end of period
                                                             Enter journal details to a structured general ledger

                                                        Extract trial balance from general ledger.




Unit Number: 9434A                                                                                                                                              2010
Unit Name:   Accounting 1                                                                                                                                      OTEN
                                             Recognition for Unit of Competency
 7. Prepare and reconcile subsidiary ledgers.         Prepare Accounts Receivable (Debtors) Control and Accounts Payable (Creditors) Control accounts.
                                                           Reasons for control accounts
                                                           Establish control accounts in general ledger
                                                           Establish subsidiary ledgers
                                                           Post journals to general and subsidiary ledgers
                                                           List and total of subsidiary ledger balances
                                                           Balance control accounts and reconcile to list
                                                           Extract general ledger trial balance

                                                      Reconcile debtors and creditors individual accounts.
                                                          Comparison and reconciliation of creditors subsidiary ledger account to suppliers statement
                                                          Comparison and reconciliation of debtors subsidiary ledger account to remittance advice

 8. Prepare journal entries and ledger postings for   Process special transactions.
    special Transactions.                                  Commencement of business
                                                           Introduction of additional capital
                                                           Drawings of cash and goods
                                                           Purchase and sale of non-current assets at book value
                                                           Interest payable and receivable on overdue accounts
                                                           Dishonour of cheques including write-back of discount
                                                           Bad debt write-offs
                                                           Bad debts recovered
                                                           Bills receivable accepted and met
                                                           Bills payable accepted and met

 9. Construct a set of accounts to trial balance.     Prepare accounts from source documents / narrative documents.
                                                           Appropriate journals
                                                           Structured general and subsidiary ledgers
                                                           Trial balance
                                                           Subsidiary listings and reconciliation to control accounts




Unit Number: 9434A                                                                                                                                        2010
Unit Name:   Accounting 1                                                                                                                                OTEN
Step 2: Complete your personal and unit details
     TAFE NSW
Student Number:                                                Last Name:                                                              First Name:


  SAM Number:                                                Unit Number:                                           Unit Name:



Step 3: List your evidence for recognition
List your evidence below providing as much detail as possible. Note: recognition can only be granted for a full unit of competency. If you can
meet most of these elements but not all, contact the appropriate teaching section to discuss gap training.
Attach additional paper if more space is required.

          Qualifications &/or                        Professional Development                                   Work Experience                                      Other Experience
          formal statements                                  & Training                                                                                                  & Skills
    List your qualifications and/or formal        List any other training and development activities   List what you do or have done at work that          List your membership of organisations,
    statements relevant for this unit.            completed at work.                                   meets the unit description.                         voluntary work, community work or self
       Evidence may include: Statement              Eg: Staff Development Activities, Training            Eg: activities, duties, projects. etc.           employment/home business.
       of Attainment, Certificate, Diploma etc.     Sessions, One to one training by a qualified          Evidence may include: letter of                     Evidence may include: membership
                                                    senior staff member.                                  confirmation from your employer, duty               certificate, reference letter from clients.
                                                                                                          statement.

                                                                                                                                                       .




    Student Declaration All information I provide to support this application is true and correct.                        Recognition Granted:                            YES                  NO

          Signature of Student:                                                    Reason for Non Approval (if applicable):

                 Date submitted:

             Name of Assessor:

       Signature of Assessor:                                                                                                                       Date Processed:


                                                                                                                                                                                                             2010
                                                                                                                                                                                                            OTEN
Step 4: Attach all certified documents and sign the Student Declaration
Do not send original qualifications, formal completion statements or membership certificates. Instead, supply certified copies.
Certified means you need to have your original documents sighted and a copy signed by:
                   a Justice of the Peace (JP) or any Officer of the Court
                   a teacher or Course Information Office at OTEN
                   a TAFE NSW staff member

To find your local JP visit http://jp.lawlink.nsw.gov.au/public/ .

Note: If your name is different from that on the evidence documents you are submitting, you will also need to provide certified proof of your
change of name, eg Marriage Certificate.



Step 5: Complete the PURPLE 'Enrolment Adjustment-Recognition of prior learning and
        previous stuies form for submission with your application.
Once completed, the PURPLE Enrolment Adjustment form must be attached to the top of all documentation ready for submission.
It is important to keep copies of all completed forms for your own reference.



Step 6: Secure all documentation and submit (by post or in person)
Electronically submitted versions will not be accepted. Applications must not be faxed or emailed, as the Assessor and the Delegate must sight the
original signatures of certification, as well as the applicant's own original signature.

Important notes: Recognition applications will only be processed for currently enrolled students.
                 If not currently enrolled, you need to apply to enrol by completing an OTEN Enrolment Application form that you must include
                 with your recognition application.

                   Submit your completed application by post or in person to:

                   If currently enrolled                             If not currently enrolled (with your completed OTEN Enrolment Application form)
                   Recognition Officer                               Student Services
                   OTEN                                              OTEN Student Services - Enrolments
                   51 Wentworth Road                                 Locked Bag 2012
                   STRATHFIELD NSW 2135                              STRATHFIELD NSW 2135

                                                                                                                                                        2010
                                                                                                                                                       OTEN

								
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