Unit of competency Outline

Date retreived
23/07/2026 2:19 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Prepare financial reports

Prepare financial reports

Unit of competency
National Code
BSBFIA401
State Code
AUK70
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080101 - Accounting
Original Release Date
15/09/2015
Nominal Hours
40
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D0705 BSBFIA401A Prepare financial reports Unit of competency
Replaced By
State Code National Code Title Type
OCG02 BSBFIN401 Report on financial activity Unit of competency
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