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Diploma of Accounting

Course Name: Diploma of Accounting

Provider: Monarch Institute

Level: Diploma

Delivery Method: Online

Course Overview

Accounting is much more than simply crunching numbers. It involves interpreting financial information to allow informed decisions about small, medium and large businesses.  You will become a financial ‘mechanic’ able to diagnose financial issues within a business, and fix them. Have you heard the famous saying, “knowledge is power”? We suggest financial knowledge takes you one step further.

Monarch’s FNS50215 Diploma of Accounting covers critical skills including financial reporting, budgeting management accounting, financial performance, internal controls and taxation. It is provides a pathway towards the FNS60215 Advanced Diploma of Accounting, and can be studied as a Dual Qualification.

The course has been developed by industry experts to provide the knowledge and skills required to develop a successful career or up-skill within the exciting Accounting profession. Please view our competitive prices to the right of this page.

Registered Tax Agent

Monarch’s FNS50215 Diploma in Accounting provides a key step in the pathway to becoming a registered Tax Agent under the requirements of the Tax Practitioners Board (TPB). Monarch Institute is an Approved Course provider with the TPB. Our “Tax Agent Certification” module is a Board Approved Course listed with the TPB, covering the prescribed skill set in Australian Taxation and Commercial Law.

This module fulfills the education criteria required to become a Registered Tax Agent. Additional requirements include; being over 18 years, satisfying a fit and proper person test, 2 years experience in the past 5 years, and obtaining professional indemnity insurance.

Course Modules

Module 1 - Financial Reporting

  • How to apply accrual accounting principles
  • Applying GST rules to transactions
  • Completion of general journal and special journal entries
  • Posting journal entries to general ledger accounts
  • Preparing trial balances
  • Using subsidiary debtors and creditors accounts
  • Maintaining inventory records
  • Accounting for income tax for corporate entities
  • Preparation of cash flow statements
  • Understanding the accounting for share issues
  • Preparing consolidated reports

Module 2 - Budgeting and Management Reporting

  • Preparation of master budgets
  • Understanding the management cycle as it relates to budgeting and leadership
  • Preparing operating budgets for forecasting
  • Preparing financial budgets for forecasting
  • Understanding how flexible budgets work
  • Developing performance reports
  • Understanding cost accounting flows
  • Determining appropriate measurements for allocating overhead costs
  • Preparing job costing records
  • Understanding the concept of responsibility accounting
  • Determining cost-volume-profit analysis

Module 3 - Financial Performance Information and Internal Control

  • Understanding the major sources of finance
  • Determining business risk
  • Managing working capital
  • Understanding financial statements and ratios
  • Determining the weighted cost of capital
  • Understanding dividend policy
  • Using capital budgeting techniques for decision making
  • Understanding how to conduct an internal audit and accounting systems review
  • Implementing compliance testing

Module 4 - Taxation for Individuals and Legal Entitites

  • Determining assessable income
  • Calculating exempt income
  • Understanding the tax implications for annuities and foreign pensions
  • Understanding termination payments
  • Determining the tax for small business entities
  • Calculating tax on trading stock
  • Understanding offsets and tax losses
  • Implementing tax administration
  • Dealing with income of minors
  • Understanding the tax implications for trusts, partnerships & companies
  • Calculating tax for superannuation funds, fringe benefits & capital gains

Module 5 - Tax Agent Certification - Commercial Law (OPTIONAL)

  • Contract and consumer law
  • Corporations and trust law
  • Property law

Duration

You have up to 2 years to complete the qualification, and many complete it in less time.

We find our students complete the FNS50215 Diploma of Accounting in varying time frames. It really does depend on your life situation. That is, your time availability, background, ability and work rate. There is no set minimum length of time to complete the course, however the maximum duration is 2 years. There is also a requirement that you complete each module within 6 months (i.e. 4 modules times 6 months = 2 years maximum). You have two study options; Online learning and Face-to-face workshops.

Volume of learning: We have found people that work in the financial services industry with experience and understanding of the key Accounting concepts complete the course in as little as 9 months. Other students that have no experience or understanding of key Accounting concepts take closer to 2 years.

Accreditation

Monarch Institute’s FNS50215 Diploma of Accounting is Government accredited. It has National recognition under the Australian Qualifications Framework (AQF) meaning it can be used as a pathway to a university qualification, nationwide.

Monarch Institute is an Approved Course Provider with the Tax Practitioners Board (TPB), with the Australian Taxation Law and Commercial Law units (contained in Module 5 “TAC”) of the Diploma of Accounting listed on the TPB website. Other requirements also apply for registration as a Tax Agent with the Tax Practitioners Board (TPB). Please refer to the www.tpb.gov.au.

Units of competency:

To be awarded a FNS50215 Diploma of Accounting: 11 units of competency are required for award of this qualification. If you choose to add the Tax Agent Certification Module, an additional 3 units of competency are required:

The units of competency listed below are packaged into 4 modules. The Tax Agent Certification – Commercial Law (“TAC”) Module is an optional 5th module:

Module 1 Financial Reporting 

  • FNSACC301 Process financial transactions and extract interim reports
  • BSBFIA401 Prepare financial reports
  • FNSACC504 Prepare financial reports for corporate entities

Module 2 Budgets & Management Accounting 

  • FNSACC402 Prepare Operational Budgets
  • FNSACC503 Manage Budgets and Forecasts
  • FNSACC507 Provide Management Accounting Information

Module 3 Financial Performance & Internal Control 

  • FNSACC501 Provide Financial and Business Performance Information
  • FNSACC506 Implement and Maintain Internal Control Procedures

Module 4 Taxation 

  • FNSACC502 Prepare Tax Documentation for Individuals (MTL001)
  • FNSACC601 Prepare and administer tax documentation for legal entities (MTL002)
  • FNSACC603 Implement tax plans and evaluate tax obligations (MTL003)

Please note, if you choose to up-grade to obtain the Tax Agent Certification, 3 units of competency are included in the following additional module:

Module 5 Tax Agent Certification (“TAC”)

  • FNSTPB503 Apply legal principles in contract and consumer law (MCL001)
  • FNSTPB504 Apply legal principles in corporations and trust law (MCL002)
  • FNSTPB505 Apply legal principles in property law (MCL003)

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