Diploma of Accounting
A powerful financial qualification
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.
What does the FNS50215 Diploma of Accounting involve?
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.
Will this course allow me to become a 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. Go to www.tpb.gov.au for more information, or call our friendly course consultants on 1300 738 955.
Victorian Government Funding is available:
Check your eligibility by CLICKING HERE
|Become a Registered Tax Agent – CLICK HERE|
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
Engaging content. Amazing Support.
Online Study or Workshops Online Study (Self-Paced)
- Easy-to-read course materials (including posted hardcopy textbooks)
- Videos and Webinars
- Pathway to become an Accredited Tax Agent with the Tax Practitioners Board (TPB) via Monarch’s Tax Agent Certification Module. Other TPB requirements also apply
- Free 12 month student membership with Institute of Certified Bookkeepers (ICB)
- Telephone Support from our Accredited Trainers
- Email Support from our Accredited Trainers
- Online Assessments
- Online Student Forums
Workshops (Face-to-face) Online Study Support PLUS
- Workshop contact days: 16 days
- Facilitated by expert industry qualified trainers
Online vs workshops
Online Learning – any time, any place, with maximum flexibility:
Online learning allows you to start a course when and where it is convenient for you to study. It is particularly popular with stay-at-home parents, full time employees, or anyone seeking maximum flexibility because you can choose the pace you study (fast or slow).
You are very well supported throughout your course. A dedicated Online education support team allows you to discuss your course work on a one-on-one basis with a specialist Accounting trainer. Your trainer is happy to contact you via phone, Skype, or email between Monday to Friday 9am to 5pm as you progress through the course, so you definitely won’t feel alone. You also have access to Online discussion forums via Monarch’s state-of-the-art learning management system providing access to an online learning community of fellow students.
Please CLICK HERE for more information about studying Online with Monarch.
Face-to-Face workshops – CBD training nationwide
We offer intimate ‘small class room’ training (i.e. no more than 15 students per trainer) at our state-of-the-art training facilities just minutes from the CBD in all major States. All training materials are included in our prices.
We would be pleased to record your interest in any of our face-to-face courses and will let you know as soon as the course is confirmed to proceed. Please note, there must be a sufficient number of students for the face-to-face courses to proceed. Monarch as such reserves the right to cancel or reschedule courses due to insufficient student enrolments or other factors.
Monarch Institute provides onsite training for group instruction (minimum 6 staff). Please call us or email us, if you represent a company or organisation with more than 6 staff that require face-to-face workshops conducted at your office.
We offer Government subsidised AND Australia-wide standard fee places. As a National training provider with training venues in Melbourne, Sydney, Brisbane, Perth and Adelaide, the majority of our students are NOT eligible for additional Government Funding if they live outside the State of Victoria. Please know, Monarch trains more students outside of Victoria than within, and provides fantastic training to students across every State of Australia, all at great prices! Please don’t hesitate to contact our friendly course consultants if you have any questions on 1300 738 955.
If you live in Victoria, Monarch has Government funded placed for 2017.
To see if you are eligible for a Government Funded place, please CLICK HERE to see the criteria or contact one of our friendly course consultants on 1300 738 955 to learn more.
FNS50215 Diploma of Accounting – Detailed Pricing
You can choose to enrol in the FULL FNS50215 Diploma of Accounting or alternatively you can enrol in just individual units (see prices below). There are substantial savings when enrolling in the full course.
Diploma of Accounting Modules Online (self paced)
Face to Face
Module 1 – Financial Reporting $650 $1,150 Module 2 – Budgets & Management Accounting $650 $1,150 Module 3 – Financial Performance & Internal Control $650 $1,150 Module 4 – Taxation $650 $1,150 FULL Diploma of Accounting
Enrol in the FULL Diploma and SAVE!
$2,200 $4,450 Add Module 5 – Only $795*.
SAVE $700 by bundling Tax Agent Certification (“TAC”) Module when enrolling.
Bundled with TAC
Bundled with TAC
* The Tax Agent Certification – Commercial Law (“TAC”) Module must be selected initially when enrolling in the Diploma of Accounting to receive the discounted pricing of $795. The standard fee for enrolling in the Tax Agent Certification Module on a stand-alone basis, or after enrolment in the Diploma of Accounting is $1,495
^All students studying at Monarch Institute are regarded as undertaking a course or qualification by Online (self-paced) education. Students may also choose to attend optional workshops which are facilitated by a recognised industry expert (‘facilitator’), in this instance an Accounting Professional. All Monarch facilitators are nationally recognised trainers and assessors under the Australian Quality Framework (AQF). To successfully complete the FNS50215 Diploma of Accounting, pre-reading, attendance at optional workshops (if applicable), self-study and post-workshop assessment is required. For further information, refer to Monarch Institute’s Student Information Guide and the workshop timetable section on our website.
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.
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:
National Code Unit Title 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)
Monarch has carefully structured its Assessments to include a variety of formats which will enhance your understanding:
- Calculation questions
- Multiple choice questions
- Short answer questions
- Case study and scenario-based questions
Will I have to complete an exam?
For the Diploma of Accounting (modules 1 – 4), there are no exams, rather assessment tasks (as described above). However, If you wish to complete the optional Tax Agent Certification (“TAC”) Module, you will also be required to complete 2 X 2 hour open book exams.
The first exam covers Australian Tax Law. The second exam covers Australian Commercial Law. The exams do not need to be completed at the same time, in fact it is suggested they are not.
What is included in the Module 5 – Tax Agent Certification (“TAC”) exam?
Each exam consists of 30 multiple choice questions and 6 short answer or calculation questions.
Where do I do the exam?
The Tax Practitioner Board (TPB) specifies students can complete the exam at any location provided they are independently supervised according to the terms and conditions of independent supervision as specified by the TPB.
For more details on the requirements of independent supervision, please contact one of our friendly course consultants.
What standard of English and Maths will I need?
Our free online assessment tool can help you determine the broad language, literacy and numeracy standards (i.e. English and Maths standards) required to study a Diploma level course. You can access the free tool by CLICKING HERE
Management Accounting & Financial Accounting Careers
An Accounting career is a great profession often involving different types of work depending on the job role, company, and industry. Accounting can broadly be broken up into two key areas;
Management Accounting; involves completing tasks and producing reports that inform company management about financial decisions relating to the operations of the business. These decisions that management accountants help to define, are generally forward looking. For example, a management accountant might provide the information to a department head or CEO about the financial issues and consequences of undertaking a strategy.
Financial Accounting; involves completing tasks and producing reports based on historical information. These reports provide management and external stakeholders including banks, financiers, shareholders or government agencies with an important snapshot of the company’s current financial status. A financial accountant will help the CEO, head of a department, or board of a company to understand what financial issues and opportunities exist at any given time.
What job roles exist?
Depending on your level of experience, the following Accounting job roles exist:
- Registered Tax Agent
- Budget Analyst
- Financial Analyst
- Accounting Manager
- Financial Controller
- Forensic Accountant
- Management Accountant
- Financial Accountant
- Government Accountant
- Chief Financial Officer (CFO)
Recognition of prior learning
Monarch Institute recognises Recognition of Prior Learning (RPL) which takes into account the knowledge and skills you have already gained through your previous education and work history, attributing this to your FNS50215 Diploma of Accounting. This may be through formal or informal training and can result in credits towards your qualification. More information about RPL is contained in Monarch’s Student Information Guide.
Future education pathways
After successfully completing the FNS50215 Diploma of Accounting, you can enrol in Monarch’s FNS60215 Advanced Diploma of Accounting, or choose to study both concurrently as a Dual Qualification.
Hear why people choose Monarch
- Simon and Cynthia explain how the Diploma of Accounting works
- Hear from student that studied at Monarch about their experiences
- Hear from our students about their learning experience
- Discover why Online learning is fantastic
- Hear what it takes to be successful in the financial planning industry
- Experts explain career opportunities in Accounting & Bookkeeping
- Our students discuss why they chose a financial planning career
- Natalie explains how she started her Bookkeeping business
- Simon explains how the Diploma of Accounting works
- Chris explains his small business journey
- Fleur explains her success in building a furniture business
- Jay shares his experience starting an Online business from home
- David explains why Logistics is such a big industry