Pre-assessment Checklist

Candidate’s name:
Units of competency:	BSBFIA401A - Prepare financial reports
Trainer/Assessor:
Date:
Checklist		Comments
¨Talked to the candidate about the purpose of the assessment.
¨Discussed the assessment environment and the process covering whenthe assessment will occur, wherethe assessment will occur, whowill assess the candidate, and the feedback process.
¨Printed the unit outline and explained the unit of competency including each element, performance criteria, foundation skill, performance evidence, and knowledge evidence that the candidate will be assessed on.
¨Discussed the various methods of assessment, assessment instruments, submission requirements and the due date.
¨Discussed what resources are required to successfully complete this assessment.
¨Discussed what performance level is required for each assessment task.
¨Organised the necessary arrangements to meet the assessment conditions essential for the candidate to carry out each assessment task.
¨Ensured that the candidate read and understood the Student Assessment Handbook involving following concepts: ¨  authenticity of candidate’s work ¨  re-submission, re-assessment and study plan policy/procedures ¨  appeals process ¨  regulatory information ¨  confidentiality procedures
¨Discussed special needs (if any) of the candidate and made the necessary arrangements.
¨Summarised information and allowed candidate to ask questions.

Assessment Submission Sheet

Course Title Diploma of Accounting   Course Code FNS50215 Unit Title Prepare financial reports Unit Code BSBFIA401A Version 3.0 Created on June 2015 Please read and sign this assessment coversheet and submit it together with your assessmentto your Assessor by the due date. Student Name   StudentID   Assessor   Date Due   Declaration I affirm that all work submitted in this assessment is my own work and does not involve plagiarism or teamwork other than that authorised for any particular assessment activity. I have read the Student Assessment Handbook under Section 2 Assessment Guidelines and understood the serious consequences in case this work is foundplagiarised. Student Signature:     Date Signed: ____/____/____                 Assessor Use Only First Submission Date Re-submission Date Re-assessment Date S NYS ___/___/____ S NYS ___/___/____ S NYS ___/___/____                     Feedback: Trainer/Assessor’s Comments:       I hereby confirm that I have been given feedback from the Assessor and I agree with the assessment outcome. Student Signature   Assessor Signature   Date ___/___/______

Student Feedback on Assessment: Would you like to make any comments about this assessment?                                                                                                                                   Assessment Receipt 代写 BSBFIA401  Prepare financial reports    Student Name   Student ID   Course Code & Title   Extension Granted Yes r No r Unit Code& Title   Date Received ___/___/____ First Submission r Re-submission r Re-assessment r Received by

Assessment Information
This assessment tool is designed to gather evidence on your knowledge as well as abilities to record general journal adjustment entries and to prepare end of period financial reports. In addition, it collects evidence on key foundation skills outlined in unit of competency details. Your Trainer/Assessor will go through the unit of competency at the very beginning of this unit explaining each element, performance criteria, foundation skill, performance evidence, and knowledge evidence that you will be assessed on via this assessment tool. You can find more information at https://training.gov.au/Training/Details/BSBFIA401
This assessment has two parts:

• Assessment Activity 1 –Knowledge gathering and practical’s
• Assessment Activity 2 – Practical problems
• Assessment activity 3- Case study

In order to be deemed competent in this unit you must obtain satisfactory outcome in each part of this assessment. You must collate the following documents and submit in a portfolio format:

• Activities and practical (Assessment Activity 1)
• Practical problems (Assessment Activity 2)
• Case study tasks  (Assessment Activity 3)

 
Guide for Preparing and Submitting Assessment
Preparation

• Read each task carefully, to make sure you know what is expected of you. Check whether the task has multiple parts, and make sure you answer all parts.
• Answer all the required task in the sequence as provided
• Research widely and use a variety of reputable sources.  Use class notes and discuss with your trainer
• Remember to observe the principles of academic honesty, as we do check assessments for plagiarism.

Writing and Submitting the Assessment

• Your answers must be written in a formal format.
• Write and save your assessment as a Microsoft Word document to your computer.
• Give a title to your assessment and use headings and subheadings when appropriate.
• You must submit your assessment as one portfolio where each part must have its own cover page having:

–        Course Code, Course Name
–        Unit Code, Unit Name
–        Date of Submission
–        Your Full Name and Your Student Number
–        Your Trainer’s/Assessor’s full name

• Number the pages in the bottom right hand corner.
• Make sure you present a professional looking portfolio. Use a document folder to collate all your documents together. Ensure quality print.
• Save a back-up copy of your assessment on a portable storage medium, in case your computer fails or is stolen, and/or keep a printed copy.
• When submitting your assessment, please submit it as one document – do not submit the title page, the references and the body separately. If you do this, your assessment will be returned to you for re-formatting

代写 BSBFIA401  Prepare financial reports 
 
Style Guide for Assessment Submission
You must submit your entire assessment in a professional portfolio format using the following guidelines as the format of your assessment:

Language	·         Use formal and non-discriminatory language ·         Avoid informal terms: E.g.; Using “Yeah” rather than “Yes” ·         Avoid sexism in language
Spelling	·         Use a spellchecker to ensure your portfolio is free of spelling errors. ·         Spell organisation/brand names as the organisation spells it. E.g.; iPhone
Proofreading	·         Ensure the following in your portfolio: ­    correct use of grammar, spelling and punctuation ­    visual consistency and language consistency ­    coherent structure and consistent layout ­    readability and legibility in typography ­    tables have titles and aligned according to the page margins
Headings and Subheadings	·         Use Cambria (Headings): H1: Main Heading (16pt) H2: Subheading Level 1 (14pt) H3: Subheading Level 2 (13 pt) ·         Use an initial capital for the first word only (unless the heading includes proper names and nouns): E.g.; Assessment Activity 1 ·         Use informative and intriguing wording ·         Using Boxed Headings is optional.
Citation and Reference List	·         Use Harvard Style Guide ·         Insert in-text citation directly after the information being sourced from an external source. ·         Provide a Reference List (Bibliography) at the end of your portfolio ·         Each external image incorporated in your portfolio must be sited.
Capitalisation	·         Use initial capitals for positions,personal names, placenames, nationalities, and groups of people E.g.; Chief Executive Officer – AlimSaiyed – Parramatta – Australia – Australian
Lists	·         Use a colon to introduce the list, a comma before ‘or’/’and’ and a full stop at the end of the last item in the list. Use a bullet point as the first level and an en dash (-) as the second level E.g.; Students must enrol in: ·         Accounting units, ·         Marketing units, and ·         Business units - Manage Meetings - Make a Presentation.
Font	Use black as text colour and Calibri (Body) 11pt or 12pt for default text (See Headings and Subheadings for headings).
Text alignment	·         Use text justification (Ctrl+J) for paragraphs.
Spacing	·         Use 1.15 as line spacing.
Printing	·         Use Moderate margins for printing (Page Layout à Margins à Moderate). ·         Print Black/White unless stated otherwise by your Trainer/Assessor.
Privacy Principles	·         Visit the following page and familiarise yourself with Australian Privacy Principles

For more information on how to write professional documents, you may refer to the ‘Style Manual’, sixth edition:
Assessment Activity 1 – Knowledge gathering: Maintain asset register, Record general journal entries for balance day adjustments
To be deemed satisfactory, you must answer all of the below tasks.
Task 1.1
What details are required to prepare a suitable asset (machinery) register?
Task 1.2
Design a card that you could use for an asset register. Why it is necessary to maintain a fixed asset register (FAR) and what does it enable you to do?
Task 1.3
Discuss the different deprecation methods, which can be used to calculate depreciation of fixed assets.
Task 1.4
ABC Ltd firm purchased motor vehicles on 1^st July 20X3 for $36,000 plus GST. For Depreciation, purposes assume that the reducing balancing method is used and depreciation rate to be applied is 37.5%. Financial years end 30 June.
Determine depreciation of ABC Ltd for four years by using above-mentioned methods for financial years ended 30 June
Task 1.5
Using the information below, you are required to complete an asset register, including the depreciation schedule
The following information relates to the asset transactions of the Modern Machinery Company.
Depreciation rate is 20% reducing balance.
The firm’s financial year ends on 30 June.
2014 Jan 1      purchased a machine for cash $ 6400 excluding GST
2014 Jan 1    sold the machine for $ 5184 excluding GST
 
 
 
 
 
 
 
 
 
 
 
                 ASSET REGISTER ASSOCIATED WITH DEPRECIATION SCHEDULE

ASSET REGISTER MODERN MACHINERY COMPANY
Asset cost                                                                Labour/installation                                                  Nil Total asset cost and depreciable value                            Rate  % reducing balance
Date	Carrying amount	This year’s  depreciation	Accumulated depreciation	Closing carrying amount
1 January 2013
30 June 2013
1 January 2014

 
Task 1.6
Based on information given task-1.5, Record the depreciation of non-current assets (machine) for the year 2013 and 2014

Date	Particulars	Debit ($)	Credit ($)
June 30 2013
January 01 2014

 
 
 
 
 
 
 
 
 
 
 
 
Task 1.7 Based on information given task-1.5 Prepare journal entries to record the purchase and disposal of machine.

Date	Particulars	Debit ($)	Credit ($)
January 01 2013
January 01 2014
January 01 2014
January 01 2014

 
Task 1.8
Discuss the difference between bad debts and doubtful debts.
 
Task 1.9
Select any organization from financial service industry in Australia (can be a bank or other financial institution), now Discuss which laws and code of practice staff need to follow of your chosen organisation.
 
Task 1.10
Discuss the meaning of double entry accounting principle.
 
 
 
 
 
 
 
 
 
 
Assessment Activity 2 – Practical: Record general journal entries for balance day adjustments, Prepare final general ledger accounts
This assessment task is about to record Adjust expense accounts and revenue accounts for prepayments and accruals, Record bad and doubtful debts, Adjust ledger accounts for inventories
Task 2.1
A firm’s financial year ends on 31^st December. On 1^st November 2014, the firm entered part of its premises and received six months’ rent in advance totalling $4,620 including $420 GST. The rental agreement was not renewed and no additional rent was received for the financial year ending 31^st December 2015.
 
Required:
a)      In general, journal format what would be the general journal entry on 1st November 2014for the $4620 rent received?
 

Date	Particulars	Debit ($)	Credit ($)

 
 
b)      What is the general journal entry required for income received in advance on 31^st December 2014?
 

Date	Particulars	Debit ($)	Credit ($)

 
 
 
 
 
 
Task 2.2
 
Nicho Ltd pays $1,200 for an insurance policy 30 September 2014. This policy covers the period 1^st October 2014 to 30 September 2015. The financial year ends on 31^st December.
 
Required:
Record the journal entry on the date 30 September 2014 and December 2014.
 

Date	Particulars	Debit ($)	Credit ($)

 
Task 2.3
(a) The balance of an accounts receivable on 30 June 2014 was Dr $ 10,200. An allowance for doubtful debts is to be created for 5% of that   balance.
Required:
The general journal entry of the creation of the allowance; and
(b) As at 30th June an extract of the balance discloses:
                                                                            Debit ($)            Credit ($)
                Accounts receivable                          11600                
                Allowance for doubtful debts                                         310
The allowance is to be adjusted to 4% of accounts receivable.
For the following situation, you are required to show:
The general journal entry the adjustment of the allowance for doubtful debts.
 
 
 
 
 
(a)    General journal

Date	Particulars	Debit ($)	Credit ($)
2014 Jun 30

(b)   General journal

Date	Particulars	Debit ($)	Credit ($)
2014 Jun 30

Task 2.4
An extract of the trial balance at 30 June 2014 discloses:
                                                                            Debit ($)            Credit ($)
                  Bad debts                        323
   Accounts receivable                          14, 855                
                Allowance for doubtful debts                                         650
 
The allowance is to be adjusted to 4% of accounts receivable.
 
A further amount of $572 inclusive of GST is to be written off as bad debt.
Required:

1. The general journal required to write off the bad debt
2. The general journal entry to transfer allowance for doubtful debts to bad debts
3.  The general journal entry to transfer bad debt to profit and loss

 
 
 
 
 
 
 
 
 
A.

Date	Particulars	Debit ($)	Credit ($)

B.

Date	Particulars	Debit ($)	Credit ($)

 
C.

Date	Particulars	Debit ($)	Credit ($)

 
Task 2.5
A firm uses the perpetual inventory system to control its inventory. The inventory control account in the ledger discloses an amount of $19,400 for inventory.
Required: General journal entries where a physical stocktake disclose inventory on hand as
(a)   $19,000    (b) $19,600
 
 
 
 
 
 
 
 
(a)    $19000

Date	Particulars	Debit ($)	Credit ($)

(b)   $19600

Date	Particulars	Debit ($)	Credit ($)

 
Task 2.6
A firm pays salaries on 18^th of each month. As at 1^st June 2014, the balance brought down of the salaries general ledger account was $97, 640. An extract of cash payment is journal revealed:
 
 

Date	Details	Bank	Salaries
20X7 June 18	Salaries Salaries	$ 8,900 8,700	$ 8,900 8,700

 
The firm balance date is 30 June. On 30 June 2014 salaries due but not paid ware $3,600.
 
Required:
a)      The general journal entry for salaries due but not paid as at 30 June 2014
b)     The general journal entry required to reverse the entry in (a) above 1^st  July 2014
c)      The salaries account which clearly shows:
i)                    The balance transferred to profit and loss account on 30 June 2014
ii)                  The balance carried down on salaries account at 31 July 2014
 
 
 
 
 
 
 
 
 
(a)   & (b)

Date	Particulars	Debit ($)	Credit ($)

 
 
(C)                                                       Salaries
 

Date	Particulars	Amount	Date	Particulars	Amount

       Salaries
 

Date	Particulars	Amount	Date	Particulars	Amount

 
 
 
 
 
Task 2.7
From the following information, you are required to prepare:
 
a)      Prepare general journal entries to record balance day adjustments in accordance with accounting requirement.
b)      From revenue and expense balance of trial balance, prepare trading account to reflect gross profit.
c)      Prepare Profit and loss account to reflect net profit
 

Trial balance of J Archer at 30 June 2014
	Debit   $	Credit  $
Petty cash	300
Drawings	6,700
Wages	35,400
Stock	10,600
Cash at bank	2,785
Cost of goods sold	97,772
Office expense	984
Mortgage interest	4,800
Rent received		937
Discount allowed	611
Accounts receivable	4,500
8% mortgage on land building –due 30.6.2014		60,000
Motor vehicles	44,400
Land and building	270,000
Capital -1st July 2013		195,600
Sales		220,100
Rates,water,land	1,627
Advertising	3,492
Insurance	1,864
Cartage outward	3,217
GST clearing		9815
Accounts payable		2,600

Additional information:

• Stock on hand as per stock take 30 June 2014                    $9,000
• Wages to be accrued                                            $730
• Depreciation on motor vehicles $7,900 to be provided
• Insurance Prepaid                                           $350

 
 
 
 
 
(a)
 

Date	Details	Debit ($)	Credit($)
2014 June 30

 
(b)
                                                 Trading Account as at 30 June 2014

DATE	PARICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT
30 June

 
 
(c)                     
 
                                           Profit and loss account as at 30 June 2014

DATE	PARICULARS	AMOUNT	DATE	PARTICULARS	AMOUNT

 
 
 
 
 
 
Assessment activity 3 – Practical: Prepare end of period financial reports

• This task requires you to prepare end of period financial reports
• candidates must use Word or Excel to prepare Financial report(Assessment Task 3)

 
Case study
Three Executives of a well-known multi-national established business in 2011, named Whitworth Box. Morris McMillan is Chief accountant of Whitworth Box and he has prepared trial balance from the general ledger balance for the year ending 30 June 2014

Particulars	Debit ($)	Credit($)
Cost of goods sold	348,583
Advertising products	13,045
Salaries-sales staff	44,929
Salaries-office staff	76,276
Insurance	8,053
Rates and taxes	11.234
Light and power	8,980
General expenses	13,434
Discount allowed	4,040
Bank charges and fees	892
Bad debts	2,315
Sales		732,600
Rent income		8,000
Interest received		854
Stock	44,702
Accounts receivable	8,268
Bank	51,364
Accounts payable		14,555
GST clearing		68,585
Land and buildings	407,188
Plant and machinery	94,000
Accumulated depreciation-buildings		5,700
Accumulated depreciation-plant & machinery		13,500
Drawings	17,151
Capital		310,660
	$1,154,454	$1,154,454

The following adjustments are required as at 30 June 2014:
 
     1)  Stock on hand as per stock takes 30.06.2014                    $45,500
 
     2) Salaries- sales staff, to be accrued              $1,079
 
     3) Expenses paid in advance-          advertising          $1,460
 
           Insurance     $610
 
      4) A write-off of a further bad debt inclusive of GST of $ 968 is required.
 
      5) Depreciation to be provided- building                    $940
                                                   Plant and machinery        $10,600
 
     6) Allow for doubtful debts 2% of accounts receivable (after bad debts write-off)
 
Errors in transactions:
When Morris (chief accountant) review transactions end of October 2014, he found following errors in recording process.

1. An amount of $50 plus 10% GST for the sale of old furniture on credit incorrectly credited to sales accounts $50.

 

2. The purchase of motor vehicle on credit $6,000 plus 10% GST from Hilsdons LTD incorrectly debited to inventory account $6,000.

 

3. A sales on credit to B Browne for $30.00 plus 10% GST incorrectly posted to the debit of K Brown

 

4. An amount of $150 for wages paid was incorrectly posted to general expense account.

 

5. $240 plus 10% GST of office furniture purchased and paid for has been debited to inventory account as $264

 
 
 
Required:
Task 3.1
Prepare general journal entries to record balance day adjustments in accordance with accounting requirement.
Task 3.2
Prepare income statement (revenue statement) to reflect operating profit for the year ended 30 June 2014
Task: 3.3
Prepare balance sheet to reflect financial position of Whitworth Box as at 30 June 2014
Task: 3.4
From case study identify error transactions and correct these transactions.  After that, discuss these errors with your assessor and classmates assumingthem as owners of Whitworth Box. Your assessor will use following checklist to assess your skills about how you explain issues and ask questions.
 
The objective of your presentation must be to:
·                 communicate with the audience clearly, understandably and creatively
·                 present your ideas, findings and recommendations credibly to convince the audience and gain support and agreement
·                 satisfactorily answer questions and objections
·                 Organise material in an effective and logical sequence and format for the presentation
·                 develop a range of support materials that can be used to present a variety of ideas and concepts for your presentation
·                 apply techniques to control the flow of information
 
Conditions of Presentation
You must make this presentation professional, delivering the materials with confidence and being knowledgeable and flexible in responding to queries and feedback
All resources must be provided to candidates in order to facilitate in delivering their presentation. This may include:

·        Internet	·        Speakers	·        White board
·        Training Room	·        Board markers	·        Printing facilities
·        Overhead projector	·        Computer workstation	·        Microsoft PowerPoint (2007-2013)

Your presentation must cover all errors. In summarised form so that you can clearly communicate this material in a maximum time of twenty (10) minutes, including Question/Answer session.
During your presentation, your audience will give you a final feedback, including your Trainer/Assessor. Your Trainer/Assessor will give you the final deadline to make the necessary adjustments and submit the finalised version.
Print and include any documents you use from an external source and reference any other information for your Trainer/Assessor.
You must submit your work along with the slides to your Trainer/Assessor for approval on time without requesting extensions – this is a requirement of the assessment due to timely project delivery.
Your assessor will use following checklist:

Did the candidate	Y/N	comments
Explain the errors identified above
Explained the reasons (used accounting industry terminology )
Used a good communication channel such as one to one meeting, class presentation, video conferencing etc.

Maintained eye contact, appropriate facial expressions, posture and gestures and supported the verbal message with appropriate vocal pitch, tone and pace
Matched their language and style to suit the subject, the formality of the situation, and adapted to the cultural requirements of the stakeholders
Elicited views and opinions of others by listening and questioning
Encouraged stakeholders to raise their queries and responded to all queries raised by the audience
delivered on a timely manner

 
                     
 
 
 
 
 
 
 
 
 
 
 
 
 
Assessor marking and Feedback Form: Prepare financial reports

Assessor Use Only
Assessors please tick if the evidence supplied is enough to demonstrate satisfactory performance. Also, write comments on the quality of this evidence.

 

Performance Criteria	S	NYS		Comments
Assessment Task 1. Knowledge gathering : Knowledge gathering: Maintain asset register, Record general journal entries for balance day adjustments
¨  How to Prepare a register of property, plant and equipment from fixed asset transactions
¨  To Determine method of calculating depreciation
¨  How to maintain asset register and associated depreciation schedule
¨  To Record depreciation of non‑current assets and disposal of fixed assets
¨  Distinguish between  bad and doubtful debts
Assessment Task 2. Record general journal entries for balance day adjustments, Prepare final general ledger accounts
¨  How to Adjust expense accounts and revenue accounts for prepayments and accruals
¨  How to Record bad and doubtful debts
¨  Adjust ledger accounts for inventories,
¨  To Make general journal entries for balance day adjustments in general ledger system
¨  To prepare trading account to reflect gross profit.
¨  To Prepare Profit and loss account to reflect net profit
¨  To Prepare balance sheet to reflect financial position
Assessment Task 3. Prepare end of period financial reports
¨  To Prepare general journal entries to record balance day adjustments
¨  To Prepare income statement (revenue statement) to reflect operating profit
¨  To Prepare balance sheet to reflect financial position
¨  To identify error transactions and correct these transactions.
Performance evidence
produce a detailed asset register and depreciation schedule
accurately record entries for balance day adjustments
prepare financial reports
trace and reconcile errors systematically or seek expert advice if required
apply double-entry principles
Complete all tasks according to organisational policies and industry standards.
Knowledge Evidence
·          explain double entry bookkeeping principles
·          identify general journal and general ledger entries
·          list the key provisions of relevant legislation, regulations, standards and codes of practice that may preparation of financial reports
·          describe organisational accounting systems
·          Outline relevant organisational policies, procedures and accounting standards.
Foundation skills
·          Reading
·          Writing
·          Oral communication
·          Numeracy
·          Navigate the world of work
·          Interact with others
·          Get the work done
Final Results:                                                     C/NYC
Final Comments:                   Assessor Initials: Date:

 
 代写 BSBFIA401  Prepare financial reports