FNSACC505 Maintain Accounting Information :
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Student Assessment Tasks
FNSACC505 Establish and maintain accounting information systems
Table of Contents
Table of Contents 2
Assessment Information 3
Assessment Instructions 5
Student Assessment Agreement 6
Assessment Task 1 Cover Sheet 7
Assessment Task 1: Written Questions 8
Assessment Task 1 Instructions 10
Assessment Task 1 Checklist 12
Assessment Task 2 Cover Sheet 13
Assessment Task 2: Evaluate, test and implement accounting information system 14
Assessment Task 2 Instructions 15
Assessment Task 2 Checklist 20
Assessment Task 3 Cover Sheet 22
Assessment Task 3: Monitor and review reporting systems project 23
Assessment Task 3 Instructions 24
Assessment Task 3 Checklist 26
Assessment Information
The assessment tasks for FNSACC505 Establish and maintain accounting information systems are included in this Student FNSACC505 Maintain Accounting Information Systems Assessment Tasks booklet and outlined in the assessment plan below.
To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily.
Assessment Plan
| Assessment Task | Overview |
| 1. Written questions | You must correctly answer all questions. |
| 2. Evaluate, test and implement accounting information system | You are required to assess a case study company’s accounting information system, recommend a new system then test and implement it. |
| 3. Monitor and review reporting systems project | You are required to monitor and review your accounting system by completing a number of activities |
Assessment Preparation
Please read through this FNSACC505 Maintain Accounting Information Systems assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all.
When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file.
Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.
Assessment appeals
If you do not agree with an FNSACC505 Maintain Accounting Information Systems assessment decision, you can make an assessment appeal as per your RTO’s assessment appeals process.
You have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.
Naming electronic documents
It is important that you name the documents that you create for this FNSACC505 Maintain Accounting Information Systems Assessment Task in a logical manner.
Each should include:
- Course identification code
- Assessment Task number
- Document title (if appropriate)
- Student name
- Date it was created
For example, FNSACC505 AT2 Briefing Report Joan Smith 20/10/19
Additional Resources
You will be provided with the following resources before you begin FNSACC505 Maintain Accounting Information Systems Assessment Task 2
- Briefing Report Template
- Company Information
- Meeting Information Assessor
- Strategic Business Plan
Assessment Instructions
Each assessment task in this booklet consists of the following:
Assessment Task Cover Sheet
This must be filled out, signed and submitted together with your FNSACC505 Maintain Accounting Information Systems assessment responses.
If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission.
If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file.
The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the FNSACC505 Maintain Accounting Information Systems Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per
your RTO’s re-assessment policy.
Depending on the task, this may include
- resubmitting incorrect answers to questions (such as short answer questions and case studies)
- resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task
- redoing a role play after being provided with appropriate feedback about your performance
- being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback.
Assessment Task Information
This gives you:
- a summary of the FNSACC505 Maintain Accounting Information Systems assessment task
- information on the resources to be used
- submission requirements
- re-submission opportunities if required
Assessment Task Instructions
These give questions to answer or tasks which are to be completed.
Your answers need to be typed up using software as indicated in the FNSACC505 Maintain Accounting Information Systems Assessment Task Instructions.
Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer.
If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date.
Checklist
This will be used by your assessor to mark your FNSACC505 Maintain Accounting Information Systems assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses.
Student Assessment Agreement
Make sure you read through the FNSACC505 Maintain Accounting Information Systems assessments in this booklet before you fill out and sign the agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.
Have you read the assessment requirements for this unit? ¨ Yes ¨ No
Do you understand the requirements of the assessments for this unit? ¨ Yes ¨ No
Do you agree to the way in which you are being assessed? ¨ Yes ¨ No
Do you have any specific needs that should be considered? ¨ Yes ¨ No
If so, explain these in the space below.
Do you understand your rights to re-assessment? ¨ Yes ¨ No
Do you understand your right to appeal the decisions made in an assessment? ¨ Yes ¨ No
| Student name | |
| Student number | |
| Student signature | |
| Date | |
| Assessor name | |
| Assessor signature | |
| Date |
Assessment Task 1 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
¨ I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
¨ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
¨ I have correctly referenced all resources and reference texts throughout these assessment tasks.
| Student name | |
| Student ID number | |
| Student signature | |
| Date |
Assessor declaration
¨ I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
| Assessor name | ||||
| Assessor signature | ||||
| Date | ||||
| Assessment outcome | S | NS | DNS | Resubmission Y N |
Feedback
Student result response
¨ My performance in this assessment task has been discussed and explained to me.
¨ I would like to appeal this assessment decision.
| Student signature | |
| Date |
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 1: Written Questions
Task summary
This is an open book test, to be completed in the classroom.
A time limit of 1 hour to answer the questions is provided.
You need to answer all of the written questions correctly.
Your answers must be word processed and sent to the assessor as an email attachment.
Required
- Access to textbooks and other learning materials
- Computer with Microsoft Office and internet access
Timing
Your assessor will advise you of the due date of this assessment.
Submit
- Answers to all questions
Assessment criteria
All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Written answer question guidance
The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.
Note that the following guidance is the minimum level of response required.
Analyse – when a question asks you to analyse something, you should do so in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.
Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.
Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.
Discuss – when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.
Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.
Evaluate – when a question asks you to evaluate something, you should put forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.
Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.
Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.
Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.
List – when a question asks you to list something, this means that you are asked to briefly state information in a list format.
Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.
Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.
Assessment Task 1 Instructions
Provide answers to all of the questions below:
- According to the Corporations Act, how long should business records be retained? What happens if a business does not retain required records?
- Identify a Code of Ethics relevant to accountants. Explain each of its key principles.
- Outline three areas that an organisation must address in regard to procedures around collection of personal information of employees to ensure it complies with the Australian Privacy principles.
- Explain how an effective internal control structure assists management.
- Explain three ethical principles that bookkeepers or accountant should use to guide their conduct in all aspects of business operations.
- Identify three examples of unethical accounting.
- Under what circumstances must a business register for GST?
- List the three different types of supplies in relation to GST.
- What are the three main obligations for a business when a new employee is hired?
- Where a business does not quote an ABN on its invoice, what would the business that received the invoice do?
- Give three examples of exempt income under the Income Tax Assessment Act.
- Outline three considerations for a business owner in choosing an accounting system.
- Explain the key principles and practices of budgetary control and the relevance to accounting systems.
Assessment Task 1 Checklist
Student’s name: | ||||
| Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? | Completed successfully | Comments | ||
| Yes | No | |||
| Question 1 | ||||
| Question 2 | ||||
| Question 3 | ||||
| Question 4 | ||||
| Question 5 | ||||
| Question 6 | ||||
| Question 7 | ||||
| Question 8 | ||||
| Question 9 | ||||
| Question 10 | ||||
| Question 11 | ||||
| Question 12 | ||||
| Question 13 | ||||
| Task Outcome: | Satisfactory ¨ | Not Satisfactory ¨ | ||
| Assessor signature | ||||
| Assessor name | ||||
| Date | ||||
Assessment Task 2 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
¨ I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
¨ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
¨ I have correctly referenced all resources and reference texts throughout these assessment tasks.
| Student name | |
| Student ID number | |
| Student signature | |
| Date |
Assessor declaration
¨ I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
| Assessor name | ||||
| Assessor signature | ||||
| Date | ||||
| Assessment outcome | S | NS | DNS | Resubmission Y N |
Feedback
Student result response
¨ My performance in this assessment task has been discussed and explained to me.
¨ I would like to appeal this assessment decision.
| Student signature | |
| Date |
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 2: Evaluate, test and implement accounting information system
Task summary
Students are required to assess a case study company’s accounting information system, recommend a new system then test and implement it.
This assessment is to be completed in the simulated work environment in the RTO.
Required
- Access to textbooks and other learning materials
- Computer with Microsoft Office and internet access
- Briefing Report Template
- Company Information
- Strategic Business Plan
Timing
Your assessor will advise you of the due date of these submissions.
Submit
- Email with briefing report attached.
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 2 Instructions
Carefully read the following:
Grow Management Consultants specialises in leadership consultancy. It has been operational for five years. The company offers a range of services to assist companies to assess leadership behaviour of existing managers and performance metrics. They also design and implement customized leadership programs based on the assessment. Services are offered Australia-wide.
The company employs a General Manager, 2 Principal Consultants (who are also Directors), 1 Senior Consultant, an Administration and Accounts Officer and Receptionist.
In the next two years, the plan is to grow the company and offer professional development workshops, an annual conference and eBooks on leadership techniques. All of these services are ready to launch.
Due to the company’s planned exponential growth, you have been employed as a Finance Manager. The General Manager has advised that the first task to be urgently completed is to establish a comprehensive accounting information system. Currently the company uses Excel spreadsheets as their manual financial accounting system.
Complete the following activities:
- Prepare for a meeting with the General Manager
Review the case study information and the Company Information document.
Following the meeting, you will be required to write an accounting information briefing report for the organisation, so review the Briefing Report Template and activity 3 below to determine the range of information that you will need to discuss at the meeting.
Do some preliminary research to determine accounting information software options that you can discuss during the meeting. Identify at least three options.
- Meet with the General Manager (your assessor)
You are required to participate in a meeting with the General Manager to discuss the company’s accounting information needs.
The objective of this meeting is for you to find out all that you need to know about the company’s accounting information needs and its existing systems.
Your assessor will give you the place, date and time of your meeting.
During the meeting, you are required to:
- Discuss objectives of the accounting information system
- Discuss key requirements for the accounting information system, including overall requirements, security requirements, records that must be included and any custom document requirements.
- Briefly discuss the key features of the accounting information software options that you have researched, including your recommendations that you will included in detail in your briefing report.
During the meeting, you are required to demonstrate effective communication skills including:
- Speaking clearly and concisely
- Using non-verbal communication to assist with understanding
- Asking questions to identify required information
- Responding to questions as required
- Using active listening techniques to confirm understanding
- Write an accounting information system briefing report.
Following the meeting with the General Manager, you are required to develop a report that documents the company’s current accounting information system and recommends options for accounting information system to meet the company’s needs.
Your report should be between two and three pages long.
Your report should include the following:
- An introduction that includes the briefing report’s objectives
- The details and key features of the current accounting information system that is in place.
- Requirements of the new accounting information system.
- Establish what the system’s recording processes should be. You are required to describe how they comply with legislation and codes of practice
- Key features of at least three different accounting information systems you have researched, including a comparison of each against the company’s requirements.
- A cost-benefit analysis of each of the accounting systems you have researched.
- Your overall recommendations on an appropriate accounting information system.
Use the Briefing Report Template to guide your work.
- Send an email to the General Manager (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarise the contents of the attachment, ask for their feedback and approval to move forward with the project.
Attach your Briefing Report to the email.
- Test and implement the system
The go ahead has been given to introduce the new accounting information system (for the purposes of this assessment, this will be the accounting software used in your RTO).
Your assessor will observe you testing the system ahead of a full rollout to all relevant staff.
This will involve you:
- Setting up a new account for Grow Management Consultants using the information in Company Information
- Demonstrating the key features of the system, showing how it meets the company’s requirements/specifications.
- Demonstrating how the system works in relation to Business Activity Statement Lodgement to meet the company’s and ATO requirements.
- Obtaining confirmation from your assessor that the system is acceptable and meets the company’s requirements.
Following the demonstration, your assessor will advise you whether the new system is acceptable or not.
- Develop instructions for use for the new system.
When you have successfully tested and set up the new accounts system, you are required to write a simple set of instructions for the people who will be using it in the future.
The instructions should begin with the login process and include key aspects of the accounting system including creating new customers in the system, developing invoices and checking and reconciling payments. The instructions you develop may also include links to the accounting software provider’s web site where further detailed instructions are included.
Save this document as Instructions for Use.
- Develop training schedule
Once you have developed the instructions for use, you are to write a training plan for the Accounts Officer.
The schedule should ensure that the Accounts Officer is able to use the system independently, and dependably.
- Provide information and training session
Prior to delivering the training, make sure that you practice your delivery, so you are well prepared. You will be assessed on your training techniques as well as the content of your instructions.
Your assessor will attend the information and training session in the role of the Accounts Officer. Introduce them to the system and show them how to log in.
Explain the process and procedures for recording and storing financial data in the system.
During the training, you should review your Instructions for Use with the Accounts Officer and show them where they can access it. Ensure that the document is clear, accurate and thorough. Make any changes that you both deem to be necessary.
Show the Accounts Officer how to analyse and account for transactions and ensure they are included in the correct accounting period.
Answer any questions the Accounts Officer has.
Before concluding the training session, confirm with the Accounts Officer that the system complies with organisational and statutory requirements
During and after the training session, you will be required to demonstrate effective communication skills including:
- Speaking clearly and concisely
- Using non-verbal communication to assist with understanding
- Asking questions to identify required information
- Responding to questions as required
- Using active listening techniques to confirm understanding
- Transfer data into new system
You are required to enter the customer invoices as per the information provided to you in customer invoices document into the system, taking screen shots of the completed entries.
Save these screen shots as Data Transfers.
Assume that the use of the accounting system is commencing on 1 July and therefore historical data does not have to be added.
You have received the following email from a Principal Consultant:
Dear Finance Manager.
I have noticed that the number of days for invoicing has been set incorrectly in the new system.
Please ensure that this is set to 5 days.
Regards,
Principle Consultant.
- Remedy discrepancies.
Respond to the email by making the requested changes to the system.
Take screen shots of the relevant system parameters when you have made the changes. Save these screen shots as Discrepancy Remedies.
Assessment Task 2 Checklist
Student’s name: | ||||
| Did the student: | Completed successfully | Comments | ||
| Yes | No | |||
| Describe the company’s accounting information system’s including the system’s objectives, document specifications, as well as security and records requirements? | ||||
| Review the existing system and records to establish whether they are suitable and usable? | ||||
| Establish appropriate recording processes for the new accounting information system? | ||||
| Compare various accounting information systems against the company’s requirements? | ||||
| Do a cost–benefit analysis of alternative accounting information systems? | ||||
| Test the accounting information system provided by their RTO in an operational environment? | ||||
| Obtain confirmation from the Accounts Officer that the new accounting information system operates acceptably? | ||||
| Prepare Instructions for Use in easily understood language and in clear format? | ||||
| Consult the Accounts Officer to ensure that the Instruct ions for Use are accurate? | ||||
| Make the Instructions for Use easily accessible, and update it as necessary? | ||||
| Implement the new accounting information system? | ||||
| Establish a training schedule for the Accounts Officer? | ||||
| Transfer data to the new accounting information system and records without error or loss? | ||||
| Communicate and promote processes that support the new accounting information system? | ||||
| Analyse and account for transactions, including correct accounting period? | ||||
| Update systems and records regularly to identify ongoing benefits and threats to organisation | ||||
| Maintain files and remedy discrepancies? | ||||
| Ensure that the integrity of the system and records complies with organisational and statutory requirements? | ||||
| Monitor transactions to identify taxation obligations? | ||||
| Task Outcome: | Satisfactory ¨ | Not Satisfactory ¨ | ||
| Assessor signature | ||||
| Assessor name | ||||
| Date | ||||
Assessment Task 3 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
¨ I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
¨ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
¨ I have correctly referenced all resources and reference texts throughout these assessment tasks.
| Student name | |
| Student ID number | |
| Student signature | |
| Date |
Assessor declaration
¨ I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
| Assessor name | ||||
| Assessor signature | ||||
| Date | ||||
| Assessment outcome | S | NS | DNS | Resubmission Y N |
Feedback
Student result response
¨ My performance in this assessment task has been discussed and explained to me.
¨ I would like to appeal this assessment decision.
| Student signature | |
| Date |
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 3: Monitor and review reporting systems project
Task summary
Students are required to monitor and review your accounting system by completing a number of activities.
This assessment is to be completed in the simulated work environment in the RTO.
Required
- Access to textbooks and other learning materials
- Computer with Microsoft Office and internet access
Timing
Your assessor will advise you of the due date of these submissions.
Submit
- Email with information about Revenue NSW’s communication
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 3 Instructions
Carefully read the following:
In September you see that the company’s payroll has reached $910,000, and you have received the following communication from Revenue NSW:
You should monitor your wage levels and register for payroll tax within seven days, after the month when your total Australian wages go above the monthly threshold. The monthly threshold is calculated using the number of days in the month, divided by the number of days in the year, multiplied by the yearly threshold.
Complete the following activities:
- Send an email to your assessor.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should explain the reason for the communication from Revenue NSW and inform them how to calculate payroll tax into the system
You have received the following email from the Accounts Officer:
Dear Finance Manager.
Unfortunately, I keep getting the following message from our new accounting information system:
This invoice hasn’t gone through to the customer.
This is strange, because, when I contact the customers, they report that they have received the invoice. Could you please investigate this for me?
Thanks,
Accounts Officer
- Investigate and update the system.
You are required to investigate why the false notifications are being sent to the Accounts Office and correct this.
- Perform a backup.
You are required to perform a data backup as set out for the RTO’s accounting information system.
Your assessor will observe you performing this.
Assessment Task 3 Checklist
Student’s name: | ||||
| Did the student: | Completed successfully | Comments | ||
| Yes | No | |||
| Communicate and promote processes that support the new accounting information system? | ||||
| Standardise the sources of the system’s data and documentation in a way that minimises errors? | ||||
| Perform a back-up on the accounting information system? | ||||
| Check data sources for accuracy and reliability? | ||||
| Analyse reports regularly to identify variations? | ||||
| Maintain reports to support source documentation? | ||||
| Task Outcome: | Satisfactory ¨ | Not Satisfactory ¨ | ||
| Assessor signature | ||||
| Assessor name | ||||
| Date | ||||
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