Finance and Management

FNSCC416 Student Assessment

11 April 2023 05:01 AM | UPDATED 8 months ago

FNSCC416 Student Assessment :

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FNSCC416 Student Assessment
FNSCC416 Student Assessment

ASSESSMENT COVER SHEET

(Please ensure this cover sheet is completed and attached on top of each assessment)

QUALIFICATION CODE AND TITLE:                                      FNS40217 Cert IV in Bookkeeping and Accounting            

UNIT CODE:  FNSACC416                         TITLE:                    Set up and operate a computerised accounting system

Student Number 
Student Name 
Assessor Name 
Assessment Name and Number 
Assessment Task Number and Name 
Assessment Due Date 
Submission Date 
RESULT5 SATISFACTORY  5 UNSATISFACTORY
FINAL OVERALL RESULT5COMPETENT       5  NOT YET COMPETENT

STUDENT DECLARATION

I declare that:

  • This FNSCC416 Student Assessment is my own work, based on my own study and research and no part of it has been copied from and                    other source except where due acknowledgement/reference has been made.      
  • If this assessment was based on collaborative/teamwork, as authorised by the trainer, I have not submitted the same final version of any FNSCC416 Student Assessment material as another student.
  •  I have not previously submitted this assessment or any part of this assessment for this or any other course/unit.
  • I have kept a copy of my assessment.
  • I give permission for myFNSCC416 Student Assessment t to be reproduced, communicated, compared and archived for the purposes of detecting plagiarism.
  • I understand that plagiarism is the practice of taking someone else’s work or ideas and passing it off as one’s own work and that the attached assessment maybe checked for plagiarism.
  • I understand that collusion is presenting another person’s assessment as one’s own and/or providing your own work to another person to allow them to pass it off as their own.
  • Any assessment deemed unsatisfactory will require me to undergo reassessment which may be different to the one originally submitted.
  • I am aware that in the event that I disagree with the assessment outcome I have the right to appeal that result.  I will follow the complaints and appeals process.
  • A late submission fee of $150 per assessment will apply if the assessment is submitted after the scheduled due date unless a formal extension has been granted by the Program Manager or Course Co-ordinator.
  •  

Student Signature:                                                                                                                        Date:                                                     

ASSESSMENT SUMMARY SHEET

To be deemed competent students must have a satisfactory result recorded for each FNSCC416 Student Assessment activity.  If a     result is not satisfactory for any assessment task, the trainer/assessor will determine the training and assessment tasks to be completed.

 The student has been assessed as competent in the elements and performance criteria, performance evidence and knowledge evidence and in line with the assessment conditions. The students work submitted for this FNSCC416 Student Assessment is: 5 Valid                        5 Sufficient              5 Current                 5 Authentic

ASSESSMENT TASK 1
¨ SATISFACTORY¨NOT SATISFACTORY¨NO APPLICABLE
ASSESSMENT TASK 2
¨ SATISFACTORY¨NOT SATISFACTORY¨NO APPLICABLE
Feedback to Student          
The student has been given feedback and informed of the assessment result and the reasons for the decision.
Trainer/Assessor Signature 
Date 
I have received feedback and been informed of the assessment result and the reasons for the decision.  I agree with the assessment result.
Student Signature 
Date 

Other

Resubmission Date 
Is this assessment subject to an appeals process5 Yes     5  No
Outcome of appeal     

ASSESSMENT INFORMATION

Introduction

To think is one thing but to do is another; to ensure you gain impact from your learning we will engage in active learning to transfer concepts into the relevance of your business environment.

One of the most critical elements of businesses success is the development of our teams beyond the formal classroom acquisition of knowledge.  It is well recognised that retention of knowledge from training alone is at best about 20% however once application and coaching is added the increase in retention and implementation increases significantly and in some cases up to and beyond 80%.  Throughout your Certificate program we are committed to both stretching your learning but also giving a framework on which you can provide learning for others and ensuring that the knowledge gained through training is translated into practical on the job improvements.

Throughout your FNSCC416 Student Assessment and Activity sessions we are going to investigate how you can reflect on:

All of your assessment and learning is provided as a positive learning tool. Your mentor/assessor who will guide your learning and responses to the assessment materials until you have been deemed competent in this unit further assists you in this process.

Students: How you will be assessed:

The process you will be following is known as competency-based FNSCC416 Student Assessment .  This means that evidence of your current skills and knowledge will be measured against national and international standards of best practice, not against the learning you have undertaken either recently or in the past. (How well can you do the job?)

Some of the assessment will be concerned with how you apply the skills and knowledge in your workplace, and some in the training room.

The FNSCC416 Student Assessment tasks utilized in this training have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence required so you can successfully demonstrate competency at the required standard.

The table on the next page shows you how to achieve a satisfactory result (competent) against the criteria for each type of assessment task.

What happens if your result is ‘Not Yet Competent’ for one or more assessment tasks?

Our assessment process is designed to answer the question “has the desired learning outcome been achieved yet?” If the answer is “Not yet”, then we work with you to see how we can get there.

In the case that one or more of your FNSCC416 Student Assessment has been marked ‘NYC’, your trainer will provide you with the necessary feedback and guidance, in order for you to resubmit your responses.

What if you disagree on the assessment outcome?

You can appeal against a decision made in regards to an FNSCC416 Student Assessment of your competency.   An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against specific competency standards and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent.

You must be able to adequately demonstrate that you have the skills and experience to be able to meet the Learning Outcomes of modules you are appealing against the assessment of.

You can request a form to make an appeal and submit it to your trainer, the Course Coordinator, or the Administration officer. The RTO will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to this form.

What if I believe I am already competent before training?

If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit, speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL).

TRAINER/ASSESSORS: Responsibilities

Assessors need to be aware of their responsibilities and carry them out meticulously.  To do this they need to:

guide for students and assessors

Task‘Satisfactory’ Result‘Non Satisfactory’ Result
Portfolio EvidenceThe assessor will mark evidence provided against the key competencies of the unitEvidence provided does not meet all of the key competencies in the unit
Questions (Written or verbal)All questions answered correctlyIncorrect answers for one or more questions
Answers address the question in full; referring to appropriate sources from your workbook and/or workplaceAnswers do not address the question in full. Does not refer to appropriate or correct sources.
3rd. party judged on performance in the workplaceSupervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operatorCould not demonstrate consistency. Could not demonstrate the ability to achieve the required standard
Written activityThe assessor will mark the activity against the detailed guidelines/instructionsDoes not follow project guidelines/instructions
Attachments/appendices if requested are attachedRequested supplementary items are not attached
All requirements of the written activity are addressed/covered.Response does not address the project requirements in full; is missing a response for one or more areas.
Responses must refer to appropriate sources from your workbook and/or workplaceOne or more of the project requirements are answered incorrectly. Does not refer to or utilize appropriate or correct sources of information
Observation in workplace by assessorAll elements, criteria and critical aspects of evidence, are demonstrated at the appropriate AQF levelCould not demonstrate elements, criteria and critical aspects of evidence, at the appropriate AQF level
Case Study Comprehension and Associated QuestionsAll comprehension questions answered correctly; demonstrating an application of knowledge of the topic to the case studyLack of demonstrated comprehension of the underpinning knowledge (remove) required to complete the case study questions correctly. One or more questions are answered incorrectly.
Answers address the question in full; referring to appropriate sources from your workbook and/or workplaceAnswers do not address the question in full; do not refer to appropriate sources.

Assessment 2

Scenario 

You work as the bookkeeper for Pelican Furniture Pty Ltd, a small company which buys and sells quality furniture and also conducts upholstery courses on the weekend. 

The business has been operating for two years and in June wishes to computerise its accounting system using MYOB AccountRight and Excel to compile a fixed asset register.  

The accountant for Pelican Furniture Pty Ltd in consultation with the director, Vasili Chertov has drawn up the accounting policies and procedures to be used by the company. 

In this FNSCC416 Student Assessment use May of your financial year as the conversion date. 

Part A Setting up the computerised accounting system 

Task 1  

1. Read the Pelican Furniture Pty Ltd accounting policies and procedures. 

2. Create an MYOB company file using the information in the Pelican Furniture Pty Ltd accounting policies and procedures using accrual accounting procedures implementing: 

• general ledger 

• debtors ledger 

• creditors ledger 

• inventory ledger 

• accounts list.  

3. Use the following business details:  

Pelican Furniture – your name 

Address: refer to the accounting policies and procedures 

ABN: 35 933 853 286 

Conversion month: May of your financial year 

4. Start with an accounts list provided by MYOB. Choose the Retail industry option.

5. Set up the Accounts List by modifying existing account names and numbers where needed.  Check the accounts have the default tax codes listed below.  

You are not required to deleted other accounts. 

Account No. Account name Tax code
1-1110 NAB Cheque Account N-T
1-1120 Cash Float N-T
1-1140 Petty Cash N-T
1-1325 Stock on Hand N-T
1-2110 Equipment At Cost CAP
1-2210 Motor Vehicles At Cost CAP
1-2220 Accum. Depr. Motor Vehicles N-T
1-2310 Low Value Pool CAP
1-2320 Accum. Depr. Low Value Pool N-T
1-3010 Prepaid Expenses GST
1-3020 Accrued Income N-T
2-1110 Credit Card N-T
2-1420 Superannuation Payable N-T
2-2100 Motor Vehicle Loan N-T
4-1000 Sales – Furniture GST
4-2000 Sales – Training GST
4-3000 Sales – Other GST
4-4000 Delivery Fees Received GST
5-1000 Cost Of Sales – Furniture GST
5-2000 Cost Of Sales – Other GST
5-3000 Opening Stock – Other N-T
5-3050 Purchases – Other GST
5-3100 Closing Stock – Other N-T
5-4000 Freight Paid GST
6-1310 Merchant Fees GST
6-1600 Depreciation Expenses N-T
6-1700 Utilities Expenses GST
6-1800 Business Insurance GST
6-2000 Telephone & Internet Expenses GST
6-2500 Computer Support & Expenses GST
6-2800 Printing, Stationery & Postage GST
6-3300 Showroom Rent GST
6-3310 Showroom Repairs & Maint GST
6-3500 Discounts Given to Customers GST
6-3600 Motor Vehicle Expenses GST
6-4500 Staff Amenities GST

6. Set up tax codes as stated in the accounting policies and procedures. 

7. Delete tax codes not required. 

8. You may need to edit linked accounts and tax codes before you can finalise the Accounts List setup. 

9. Set up linked accounts. 

Bank account for electronic payments 1-1220 Electronic Clearing Account.
Bank account for undeposited funds 1-1210 Undeposited Funds Account.
Sales linked accounts Trade debtors, NAB cheque account, freight income account and discounts for early payment expense account.   Do not track deposits from customers or charge for late payment.
Purchases linked accounts Trade creditors, NAB cheque account and freight paid expense account.   Do not receive items without a supplier bill, track deposits paid to suppliers, take discounts for early payment or pay charges for late payment.
Bank account for payroll cash and cheque payments1-1110 NAB Cheque Account
Bank account for payroll electronic payments1-1220 Electronic Clearing Account
Default employer expense account 6-4300 Superannuation Expenses
Default wages expense account 6-4100 Wages & Salaries Expenses
Default tax account 2-1410 PAYG Withholding Payable

10. Use the following preferences: 

Banking Do not display payee rather than memo.
Sales Credit terms as per accounting policies and procedures.
Purchases Credit terms EOM after EOM (no discount), show supplier invoice in supplier payments.  Show supplier invoice number in supplier payments.
Security Prompt for data backup before closing file.

11. Load tax tables and set up general payroll information for your financial year. 

12. Default superannuation fund is not required.  

13. Set up a user ID for yourself and use this user ID throughout theFNSCC416 Student Assessment .  You must not use the Administrator user ID from this point. 

14. Add a password to provide security. 

15. Record your user ID and password. 

User ID: … Pelican Furniture………………………………………………………………………………………………………….. 

Password: ……..PelicanF123…………………………………………………………………………………………………… 

16. Exit at this point and re-enter MYOB using your user ID.

Task 2  

1. Enter the following opening balances on 30 April of your financial year.  

Account No. Account Name Debit Credit
1-1110 NAB Cheque Account $20,000.00
1-1120 Cash Float $100.00  
1-1140 Petty Cash $100.00
1-1310 Trade Debtors $32,000.00
1-1320 Inventory $20,000.00
1-1325 Stock on Hand $8,500.00
1-2110 Equipment At Cost $2,000.00
1-2210 Motor Vehicles At Cost $42,000.00
2-1210 GST Collected $2,909.09
2-1220 GST Paid $1,000.00
2-1410 PAYG Withholding Payable $900.00
2-1510 Trade Creditors $11,000.00
2-2100 Motor Vehicle Loan $20,000.00
3-8000 Retained Earnings $5,157.21
4-1000 Sales – Furniture $184,000.00
4-2000 Sales – Training $4,400.00
4-3000 Sales – Other $11,000.00
4-4000 Delivery Fees Received $1,100.00
5-1000 Cost Of Sales – Furniture $71,000.00
5-3050 Purchases – Other $6,120.00
6-1300 Bank Fees $120.50
6-1310 Merchant Fees $254.00
6-2000 Telephone & Internet Expenses $520.00
6-2800 Printing, Stationery & Postage $480.60
6-3300 Showroom Rent $10,000.00
6-3310 Showroom Repairs & Maint $2,300.00
6-3600 Motor Vehicle Expenses $1,541.20
6-4100 Wages & Salaries Expenses $20,000.00
6-4300 Superannuation Expenses $1,900.00
9-1000 Interest Expense $530.00
Total: $240,466.30 $240,466.30

2. Display the Trial Balance on 30 April and verify the opening balances have been entered accurately.

Task 3  

The accountant has prepared the following bank reconciliation:  

Bank reconciliation 

1 May 

Balance as per bank statement $22,080.00 Less unpresented cheques:  

Number 600 – Bell Brothers social media $1,600.00 

Number 602 – Ace Accountants                     $480.00          $2,080.00 

Cashbook balance                                            $20,000.00 

1. Enter the unpresented cheques and reconcile the bank account as at 1 May.  

Task 4  

2. Set up the debtors’ subsidiary ledger following the accounting policies and procedures.  

3. Create cards and opening customer balances for account customers from the following information:

Jenson Homes  1/50 Luxury Way  YOUR CITY STATE POSTCODE  Enter phone number of your choice  Terms: 30 days from date of invoice, 5% cash discount 14 days  Credit limit: $50,000  Contact: John Jenson  Invoice number: 452  Invoice date: 28 April  Amount: $22,000 inc GST
Country Cottages  145 Wood Road  YOUR CITY, STATE, POSTCODE  Enter phone and email of your choice  Terms: 30 days from date of invoice, no cash discount.  Credit limit: $10,000  Contact: Ian Craig  Invoice number: 410  Invoice date: 1 February  Amount: $10,000 inc GST

Task 5  

1. Set up the creditors subsidiary ledger following the accounting policies and procedures.  2. Create cards and opening supplier balances for the following suppliers: 

Furniture Imports  2134 Home Avenue  YOUR CITY STATE POSTCODE  Enter phone and email of your choice  Terms: EOM after EOM  You will need to find the ABN of this supplier. Look for a tax invoice from this supplier in this assessment.   Invoice number: 662  Invoice date: 10 April  Amount: $5,400.00  Invoice number: 669  Invoice date: 25 April  Amount: $6,250.00
Telstra  No address and phone numbers required  Always paid by BPay  Invoice number: April Account  Invoice date: 28 April  Amount: $350.00  Invoice due: 15 May

Task 6  

1. Set up the inventory subsidiary ledger following the accounting policies and procedures.  2. Create inventory items for the following stock:  

Item number Item name Selling price inc  GSTNumber on  hand 1 MayCost price  ex GST
CByron78444 Byron chairs $99.00 60 $40.00
CMontigo67894B Montigo armchair – black $1,299.00 15 $500.00
CMontigo67894C Montigo armchair – chocolate $1,299.00 16 $443.75
DByron88447 Byron dining table $599.00 10 $300.00
OS Other stock items Not inventoried

3. Enter the opening balance stocktake figures at 1 May.  

PRINTOUT 1 Accounts List [Summary]  

  1. Create the Accounts List [Summary] report.  
  • Include current balance, account number and tax code columns. 

PRINTOUT 2 Company Data Auditor 

1. Run the Company Data Auditor up to 1 May to check for any discrepancies and out of balance amounts. 

2. Create the Company Data Auditor Summary. 

3. Review any exceptions and either correct or note why the exception occurs. 

Task 7  

Create a fixed asset register following organisational procedures:  

1. Open the Excel template Template Pelican fixed asset register.  

2. Save As the file with your name added to the file name. 

3. Enter details of the office equipment and vehicle purchased in the current financial year. Details of assets listed in the balance sheet 

Account Details of assets
1-2110 Equipment at Cost (Office Equipment) Acer laptop  SN 1478457  Purchased 1 May  Cost $2,000.00 ex GST  Effective life 3 years (% = 200/life)   Warranty 1 year
1-2210 Motor Vehicles at  CostMazda ute – light commercial motor vehicle  Engine number AB3421456  Purchased 1 April  Cost $42,000.00 ex GST  Warranty 3 years  Effective life 12 years (% = 200/life)

PRINTOUT 3 Depreciation schedule 

1. Create the depreciation schedule by asset category report.  

2. Check you have entered the correct information. 

Assessor instructions  PRINTOUT 1 Accounts List [Summary], PRINTOUT 2 Company Data Auditor and PRINTOUT  3 Depreciation schedule need to be checked for accuracy before being entered into MYOB.   MYOB company file and Excel file have been set up accurately.  …………………………………………………..   Signature

Task 8  

1. Make a backup of your company file on your USB memory stick.

Part B Entering transactions for May 

Remember 

Make regular backups throughout the FNSCC416 Student Assessment . 

Task 9  

1. Call up the invoice layout for the showroom furniture sales. 

2. Customise the display of the company name, add a telephone number and email address using details of your choice. 

3. Remove the A.C.N fields.  

4. Save the customised invoice as Pelican Item Invoice.  

Task 10 

Enter the transactions for May. 

Remember to record on the source document the account code and that the data has been entered following the accounting policies and procedures. 

Update supplier card files with relevant details as required following accounting policies and procedures.

Transaction 1 Bill received  Auto Electrics  ABN 32 451 784 111 Invoice 446  To: Pelican Furniture Pty Ltd  66 Watson Road  Your City  Date: 1 May Terms: 30 days from date of invoice Description Total (no GST)  Repairs to motor vehicle  $300.00 Approved for payment: V Chertov 
Transaction 2 Cheque written out   Date 6 May  Pay Furniture Imports  Details Part payment of invoice 662  FWD  This cheque 2,000.00  Balance  Cheque number 603
Transaction 3 Bill received for furniture ordered and delivered.
Furniture Imports  ABN: 21 555 666 789  2134 Home Avenue Tax invoice YOUR CITY STATE postcode 706 To: Pelican Furniture Pty Ltd  66 Watson Road  Your City
Date: 6 May Purchase order number: 5 Terms: Net EOM after EOM
Quantity Item number Description Unit price inc  GSTTotal inc   GSTTax   code
Montigo67894B Montigo armchair – black 880.00 2,640.00 GST
Montigo67894C Montigo armchair – chocolate 880.00 7,040.00 GST
Byron78447 Byron dining room table 320.00 640.00 GST
12 Byron78444 Byron chairs 55.00 660.00 GST
FREIGHT 110.00 GST
Total including GST $11,090.00
Amount of GST in this invoice: $1,008.18
Transaction 4  6 MayInvoice to be issued to customer in the showroom on account.  Refer to the accounting policies and procedures before printing this invoice.  6 May  Invoice number 531 Ref: John Jenson Jenson Homes  1 Byron dining room table at recommended selling price  6 Byron chairs at recommended selling price  Delivery charges $88.00 Invoice total inc GST $1,281.00

PRINTOUT 4 Tax invoice to Jenson Homes

Transaction 5  8 MayThis cheque was received.  Eastpac Bank  Your Town State 001478 Date: 8 May  Pay Pelican Furniture………………… OR BEARER  The sum of Twenty thousand and nine   hundred dollars…………………………………. $20,900………………  DRAWER  Jenson Homes T Jenson  “001478 062001” 124456789”  This payment has taken into consideration an early payment discount. Do not print the adjustment note.
Transaction 6  9 MayInvoice to be issued to a business whose staff are booked in for an upholstery course next month.   Refer to the accounting policies and procedures before printing this invoice.  Customer’s name: Jim Howard Interiors  Address of your choice  Terms: 14 days, no cash discount  Credit limit: $10,000  Dates of courses: 1 June – 4 participants  7 June – 4 participants  Cost of course: $110.00 inc GST per participant

PRINTOUT 5 Tax invoice to Jim Howard Interiors

Transaction 7  10 MayInvoice to be issued to a customer in the showroom paid by EFTPOS.  10 May Ref: Hayley Hayley Bronson  Address of your choice  2 Montigo armchair – chocolate at recommended selling price Delivery charges $55.00 Invoice total inc GST $2,653.00  Do not print the invoice.
Transaction 8  10 MayEmail received advising payment of account:  From: Jim Howard Interiors [mailto:[email protected]] Sent: 10 May 2:04 PM  To: [email protected]  Subject: Remittance advice  Payment of the following invoice has been made to your bank account by electronic transfer:  Details Amount  Invoice number 533              $880.00
Transaction 9  11 MayVasili Chertov downloaded his bank statement and noted that the EFTPOS payment by Hayley had been credited to his account today. 
Transaction 10  12 MayHayley Bronson has returned 1 Montigo armchair (chocolate) because her lounge room wasn’t big enough for the 2 chairs.  1. Give Hayley a credit for 1 chair.   Funds were repaid into her EFTPOS account.  2. Enter the transaction in the MYOB company file.
Transaction 11  12 MayA cheque was accepted from Jim Howard Interiors for soft furnishings sold from the showroom.  Eastpac Bank  Your Town State 0024778 Date: 12 May  Pay Pelican Furniture………………… OR BEARER  The sum of Three hundred and eighty   dollars………………………………………………………… $380.00……………..  DRAWER  Jim Howard Interiors J Howard “0024778 “045’006: 6457812”  Enter the sale using a miscellaneous invoice layout and receive the cheque payment.
Transaction 12  12 MayCheques received during the month were banked today.  Bank deposit slip not required.
Transaction 13  12 MayCheque written out to pay Auto Electrics the amount owing  Date 12 May  Pay Auto Electrics  Details Payment of A/c  FWD  This cheque$300.00  Balance  Cheque number 605
Transaction 14  12 MayOn payment of the account from Auto Electrics it was discovered that the amount has been allocated to repairs to motor vehicle. This is incorrect.  The $300 should be allocated to repairs to the showroom.  Make a journal entry to correct this error.
Transaction 15  20 MayWages paid to casual employee by cheque.  Date: 20 May  Pay: Charlie Xo  Details: Casual wages                 Gross = $326.00                  PAYGW = $57.00  FWD  This cheque           $269.00  Balance  Cheque number 606  1. Create an employee card with the following personal details:  2. Select the Wages tab on the left and enter the following:
Transaction 16  (continued)3. From the Payroll Command Centre select Process Payroll and edit  the screen as follows:
4. Click on the arrow to open the pay run and edit the hours being paid.
5. Record the pay. Do not print a paycheque or pay slip.
Transaction 17 Tax invoice received for purchase of photocopier and office supplies.  Enter the transaction in MYOB AccountRight as well as the asset register  spreadsheet.
Downs Office Equipment ABN 21 457 894 555 To: Pelican Furniture Pty Ltd Tax invoice 66 Watson Road Your City 289
Date: 28 May Terms: EOM after EOM
Description Total (inc GST)
Canon photocopier model X134 SN 12784578 (effective life 5 years) Office supplies$1,880.00  321.00  $2,201.00
Transaction 18  30 MayInvoice to be issued to an account customer.  30 May Ref: Jim Howard Jim Howard Interiors  Address of your choice  6 Byron dining room tables  48 Byron chairs  Invoice total inc GST $8,346.00 Do not print the invoice.

Task 11 

The following bank statement was received at the end of the month. 

Bank statement 31 May 

Date Transaction Withdrawal Deposit Balance
1 May Balance 22,080.00 CR
Cheque 600 1,600.00 20,480.00 CR
Bank charges 18.00 20,462.00 CR
Cheque 602 480.00 19,982.00 CR
10 Deposit 880.00 20,862.00 CR
11 Deposit 2,653.00 23,515.00 CR
12 EFT 1,299.00 22,216.00 CR
12 Deposit 21,280.00 43,496.00 CR
12 Cheque 603 2,000.00 41,496.00 CR
15 DD A Landlord 1,100.00 40,396.00 CR
20 Cheque 605 300.00 40,096.00 CR
22 Cheque 606 269.00 38,827.00 CR
31 Interest 18.00 39,845.00 CR
31 Merchant fees 15.00 39,830.00 CR
7,081.00 24,831.00

1. Save the direct debit A Landlord for monthly rent of $1,100 inc GST as recurring. 

2. Create the supplier card with required details. 

3. Enter the transactions not already entered in the general ledger and reconcile the bank account to the statement.  

PRINTOUT 6 Reconciliation Report before reconciling 

1. Reconcile the bank statement displaying cleared and outstanding entries.  2. Create the reconciliation report before reconciling.  

PRINTOUT 7 Activity statement Jenson Home 

Use Plain Paper template to create a statement for Jenson Homes from 1 April to 31 May.  

PRINTOUT 8 All Transaction Journals for May 

1. Check the journals with the transactions in Task 10.  

2. Identify any errors and make the necessary corrections. 

3. Include the user ID and session date and exclude the Job No column.

Part C May reports 

Task 12 

Print the following reports: 

PRINTOUT 9 GST [Detail – Accrual] report for May 1. Create the GST [Detail – Accrual] report for May. 2. Carefully check the tax codes used and correct any errors. 

PRINTOUT 10 Balance Sheet as at 31 May 1. Create the Balance Sheet as at 31 May.  

2. Do not include 0 balances or account numbers. 

PRINTOUT 11 Profit & Loss Statement 

Create the Profit & Loss Statement report for May.  

PRINTOUT 12 Payroll Activity Summary 

Create the Payroll Activity Summary report for May. 

Part D Entering transactions for June 

Task 13 

Enter the transactions listed for June.  

Remember to record on the source document the account code and that the data has been  entered following the accounting policies and procedures.

Transaction 1  1 JuneTax invoice paid by credit card.  1. Before recording recap the transaction.  Downs Office Equipment  ABN 21457894555 Tax invoice Paid by credit   To: Pelican Furniture Pty Ltd 247 66 Watson Road  card 1 June Your City  Date: 1 June Terms: COD  Description Total (inc GST) Brother multi-function printer for the office (effective life   $999.00  3 years)  SN 1478845124  2. Enter the transaction in MYOB AccountRight and update the fixed  asset register. 
Transaction 2  1 JuneVasili paid the outstanding amount for Furniture Imports invoice number  662 total $2,400.00 by EFT.
Transaction 3  6 JunePay the outstanding Telstra account by BPay.  NAB Cheque Account
Transaction 4  6 JuneInvoice to be issued to a customer. Payment was made at the time of sale  by EFTPOS.  6 June  Your name  4 Byron chairs  1 Byron table  Soft furnishings total $350  Freight $50  Invoice total inc GST $1,395.00 Do not print the invoice.
Transaction 5 Petty cash expenses for staff amenities.  Local Supermarket  ABN: 49934461341  TAX INVOICE  Milk $3.20  Toilet paper $8.80  Total $12.00  GST amount $0.80  6 June
Transaction 6  10 JuneTax invoice received for prepaid computer support.  Hilder & Sons  ABN 11 874 555 222 Tax invoice To: Pelican Furniture Pty Ltd 220 66 Watson Road  Your City  Date: 10 June Terms: 14 days  Description Total (inc GST)  Computer support for 10 months (June to March) $2,200.00
Transaction 7  17 JuneWages paid to casual employee by cheque number 607.  1. Process the pay and enter details as follows:
2. Record the pay. Do not print paycheques or pay slips.
Transaction 8  18 JuneThis cheque was received as part payment for outstanding invoice from Jim  Howard Interiors.   Process the cheque payment directly to the NAB cheque account.  Eastpac Bank  Your Town State 000296 Date: 18 June  Pay Pelican Furniture………………… OR BEARER  The sum of Two thousand dollars  …………………………………………………………… $2,000……………  DRAWER  Jim Howard Interiors J Howard  “000296 062001” 121556833”
Transaction 9  20 JuneAn email remittance advice received from Jenson Homes.  From: Jenson Homes [mailto:[email protected]]   Sent: 18 June 11:04 AM   To: [email protected]   Subject: Payment notification  Payment of the following invoice has been made to your bank  account by direct deposit:   Invoice number 531 $1,281.00  Paid by EFT 20 June
Transaction 10  27 JuneVasili paid the outstanding bill from Downs Office Equipment by credit card.
Transaction 11  28 June$3,200.00 was transferred from the cheque account to the credit card  account using an internet transfer.
Transaction 12  28 JuneVasili checks his online banking and sees that the cheque from Jim Howard  Interiors has been dishonoured.   Process the reversal.
Transaction 13 A statement was received from Furniture Imports.  Check the accuracy of the statement against the supplier ledger.
Furniture Imports STATEMENT ABN 21 555 666 789  2134 Home Avenue, YOUR CITY June To: Pelican Furniture Pty Ltd  Terms: EOM after EOM
Date Reference Description Sales  (Debits)Payments/  adjustments   (Credits)Balance
1 June Balance from previous month $19,740.00
1 June EFT Payment $2,200.00 $17,540.00
> 60 days overdue 30 days overdue Current Total amount owing
$6,450.00 $11,090.00 $17,540.00
1. Is the statement accurate?  ….No this statement is not accurrate………………………………………………………………………………………………. 2. If not, what is the discrepancy?  The outstanding amount paid through the EFT was $2400 by vasilli…………………………………………………………………………………………….. 3. List steps you would take to resolve any discrepancy.   I’ll then execute one of these things, depending on the arrangement I reach with the supplier. Acknowledge the pricing discrepancy, then send the invoice with the corresponding errors.Post the invoice after updating the amount to the anticipated total.Ask the seller to issue a new, updated invoice with a complete credit.
Transaction 14  30 JuneAssume Furniture Imports has reissued the statement and it now reconciles  with the Pelican Furniture supplier ledger.  Vasili paid all outstanding invoices for Furniture Imports by EFT.

Task 14 

The following bank statement was received at the end of the month. 

Bank statement 

Date Transaction Withdrawal Deposit Balance
1 June Balance 39,830.00 CR
EFT Furniture Imports 2,400.00 37,430.00 CR
Bank charges 8.00 37,422.00 CR
BPay – Telstra 350.00 37,072.00 CR
EFT credit 1,395.00 38,467.00 CR
15 Loan repayment 500.00 37,967.00 CR
15 DD A Landlord 1,100.00 36,867.00 CR
17 Cheque 607 973.80 35,893.20 CR
18 Deposit 2,000.00 37,893.20 CR
20 EFT credit 1,281.00 39,174.20 CR
28 Transfer to credit card 3,200.00 35,974.20 CR
28 Dishonoured cheque 2,000.00 33,974.20 CR
29 Dishonour fee 8.00 33,966.20 CR
30 EFT Furniture Imports 17,340.00 16,626.20 CR
30 Interest 10.00 16,636.20 CR
30 Merchant fees 12.00 16,624.20 CR
27,891.80 4,686.00

1. Use the recurring transaction to record the rent payment.  

2. Enter the transactions not already entered in the general ledger and reconcile the bank account  to the statement.  

PRINTOUT 13 Bank Reconciliation Report before reconciling 

1. Reconcile the bank statement displaying cleared and outstanding entries.  2. Create the reconciliation report before reconciling. 

PRINTOUT 14 All Transaction Journals for June 

1. Check your journals with the transactions for June.  

2. Identify your errors and make the necessary corrections. 

3. Include the user ID and session date and exclude the Job No column.

Task 15 

Enter the following transactions as year-end adjustments: 

Transaction 15  30 JuneYou have been notified that Country Cottages have gone into liquidation. 1. Make a notation in the customer contact log.  2. Write the amount owing off as a bad debt.  3. Settle the transaction against the open invoice. 
Transaction 16 Create a journal entry to account for computer support expenses for June.
Transaction 17 Create a journal entry to account for accrued income for a business insurance refund (no GST reportable) expected from Suncorp Insurance  for $380 not yet received. 
Transaction 18 Create a journal entry to account for sales of non-inventoried other stock on hand at 30 June. The value of stock on hand is reduced from the  opening balance to $5,200.
Transaction 19 1. Enter the following stocktake of furniture:  Item number Item name Number on hand 30/6/xx  CByron78444 Byron chairs 12 CMontigo67894B Montigo armchair – black 18 CMontigo67894C Montigo armchair – chocolate 22 DByron78447 Byron dining room table 4  1 upholstery damaged chocolate armchair was taken from stock and relocated in the staff room for staff use. Allocate to the staff amenities expense account.  2. Allocate the adjustment to the relevant cost of sales account.

PRINTOUT 15 Depreciation schedule 

1. Refer to the completed Pelican fixed asset register.  

2. Create the depreciation schedule by asset category report.

Transaction 20 Using totals from each asset category of PRINTOUT 15 Depreciation schedule, enter year-end adjustment journal entries to record the transfer  of the printer to the low value asset pool (if not already allocated) and  depreciation for the year against each asset category. 

Part E June reports 

Task 16 

PRINTOUT 16 General Ledger [Detail]  

1. Create the General Ledger [Detail] report for June.  

2. Do not include accounts with no activity. Display year-end adjustments only. 3. Remove Job No. from the report and adjust column widths to show memo field in full. 4. Check the ledger with transactions in Task 15.  

PRINTOUT 17 GST [Detail – Accrual] report for June 

1. Create the GST [Detail – Accrual] report for June 

2. Carefully check the tax codes used and correct any errors. 

PRINTOUT 18 Balance Sheet as at 30 June 

1. Create the Balance Sheet as at 30 June. 

2. Do not include 0 balances or account numbers. 

PRINTOUT 19 Receivables Reconciliation [Detail] as at 30 June 

1. Create the Receivables FNSCC416 Student Assessment Reconciliation [Detail] as at 30 June ageing according to invoice terms.

2. What is the amount owed by customers on 30 June? 

……….The amount owed by the customer according to the Receivables Reconciliation [Detail] as at 30 June is $494………………………………………………………………………………………………………………… 

3. What is the trade debtors balance in the balance sheet on 30 June? 

………….The trade debtor balance in the balance sheet 30 June is $494 ………………………………………………………………………………………………………………  

4. Does the debtors subsidiary ledger reconcile with the general ledger? If not, use Find Transactions to analyse any errors or omissions and make any necessary corrections to  transactions. 

………Yes the debtors subsidiary ledger reconcile with general ledger………………………………………………………………………………………………………………….  

PRINTOUT 20 Payables Reconciliation [Detail] as at 30 June 

1. Create the Payables Reconciliation [Detail] as at 30 June ageing according to purchase order  date. 

2. What is the amount owing to suppliers on 30 June? 

……….The amount owing to the supplier is $5193.82 ………………………………………………………………………………………………………………… 

3. What is the trade creditors balance in the balance sheet on 30 June? 

The trade creditor balance in balance sheet on june 30 is   $5193.82 ………………………………………………………………………………………………………………………  

  • Does the creditors subsidiary ledger reconcile with the general ledger? If not, use Find Transactions of FNSCC416 Student Assessment to analyse any errors or omissions and make any necessary corrections to  transactions.

Yes the trade creditor subsidiary ledger reconcile with general ledger.

PRINTOUT 21 Inventory Value Reconciliation as at 30 June 

Create the Inventory Value Reconciliation as at 30 June. 

1. What is the value of furniture on hand on 30 June? 

The value of furniture at hand is $19840 …………………………………………………………………………………………………………………….. 

2. What is the Inventory balance in the Balance Sheet on 30 June? 

The inventory balance at balance sheet is $39840.

………………………………………………………………………………………………………………………….  

3. Does the inventory subsidiary ledger FNSCC416 Student Assessment reconcile with the general ledger? If not, check your  inventory transactions and adjustments and make any necessary corrections. 

Yes, the inventory subsidiary ledger reconcile with general ledger …………………………………………………………………………………………………………………..  

PRINTOUT 22 Fixed asset register 

1. Print the assets by category report from the FNSCC416 Student Assessment completed fixed asset register.  2. What is the closing value of assets in the low value asset pool?  

………………………………………………………………………………………………………………………….  

3. Does this reconcile with the Low Value Pool account in the balance sheet (less accumulated  depreciation)? If not, check your depreciation journal. 

……………………………………………………………………………………………………… 

4. What is the closing value of all assets on the asset register?  

………………………………………………………………………………………………………………………….  

5. Does this reconcile with the total value of assets on the balance sheet? If not, check your entries. 

 …………………………………………………………………………………………………………………………. 

6. What is the total depreciation expense on the asset register? 

…………………………………………………………………………………………………………  

7. Does this reconcile with the value of depreciation on your profit & loss statement? If not, check your year-end journal entries. 

8. Write on your printout the relevant MYOB balance sheet and profit & loss account values to verify they reconcile. 

PRINTOUT 23 Profit & Loss [With Year to Date] 

1. Create the Profit & Loss [With Year to Date] displaying June and Year to Date. 

2. Remove % of Sales and % of YTD Sales. 

PRINTOUT 24 Payroll Activity Summary 

1. Create the Payroll Activity Summary report for June.

PRINTOUT 25 Payroll Activity Summary 

1. Create the Payroll FNSCC416 Student Assessment Activity Summary report for May and June. 

2. What is the total value of taxes? 

The total value of the tax is $302……………………………………………………………………………………………………… 

3. Refer to PRINTOUT 18 Balance Sheet as at 30 June.  

4. Does the total tax amount on the payroll report reconcile FNSCC416 Student Assessment with the PAYG Withholding amount on the balance sheet? If not, why not? 

No the total tax amount does not reconcile with the balance sheet………………………………………………………………………………………………………  

Task 17 

1. Make a secure backup of your company file. 

2. Start a new financial year in MYOB. Do not purge your data. 

Task 18 

Show your assessor how to restore this backup. 

Task 19 

Submit your printouts, FNSCC416 Student Assessment and backup as instructed by your assessor. 

Evidence guide 

Element  Elements   describe the essential   outcomes.Performance criteria  Performance criteria describe the performance needed to demonstrate achievement of the element.Assessment task
1. Implement integrated   accounting   system 1.1 Implement general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and proceduresTask 1  Task 2  Task 3  Task 7
1.2 Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST)Task 1  Task 6
1.3 Identify sources of technical help and use them to solve operational problemsAs required during assessment
2. Process   transactions in  system 2.1 Collate, code, and classify input data before processingTask 13
2.2 Process wide range of cash and credit transactions according to organisational policies and proceduresTask 13
2.3 Use general journal to make balance day adjustments for prepayments and accrualsTask 15
2.4 Regularly review system output to verify accuracy of data input, and make adjustments for detected processing errorsTask 13
2.5 Perform end of financial year rollover Task 17
3. Maintain   system 3.1 Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as requiredTask 13  Task 15
3.2 Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accountsTask 13  Task 15
3.3 Customise chart of accounts to meet reporting requirements of organisationTask 1  Task 13  Task 15
4. Produce   reports4.1 Generate reports to indicate financial performance and financial position of organisation and for goods and services tax (GST) purposesTask 16
4.2 Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledgerTask 16
4.3 Generate reports that confirm that system’s bank account entries reconcile with bank statementsTask 3  Task 13
4.4 Establish systems and practices to ensure information is stored securely and according to legislative and organisational requirementsTask 17
4.5 Maintain secure record of processed transactions for audit purposesTask 1

FNSCC416 Student Assessment requirements v1.0 

Performance evidence 

Evidence of the ability to: Assessment task
• set up the chart of accounts for one organisation by modifying an established integrated financial software systemTask 1
• implement an integrated computerised accounting system, ensuring integrity of the dataTask 1  Task 2  Task 3  Task 6  Task 7
• process transactions in the integrated system, including: • BPAY Task 5  Task 13
• credit card payments Task 13  Task 15
• direct debit Task 11
• invoices Task 13
• petty cash Task 13
• generate reports in the integrated system over at least two reporting periods, including:  • goods and services tax (GST) accrual report Task 16
• payroll report Task 16
• bank reconciliation report Task 13
• profit and loss statement Task 16
• balance sheet Task 16
• maintain computerised accounting system information securely. Task 1

Knowledge evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance  criteria of this unit, and to manage tasks and reasonably foreseeable  contingencies in the context of the work role.Assessment task
• Key features of desktop and cloud-based computerised accounting systemsExercise 2
• Key features of organisational policies and procedures relating to setting up and operating a computerised accounting systemAll tasks
• Key requirements of financial services industry legislation relating to information privacy when using computerised accounting systemsExercise 1
• Key features and characteristics of information included in source documents of financial dataExercise 11  Exercise 42  Exercise 46

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