Accounting And Financial Management Questions :
|Qualification Code/Title||Click or tap here to enter text.|
|Assessment Type||Time allowed|
|Due Date||Location||Term / Year|
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 ID number|
¨ 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.
|Assessment outcome||S||NS||DNS||Resubmission Y N|
Student result response
¨ My performance in this assessment task has been discussed and explained to me.
¨ I would like to appeal this assessment decision.
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
ccounting And Financial Management Questions Task summary
For this assessment task you are required to prepare journal entries according to standard practice to record the purchase of assets, depreciation expense, and accumulated depreciation.
This assessment is to be completed in the simulated work environment in the RTO.
- Access to textbooks/other learning materials
- Computer with Microsoft Office and internet access
- Australian Accounting and Auditing Standards (either online or hard copy)
- Financial Policy and Procedures
- Asset Register Worksheet
Your assessor will advise you of the due date of these submissions.
- Email with Asset Register Worksheet attached
ccounting And Financial 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.
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.
For this assessment task, you are to assume the role of the Accounts Clerk at Andrew’s Slabs. Assume that your assessor is Andrew, the owner of Andrew’s slabs, and any approvals you need to be granted as instructed in the Financial Policy and Procedure need to be approved in writing to your assessor’s email address.
Andrew, the owner of Andrew’s Slabs, purchased a bench planer (Asset No. 346) from Mullum Machinery on 1st July 2016 that cost $18,000. It is expected to produce 5,000 items during its life in the workshop. At the end of its working life, its scrap value will be $1,000.
The machine has been operating for two years. Its production in each of those years has been 800 and 1000 units respectively. It is being depreciated on the units of production method. Balance day is 30 June each year.
On the 1st of July 2016, Andrew also purchased a standing drill (Asset No. 348) from Danny’s Drills. It cost $5,000 and will be used daily in the Workshop for a variety of purposes. The equipment has a useful life of 4 years and a residual value of $800. The straight-line deprecation method is used for this asset.
Complete the following activities in the Asset Register Worksheet, making sure that you follow the procedures as outlined in the Financial Policy and Procedures provided to you in your Resources folder.
At the end of March, there is an overdue debt of $550 (including GST) that has been outstanding for 92 days. The amount is owed by Domestic Bliss for furniture renovation.
The debt was transferred to a debt collection agency, but the debt was not paid.
Record these transactions in the table provided in the Worksheet.
Show the general ledger entries you would make to record this bad debt.
At the end of June, there is a debt of $990 that has been owed for 65 days. The amount is owed by Tables and Chairs. How would you show this on the end of year reports?
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, seeking approval for the entries you have entered into the various journals to be approved as part of the General Ledger.
Attach your Asset Register Worksheet to the email.
|Did the student:||Completed successfully||Comments|
|Accurately prepare journal entries to record assets and depreciation for a specified period?|
|Prepare accurate and detailed asset registers for the assets listed?|
|Use numeracy skills to complete calculations relevant to asset management?|
|Determine method of depreciation as set out in Financial Policy and Procedures?|
|Correctly record depreciation and projected disposal of assets as set out in Financial Policy and Procedures?|
|Accurately prepare correcting journal entries as required?|
|Correctly record bad and doubtful debts in the provided table as set out in Financial Policy and Procedures?|
|Seek approval for the journal entries made to form part of the General Ledger via email to Andrew (the assessor)?|
|Task Outcome:||Satisfactory ¨||Not Satisfactory ¨|