Finance and Management

BSBFIA401 Prepare Financial Reports

05 May 2023 11:12 AM | UPDATED 11 months ago

BSBFIA401 Prepare Financial Reports :

BSBFIA401 Prepare Financial Reports
BSBFIA401 Prepare Financial Reports

Assessment cover sheet

Student Must Fill this Section
Unit Code / TitleBSBFIA401 Prepare Financial Reports
Qualification Code / Title: 
Due Date : 
Student Name: 
Student ID: Term:Year:
Privacy Release Clause:“I give my permission for my assessment material to be used in the auditing, assessment validation & moderation Process”.
  Authenticity Declaration:“I declare that: The material I have submitted is my own work;I have given references for all sources of information that are not my own, including the words, ideas and images of others”.
Student Signature:                                                                                         Date:
 Assessment Outcome
 Assessor Name:
 Attempt and TasksSatisfactoryNot Yet SatisfactoryDateAssessor Signature
   Initial attempt    
 Re- attempt/Re-assessment    
 Assessment Task 1  
Assessment Task 2   
Assessment Task 3  
Assessment Task 4  

Assessor Feedback to Students

  Assessment Outcome:       Competent                                  Not yet Competent
Assessor Name: 
Assessor Signature: 

Information for Student:

  • This assessment is to be completed according to the instructions given below in this document.
  • Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.
  • If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
  • Please refer to the College re-submission and re-sit policy for more information.
  • If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.
  • This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately.
  • This is Individual Assessments. Once you have completed the assessment, please upload the softcopy of the Assessment into TKL Moodle.
 
Re-assessment of Result & Academic Appeal procedures:
If a student is not happy with his/ her results, that student may appeal against their grade via a written letter, clearly stating the grounds of appeal to the Chief Executive Officer. This should be submitted after completion of the subject and within fourteen days of commencement of the new term.   Re-assessment Process: An appeal in writing is made to the Academic Manager providing reasons for re-assessment /appeal. Academic Manager will delegate another member to review the assessment.The student will be advised of the review result done by another assessor.If the student is still not satisfied and further challenges the decision, then a review panel is formed comprising the lecturer/trainer in charge and the Academic Manager or if need be an external assessor.The Institute will advise the student within 14 days from the submission date of the appeal. The decision of the panel will be deemed to be final.If the student is still not satisfied with the result, he / she has the right to seek independent advice or follow external mediation option with nominated mediation agency.Any student who fails a compulsory subject or appeals unsuccessfully will be required to re-enrol in that subject.   The cost of reassessment will be borne by the Institute. The external assessor will base his/her judgement based on principles of assessment. These principles require assessment to be reliable, fair, practical and valid.   Academic Appeals: If you are dissatisfied with the outcome of the re-evaluation process, you have a right to appeal through academic appeals handling protocol.To appeal a decision, the person is required to complete the TKL- Request for Appeal of a Decision form with all other supporting documents, if any. This form is available via our website. The completed Request for Appeal form is to be submitted to the Student Support Officer either in hard copy or electronically via the following contact details: Student Support Officer, TKL College Suite 707, Level 7 159-175 Church Street, Westfield Shopping Centre, Parramatta, NSW 2150 , Email: [email protected] The notice of appeal should be in writing addressed to the Chief Executive Officer and submitted within seven days of notification of the outcome of the re-evaluation process.If the appeal is not lodged in the specified time, the result will stand and you must re-enrol in the unit.In emergency circumstances, such as in cases of serious illness or injury, you must forward a medical certificate in support of a deferred appeal. The notice of appeal must be made within three working days of the concluding date shown on the medical certificate.The decision of Chief Executive Officer will be final.Student would then have the right to pursue the claim through an independent external body as detailed in the students’ complaint / grievance policy.

Plagiarism:

Plagiarism means to take and use another person’s ideas and or manner of expressing them and to pass them off as your own by failing to give appropriate acknowledgement. This includes material sourced from the internet, RTO staff, other students, and from published and unpublished work.

Plagiarism occurs when you fail to acknowledge that the ideas or work of others are being used, which includes:

  • Paraphrasing and presenting work or ideas without a reference
  • Copying work either in whole or in part
  • Presenting designs, codes or images as your own work
  • Using phrases and passages verbatim without quotation marks or referencing the author or web page
  • Reproducing lecture notes without proper acknowledgement.

Collusion:

Collusion means unauthorised collaboration on assessable work (written, oral or practical) with other people. This occurs when a student presents group work as their own or as the work of someone else.

Collusion may be with another RTO student or with individuals or student’s external to the RTO. This applies to work assessed by any educational and training body in Australia or overseas.

Collusion occurs when you work without the authorisation of the teaching staff to:

  • Work with one or more people to prepare and produce work
  • Allow others to copy your work or share your answer to an assessment task
  • Allow someone else to write or edit your work (without rto approval)
  • Write or edit work for another student
  • Offer to complete work or seek payment for completing academic work for other students.

Both collusion and plagiarism can occur in group work. For examples of plagiarism, collusion and academic misconduct in group work please refer to the RTO’s policy on Academic integrity, plagiarism and collusion.

Plagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion as outlined in RTO’s policy.

Proven involvement in plagiarism or collusion may be recorded on students’ academic file and could lead to disciplinary

Assessment Requirements

You are required to complete and pass every task in the assessment in order to be deemed competent.

Assessment Schedule

TaskDue DateStudent SignatureTrainer SignatureComments
Task 1-4Week 3   

BSBFIA401 Prepare Financial Reports Assessment information

The assessment tasks for BSBFIA401 Prepare financial reports are included in this Student 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.

Financial Reports Assessment plan

Assessment TaskOverview
1.      Written questionsYou must correctly answer all questions.
2.      Asset register projectYou must prepare journal entries and an asset register.
3.      Depreciation projectYou must prepare depreciation worksheets and enter depreciation amounts into a number of financial statements.
4.      Balance Day projectYou must correct a Trial Balance to reflect General Journal entries. You must also participate in a roleplay meeting.
BSBFIA401 Prepare Financial Reports

Assessment preparation

Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions.

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 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 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 you feel you have been dealt with unfairly or have other appropriate grounds for an appeal.

Assessment task information

This gives you:

  • a summary of the assessment task
  • information on the resources to be used
  • submission requirements
  • resubmission opportunities if required.

Assessment task instructions

This includes questions you will need to answer or tasks that you need to complete.

Your answers must be typed using software as indicated in the 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 information as indicated in the section called ‘Naming electronic documents’ (see below).

Additional resources

You will be provided with the following resources before you begin each assessment task. Assessment Task 2:

  • Asset Register Worksheet
  • Financial Policy and Procedures Assessment Task 3:
  • Depreciation Worksheet
  • Financial Policy and Procedures Assessment Task 4:
  • Financial Policy and Procedures

Checklist

This will be used by your assessor to mark your assessment. Read through this checklist 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 or observing your performance.

Assessment Task 1: Written questions

Task summary

You need to answer all of the written questions correctly.

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.

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.

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.

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.

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

Provide answers to all of the questions below:

  1. Explain the basic principles of double entry bookkeeping

= The basic principles of double entry bookkeeping states that the total amount of debits equals the total amount of credits.

  • Explain the three golden rules of accounting and how they apply to double entry accounting.

= The three golden rules of accounting are:

  1. Debit what comes in Credit what goes out : This rules applies for real account
    1. Debit all expenses and losses Credit all gains and incomes : This rules applies for nominal account.
    1. Debit the receiver Credit the giver: This rules applies for personal account .
  • Explain the purpose of a general journal in accounting and give at least two examples of transactions that may be recorded in this journal.

= A general journal is a chronological accounting record of a company’s financial transactions . The main purpose of this is to assist in the reconciliation of accounts and to assist with producing financial statements.

  • Explain the purpose of a general ledger in accounting and give at least two examples of transactions that may be recorded in this journal.

=A general ledger is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports.

  • Describe what is meant by “Fair Value” under AASB 116.

= Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

  • When working as an accountant you will spend many hours seated at your desk and at the computer, possibly doing lots of data entry. List three OHS issues you might need to consider, ensuring you are working safely and are not at risk of accident, injury or illness.

=

  • Research the Internet and find out how the Privacy Act 1988 will be changed in regard to storage of client data on cloud servers. What would an accounting firm need to do if it stores client data on an online/cloud accounting system?
  • Review the APES 110 Code of Ethics for Professional Accountants on the Internet. Explain what a Member of Business should do if they are not satisfied that the financial statements of an employing organisation are presented in line with Australian Accounting Standards.
  • Review the APES 110 Code of Ethics for Professional Accountants on the Internet. Explain how threats to compliance with the fundamental principles occur.
  1. Explain the Australian Securities & Investments Commission’s (ASIC’s) role in approving codes of practice for the financial services sector. List their criteria for approval.
  1. Explain whether financial services industry associations have to seek approval from ASIC regarding their codes of practice. Give examples of at least two financial services industry codes of practice.
  1. List four types of laws that ASIC administers.
  1. Explain two posting methods used in computerised accounting systems.
  1. You need to prepare end of month financial reports. How would you make sure you have all the data you need?
  1. Assume that you have been provided with the data for the end of financial month report. However, you have found some errors. What should you do in this situation and whom would you speak to?
  1. Explain the difference between balance day adjustments required for accruals and balance day adjustments required for prepayments. Give an example of each.
  1. Outline the reasons why an adjustment for depreciation expense is required at the end of each reporting period.
  1. Distinguish between an allocation approach and a valuation approach to depreciation according to AASB1021 and AAS4.
  1. Explain why it is important for estimates of the useful lives and expected residual values of depreciable non-current assets to be reviewed annually.

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
YesNo 
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   
Question 14   
Question 15   
Question 16   
Question 17   
Question 18   
BSBFIA401 Prepare Financial Reports
Question 19   
Assessor Feedback:
Assessor name: 
Assessor signature and Date: 
BSBFIA401 Prepare Financial Reports

Assessment Task 2: Asset register project

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.

Required

  • Access to the 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

Timing

Your assessor will advise you of the due date of these submissions.

Submit

  • Email with Asset Register Worksheet 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.

Assessment Task 2 Instructions as provided to students

Complete the following activities:

Carefully read the following scenario.

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 2018 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 2018, 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 all of the activities below 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.

  1. Journal entries.

Prepare journal entries according to standard practice to record the purchase of assets, depreciation expense and accumulated depreciation for the years ended 30 June 2019 and 2020. Show your workings for the depreciation calculation.

  • Asset registers.

Prepare asset registers for the two items.

  • Correcting journal entries.

Prepare the correcting journal entries for the following:

Sold goods on credit to Lennox Furniture for $3,300 (including GST of $300) and incorrectly posted the item from the Credit Sales Journal by debiting Kingscliff Kitchens.

Timber worth $880 (including GST) purchased on credit from Shady Timber Mill was incorrectly debited to Purchases.

A cheque for $1,210 received for a kitchen bench slab was incorrectly posted from the cash receipts journal as a credit to the Sales account.

The bank column of the cash receipts journal was over added by $30, but the individual receipts were correctly entered and posted.

  • Calculations.

Calculate the following, taking into consideration the relevant procedures set out in the company’s Financial Policy and Procedures:

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?

  • Draft an email.

Draft 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 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.

Assessment Task 2 Checklist

Student’s name:
      Did the student:Completed successfully?  Comments
YesNo 
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)?   
Assessor Feedback: 
Assessor name:  
BSBFIA401 Prepare Financial Reports

Assessment Task 3: Depreciation project

Task summary

For this assessment task you are required to prepare a number of journal and ledger entries in response to the purchase, depreciation, and eventual sale of a fixed asset.

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
  • Australian Accounting and Auditing Standards (either online or hard copy)
  • Depreciation Worksheet
  • Financial Policy and Procedures

Timing

Your assessor will advise you of the due date of these submissions.

Submit

  • Email with Depreciation Worksheet 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.

Complete the following activities:

Assessment Task 3

Carefully read the following scenario.

Andrew’s Slabs bought a delivery truck on 1/7/2018. It cost $33,000 (including GST), and it was decided to depreciate it at 30%.

At the end of the financial year, on 30/06/2019, the balance of the accumulated depreciation of the truck was $15,300.

On 31/03/2020 Andrew traded it in on a new delivery truck. He received $8,800 for the trade in, and he paid the balance, $44,000, in cash. All figures included GST.

Andrew’s Slabs uses the diminishing balance method.

Complete the following activities, making sure that you follow the procedures as outlined in the Financial Policy and Procedures provided to you in your Resources folder.

  1. Depreciation worksheet

Create a depreciation worksheet for 2019 and 2020. Show your calculations.

  • Journal entry.

Write a General Journal entry on 30 June 2018 for depreciation.

  • Ledge accounts.

Write Ledger accounts for Motor Vehicle, Accumulated Depreciation of Motor Vehicle and Depreciation Expense from 1/7/2018 to 30/6/2020.

  • Income statement and balance sheet.

Create an Income Statement and Balance Sheet extracts for the year ended 30 June 2020, showing the Depreciation Expense and the Motor Vehicle.

  • Journal entry.

Write the journal entries to record the disposal of the old delivery truck on 31 March 2020, including calculation of gain or loss. Show your calculations.

Submit your depreciation worksheet to your assessor.

Assessment Task 3 Checklist

Student’s name:
      Did the student:Completed successfully?  Comments
YesNo 
Accurately determine the method for calculating depreciation and complete a depreciation worksheet for the specified period?   
Create an accurate journal entry for depreciation of the delivery truck?   
Develop an appropriate ledger account for the specified item and period?   
Extract relevant income statement and balance sheet showing depreciation expense and the motor vehicle?   
Display the calculation of gain or loss and prepare journal entries to record disposal appropriately?   
Accurately prepare revenue statement, reflecting operating profit for the stated reporting period?   
Seek approval for the journal entries made to form part of the General Ledger via email to Andrew (the assessor)?   
Assessor Feedback: 
Assessor name:  
Assessor signature and Date:  
BSBFIA401 Prepare Financial Reports

Assessment Task 4: Balance day project

Task summary

For this assessment task you are required to prepare several General Journal entries for balance day adjustments and participate in a meeting to discuss these. You will then be asked to generate an adjusted Trial Balance, a Profit & Loss Statement, and a Balance Sheet.

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
  • Meeting space
  • Roleplay participant (assessor)
  • Australian Accounting and Auditing Standards (either online or hard copy)
  • Financial Policy and Procedures

Timing

Your assessor will advise you of the due date of these submissions.

Submit

  • Email with Balance Day General Journal attached
  • Email with Balance Day Workbook 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.

Assessment Task 4

Complete the following activities:

Carefully read the following.

The trial balance for Andrew’s Slabs as at 30 June 2020 is as shown below.

Review the trial balance and then complete all of the activities making sure that you follow the procedures as outlined in the Financial Policy and Procedures provided to you in your Resources folder.

Trial Balance
DetailsDebit $Credit $
Cash at Bank10,700 
Accounts receivable52,000 
Inventory20,000 
Equipment45,000 
Accumulated depreciation on equipment 10,000
Vehicles50,000 
Accumulated depreciation motor vehicles 6,250
Land27,500 
Accounts payable 25,000
Loan 85,000
Capital 181,430
Sales revenue 120,000
BSBFIA401 Prepare Financial Reports
Interest revenue   2,000
Cost of goods sold86,250 
Salaries expense30,000 
Rates expense1,500 
Stationery expense800 
Advertising expense1,900 
Interest expense300 
Motor Vehicle expense780 
Repairs Expense2,500 
Insurance Expense450 
Total329,680329,680
BSBFIA401 Prepare Financial Reports
  1. Record the following balance day adjustments in the general journal below and show your workings.

Depreciation of equipment 10% using the straight-line method Depreciation of vehicles 12.5% using the diminishing balance method Rates paid in advance $600

Salaries owing $3,500

Interest revenue earned but not received $1,300

Create an allowance for doubtful debts equal to 5% of accounts receivable. Physical stocktake determined inventory at end 30 June 2020 was $18,800 General journal entries for balance day adjustments as at 30 June 2020

AdjustmentAccountsDr $Cr $
a   
    
b   
    
c   
    
d   
    
e   
    
f   
    
g   
    
BSBFIA401 Prepare Financial Reports

Create a new Word document and insert your completed table into it. Save it as Balance Day General Journal.

  • Drat an email.

Draft 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 introduce and summarise the contents of the attachment and ask for a meeting to discuss these, along with a request for approval.

Your assessor will answer the email with a date and time for a meeting to discuss the entries.

Attach your general journal to the email.

  • Participate in a meeting with Andrew (your assessor).

The objective of the meeting is to discuss, and update where necessary, the journal entries.

At the meeting you should carefully go through the journal entries, explaining each entry clearly and using appropriate industry terminology.

During the meeting, you will need 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.
  • Create an Excel Workbook

Create an Excel Workbook.

After the meeting, prepare each of the following as a separate Worksheet: Adjusted trial balance at 30 June 2020.

Profit and loss statement for the year ending 30 June 2020. Balance sheet as at 30 June 2020.

Save the Workbook as Balance Day. Submit the Workbook to your assessor.

Assessment Task 4 Checklist

Student’s name:
      Did the student:Completed successfully?  Comments
YesNo 
Accurately enter general journal entries for balance day adjustments?   
Demonstrate ability to adjust expense and revenue accounts for prepayments and accruals?   
Create an allowance for doubtful debts accurately?   
Accurately adjust ledger accounts for inventories and transfer to final account?   
Prepare trial balance accurately?   
Prepare a profit and loss statement that reflects gross and net profits for reporting period?   
Accurately prepare revenue statement reflecting operating profit for reporting period?   
Prepare an accurate balance sheet reflecting financial position of business at the end of the reporting period?   
Seek approval for the journal entries made to form part of the General Ledger via email to Andrew (the assessor)?   
During the meeting, demonstrate effective communication skills including: Speaking clearly and concisely   
Using non-verbal communication to assist with understanding   Asking questions to identify required informationResponding to questions as required   Using active listening techniques to confirm understanding   
Assessor Feedback: 
Assessor name:  
Assessor signature and Date:  
BSBFIA401 Prepare Financial Reports

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