FNSACC414 Prepare Financial Statements :
Assessment cover sheet
| Student Must Fill this Section | |
| Unit Code / Title | FNSACC414 Prepare Financial Statements For Non-Reporting Entities |
| 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 Tasks | Satisfactory | Not Yet Satisfactory | Date | Assessor Signature |
| Initial attempt | | | ||
| Re- attempt/Re-assessment | | | ||
| Task 1 | | | ||
| Task 2 | | | ||
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 referenceCopying work either in whole or in partPresenting designs, codes or images as your own workUsing phrases and passages verbatim without quotation marks or referencing the author or web pageReproducing 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 workAllow others to copy your work or share your answer to an assessment taskAllow someone else to write or edit your work (without rto approval)Write or edit work for another studentOffer 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
| Task | Due Date | Student Signature | Trainer Signature | Comments |
| Task 1 – 2 | Week 2 |
Assessment Information
The assessment tasks for FNSACC414 Prepare financial statements for non-reporting entities 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.
FNSACC414 Prepare Financial Statements Assessment Plan
| Assessment Task | Overview |
| 1. Written questions | You must correctly answer all questions. |
| 2. Financial statements and report project | You must develop financial statements and a report for a customer using data provided. |
Financial Statements Assessment Preparation
Please read through this 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 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.
Additional Resources
You will be provided with the following resources before you begin Assessment Task 2.
- Andrew’s Slabs Transactions June
- Andrew’s Slabs Transactions May
- Andrew’s Slabs April Closing Balance
- Bank Statements
- Financial Policy and Procedures
Assessment Instructions
Assessment Task Information
This gives you:
- a summary of the 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 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 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.
Assessment Task 1: Written Questions
Task summary
You need to answer all of the written questions correctly.
Required
- Access to textbooks/other learning materials
- Computer and Microsoft Office
- Access to the internet
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 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 do so putting 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:
- What is the difference between a Reporting Entity and a Non-Reporting Entity?
- Describe the key features of the Regulatory Guide 85 from the Australian Securities and Investments Commission.
- Describe three different non-reporting entities.
- What are the key features of a partnership?
- What are the key features of not-for-profit organisations?
- How does the Australian Tax office define a primary producer?
- What company data is needed to complete a Cash Flow Statement, and what does it show about a business?
- How does the classification of a company as a reporting or non-reporting entity have on the financial statements required?
- Which Act is the primary piece of regulation that defines the reporting obligations of business entities in Australia, and what body administers It?
- Describe the three basic contents of annual reports as set out in the above Act.
- Which accounting standard describes the requirements of a Cash Flow Statement?
- What company data is needed to complete a Balance Sheet, and what does it show about a business?
- What company data is needed to complete a Profit and Loss Statement, and what does it show about a business?
- Which Act established the Goods and Services Tax?
- Under the A New Tax System (Pay As You Go) Act 1999, what obligations does an employer have to their employees regarding their income tax?
- Discuss the tax collection obligations a business has towards a supplier who refuses to quote their ABN under A New Tax System (Pay As You Go) Act 1999.
- What is the difference between a Profit and Loss Statement and a Cash Flow Statement?
- Into which three groups are cash transactions classified in a Cash Flow Statement?
- Give at least three purposes of a Cash Flow Statement
- What is measured by the following ratios?
Response should broadly cover the following:
a. Profitability ratios
b. Gross profit ratio
c. Net Profit ratio
d. Liquidity ratios
e. Current Ratio
f. Liquid (or Quick) Ratio
- What is the main difference between the current ratio and the liquid (or quick) ratio?
- What is the main difference between the gross profit ratio and the liquid (or quick) ratio? Which one is the more accurate measure of a company’s profitability, and why?
Assessment Task 1 Checklist
Student’s name: | ||||
| Did the student provide a sufficient and clear answer that addresses the suggested answer for: | Completed successfully | Comments | ||
| Yes | No | |||
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| Question 22 | ||||
| Assessor Feedback: | ||||
| Assessor name | ||||
| Assessor signature and Date | ||||
Assessment Task 2: Financial statements and report project
Task summary
This assessment task requires you to read through the available data and prepare financial statements, and a report, on a case study company’s financial viability.
This assessment is to be completed in the simulated work environment in the RTO.
Required
- Access to textbooks/other learning materials
- Computer with Microsoft Office and internet access
- Andrew’s Slabs Transactions June
- Andrew’s Slabs Transactions May
- Andrew’s Slabs April Closing Balance
- Bank Statements
- Financial Policy and Procedures
Timing
Your assessor will advise you of the due date of these submissions.
Submit
- Email with Andrew’s Slabs Workbook attached.
- Email with Andrew’s Slabs Revised Workbook and Financial Report attached.
- Email with Andrew’s Slabs Revised 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 2 Instructions
Carefully read the following:
| That |
Andrew has been buying and selling timber slabs for a year. He also buys old furniture, renovates it, and then resells it. He has also started repairing furniture for customers.
On the first of May, Andrew’s Slabs had the following assets:
Cheque account $19,783
Furniture and fittings $14,200
Motor vehicles $7,520
Office equipment & computers $4,750
Plant & equipment $4,050
An inventory count was performed on May 1 and found that Andrew’s Slabs had $127,540 of stock.
Andrew’s Slabs’ liabilities
Accounts payable $14,200
Andrew started the business with $45,000 savings and has $22,469 in retained earnings.
The business transactions are still recorded in a cash receipts book, but the transactions for May and June have been transferred to an Excel Workbook.
Andrew has modified a Financial Policy and Procedures from a company that he worked for previously and wants all financial undertakings to comply with this.
Andrew feels that the business is getting too big for him and wants to put it on the market. To that end, Andrew has asked you to read through the available data and prepare financial statements and a report on Andrew’s Slabs’ financial viability.
When your report has Andrew’s approval, you are to send a copy to George, a friend of Andrew’s, who is interested in buying the business.
Complete the following activities:
- Create a new Excel Workbook for Andrew’s Slabs.
Review Andrews’ Slabs Financial Policy and Procedures to ensure compliance, then enter Andrew’s Slabs’ transaction details from Andrew’s Slabs Transactions May and June, and Andrew’s Slabs April Closing Balance, into the first four Worksheets in your new Workbook.
Reconcile all transactions with Bank Statements.
Use data from the scenario information above and the transactions to create a Worksheet for each of the following for the months of May and June:
- Balance Sheet
- Profit and Loss
- Trial Balance
- Cash Flow Statement
Save this file as Andrew’s Slabs Workbook.
- Write an email to Andrew (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
The email text should also request clarification on any discrepancies that you found during your reconciliation.
It should summarise the contents of the attachment and give a short report (tree or four lines) on the liquidity, financial viability and profitability of Andrews’ Slabs as evidenced in the data that you have been given.
The email text should also ask Andrew for the place, date and time when they could have a meeting with you to discuss your Excel Workbook and report.
Attach your Andrew’s Slabs Workbook to the email.
- Meet with Andrew (your assessor).
The objective of the meeting is to discuss your Andrew’s Slabs Workbook and report with Andrew.
At the meeting, you will be asked to:
- Discuss the contents of the Excel Workbook that you have created, giving Andrew a good understanding of how his business is performing.
- Discuss your report with Andrew. You may have to modify the report to reflect Andrew’s feedback at the meeting.
During the meeting, demonstrate effective communication skills including:
- Using clear language and correct terminology
- 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
- Revise your Excel Workbook.
Update your Andrew’s Slabs Workbook to include Andrew’s requests from the meeting.
Save this file as Andrew’s Slabs Revised Workbook.
- Update your report.
Revise your short report (tree or four lines) on the financial viability of Andrews’ Slabs that you included in the text of the email you sent to Andrew.
The changes should reflect any feedback that you received from Andrew at the meeting.
Create a new Word document for your report and save this document as Financial Report
- Draft an email to Andrew (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should summarise the contents of the attachment and seek Andrew’s approval for the Workbook and report to be sent to George.
Attach your Andrew’s Slabs Revised Workbook and report to the email.
- Write an email to George (your assessor).
When you have received written approval for your Workbook and report, send an email to George.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should start with an introduction and a summary of the contents of the attachment.
The email text should also include your short report on the financial viability of Andrews’ Slabs.
Attach your Andrew’s Slabs Revised Workbook to the email.
Assessment Task 2 Checklist
Student’s name: | |||
| Did the student: | Completed successfully | Comments | |
| Yes | No | ||
| Code, classify and check Andrew’s Slabs data, paying attention to accuracy and reliability of the data? | |||
| Compare, match, and interpret data from the Bank Statements and the Excel tables provided? | |||
| Check internal financial data against bank statements to ensure consistency and accuracy? | |||
| Develop an Excel Workbook to assist with financial monitoring and reporting? | |||
| Develop comprehensive and accurate income statement, balance sheet, and cash flow statement? | |||
| Accurately represent Andrew’s Slabs’ financial information in the written report? | |||
| Perform mathematical calculations and forecasting techniques to represent financial data in the written report? | |||
| Analyse and compile relevant financial data to complete Andrew’s Slabs financial report? | |||
| Comply with Andrew’s Slabs’ Financial Policy and Procedures by producing financial reports and performing data entry as described? | |||
| During the meeting with Andrew, present information? | |||
| During the meeting, demonstrate effective communication skills including: Using clear language and correct terminologyUsing 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 | |||
| Make necessary corrections to the financial statements? | ||||
| Obtain verification and authorisation from Andrew for the report and financial statements before sending them to George? | ||||
| Assessor Feedback: | ||||
| Assessor name | ||||
| Assessor signature and Date | ||||
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