Principles of Accounting And Finance

Principles of Accounting And Finance :

Assessment Details
Qualification Code/Title	Click or tap here to enter text.
Assessment Type			Time allowed
Due Date		Location		Term / Year

Unit of Competency
National Code/Title

Student Details
Student Name				Student ID		IIE
Student Declaration:  I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.			Signature:         Date:
Assessor’s Name
RESULTS (Please Circle)	☐SATISFACTORY				☐NOT SATISFACTORY
Feedback to student:

Assessor Declaration
*If Student is Not Satisfactory Reassessment Required                 ☐   Yes           ☐    No	Assessor Declaration:  I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.   Signature:                     Date:
Is This Theory Only Task   ☐   Yes           ☐    No
Have student already completed practical/ Vocational Placement Component?  ☐   Yes           ☐    No
Instructions to the Candidates 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.Please read the Tasks carefully then complete all Tasks.To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.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 appropriatelySubmitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12, line spacing has to be Single line and Footer of submitted document must include Student ID, Student Name and Page Number. Document must be printed double sided.This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of the Assessments to your Trainer/ Assessor.Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Not Satisfactory.

Assessment Task 3 Cover Sheet

Student Declaration

To be filled out and submitted with assessment responses

¨   I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).

¨   I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.

¨   I have correctly referenced all resources and reference texts throughout these assessment tasks.

Student name
Student ID number
Student signature
Date

Assessor declaration

¨   I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.

Assessor name
Assessor signature
Date
Assessment outcome	S	NS	DNS	Resubmission    Y     N

Feedback

Student result response

¨   My performance in this assessment task has been discussed and explained to me.

¨   I would like to appeal this assessment decision.

Student signature
Date

A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

Assessment Task 3: Depreciation project

Principles of Accounting And Finance 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/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.

Re-submission opportunities

You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Andrew’s Slabs bought a delivery truck on 1/7/2016. It cost $33,000 (including GST), and it was decided to depreciate it at 30%.

At the end of the financial year, on 30/06/2017, the balance of the accumulated depreciation of the truck was $15,300.

On 31/03/2018 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. Create a depreciation Worksheet for 2017 and 2018. Show your calculations.

• Write a General Journal entry on 30 June 2016 for depreciation.

• Write Ledger accounts for Motor Vehicle, Accumulated Depreciation of Motor Vehicle and Depreciation Expense from 1/7/2016 to 30/6/2018.

• Create an Income Statement and Balance Sheet extracts for the year ended 30 June 2018, showing the Depreciation Expense and the Motor Vehicle.

• Write the journal entries to record the disposal of the old delivery truck on 31 March 2018, including calculation of gain or loss. Show your calculations.

• Send an email to your assessor.

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment and seek approval for all of the entries made so they can form part of the General Ledger.

Attach your Depreciation Worksheet to the email.

Assessment Task 3 Checklist

Student’s name:
Did the student:		Completed successfully		Comments
		Yes	No
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)?
Task Outcome:	Satisfactory   ¨			Not Satisfactory   ¨
Assessor signature
Assessor name
Date

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