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ASSESSMENT
Qualification: FNS50215 Diploma of Accounting
Unit of Competency: FNSACC501 Provide financial and business performance information
Student Name:
Student ID:
Assessment Due Date: 14th September 2018
FNSACC501 Provide financial and business performance information
This unit describes the skills and knowledge required to analyse and report on a broad range of financial and business performance information and encompasses assessing clients’ needs, analysing data and preparing advice.
Elements Performance Criteria
1. Assess client needs 1.1 Clarify and confirm expectations and objectives of client to ensure mutual understanding of client goals
1.2 Identify client’s specific legal and financial requirements when establishing, structuring and financing a business
1.3 Discuss financial options and processes with client to develop suitable plans for provision of information and achievement of client goals
1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client
1.5 Monitor client objectives to identify changes in client needs
1.6 Regularly obtain, analyse and incorporate feedback on client services
1.7 Investigate shortfalls in customer service and formulate and implement proposals for overcoming them
2. Analyse data 2.1 Seek advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures
2.2 Compile and reconcile data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles
2.3 Analyse revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives
2.4 Analyse all data and reports in accordance with standard financial analysis techniques
2.5 Evaluate information in relation to financial performance of a business, specifically profitability, efficiency and financial stability
2.6 Ensure analysis is consistent with client’s business and personal objectives
2.7 Undertake evaluation to assess financial potential of the business, its future funding requirements and statutory obligations
3. Prepare advice 3.1 Ensure advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options
3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client
3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations
3.4 Advise client on new or alternative sources and features of short-term and long-term finance
Performance Evidence
Evidence of the ability to:
• access clients’ needs and analyse their financial data
• prepare and document appropriate advice for clients that:
o complies with financial legislation and accounting standards, practices and principles
o assesses taxation, compliance and business viability issues faced by clients
o assesses risk management options and practices
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
• explain the key requirements of taxation legislation relating to deductions, allowances and charges
• list the key areas that can cause significant taxation issues
• compare and contrast forecasting techniques
• identify and explain the key features of government financial policy and secretary’s financial management instructions
• explain the key requirements of relevant corporations and consumer legislation
• describe a range of methods for presenting and formatting financial data
• identify and explain the key principles of cash flow and budgetary control
• identify and categorise sources of information on financial products and markets
• outline a range of risks and contingencies and risk management options relating to financial and business performance
• outline client rights and responsibilities
Foundation Skills
Reading • Researches and analyses financial information and data from a range of sources to identify key aspects relevant to requirements
Writing • Prepares correspondence, plans and reports using logical structure and organisational formats appropriate for the purpose
• Uses clear language and concepts appropriate for the audience to convey and clarify explicit information and requirements
Oral Communication • Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and to confirm understandings
• Uses appropriate formats, language, tone and pace when providing advice and conveying information to clients
Numeracy • Performs mathematical calculations and uses mathematical problem-solving strategies to analyse trends and compare and benchmark financial information
Navigate the world of work • Recognises and follows relevant legislative and regulatory requirements, and explicit and implicit protocols, policies and procedures, and meets expectations of clients and those associated with own role
Interact with others • Selects and uses appropriate conventions and protocols when communicating with clients, colleagues and others to seek or provide information
Get the work done • Plans, organises and implements tasks according to organisational and legislative requirements, taking responsibility for process, compliance and reporting needs
• Makes critical and non-critical decisions in relatively complex situations, taking relevant client and organisational requirements into consideration
• Recognises and responds to problems and improvement opportunities by systematically analysing relevant information, generating and evaluating options, and selecting the most appropriate option
• Uses digital technologies to access, extract and share relevant information to achieve required outcomes
ASSESSMENT INFORMATION:
To be deemed competent for this unit of competency, you are required to satisfactorily complete two (2) assessments:
• Assessment 1: Written Questions
• Assessment 2: Skills Assessment
Assessment Instructions
Your assessment will be required to be typed in Arial font size 12 only. You will provide your completed assessment for all of questions in one document and MUST be uploaded into MOODLE (No other method of submission will be accepted).
You are required to professionally format your document including spell-check and indicating each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc.] according to this Assignment requirement. You may lose marks if you have not spell-checked your document (as this is a professional formatting requirement, a business skill).
This assessment can be completed in one of several ways. Assessment candidates may identify unit requirement within their own work environment or organisation, or with reference to a scenario provided by the trainer/assessor.
Be sure to properly reference your sources of information using the Harvard referencing system. For more information go to:-
• Student Handbook - latest version
• Ask your Trainer/Assessor to provide you with this information
In order to determine if you are addressing this assignment adequately in terms of competency/comprehension (prior to due date) a draft copy of your assessment should be discussed during class time in consultation with your Trainer/Assessor. For this feedback/ support from your Trainer/Assessor, you will need to bring to class your “draft copy” with any evidence of the research you have conducted to produce the assessment.
If, as a student you feel you have special needs that require your Trainer/Assessor to apply a reasonable adjustment – please discuss this with your Trainer/Assessor at the beginning of the subject studies.
Your Assignment must:
a. Be of a professional standard (spelling, grammar, punctuation)
b. Size 12, Arial Font
c. 1.5 Spacing
d. All pages must have a Header/Footer with the following details:
o Name
o Student ID
o The course & unit of competency
o Date
o Page numbering
e. Title page
f. Index page
g. Body of work
h. Referencing
How to upload your answered assessment into MOODLE
To upload your assignment into Moodle, follow these steps.
1. Log-in to Moodle and access the subject that you will be submitting the assignment in.
2. Locate the assessment you will be uploading into by scrolling down to the week that the assessment is due in and then click on the assessment submission link.
3. Click on the name of the assignment.
4. Click the Browse button.
5. Select the file and click Open.
6. Click the Upload this file button.
7. If you have more than one file, repeat the process (steps 4-6) to attach additional files up to the assignments limit.
8. Once happy with your submission click the Send for marking button. The files are locked and the student can no longer delete, or upload more, files.
Note: The date and time of the submission is recorded when the files are sent for marking, not when they are first uploaded.
ASSESSMENT 1: WRITTEN QUESTIONS
1. You have a client who has not reported their company car expenses. They had forgotten to get a couple of receipts and decided not to worry about it. You are to write a statement for the client that outlines what types of expenses are allowable under taxation law and what receipts should be collected.
2. If you had a client who claimed an accelerated method of depreciation that resulted in a claim that was double the allowable amount ($90,000) what would the impact be and how would you explain this to the client?
3. Prepare a spreadsheet to present a cash flow forecast summary to a client for the forthcoming financial year. Make sure you include the company details and increasing cash balances. Include recommendations for the client in a statement.
4. What are two measures of budgetary control?
5. How can you control expenditure on wages, vehicles and telephone?
6. How should an accountant ensure they are clear in their recommendations?
7. Prepare a financial plan extract that summarises the scope of a client’s objectives.
8. Summarise the following data for the following financial performance table.
Account 2014 2015 $ Difference Per Cent Common Size (per cent of sales income)
2014 2015
Income from sales $230,000 $320,000 $90,000 39 100 100
Costs from sales $115,000 $165,000 $50,000 43 50 51.6
Wage Costs $30,000 $45,000 $15,000 50 13 14
Transport Costs $25,000 $35,000 $10,000 40 10.9 10.9
Marketing Costs $15,000 $20,000 $5,000 33 6.5 6.3
Total costs $185,000 $265,000 $80,000 43 80.4 82.8
Profit $45,000 $55,000 $10,000 22 19.6 17.2
ASSESSMENT 2: SKILLS ASSESSMENT
Task 1 – Financial and Business Performance Application
Your task is to research and discuss the following questions:
Where possible, use practical examples and contextualise your answers to business practices for the business you work in, a business you have access to or a simulated business. Where possible, participate in discussions with the client for clarification (your Assessor will fulfil this role where access to others is not possible).
1. In regards to taxation legislation how are business expenses treated?
2. What allowance is there for a business that manages on behalf of a trust?
3. Discuss the term “forecast returns” and what they are used for?
4. What is a not for profit organisation and how do they abide by financial policies where they are required to prepare statutory returns?
5. What methods can you use to present a client’s performance objectives?
6. Discuss the two methods of cash flow control?
7. When preparing a business’s performance information what legislative acts do you need to consider?
8. If you needed information on financing who would you refer to?
Present your answers as an itemised report.
Task 2 – Case Study
Scenario
You have been asked to prepare the end of financial year reporting for BigFish Pty Ltd. Your task is to list each report that needs to be included for taxation purposes and a description of the contents of these reports. You should also outline each task you will be expected to perform. You should prepare a financial report and include it with your assessment using the following information:
BigFish Pty. Ltd. Comparative Balance Sheets for years ending 30 June 2014-2015
2015 2014
$ $
Assets:
Current Assets:
Cash 52,000 46,000
Accounts Receivable ______ 134,000
Inventory 156,000 176,000
Total Current Assets: ______ 356,000
Land ______ 140,000
Buildings ______ 290,000
Less Accumulated Depreciation (120,000) (105,000)
Total Land and Buildings ______ 325,000
Total Assets: ______ 681,000
Liabilities
Current Liabilities
Expense Payable 155,000 124,000
Accounts Payable ______ 197,000
Total Current Liabilities 322,000 321,000
Long-Term Borrowings ______ 139,000
Owner’s Equity
Ordinary Share Capital 50,000 45,000
Retained Earnings ______ 176,000
Total Owner’s Equity ______ 681,000
Additional Information:
• Profit for the year ending 31 June 2014 was $88,448
• Profit for year ended 31 June 2015 was $94,000
• Cash received from customers totalled $330,000
• Cash paid for inventory totalled $170,000
• Cash paid for expenses totalled $20,000
• Dividends paid during the year were: $67,000
• During the year, accounts receivable decreased by $10,000
• Cost of new buildings acquired during the year $125,000
• No buildings were deposed of
• Land account was not affected by any transactions, but the fair market value of the land as of 31 June 2014 was $178,000
• Note that expenses included Entertainment Expense of 6,000
BigFish Management had the following aims for 2015:
• To reduce liabilities by 5%
• To increase profits by 8%
Were these goal met? Were they exceeded? Did they fall short?
1. Prepare a statement of Financial Position
• Include appropriate diagrams and graphs to highlight relevant information
• Ensure compliance with AASB standards (visit http://www.aasb.gov.au/Pronouncements/Current-standards.aspx)
• It is advisable to have clear understanding of the standards before you start your assessment.
• Students with diverse background and academic status can obtain benefits by downloading and reading: Financial Instruments: Disclosures from the following website.
http://www.aasb.gov.au/admin/file/content105/c9/AASB7_08-05_COMPdec13_01-14.pdf.
2. Prepare a statement of Financial Performance
• As above, include relevant diagrams and graphs and ensure compliance with relevant legislation and statutory compliance guidelines. Please confirm with your trainer if you are not clear about the statutory compliance.
OVERALL ASSESSMENT RECORD
Student Name:
Student Number:
Unit of Competency: FNSACC501 Provide financial and business performance information
Assessor Name: Mohammad Gazi
Assessment Date 14th September 2018
Assessment 1:
Did student satisfactorily answer the following questions? (tick if yes; cross if no)
1 2 3 4 5 6 7 8
Assessment 1 Outcome: 0 Satisfactory
0 Not Satisfactory
Assessment 2:
Task 1
Assessment Criteria S NS
Clarified and confirmed expectations and objectives of client to ensure mutual understanding of client goals
Identified client’s specific legal and financial requirements when establishing, structuring and financing a business
Discussed financial options and processes with client to develop suitable plans for provision of information and achievement of client goals
Regularly reviewed progress of plans against agreed criteria and clearly communicate results to client
Monitored client objectives to identify changes in client needs
Regularly obtained, analysed and incorporated feedback on client services
Investigated shortfalls in customer service and formulate and implement proposals for overcoming them
Sought advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures
Compiled and reconciled data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles
Analysed revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives
Analysed all data and reports in accordance with standard financial analysis techniques
Evaluated information in relation to financial performance of a business, specifically profitability, efficiency and financial stability
Ensured analysis is consistent with client’s business and personal objectives
Undertook evaluation to assess financial potential of the business, its future funding requirements and statutory obligations
Ensured advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options
Used suitable methods of presentation and formats, language and forms of documentation to convey information to client
Provided advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations
Advised client on new or alternative sources and features of short-term and long-term finance
Task 2
Assessment Criteria S NS
Clarified and confirmed expectations and objectives of client to ensure mutual understanding of client goals
Identified client’s specific legal and financial requirements when establishing, structuring and financing a business
Discussed financial options and processes with client to develop suitable plans for provision of information and achievement of client goals
Regularly reviewed progress of plans against agreed criteria and clearly communicate results to client
Monitored client objectives to identify changes in client needs
Regularly obtained, analysed and incorporated feedback on client services
Investigated shortfalls in customer service and formulate and implement proposals for overcoming them
Sought advice on reliability and accuracy of data from appropriate authorities and sources in accordance with organisational procedures
Compiled and reconciled data to ensure statements are accurate and comply with organisational procedures, statutory requirements and standard financial reporting principles
Analysed revenues and costs in accordance with standard accounting techniques and consistent with organisation’s objectives
Analysed all data and reports in accordance with standard financial analysis techniques
Evaluated information in relation to financial performance of a business, specifically profitability, efficiency and financial stability
Ensured analysis is consistent with client’s business and personal objectives
Undertook evaluation to assess financial potential of the business, its future funding requirements and statutory obligations
Ensured advice provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options
Used suitable methods of presentation and formats, language and forms of documentation to convey information to client
Provided advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations
Advised client on new or alternative sources and features of short-term and long-term finance
Assessment 2 Outcome: 0 Satisfactory
0 Not Satisfactory
Assessor Feedback:
Overall Assessment Outcome: 0 Competent
0 Not Yet Competent
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