Assessment Details
Qualification Code/Title
Assessment Type Assessment -01 ( Short Questions Answer) Time allowed
Due Date Location AHIC Term / Year
Unit of Competency
National Code/Title FNSACC301 Process financial transactions and extract interim reports
Student Details
Student Name Student ID
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 Details
Assessor’s Name
RESULTS (Please Circle) SATISFACTORY NOT SATISFACTORY
Feedback to student:
............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I am also aware of my appeal rights.
Signature: _______________________________
Date: ______/_______/___________
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: ______/_______/___________
Instructions to the Candidates
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.
? To be deemed competent for this unit you must achieve a satisfactory result with tasks of this assessment along with a satisfactory result for the other assessment (Project)
? There are two sections in this 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 appropriately.
? 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 Zero.
Assessment 1
Section A
Question 1
What is the debit and credit formula for each account type? (50– 70 words)
Question 2
What should be done before taking a deposit to the bank? (80–100 words)
Question 3
List and briefly describe five errors that are typically made when processing financial transactions. (80–100 words)
Question 4
When you are reconciling transactions, what can you use as proof of lodgement? (100–120 words)
Question 5
List and describe (50–80 words) five types of special transactions.
Question 6
How should you deal with confidential information? Provide three examples of breaches of confidentiality. (120–150 words)
Question 7
What aspects of legislation can impact upon financial transactions and reporting? (80–100 words)
Question 8
How can policies and procedures control spending? (80–100 words)
Question 9
What security checks should be applied to cheques or vouchers? List and describe five checks. (80–100 words)
Question 10
List and describe (50–80 words) the key features of three reports.
Section B
Question 1
Prepare the special transaction:
A debtor, B Brown, has an opening balance of $535.00. After repeated attempts to contact the debtor you decide the debt is a bad one and will write it off. The debt occurred using docket R4502.
Debtor’s ledger
B Brown
Date Docket Details Debit Credit Balance
Opening Balance
Bad debt account
Debtors
Date Docket Details Debit Credit Balance
Opening Balance
Question 2
A new business is established using $25,000.00 of owner’s equity. Complete the balance sheet:
Balance sheet
Assets—Dr Liabilities—Cr
Bank Owner’s equity capital
Totals
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