Assessment Details
Qualification Code/Title FNS50215 Diploma of Accounting
Assessment Type Assessment -01- Written Assessment Time allowed 1 Week
Due Date Location AHIC Term / Year
Unit of Competency
National Code/Title FNSACC504 Prepare Financial Reports for Corporate Entities
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
? 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 Questions carefully then complete all Tasks (Q1- Q12). you will be required to deliver a 15-minute presentation.
? 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 appropriately.
? Resources required completing the assessment tasks are Learner guide, PowerPoint presentation, Unit Assessment Pack (UAP), Access to other learning materials such as textbooks, Access to a computer, the Internet and word-processing system such as MS Word.
? Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12 and line spacing has to be Single line.
? Once you have completed the assessment, please upload the softcopy of the Assessment into AHIC Moodle and submit the Hard copy of the Assessments to your Trainers.
? Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero.
Question 1
Prepare an accounting policy on processing of financial transactions for newly established business. Discuss the policy in details for the following topics:
i) Scope of the policy
ii) Responsibilities
iii) Chart of accounts and general ledgers
iv) Accounting conventions including accounting standards
v) Bank Accounts and reconciliation
vi) Depreciation methods
vii) Valuation of assets
viii) Financial reports
ix) Consolidation procedures for subsidiaries
Response:
Question 2
ABC Pty Ltd is newly set up retail business and asks you to create a standard chart of accounts considering the 5 categories of financial transactions i.e. Assets, Liabilities, Equity, Income and Expenditure. Use this chart of accounts to input transactions into any accounting software e.g. MYOB. Take a screen shot and attach with your Assessment as an evidence. Your Chart of Accounts must reflect systematic Coding and Classification under the Policy and procedures of ABC Pty Ltd.
Response:
Question 3
The XYZ Company Ltd was registered on 2 January 200A. The company immediately offered 4,000,000 ordinary shares for public subscription at a price of $2.00 each on the following instalment basis:
i) 60¢ per share on application (by 31 January)
ii) 60¢ per share on allotment (payable by 15 February)
iii) 40¢ per share on Call No. 1 (called on 3 March, due and collected on 17 March)
iv) 40¢ per share on Call No. 2 (called on 1 April, due and collected on 15 April). Applications were received for 4,000,000 ordinary shares by 15 January and the directors allotted the 4,000,000 ordinary shares on 31 January 200A. All calls were fully paid.
You are required to prepare:
a) The relevant journal entries (cash receipts entries may be entered in the general journal).
b) A Balance Sheet as at 30 April 200A. The Statement of Financial Position should be appropriately headed.
Question 4
Briefly explain the difference between tax payable method and tax effect accounting method and state why the tax effect method is adopted under Australian Accounting Standards.
Response:
Question 5
Describe the financial industry and provide examples financial institutions. Explain the ethical principles, behavior and codes of practice in financial services industry.
Response:
Question 6
Describe the information which will be contained in typical financial reports.
Response:
Question 7
Describe the following terms:
a. Types of Budgets including Zero based budgeting
b. Cash flows.
c. Profit and loss statements
d. Balance Sheet
Response:
Question 8
What will determine how often you generate reports?
Response:
Question 9
What would influence your decision to use cash accounting or accrual accounting?
Response:
Question 10
What are the possible consequences of taxpayers failing to correctly report an amount they are required to pay or meet other tax obligations?
Response:
Question 11
Determine and write a brief statement on the following accounting standards.
i. AASB 3 - Business combinations
ii. AASB 101- Presentation of financial statement
iii. AASB 107 - Cash flow statements
iv. AASB 1040- Statement of financial position:
v. AASB 112 - Income taxes:
vi. AASB 118 - Revenue:
Question 12
Chose any of the following topics for your presentation in the class:
i) Conversion of private company into public company
ii) Consolidation of company
iii) Share capital issue
Present the above in power point slides including charts and diagrams (minimum slides 10)
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