PROCESS FINANCIAL TRANSACTIONS AND EXTRACT INTERIM REPORTs

its diploma level question.its easy question. Its all about PROCESS FINANCIAL TRANSACTIONS AND EXTRACT INTERIM REPORTS
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ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
STUDENT ASSESSMENT
– FNSACC301
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 1 of 9
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
Instructions
You are advised to commence work on your assessment from week 1 and all tasks must be
submitted by the due dates provided.
1. All assessments must be completed and delivered individually. Where an assessment
involves group discussions, you should consider the input of your group but submit an
individual assessment to your trainer.
2. Please read all instructions on completing each assessment. Instructions for completion
are provided at the beginning of each assessment.
3. All written answers must be typed in a word document using Arial font, 12 size and single
spacing if similar instructions are not provided in the assessment.
4. Your trainer will not be able to assist you in answering questions. However, your trainer
will address any issues concerning questions requiring further explanation.
5. You may refer to your student learning resources or any other relevant resources when
completing your assessment.
6. Assessments are due for submission as specified in the assessment schedule. Any
variations to this arrangement must be approved by your trainer prior to the due date for
submission.
7. You have access to computers which are equipped with Microsoft suite of products or
any other relevant software and printing facility.
8. Use assessment templates if provided, to complete relevant sections of the assessment.
You can also create your known templates for assessment evidence.
9. You must achieve a satisfactory result for all tasks to achieve competency in this unit.
10. All assessment answers should be submitted to the trainer in required format (soft or
hard copy) as per trainer instructions with completed assessment cover sheet (if
required).
Assessment Schedule
Task
Task 1
Task 2
Due Date
Week 1
Week 2
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 2 of 9
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
Task 1: Theory Assessment
Student Instructions
1.
2.
3.
4.
5.
Type all the answers in a word document if required.
You can conduct internet research to answer these questions.
Provide explanation of 2-3 lines when answering ‘Describe’ questions.
Provide detailed workings for calculations questions.
Provide answers in table format wherever possible.
Question 1 – Question and Answers
Answer the following questions in writing.
1. Explain what source document is. Give some examples.
2. What are different procedures employees can follow when they go to the bank to
deposit money for their business to ensure security and safety while banking?
3. When you are filing documents, what factors should be considered when deciding
the filing order?
4. How do you ensure that the clerical officer deposited the money to the bank?
What would be the possible proof of lodgements?
5. Name the popular accounting software that are in use in Australia. How do you
ensure that the data is entered into the accounting software accurately? How do
you ensure the currency of the accounting software? Describe the key purposes
of Accounting reporting.
6. Money transfer via internet is a popular practice these days. To ensure that there
is no fraudulent activity in place, authorising the transfer is a common practice.
This authorisation process also ensures sound internal control system of a
business. Explain an authorisation process that a business can follow to ensure
that the internal control system is working properly.
7. When a staff member presents you with a petty cash voucher, what supporting
documentation must be attached? Who is required to approve their petty cash
claim?
8. A colleague has had a busy day. Even though it is against organisational policy
the colleague has decided to leave the banking until the next day and leaves the
money in the cash register overnight. The next morning, when the colleague
checks the takings, $100 is missing. Describe two actions the colleague should
have taken to help ensure the money was not ‘at risk’.
9. Under GST legislation, what details must be included on a TAX Invoice received
from a creditor before you can process it?
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 3 of 9
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
10. If the supplier has not provided their ABN, what procedures must Accounts
Payable follow?
11. What security safeguards should you consider when you are handling cash?
12. List any acts, regulations, legal procedures and codes of practice that are relevant
to the banking industry. Briefly explain why these are necessary?
13. Explain the relationship between a “batch total” for banking purposes and
“receipts issued”.
14. Describe the banking facilities you should use when performing the business
banking procedure.
15. Explain the banking procedures that would be followed when customers pay by
credit card or debit card.
16. What items and documentation must be taken to the bank when banking the day’s
takings?
17. What procedure should be followed by the person who performed the daily
banking, after the deposit has been made at the bank?
18. What steps would you take if you found a discrepancy between the bank deposit
form signed by the bank and the cash records maintained by the business?
19. Provide at least three reasons why it is important to check financial documents
before they are processed?
20. Identify the details you would need to check on an invoice received from a
supplier before payment is processed.
21. Outline typical errors that can be made in processing financial transactions.
22. Describe different forms of ‘proof of lodgement’.
23. Describe different types of ‘special transactions’.
24. Explain the security procedures for handling cheques, vouchers and cash.
25. Describe the key features of two end of financial year reports.
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 4 of 9
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
Task 2: Case Study and Practical Assessment
Student Instructions
1.
2.
3.
4.
5.
6.
Type all the answers in a word document if required.
You can conduct internet research to answer these questions.
Provide explanation of 2-3 lines when answering ‘Describe’ questions.
Provide detailed workings for calculations questions.
Provide answers in table format wherever possible.
Use organisational policies and procedures provided in the link for your reference:
http://startupjunkies.com/extras/acct-policies.pdf
Question 1 – Matt Robin
Prepare a compliant tax invoice in accordance with organisation procedures by using
the following information and details provided in Appendix related to ‘Case Study Matt Robin’.
19th November 2012 – Invoiced Smiley Rinaan for lawn mowing services, weeding and
rubbish removal services. A ride on mower grass cut took 6 hours to complete. 2 hours were
spent weeding. Whipper snipping took 5 hours to complete. In addition 5 loads of rubbish
was removed.
Question 2 – J Smith
Process the transactions provided in Appendix related to ‘Case Study – J Smith’ in
the accounting equation format. All templates has been provided in the appendix.
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 5 of 9
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
Question 3 – Jacob Lee
Prepare the General Journals, Ledger entries and Trial balance in date order as per
the information provided in Appendix ‘Case Study – Jacob Lee’. All templates have
been provided in the appendix.
Role Play
You will meet the senior accountant (your assessor) for organisation ‘Jacob Lee’ and
undertake the following:
1.
2.
3.
4.
Present the Trail balance
Provide opportunity to ask questions
Respond appropriately to all questions asked
Undertake authorisation to complete end of financial year reports and
reconciliations
During the roleplay, you will be assessed on your communication skills including:
•
•
•
•
•
•
•
•
•
Content
Professionalism
Clarity
verbal exchanges
language and concepts appropriate for the audience
Handling a questions and answer session
Uses collaborative and inclusive techniques to build rapport
Establish and maintain positive relationships with a range of stakeholders
Asking relevant questions to clarity and confirm information and instructions.
Question 4 – ABC Pty Ltd
Prepare the adjusted trail balance for ABC Pty Ltd based on information provided in
Appendix related to ‘Case Study – ABC Pty Ltd’. All templates have been provided in the
appendix.
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 6 of 9
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
Question 5 – R Stirling
Review the information provided in Appendix ‘Case Study – R Stirling’ and answer
the following questions. All templates have been provided in the appendix.
a) Identify the journals that would be used to record the following transactions
b) Enter the transactions from part (a) above into the appropriate journals and total
each journal.
Question 6 – Bright Limited
Review the information provided in Appendix ‘Case Study – Bright Limited’ and
prepare the general journal entries to reflect the shown transactions (dates and folios
not required). All templates have been provided in the appendix.
Question 7 – Wrong Ltd
Review the information provided in Appendix ‘Case Study – Wrong Ltd’ and prepare
bank reconciliation as at 31 December 2015. All templates have been provided in the
appendix.
Question 8 – Durable Trading Pty Ltd
Review the information provided in Appendix ‘Case Study – Durable Trading Pty Ltd’ and
undertake the following. All templates have been provided in the appendix.
a)
b)
c)
d)
Record the transactions in the petty cash book
Total the columns in the petty cash book to determine total expenditure
Determine the amount of the reimbursement
Record the petty expense in the organisations general journal.
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 7 of 9
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
Appendix
Case Study – Matt Robin
Case Study – J Smith
Case Study – Matt
Robin.docx
Case Study – J
Smith.docx
Case Study – Jacob Lee
Case Study – ABC Pty Ltd
Case Study – Jacob
Lee.docx
Case Study – ABC
Pty Ltd.docx
Case Study – R Stirling
Case Study – Bright Limited
Case Study – R
Stirling.docx
Case Study – Bright
Limited.docx
Case Study – Wrong Ltd
Case Study – Durable Trading Pty Ltd
Case Study – Wrong
Ltd.docx
Case Study Durable Trading Pty Ltd.docx
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 8 of 9
ABN: 57 169 281 501
E: admissions@sydneymetrocollege.edu.au
W: www.sydneymetrocollege.edu.au
Sydney (Head Office): Level 2, 16-22 Wentworth Avenue
Surry Hills NSW 2010
T: 02 8937 0991
Melbourne: Level 1 &2, 213-215 Lonsdale Street
Melbourne VIC 3000
T: 03 0 9077 0758
References / recommended resources
Process financial transactions and extract interim reports – FNSACC301, Enhance Your
Future.
Process financial transactions and extract interim reports – FNSACC301
Issue Date: 10/10/2017
Page 9 of 9

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