ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
ASSESSMENT INSTRUCTIONS
Overview
Prior to commencing the assessments your assessor will explain each task and the terms and submission
of your task. Please consult your assessor if you are unsure of any questions. It is important that you
understand adhere to the terms and conditions and address fully each task. If any task I not fully address
than your assessment task will not be marked. The assessor will support you throughout this process.
Written work
The assessment tasks are used to measure your understanding and underpinning skills and knowledge of
this unit of competency. When answering please ensure you address each criterial and sub point,
demonstrate your research each of the questions and cover the topic in a logical and structured manner.
Active participation
It is a condition of enrolment that you actively participate in your studies. Active participation is
completing all tasks on time. If you do not participate you will be required to report to Student Services
Coordinator
Plagiarism
Plagiarism is taking and using someone else's thoughts, writings or inventions and representing them as
your own. Plagiarism is a serious act and may result in a student’s exclusion from a course. When you
have any doubts about including the work of other authors in your assessment, please consult your
trainer/assessor. The following list outlines some of the activities for which a student can be accused of
plagiarism:
• Presenting any work by another individual as one's own unintentionally
• Handing in assessments markedly similar to or copied from another student
• Presenting the work of another individual or group as their own work
• Handing in assessments without the adequate acknowledgement of sources used, including
assessments taken totally or in part from the Internet
If it is identified that you have plagiarised within your assessment task, then we will organise a meeting
to discuss this with you.
Copyright
You must be careful when copying the work of others. The owner of the material may take legal action
against you if the owner's copyright has been infringed. You are allowed to do a certain amount of
copying for research or study purposes. Generally, 10% or one chapter of a book is acceptable, where the
participant is studying with, or employed by, an educational institution.
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Competency Outcome
There are two outcomes of assessments: S=Satisfactory and NS = Not Satisfactory. You will be awarded
C=Competent if you have completed all tasks.
Assessment appeals process
If you feel that you have been unfairly treated during the assessment and you are not happy with your
assessment and you are unhappy with the outcome you have a right to lodge an appeal. You must first
discus with your trainer/assessor. If you would like to proceed further with the request you need to
lodge an appeal to the Course Coordinator in writing outlining the reason(s) for the appeal.
Special Needs
Candidate with special needs will have their request for adjusts to suit these needs addressed
immediately.
Application of Unit
This unit addresses the requirements for managers to ensure that financial resources are used effectively.
This is done by ensuring access to budget/s and ongoing monitoring expenditure against budget/s.
This unit applies to managers working in small and large business environments and not for profit
organizations.
Evidence Required-Evidence of the ability to:
•
•
•
•
•
•
•
•
•
accurately enter and balance deposits and withdrawals
process and balance petty cash transactions
check and verify supporting documentation
apply relevant security measures for preparing and banking receipts
batch monetary items and prepare deposit facilities
use knowledge of organisational policies and procedures and legislative requirements to
accurately enter data into accounting systems and process journal entries
prepare and authorise journals and check journal processing reports
extract and check/correct a trial balance
file documentation to meet all organisational and regulatory requirements
Student Feedback – Assessor will provide comments for each task in this assessment task. You must
answer all questions and any incorrect answers must be re-submitted to gain satisfactory outcome for
each task.
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Assessment Activity Matrix-Mapping Guide
Students who complete this unit will be able to demonstrate the skills and knowledge to all aspects of
Manage Budgets and Financial Plans.
Elements
Performance Criteria
Assessment
Tasks
1. Check and verify
supporting
documentation
1.1. Information from documents is identified, checked and recorded.
1.2. Supporting documentation is examined to establish accuracy and
completeness and to ensure authorization by appropriate personnel.
Assess 1
Activity 1
Q1, 2, 3, 4, 5
2. Prepare and process
banking and petty cash
documents
2.1. Deposits and withdrawals are accurately entered and balanced
according to organizational procedures.
2.2. Cheques and card vouchers are checked for validity before
processing.
2.3. Banking documentation is reconciled with organization’s financial
records
2.4. Petty cash claims and vouchers are checked, processed and
recorded and the petty cash book is balanced according to
organizational procedures
3.1. Invoices are prepared in accordance with organizational
procedures
3.2. Invoices are checked against source documents for accuracy and
any errors corrected
3.3. All invoices and related documents are filed for auditing purposes
4.1. Journals are prepared accurately and completely and items
batched within organizational timelines
4.2. Batch items are precisely matched to initial receipt records
4.3. Journals are authorized in accordance with organizational policy
and procedures
5.1. Journals are posted to ledger accurately and in accordance with
organization input standards with transactions correctly allocated to
system and accounts
6.1. Data is entered into system accurately and in accordance with
organization input standards with transactions correctly allocated to
system and accounts
6.2. Related systems are updated to maintain the integrity of
relationships between financial systems
7.1. A deposit facility is selected appropriate to the banking method
to be used
3. Prepare and process
invoices for payment to
creditors and for
debtors
4. Prepare journals and
batch monetary items
5. Post journals to
ledger
6. Enter data into
system
7. Prepare deposit
facility and lodge flows
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
Asses 1
Activity 2
Activity 3
Q1, 2, 3, 4, 5
Activity 4
Q1, 2, 3, 4
Activity 5
Q1, 2, 3, 4
Activity 6
Activity 7
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
8. Extract a trial
balance and interim
reports
7.2. Batch is balanced with deposit facility without error
7.3. Security and safety precautions are taken appropriate to the
method of banking in accordance with organizational policy and
industry and legislative requirements
7.4. Proof of lodgment is obtained and filed so that it is easily
accessible and traceable
8.1. Any special transactions are processed accurately
8.2. Cash and credit journals are completed and posted to general
ledger
8.3. A trial balance is extracted and checked and other required
reports prepared
8.4. Any errors are found and corrected
Activity 5
Q1, 2, 3, 4
Required Skills and Knowledge
Students must be able to demonstrate the following required skills and knowledge after gaining
competency in this unit:
Required skills
•
•
•
•
•
•
•
•
•
•
communication skills to:
determine and confirm work requirements, using questioning and active listening as required
share information, listen and understand
read and interpret documentation from a variety of sources
use language and concepts appropriate to cultural differences
numeracy skills to make financial calculations
information technology skills for accessing and using spreadsheets and databases
literacy skills for data analysis and interpretation
evaluative and general analytical skills
Organisational skills, including the ability to plan and sequence work
Required knowledge
1. accounting conventions, processes and procedures
2. banking procedures and guidelines
3. industry codes of practice
4. legislative and regulatory requirements relevant to the work
5. organisational policy and procedures
6. relevant Acts and regulations
7. security procedures for handling cheques, vouchers and cash
Employability Skills
Communication, Teamwork, Problem-Solving, Initiative and Enterprise, Planning and Organising, SelfManagement, Learning, Technology and Numeracy
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Assessment Task 1-Check and Verify Supporting Documentation
In this task the student will need to demonstrate an understanding of the role of Incoming and
Outgoing financial transactions. Read the questions below and complete all activities.
Activity 1: Knowledge Questions
Instructions to the students
In the time allocated by your assessor, you are to answer the following questions in your own
words. Be sure to:
• Write or print your answers clearly;
• Answer all questions;
• Use a pen (not pencil);
• Ask your assessor if you do not understand a question;
1. Name six important source documents used in the financial documentation process?
2. What is meant by Electronic Financial Transactions?
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
3. Name 5 methods of electronic transactions?
4. In many businesses there remains paper transactions that need to be checked and verified by
the business owner. Identify 5 paper transactions that still exist in business?
5. Explain when a business must issue a receipt?
6. Why is issuing a receipt important to a business?
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
7. Name the two most used computerized software programs that assist bookkeepers maintain
a check and verification on all financial documentation?
8. The above software programs allow you to not only issue electronic receipts but also a
number of other electronic reporting documents and accounting needs.
Name 5 reports that can be issued by a bookkeeping software?
Assessment Outcome:
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
Satisfactory
Not Satisfactory
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Activity 2: Applied Learning Task-Prepare and process banking
documents
Instructions to the students
Banking deposit forms ensure that money received in the business is counted, processed and
banked using either a bank deposit form and/or a credit card merchant summary form. With
your understanding of this accounting concept complete the following activity.
Scenario
Today is the 28th October. You are working for Jim’s Hardware and you are responsible for
today’s banking. You have received payments from several customers.
1.
Design a bank deposit form to record the following payments received.
Note that the bank branch number is 7854-1122. The account number for Jim’s Hardware is
218 390.
a)
John Smith paid $450.00 by Westpac Bank Cheque;
b)
Bill Jones paid a series of cash payments to pay up his account. $55.90 (2x$40 Notes,
1x$10 note, 1x$5 note, 4x20c coins, 1x10 Coins)
c)
Jane Hall paid $795.95 by NAB Cheque;
d)
Bill Anderson paid $1595.00 by Westpac Cheque;
e)
Sally Johnson paid $152.75 in cash, (3x$50 notes, 1x$2 Coin, 3x20 cents, 1x10cent coins
and 1x5 cent coin;
f)
Tom Watson paid $25 in Cash (1x$20 note and 1x$5 note);
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Assessment Outcome:
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
Satisfactory Not Satisfactory
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Activity 3: Applied Learning Task-Prepare and process petty cash
documents
1. Name the four (4) methods a bookkeeper can reconcile Petty Cash?
2. Explain the process you would implement to reconcile a petty cash float?
3. What Federal Government Department provides bookkeepers with a recommended way
to set up a Petty Cash System?
Assessment Outcome:
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
Satisfactory Not Satisfactory
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Activity 4: Applied Learning- Prepare and process invoices for
payment to creditors and for debtors.
Invoices are an extremely important document and must be completed with care. Invoices are
bills for goods and services received or supplied. In the following box complete the invoice by
filling in all the required information.
Jim’s Hardware Tax Invoice Number……………….
Jims Hardware (Address)
………………………………..
………………………………..
Customer Details
To: ………………………………………………………Attention: …………………………….
Address: ………………………………………………………………………….
Purchase Order: ……………………………………………………………………
---------------------------------------------------------------------------------------------------------------------Description of Product or Service
Amount
GST
Total
Due Date
_______________________________________________________________________
Date Invoice is Issued
1. When dealing with any accounting documents it is extremely important to check for
accuracy. What checks are required when receiving payments by credit cards or cheques?
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
2. Why is it important to check any documents against the source document? For example
when paying an invoice what source document must be checked?
3. Why should all accounting documents be filed correctly?
4. Who would be an appropriate senior person within a business to check and sign accounting
documents?
Assessment Outcome:
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
Satisfactory Not Satisfactory
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Activity 5: Knowledge Questions and Applied Learning-Prepare
Journals and Post to the Ledger
1. Name the Seven (7) Steps that shows information flowing through the Accounting system.
2.
When paying a supplier or issuing a receipt to customers these accounting transactions
must be recorded. Name two (2) outgoing transaction journals and two (2) incoming
transaction journals.
3.
Complete the Purchase Journal using the following purchasing transactions.
*9 March-from Fred’s stationary-10 boxes of envelopes. Cost $150 plus GST. Purchase order
is 15893.
*9 March-Landlord Jones-Office Rent-$2500 plus GST. The order number was 15892.
*11 March-Daily Telegraph-Advertisement-$1500 plus GST-Purchase order 15894.
*13 March-IT Unlimited-Repairs-$1600 plus GST-Order number 15895
*16 March-Printing R Us-Brochure Printing-$2300 plus GST-Order number 15896
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
DATE
REFERENCE
DETAILS
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
SUPPLIER
AMOUNT GST
TOTAL
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
4.
Commonly used General Ledger Accounts include Accounts Payable, Accounts Receivable
and Cash at the Bank.
What are these accounts commonly known as in accounting terms?
Assessment Outcome:
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
Satisfactory Not Satisfactory
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Activity 6: Applied Learning-Enter data into the General Ledger
system
Complete the General Ledger (below) identifying each transaction as either a Debit or Credit.
Accounts Payable
-9 March-Envelopes-$165
-9 March-Rent-$2750
-11 March-Advertisement-$1650
-15 March-Envelopes-$165
-15 March-Rent-$2750
-15 March-Advertising-$1650
Advertising (cash)
-Daily Telegraph-$1650
Expenses paid by cash (Cash at Bank)
-15 march-Telstra Phone Bill-$605
-15 March-Trade Show Cheque-$550
-15 March-Catering Cheque-$165
-15 March-Envelopes-Accent Press-$165
-15 March-Office Rent-$2750
-15 March-Advertising-$1650
Purchases (on credit)
-9 March-Envelopes-Accent Press-$165
Rent (cash)
-9 March-Office Rent for February-Best in Business
Telephone (cash)
-15 March-Feb phone account-$605
Sundry (cash)
-15 March-Deposit-Trade Show-$550
-15 March-Catering for lunch-$165
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
DEBIT
FNSACC301A-Assessment Tool V.1 Issued 10/11/2014
CREDIT
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Activity 7: Applied Learning-Industry Regulations and Legislation
Security and safety precautions are taken, appropriate to the method of banking, in accordance
with organisational policy and industry and legislative requirements.
The following activity requires you to research, identify and explain 5 key industry requirements
and Federal or State Legislations that impact on financial transactions in the accounting process.
Use the computer room or your own internet access and identify the source of the legislations
you have identified.
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ASSESSMENT TASKS
Qualification code/name:
Unit code/name:
Certificate II Business
FNSACC301AProcess financial transactions and extract interim
reports
Student’s ID:
Assessor’s name:
Assessor’s Checklist
Did the student demonstrate the following:
Demonstrated ability to understand, check and verify supporting
documentation and other information.
Demonstrated ability to understand, prepare and process banking and
petty cash documents.
Demonstrated ability to prepare and process invoices for payment to
creditors and for debtors.
Demonstrated ability to prepare journals and batch monetary items.
Demonstrated ability to post journals to the ledger.
Demonstrated an ability to enter data into a system such as a General
Ledger.
Demonstrated ability to prepare deposit facilities and lodge flows.
Demonstrated ability to extract a trial balance and prepare interim
reports.
Assessment Outcome:
Satisfactory
Not
Satisfactory
Place a tick (√)
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Yes
No
Satisfactory Not Satisfactory
Assessor’s Feedback:
Assessor Declaration: I declare that I have assessed this student in this task and have provided
appropriate feedback.
Signature: ____________________________ Date: ____/_____/_____
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