PFR TASK1 NSinha V1 - this is assignment\'s anwers for preapre financial report subject. PDF

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this is assignment's anwers for preapre financial report subject....

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CRS180 Revision 101 May 2018 Page 1

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE Assessment Submission Cover Sheet (VET) Student to complete relevant sections and attach this cover sheet to each assessment task for submission. To be completed by Student

Student information Student name:

Neha Sinha

Student ID:

100637285

Program/Course details Qualification code:

FNS40217

Qualification title:

Certificate IV in Accounting and Bookkeeping

Unit code:

BSBFIA401

Unit title:

Prepare Financial Reports

Department name:

. To be completed by Student

Assessment information Teacher name:

Miranda Nash

Due date:

Date submitted: 09/03/2021

Re-submission:

Student declaration By submitting this assessment task and signing the below, I acknowledge and agree that: 1. This completed assessment task is my own work. 2. I understand the serious nature of plagiarism and I am aware of the penalties that exist for breaching this. 3. I have kept a copy of this assessment task. 4. The assessor may provide a copy of this assessment task to another member of the Institute for validation and/or benchmarking purposes.

Student signature For electronic submissions: By typing your name in the student signature field, you are accepting the above declaration.

Neha Sinha

Note: Assessor to attach a photocopy of the completed Marking Guide (Section E) from the Student version of the Assessment Task. Final result of the subject/unit will be entered on Banner by the teacher/assessor once all assessment tasks have been assessed.

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CRS180 Revision 101 May 2018 Page 2

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE Student Version Section A – Program/Course details Qualification code:

FNS40217

Qualification title:

Certificate IV in Accounting and Bookkeeping

Unit code:

BSBFIA401

Unit title:

Prepare Financial Reports

Department name:

.

Section B – Assessment task details Assessment number:

1 of 4

Semester/Year:

1 / 2021

Due date:

Duration of assessment:

2 Weeks

Assessment method

Assessment task results

☒Ungraded result ☐Other: Click here to enter text.

Section C – Instructions to students Task instructions: GENERAL: •

This is Assessment Task 1 out of 4. You will need to complete it to be deemed competent for unit BSBFIA401 Prepare Financial Reports

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Download instructions: Login Brightspace > BSBFIA401 > Assessment > Assignments>TASK 1 > Attached Files> Download a Task 1 instruction Word file named CRS180_BSBFIA401_1of4.

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You must submit all documents listed in the instructions and Section E -Marking Criteria as your assessor will assess only the documentation you provide.

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Students MUST complete ALL sections; your name, ID, CRN, signature and date where appropriate on the Assessment cover sheet.

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This task requires students to apply their knowledge of financial accounting and reporting from TOPICS 1-5 and demonstrate skills regarding additional research and professional advisory skills.

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You may ask the teacher for few points of clarification.

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Guidelines for presentation of your written work : * Apply Arial font style, 11 font size and 1.15 paragraph spacing; * Type your answer at the end of each question in the provided Letter of Advice Template; * Must not alter the order of questions; * Use only black font colour; and * Must include referencing at the end of the task in the provided template.

TASK DETAILS: -This task presents a case study consisting of a hypothetical client in a simulated work environment such as a professional accounting advisory firm. -Students will assume the role of the accountant assistant/bookkeeper who specialises in providing financial

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CRS180 Revision 101 May 2018 Page 3

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE Section C – Instructions to students reporting, accounting and compliance advice. -A client has come to you asking various questions about the financial accounting regulatory environment and reporting process. (see attached list of client questions on the inter-office memo) -To answer your client’s questions you must prepare a formal written letter of advice in a professional manner, and students MUST use the template provided.

Section D – Conditions for assessment Conditions: •

This is an individual assessment and to be completed independently in student’s own time.

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The assessment is open book including internet access and resources on Brightspace.

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Time allowed – 2 Weeks / sessions (Refer to your group’s unit outline)

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Submit the assessment to your teacher on completion. Partially competed task will not be assessed.

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Plan and complete this task according to set guidelines and the timeline.

Assessment Task 1 must be submitted to the designated submission folder in Brightspace before Session 6- your timetabled class. Submit your task file in Brightspace WITH the completed assessment submission cover. Failure to complete this assessment within the scheduled time will result in the task being assessed as Not Satisfactory unless alternative arrangements have been made to complete the assessment prior to the date of the assessment task. SUBMISSION INSTRUCTIONS Online submission is the preferred submission method for all learners. If you are unable to submit the task electronically via Brightspace, please contact your trainer to discuss alternatives.

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1. NAMING CONVENTIONS Files should be named using the naming conventions identified below.

Naming Convention: PFR_TASK No_Your CRN_Your first name initial &Family Name_Version number For example: PFR_TASK 1_88888_VLee_v1 2. SUBMISSION LOCATION Login Brightspace > BSBFIA401>Assessment>Assignments>TASK 1. -Click Assignments on the navbar. -Click on Task 1 folder in Assignment section of Brightspace. -Click Add a File icon in the Submit Files area. -Select files you want to add and click Submit. LATE SUBMISSION & EXTENSION • Extensions will only be given in cases of genuine and unforeseen hardship. If it becomes obvious that you are unable to submit an assignment on time due to eligible hardship, you must submit your request for an extension in writing (E-mail) with a completed Deferred Assessment application form AND supporting documents prior to the due date. Please refer to unit outline for further details. It is the student’s responsibility to: a) submit Deferred Assessment Application Form and supporting documents b) comply with any instructions in the notification that they have been granted a deferred assessment

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CRS180 Revision 101 May 2018 Page 4

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE Section D – Conditions for assessment c) ensure that they are available to sit the deferred assessment at the time and place specified in the notification.

RE-SUBMISSIONS Only one additional attempt at skill demonstration (re-sit/ resubmission) will be allowed for each task if students display an understanding of the material in their first attempt. REASONABLE ADJUSTMENTS Reasonable adjustment is an individualised modification made to the training delivery or assessment methods to enable a student with specific needs to access and participate. Reasonable adjustment may include changed assessment conditions, flexibility in assessments, other academic support, provision of adaptive equipment and in class support. Reasonable adjustment is applied within the start date and end date for the subject/unit being undertaken. SPECIAL CONSIDERATIONS Students may apply for special consideration after the due date if personal circumstances or illness have adversely affected their result in an assessment, or their ability to undertake an assessment. If you wish to seek deferred assessment or special consideration, please contact your teacher or department administrative officer for procedure and forms. FEEDBACK • Online submission – Feedback will be found on Brightspace under “Assessments” tab. • Campus / hard-copy submission – Feedback will be found on Section F- and found on Brightspace under “Grades” tab or under “Assessments” tab. • Students will also be provided with resubmission details if your work is deemed Not Satisfactory. • Feedback won’t describe exact steps how to fix errors. It will mainly discuss what elements are not Satisfactory against marking criteria and provide insights so learners can engage problem solving to amend •

the discrepancies by themselves. Resubmission should be completed by resubmission due date written in Section F and all task must be collected a week before the unit end date (Refer to unit outline)

ACADEMIC INTEGRITY • Academic integrity is the moral code and ethical policy of academia. Academic integrity is about honest presentation of your academic work. It means referencing the work of others while developing your own insights, knowledge and ideas. Collusion, plagiarism and / or cheating may result in cancellation of the assessment task. Please refer to https://holmesglen.edu.au/Students/Current-Students/Plagiarism/ • •

Assessors may use Turnitin to check your submitted work for plagiarism. All assessment tasks should be appropriately referenced.

MARKING CRITERIA & MAKING ASSESSMENT DECISIONS • You will be assessed as S (Satisfactory) or NS (Not Satisfactory). You must meet all marking criteria (the standard described in Section E) to gain a Satisfactory result overall in this assessment. Failure to complete this assessment during the scheduled time will result in the task being assessed as Not Satisfactory. ( Foundation Skills – Get the work done ) •

Assessor could ask the learner to demonstrate any part of this task and oral questioning can be conducted when the authenticity is questionable.

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You must achieve a Satisfactory result in each criterion to the standard described in Section E to gain a Satisfactory result overall.

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Assessment will be deemed Not Satisfactory if students do not write in their own words. if the work is plagiarised

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CRS180 Revision 101 May 2018 Page 5

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE Section D – Conditions for assessment -

if the work is not referenced when appropriate if answers are not clearly numbered and assignment is not well presented. if the work is not relevant to the topic or question

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If the student does not sit the deferred assessment and no further special consideration is granted, they will receive Not Satisfactory for the assessment task and that will be the final mark.

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If the student does not hand in the deferred assessment or Re-Submission by the advised due date, they will receive Not Satisfactory for the assessment task and that will be the final mark.

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You may appeal an assessment decision according to the Holmesglen procedure. Please refer to https://holmesglen.edu.au/Holmesglen/media/PDFs/B2040119-Appeal-application-draft-1.pdf

Equipment/resources students must supply:

Equipment/resources to be provided by the RTO:

•Computer & Internet access •Study guidebook •Student ID •A backup device, such as USB drive

• Assessment documents • Brightspace access • Safe training and assessment environment

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CRS180 Revision 101 May 2018 Page 6

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE Section E – Marking Sheet - Student Answer Sheet Student ID:

100637285

Student name:

Neha Sinha

Unit code:

BSBFIA401

Unit title:

Prepare Financial Reports

Date:

KNOWLEDGE TASK Criteria for assessment

Satisfactory Yes

No

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Comment

The following has been submitted for assessment: Completed Letter Template in MS Word file format Marking criteria for each product document/s supplied: LETTER OF ADVICE – CONTENT 1.1

Double entry principles – student is able to sufficiently explain

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1.2

Accounting systems – student is able to sufficiently describe difference between accrual and cash accounting systems Compliance – student can list and explain the importance of key legislative provisions relevant to the preparation of financial reports AASB 101 – student can list and explain key sections of a relevant accounting standard to the preparation of financial reports General journal and general ledger entries- Student can explain general ledger and general journal and identify general ledger entries. Plan and complete tasks according to set guidelines (client questions) and the designated timelines of two weeks

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Identify and interpret task requirements independently.

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1.3

1.4

1.5

1.6 1.7

Sufficiently demonstrates independent research, reading skills, and ability to communicate knowledge using appropriate vocational writing style 1.8

Plan and complete tasks according to set guidelines (Task instructions) and the designated timeline.

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Independent reading and research collected points skilfully made using appropriate academic writing style Follow Section C & D instruction. Not alter the order of questions

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CRS180 Revision 101 May 2018 Page 7

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE Section F – Feedback to Student Has the student successfully completed this assessment task?

Yes

No

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Additional Assessor comments (as appropriate):

Resubmission allowed:

Yes ☐

No ☐

Resubmission due date:

Assessor name: Assessor signature: Student signature: Date:

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CRS180 Revision 101 May 2018 Page 8

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE Supporting Document ACCOUNTANTS ‘R’ US INTEROFFICE MEMO: CLIENT QUESTIONS FROM: Jane Green, Receptionist TO: YOU, Account Assistant DATE: XX,XX, 2021 FILE: BOB’S BUILDING & CONSTRUCTION DESIGN CLIENT FACTS Client Name: Bob Raleigh Client ID: BOB122021 Notes: Bob is a professional architect and a member of the Australian Institute of Architects. He operates and owns a small business specialized in 3D renderings and scale models as a sole trader in Balaclava. Business details: Company BOB’S BUILDING & CONSTRUCTION DESIGN name Address 333 Cape Street, Balaclava, VIC 3183 Phone No 03 984 6666 [email protected] E-mail ABN 97 874 222 363  Industry category: Architectural engineering and related services. Notes  The business now operates virtually online with minimum offline interactions with the clients due to COVID 19  The business has developed with no inventory and most of invoices are receivable within 10 business days. Bob has never studies accounting, bookkeeping, or anything finance related and says that he “doesn’t understand any of that stuff”. He has come to our firm as a new business client for all of his financial accounting and reporting needs. As you are the accountant assistant allocated to his file, you need to answer his inquiries using the firm’s letter of advice template and complete the letter within 2 sessions. The questions are outlined in the advice template on the following page.

Read Section C – Instructions to Students and Section D – Conditions for Assessment thoroughly before commencing this task. Must include referencing at the end of the task in the provided template.

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CRS180 Revision 101 May 2018 Page 9

Assessment Task 1: FINANCIAL REPORTING LETTER OF ADVICE FROM: Neha Sinha TO: Bob Raleigh DATE: 28/02/2021 CLIENT DETAILS Company Name: BOB’S BUILDING & CONSTRUCTION DESIGN Address: 333 Cape Street, Balaclava, VIC 3183 Contact Details: 03 9842 6666

Dear Bob Thank you for your inquiries and I hope this e-mail finds you well. I am going to be your first point of contact for all your accounting and bookkeeping matters so please contact me directly if there is anything, I can help you with in future. Thank you again for entrusting ACCOUNTS ‘R’ US with accounting management services of your business.

QUESTIONS 1. Explain the purpose of a double-entry system compared to a singleentry system and its principles. The general ledger operates on a ‘double entry’ system. Increases and Decreases in the accounts are recorded by Debits and Credits. The key principle of ‘doble entry system’ is each transaction recorded debit entries must be equal to credit entries. On the other hand, ‘single entry system’ only records incomes and expenses. Bookkeeping is the best example for ‘single entry system’. (Sourced: AT1- ACC1)

2. Explain the difference between accrual and cash accounting systems? Which would you recommend for your client being a small sole proprietorship? Accrual accounting recognise revenue when it has been earned (regardless of whether it has been received or not) like Credit sales and expense when it has been incurred in the earning of reve...