ASSESSMENT COVER SHEET (Please ensure this cover sheet is completed and attached on top of each assessment) QUALIFICATION CODE AND TITLE: FNS40217 Cert IV in Accounting and Bookkeeping UNIT...

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ASSESSMENT COVER SHEET (Please ensure this cover sheet is completed and attached on top of each assessment) QUALIFICATION CODE AND TITLE: FNS40217 Cert IV in Accounting and Bookkeeping UNIT CODE:BSBFIA401 TITLE: Prepare Financial Records Student Number Student Name Assessor Name Assessment Name and Number Assessment Task Number and Name Assessment Due Date Submission Date RESULT SATISFACTORY UNSATISFACTORY FINAL OVERALL RESULT COMPETENT NOT YET COMPETENT STUDENT DECLARATION I declare that: · This assessment is my own work, based on my own study and research and no part of it has been copied from and other source except where due acknowledgement/reference has been made. · If this assessment was based on collaborative/teamwork, as authorised by the trainer, I have not submitted the same final version of any assessment material as another student. · I have not previously submitted this assessment or any part of this assessment for this or any other course/unit. · I have kept a copy of my assessment. · I give permission for my assessment to be reproduced, communicated, compared and archived for the purposes of detecting plagiarism. · I understand that plagiarism is the practice of taking someone else’s work or ideas and passing it off as one’s own work and that the attached assessment maybe checked for plagiarism. · I understand that collusion is presenting another person’s assessment as one’s own and/or providing your own work to another person to allow them to pass it off as their own. · Any assessment deemed unsatisfactory will require me to undergo reassessment which may be different to the one originally submitted. · I am aware that in the event that I disagree with the assessment outcome I have the right to appeal that result. I will follow the complaints and appeals process. · A late submission fee of $150 per assessment will apply if the assessment is submitted after the scheduled due date unless a formal extension has been granted by the Program Manager or Course Co-ordinator. Student Signature:Date: ASSESSMENT SUMMARY SHEET To be deemed competent students must have a satisfactory result recorded for each assessment activity. If a result is not satisfactory for any assessment task, the trainer/assessor will determine the training and assessment tasks to be completed. The student has been assessed as competent in the elements and performance criteria, performance evidence and knowledge evidence and in line with the assessment conditions. The students work submitted for this assessment is: Valid Sufficient Current Authentic ASSESSMENT TASK 1 SATISFACTORY NOT SATISFACTORY NO APPLICABLE ASSESSMENT TASK 2 SATISFACTORY NOT SATISFACTORY NO APPLICABLE ASSESSMENT TASK 3 SATISFACTORY NOT SATISFACTORY NO APPLICABLE Feedback to Student The student has been given feedback and informed of the assessment result and the reasons for the decision. Trainer/Assessor Signature Date I have received feedback and been informed of the assessment result and the reasons for the decision. I agree with the assessment result. Student Signature Date Other Resubmission Date Is this assessment subject to an appeals process Yes No Outcome of appeal RTO No: 31736 | CRICOS: 03010G Queensford College Head Office Level 2, 359 Queen St Brisbane QLD 4000 Australia Phone: 61-7-3221 1626 Fax: 61-7-3221 1627 Email: [email protected] www.queensford.edu.au ABN 17 129 064 437 Malekhu Investments Pty Ltd T/a Queensford College VERSION 1 w ASSESSMENT INFORMATION Introduction To think is one thing but to do is another; to ensure you gain impact from your learning we will engage in active learning to transfer concepts into the relevance of your business environment. One of the most critical elements of businesses success is the development of our teams beyond the formal classroom acquisition of knowledge. It is well recognised that retention of knowledge from training alone is at best about 20% however once application and coaching is added the increase in retention and implementation increases significantly and in some cases up to and beyond 80%. Throughout your Certificate program we are committed to both stretching your learning but also giving a framework on which you can provide learning for others and ensuring that the knowledge gained through training is translated into practical on the job improvements. Throughout your Assessment and Activity sessions we are going to investigate how you can reflect on: · Key learning’s from the written and observation activities that apply to your business. · Understand the relevance of the subject area and demonstrate your ability to apply learning. · Recognise common principles that apply and actively use these in business. · Building steps to the way forward for business improvement using your knowledge. All of your assessment and learning is provided as a positive learning tool. Your mentor/assessor who will guide your learning and responses to the assessment materials until you have been deemed competent in this unit further assists you in this process. Students: How you will be assessed: The process you will be following is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national and international standards of best practice, not against the learning you have undertaken either recently or in the past. (How well can you do the job?) Some of the assessment will be concerned with how you apply the skills and knowledge in your workplace, and some in the training room. The assessment tasks utilized in this training have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence required so you can successfully demonstrate competency at the required standard. The table on the next page shows you how to achieve a satisfactory result (competent) against the criteria for each type of assessment task. What happens if your result is ‘Not Yet Competent’ for one or more assessment tasks? Our assessment process is designed to answer the question “has the desired learning outcome been achieved yet?” If the answer is “Not yet”, then we work with you to see how we can get there. In the case that one or more of your assessments has been marked ‘NYC’, your trainer will provide you with the necessary feedback and guidance, in order for you to resubmit your responses. What if you disagree on the assessment outcome? You can appeal against a decision made in regards to an assessment of your competency. An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against specific competency standards and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent. You must be able to adequately demonstrate that you have the skills and experience to be able to meet the Learning Outcomes of modules you are appealing against the assessment of. You can request a form to make an appeal and submit it to your trainer, the Course Coordinator, or the Administration officer. The RTO will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to this form. What if I believe I am already competent before training? If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit, speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL). TRAINER/ASSESSORS: Responsibilities Assessors need to be aware of their responsibilities and carry them out meticulously. To do this they need to: · Ensure that students are competent in their units by following the guidelines from moderation meetings. · Request the manager/supervisor to determine that the student is ‘satisfactorily’ demonstrating the requirements for each unit. ‘Satisfactorily’ means consistently meeting the standard expected from an experienced operator. Managers (or designates) are to sign off on a ‘3rd. Party assessment sheet’ for each unit of training by a student · Ensure that participants are assessed fairly based on the outcome of the Language Literacy and Numeracy completed on enrolment. · Ensure that all documentation is signed by the student, trainer, workplace supervisor and assessor as units and Certificates are completed which ensures there is no follow-up required from an administration perspective. · Ensure that the assessor’s own qualification Certificate for Training and Assessment is current. guide for students and assessors Task ‘Satisfactory’ Result ‘Non Satisfactory’ Result Portfolio Evidence The assessor will mark evidence provided against the key competencies of the unit Evidence provided does not meet all of the key competencies in the unit Questions (Written or verbal) All questions answered correctly Incorrect answers for one or more questions Answers address the question in full; referring to appropriate sources from your workbook and/or workplace Answers do not address the question in full. Does not refer to appropriate or correct sources. 3rd. party judged on performance in the workplace Supervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operator Could not demonstrate consistency. Could not demonstrate the ability to achieve the required standard Written activity The assessor will mark the activity against the detailed guidelines/instructions Does not follow project guidelines/instructions Attachments/appendices if requested are attached Requested supplementary items are not attached All requirements of the written activity are addressed/covered. Response does not address the project requirements in full; is missing a response for one or more areas. Responses must refer to appropriate sources from your workbook and/or workplace One or more of the project requirements are answered incorrectly. Does not refer to or utilize appropriate or correct sources of information Observation in workplace by assessor All elements, criteria and critical aspects of evidence, are demonstrated at the appropriate AQF level Could not demonstrate elements, criteria and critical aspects of evidence, at the appropriate AQF level Case Study Comprehension and Associated Questions All comprehension questions answered correctly; demonstrating an application of knowledge of the topic to the case study Lack of demonstrated comprehension of the underpinning knowledge (remove) required to complete the case study questions correctly. One or more questions are answered incorrectly. Answers address the question in full; referring to appropriate sources from your workbook and/or workplace Answers do not address the question in full; do not refer to appropriate sources. Assessment 1 Assessment 1 For this assessment you must complete the following written activity. Task 1 - Case study Ben Cook owns and operates a business called Ben Jones Traders, which sells products to retail outlets throughout the country. The business has been trading for 10 years. On the3rd July 2014 a fire destroyed the building in which all the accounting documentation was held. All business documentation was burned however, Ben had recently prepared his end of financial year business trial and had kept a copy on his computer at home. Ben needs to get some documentation completed again and has asked you to do it for him. He has provided you with the trial balance sheet from home and has requested you
Answered Same DayMar 25, 2021BSBFIA401

Answer To: ASSESSMENT COVER SHEET (Please ensure this cover sheet is completed and attached on top of each...

Aarti J answered on Mar 27 2021
150 Votes
Task 2
Explain double-entry bookkeeping principles
The double entry principle states that all the transactions has two effects i.e. a debit entry and the credit entry. There are two or more accounts affected in every transaction that occurs. There are two sides in t
he double-entry book keeping which includes the debit side and the credit side. Debit side is effected when there is an increase in the assets, when there are expenses, when the liability decreases and decrease in equity and income. Credit side is effected when the asset decreases, when the expense decreases, there is an increase in the liability of equity or increase in income. Example: Company A purchases machinery of $50000, paid $20000 in cash and remaining notes payable. In this case, Machinery will be debited by $50000 and there will be two entries in the credit side i.e. $20000 of cash will be credited and $30000 notes payable will be credited.
Identify general journal and general ledger entries
General journal is the first step in recording the transaction, it is recording all the transactions in the journal book which is based on double entry system. All the entries first are recorded in the general journal then all the entries are posted to the general ledger to their individual accounts.
List the key provisions of relevant legislation, regulations, standards and codes of practice that may preparation of financial reports
Describe organisational accounting systems
Outline relevant organisational policies, procedures and accounting standards.
Assessment 2
Part 1
This will result in an end product or portfolio of work that must be submitted to your assessor. The assessor might choose to observe you completing some of this work or might ask a manager or supervisor to verify that this is your own work. Completion of all the tasks listed will result in a portfolio of evidence that supports assessment of this unit of competency.
When you have completed all the listed tasks you should submit the portfolio of work for assessment.
1. Explain, in writing, how you would develop and maintain an asset register. What would be your source information and what would be included in the register? (150–180 words)
2. Explain in 150 words what a general journal entry is and why journal entries are necessary.
3. Explain in 150 words doubleentry principles and how and why they are used.
4. Explain a general ledger system in 150 words.
Part 2
XYZcom is a startup that builds high end BBQs for the consumer market. They commence operations (rather conveniently) on the first of July.
1. On the first of July they buy the equipment they need to produce their range of BBQs....
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