FNSACC501 Assessment Task 1 - Written Student Name Student Number Unit Code/s & Name/s FNSACC501 - Provide financial and business performance information Assessment Type ☐ Case Study ☒ Assignment ☐...

Q1 and Q4 only


FNSACC501 Assessment Task 1 - Written Student Name Student Number Unit Code/s & Name/s FNSACC501 - Provide financial and business performance information Assessment Type ☐ Case Study ☒ Assignment ☐ Project ☐ Other (specify) Assessment Name Assessment 1 Assessment Task No. 1of 3 Assessment Due Date As per Unit Study Guide Date submitted Assessor Name As per Teacher page in Connect Student Declaration: I declare that this assessment is my own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules. I understand that by emailing or submitting this assessment electronically, I agree to this Declaration in lieu of a written signature. Student Signature Date PRIVACY DISCLAIMER: TAFE Queensland is collecting your personal information for assessment purposes. The information will only be accessed by authorised employees of TAFE Queensland. Some of this information may be given to the Australian Skills Quality Authority (ASQA) or its successor and/or TAFE Queensland for audit and/or reporting purposes. Your information will not be given to any other person or agency unless you have given us written permission or we are required by law. Instructions to Student General Instructions: 1. Complete and submit all assessment tasks by the due date. 2. Answer all questions in this booklet. 3. Write your responses in the blank pages which follow each question. 4. Write your name and student number in the space provided on this page. 5. Reference is to be made to the prescribed textbook for this subject and other sources including online research. 6. All materials used to answer questions must be referenced appropriately (listing sources). 7. This assignment presumes that you are working in a financial consulting firm. Therefore, all responses are to be presented in a professional manner. 8. You are required to read and analyse each question to formulate an informed response. 9. You must respond to each question using appropriate detail, working and calculations as though you are providing information to a client who does not have a thorough knowledge of business finance. 10. Save your document regularly to a USB or your computer as you work through this booklet. 11. Once you have answered all questions save this document to your computer or USB and then upload the document at the Assessment Centre. Information / Materials provided: Assessment booklet with questions 1-5 Assessment Criteria: To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard: · List and briefly discuss client rights and responsibilities? · Discuss 3 options for debt financing and 2 options for equity funding? · Outline/list a range of risks and contingencies and risk management options? · Explain how a business could prevent future monetary losses due to operational errors? · Discuss how businesses can manage external, non-market risks that are beyond their control? · Advise what financial products a business could use to manage currency risk? · Advise the key factor(s) for businesses to avoid business cycle risk? · Briefly explain the key requirements of taxation legislation and list the key areas that can cause significant taxation issues when making financial decisions? · Use of the financial calculation as a tool to advise client on alternative investment opportunities, recommending the better option and advising how much better it would be? Number of Attempts: You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant sections / questions with you and will arrange a due date for the submission of your 2nd attempt. If your 2nd submission is unsatisfactory (U), or you fail to submit a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task. For more information, refer to the Student Rules. Submission details Insert your details on page 1 and sign the Student Declaration. Include this template and a copy of the Marking Criteria in your submission. Access the information in Connect for your Due Date. This assessment is to be typewritten and then uploaded to Connect. Assessment to be submitted via · TAFE Queensland Learning Management System: Connect url: https://connect.tafeqld.edu.au/d2l/login · Username; 10 digit student number · For Password: Reset password go to https://passwordreset.tafeqld.edu.au/default.aspx> Instructions for the Assessor · Students to complete all questions listed in this assessment. · All work to be completed by word processor. · Assessment documents to be uploaded to Connect for marking. · This is an untimed assessment. · Students are allowed access to any notes, workbooks and the internet to complete the assessment. · Please refer to marking guide to ensure consistency, validity and fairness of student outcomes. Note to Student An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide. Question 1 1. Read the question. 2. Record your response to the question in the blank page which follows. Research on internet to locate the Division 30 of the Tax Agent Service Act 2009 (TASA). Write down what this division is all about. List and Explain/Discuss client RIGHTS and RESPONSIBILITIES outlined in the Code of Professional Conduct (Code) as contained in Division 30 of the Tax Agent Services Act 2009 (TASA). This page has been left blank for you to write your response to Question 1 Question 2 1. Read the question. 2. Record your response to the question in the blank page which follows. Discuss and provide examples for three (3) options for debt financing, and two (2) options for equity funding. This page has been left blank for you to write your response to Question 2 Question 3 1. Read the question. 2. Record your response to all four parts of the question in the blank page which follows. Answer the following questions separately: a) Outline/list and explain a range of risks and contingencies and risk management options relating to financial and business performance. b) When a business suffers a monetary loss due to an operational error, briefly explain what should the business do to prevent this loss from happening again? c) Discuss in detail how businesses can manage external, non-market risks that are beyond their control? d) What financial products can businesses use to manage currency risk? e) What is the key factor for businesses to avoid business cycle risk? This page has been left blank for you to write your response to Question 3 Question 4 1. Read the question. 2. Record your response to the question on the following blank page. a) Explain (and provide examples) the key requirements of taxation legislation relating to deductions, allowances and charges that a financial manager should be aware of. b) List and explain (with examples) the three key areas that a financial manager may get involved in decision making in the management of a business organisation. This page has been left blank for you to write your response to Question 4. Question 5 1. Read the question. 2. Record your response to the question in the blank page which follows. Question 5 Task A: Mr Brown is seeking your advice on two investment plans for a $10,000 inheritance. The first option is to place it in a bank fixed-term deposit account for three years and earn interest of 4% p.a. compounded half-yearly. The second option is to lend the money to a relative who has offered to pay him simple interest of 5% for the three years, and will repay the loan with interest at the end of the three year period. Assessment task You are to advise Mr Brown which option would provide the better result for him and by how much? Question 5 Task B: Which TWO of the following will give the same amount at the end of the investment? ( a )10% compounded half yearly for 2.5 years ( b )5% compounded annually for 2.5 years ( c )10% compounded annually for 5 years ( d )5% compounded annually for 5 years This page has been left blank for you to write your response to Question 5. 123 TMP E - Assessment Task - WrittenVer. 1.1 (21/12/2015)Page 1 of 13 FNSACC501_AT1_W_TQOL_V1Ver. 1.2 (31/05/2016)Page 13 of 13