Microsoft Word - FNSACC416_AT1_MC_TQM_v2.1 FNSACC416_AT1_MC_TQM_v2.1 Assessment Criteria / Benchmarks The evidence submitted demonstrates that the student has satisfactorily: Attempt 1 Attempt 2 Date...

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Microsoft Word - FNSACC416_AT1_MC_TQM_v2.1 FNSACC416_AT1_MC_TQM_v2.1 Assessment Criteria / Benchmarks The evidence submitted demonstrates that the student has satisfactorily: Attempt 1 Attempt 2 Date __/__/__ Date __/__/__ Y N Y N Task 1 MYOB file for Music Store has been opened, the company name edited and transactions processed correctly as evidenced by the following checks: 1. Completed MYOB file is supplied and is operating correctly ☐ ☐ ☐ ☐ 2. Reports have been correctly generated and are correct in accordance with the benchmark answered supplied: a) Printout 1 – Bank reconciliation as at 14 June ☐ ☐ ☐ ☐ b) Printout 2 - Employees Activity Detail Report for June ☐ ☐ ☐ ☐ c) Printout 3 - Superanuuation Accrual by Fund Summary Year to Date ☐ ☐ ☐ ☐ d) Printout 4 - Profit & Loss Statement for June ☐ ☐ ☐ ☐ e) Printout 5 - Balance Sheet as at 30 June ☐ ☐ ☐ ☐ f) Printout 6 - GST (Detail - Accrual) for June ☐ ☐ ☐ ☐ g) Printout 7 - Inventory Value Reconciliation at 30 June ☐ ☐ ☐ ☐ 3. Year end rollover has been correctly completed and the rolled file is attached. ☐ ☐ ☐ ☐ Task 2 Correct and complete answers have been supplied to theory questions in line with the benchmark answers. Question 1. ☐ ☐ ☐ ☐ Question 2. ☐ ☐ ☐ ☐ Question 3. ☐ ☐ ☐ ☐ Question 4. ☐ ☐ ☐ ☐ Question 5. ☐ ☐ ☐ ☐ Question 6. ☐ ☐ ☐ ☐ Question 7. ☐ ☐ ☐ ☐ Question 8. ☐ ☐ ☐ ☐ Question 9. ☐ ☐ ☐ ☐ Question 10. ☐ ☐ ☐ ☐ Question 11. ☐ ☐ ☐ ☐ Microsoft Word - FNSACC416_AT1_POE_TQM_v2.2 FNSACC416_AT1_POE_TQM_v2.2 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 3 Task 1 – Practical exercise In this assessment task you will open the MYOB file for the business called the Music Store and process transactions for June 2023. The Music Store is a small retail establishment which sells musical instruments on cash and credit terms. It operates a perpetual inventory system therefore sales and purchases of instruments must be recorded using Item Invoice Layouts. You may need to add additional cards for Customers and Suppliers as well as new Accounts as you record the transactions for June. The Music Store is registered for GST on a cash basis and amounts shown include GST where it applies. Undeposited funds are not used in this file. Follow the Steps below to complete the assessment task. Step 1 Copy the assessment file Access the MYOB file called Music Store.myox and copy the file to your MYOB AccountRight Plus library. There is an instruction guideline in Supplementary Resources to assist you in this process. Accessing your file Open your copy of the file now stored on in your MYOB AccountRight Plus Library. Step 2 Process the following transactions using Item Invoice Layouts: Note: Prices include GST where applicable. Payments received: 04.06.23 $1,100.00 by cheque from Highfield Primary School – Receipt no. 2507 05.06.23 $401.00 by cheque from John Wu – Receipt no. 2508 Cash Sales: 03.06.23 1 Full size violin to Mrs Jane Franks for $295.00 – Invoice no. 11062 05.06.23 1 Alto saxophone $625.00 and 2 Clarinets $395.00 each to G & N Figaro – Invoice no. 11063 05.06.23 2 Full size Cellos $775.00 each to Oldboys Orchestra – Invoice no. 11064 07.06.23 1 Tenor Saxophone for $480 to Joe Harris – Invoice 11069 Credit purchases (Payments not yet made): 05.06.23 3 full size cellos $450.00 each from All Instruments Pty Ltd Invoice no. 2237 05.06.23 5 Clarinets for 280.00 each and 1 Oboe for $540.00 from Music for All Ltd – Invoice no. 990045 Credit sales (payment not yet received): 08.06.23 To Highfield Primary School sold 5 full size Cellos for $725.00 each and 2 half size cellos for $540.00 each – invoice no. 11065 10.06.23 To Jessica Hiraji sold 1 full size Viola for $390.00 – Invoice no. 11066 10.06.23 To Jimmy Choo sold 1 Tenor Saxophone for $430.00 and 4 clarinets for $360.00 each – Invoice no. 11067 12.06.23 To Brixton Orchestra 4 Alto Saxophones for $720 each, 1 Tenor Saxophone for $450, 2 Oboes for $540 each, 5 Full size Violins for $320 each, 3 Full size Violas for $375 each and 2 Clarinets for $320 each – Invoice no. 11070 Sales Return on credit sale: 12.06.23 Highfield Primary School returned 1 full size Cello which was found to be cracked. Ref 11068 FNSACC416_AT1_POE_TQM_v2.2 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 4 Cheques paid: 04.06.23 100035 $198.00 Suncorp Insurance (ABN 48 005 297 807) for Insurance – Invoice 1000267 05.06.23 100036 $146.00 Alstons Printing (ABN 44 555 666 777) for stationery – Invoice 6788 05.06.23 100037 $1,320.00 Network Real Estate (ABN 66 555 444 333) for shop rent – Invoice 459 10.06.23 100040 $5,500.00 Music For All - Invoice no. 2130 12.06.23 100041 $2,420.00 Harvey Norman (ABN 53 784 322 464) for computer – Invoice 203087 12.06.23 100042 $188.60 Energex (ABN 40 078 849 055) for electricity – Invoice 45466 12.06.23 100043 $1,350.00 All Instruments Pty Ltd - Invoice no. 2237 Step 3 Reconcile the cheque account using the following bank statement received from the bank. You will need to record in MYOB any extra transactions which appear on the bank statement. Your Bank Ltd Account Number: 4566544 Opening Balance 2023 Details Withdrawals Deposits Balance Dr/ Cr 1 June Opening Balance 17340.00 Cr 3 June Bank fee 15.00 17325.00 Cr 3 June Interest 212.00 17537.00 Cr 4 June Deposit 1100.00 18637.00 Cr 4 June Deposit 295.00 18932.00 Cr 5 June Deposit 401.00 19333.00 Cr 5 June Chq 100035 198.00 19135.00 Cr 6 June Chq 100037 1320.00 17815.00 Cr 6 June Deposit 1415.00 19230.00 Cr 7 June Deposit 1550.00 20780.00 Cr 7 June Deposit 480.00 21260.00 Cr 8 June Chq 100039 850.00 20410.00 Cr 8 June Chq 100038 776.50 19633.50 Cr 11 June Chq 100040 5500.00 14133.50 Cr 11 June Cash withdrawn by owner 500.00 13633.50 Cr 13 June Chq 100043 1350.00 12283.50 Cr 14 June Closing Balance 12283.50 Cr Once your reconciliation is in balance, complete the reconciliation. Print the Bank Reconciliation Report (Printout 1) through Reports. FNSACC416_AT1_POE_TQM_v2.2 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 5 Step 4 Due to unforeseen circumstances, the store was closed for the last 2 weeks of June and no further transactions occurred. Process the following journal entries: 1. Depreciation of Store & Office Equipment for June is calculated in accordance with the companies Policies and Procedures. Record the depreciation expense of $240 for June in MYOB by journal entry dated 30th June 2023. 2. The owner has decided to transfer a large shelving unit he owns privately to the business to be used as display shelving in the shop. The asset is to be transferred on the 30th June 2023 at its current market value of $1700.00. There is no GST in this transaction as the seller (the owner) is not registered for GST. Step 5 The Payroll Clerk has input payroll entries for June. From the payroll reporting menu print the following reports: - Employees Activity Detail Report for June 2023 (Printout 2) and - Superannuation Accrual by Fund Summary Year to Date (Printout 3). Print the following reports: - Profit & Loss Statement for June 2023 (Printout 4) - Balance Sheet as at 30th June 2023 (Printout 5) - GST (Detail - Accrual) for June 2023 (Printout 6) - Inventory Value Reconciliation at 30 June 2023 (Printout 7) Step 6 Do a backup of your MYOB file and include it with your files to submit for this assessment. (File 1) Step 7 Close the financial year ended 30th June 2023 in your MYOB file. Attach a copy of the MYOB file after closing the financial year. (File 2) FNSACC416_AT1_POE_TQM_v2.2 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 6 Task 2 – Theory 1. What are the key features of a desktop computerised accounting system? 2. What are the key features of a cloud-based computerised accounting system? 3. a) What legislation relating to privacy is relevant when dealing with computerised accounting systems? b) What are the key requirements of this legislation that relate to using computerised accounting systems? 4. What organisational policies and procedures relating to the operation of computerised accounting systems can be put in place to enhance security and privacy? 5. List 3 places you could go to for technical help in relation to an issue with your MYOB software. 6. Source documents used for financial data typically have a number of common characteristics and