Hi, I was quoted to have the attached assignment completed and provided with detailed solutions step by step include
ASSESSMENT INFORMATION for studentsFNSACC514 Prepare financial reports for corporate entities ASSESSMENT GUIDE Throughout your training we are committed to your learning by providing a training and assessment framework that ensures the knowledge gained through training is translated into practical on the job improvements. You are going to be assessed for: Your skills and knowledge using written and observation activities that apply to the workplace. Your ability to apply your learning. Your ability to recognise common principles and actively use these on the job. All of your assessment and training is provided as a positive learning tool. Your assessor will guide your learning and provide feedback on your responses to the assessment materials until you have been deemed competent in this unit. HOW YOU WILL BE ASSESSED The process we follow is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit. The assessment tasks have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence to successfully demonstrate competency at the required standard. Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to be collected and how it will be collected, for example; a written activity, case study, or demonstration and observation. The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment. 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). Assessor Responsibilities Assessors need to be aware of their responsibilities and carry them out appropriately. To do this they need to: Ensure that participants are assessed fairly based on the outcome of the language, literacy and numeracy review completed at enrolment. Ensure that all documentation is signed by the student, trainer, workplace supervisor and assessor when units and certificates are complete, to ensure that there is no follow-up required from an administration perspective. Ensure that their own qualifications are current. When required, request the manager or 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. When required, ensure supervisors and students sign off on third party assessment forms or third party report. Follow the recommendations from moderation and validation meetings. How should I format my assessments? Your assessments should be typed in a 11 or 12 size font for ease of reading. You must include a footer on each page with the student name, unit code and date. Your assessment needs to be submitted as a hardcopy or electronic copy as requested by your trainer. How long should my answers be? The length of your answers will be guided by the description in each assessment, for example: Type of Answer Answer Guidelines Short Answer 4 typed lines = 50 words, or 5 lines of handwritten text Long Answer 8 typed lines = 100 words, or 10 lines of handwritten text = of a foolscap page Brief Report 500 words = 1 page typed report, or 50 lines of handwritten text = 1foolscap handwritten pages Mid Report 1,000 words = 2 page typed report 100 lines of handwritten text = 3 foolscap handwritten pages Long Report 2,000 words = 4 page typed report 200 lines of handwritten text = 6 foolscap handwritten pages How should I reference the sources of information I use in my assessments? Include a reference list at the end of your work on a separate page. You should reference the sources you have used in your assessments in the Harvard Style. For example: Website Name – Page or Document Name, Retrieved insert the date. Webpage link. For a book: Author surname, author initial Year of publication, Title of book, Publisher, City, State assessment guide The following table shows you how to achieve a satisfactory result against the criteria for each type of assessment task. The following is a list of general assessment methods that can be used in assessing a unit of competency. Check your assessment tasks to identify the ones used in this unit of competency. Assessment Method Satisfactory Result Non-Satisfactory Result You will receive an overall result of Competent or Not Yet Competent for the unit. The assessment process is made up of a number of assessment methods. You are required to achieve a satisfactory result in each of these to be deemed competent overall. Your assessment may include the following assessment types. Questions 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. Third Party Report 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 guidelines/instructions Attachments if requested are attached Requested supplementary items are not attached All requirements of the written activity are addressed/covered. Response does not address the 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 requirements are answered incorrectly. Does not refer to or utilise appropriate or correct sources of information Observation/ Demonstration All elements, criteria, knowledge and performance evidence and critical aspects of evidence, are demonstrated at the appropriate AQF level Could not demonstrate elements, criteria, knowledge and performance evidence and/or critical aspects of evidence, at the appropriate AQF level Case Study All comprehension questions answered correctly; demonstrating an application of knowledge of the topic 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. Practical Activity All tasks in the practical activity must be competed and evidence of completion must be provided to your trainer/assessor. All tasks have been completed accurately and evidence provided for each stated task. Tasks have not been completed effectively and evidence of completion has not been provided. Attachments if requested are attached Requested supplementary items are not attached Assessment Cover Sheet Unit Code and Name: FNSACC514 Prepare financial reports for corporate entities Student name: Student Number: Assessor Name: Date Submitted: The following questions are to be completed by the assessor: Is the Student ready for assessment? Yes No Has the assessment process been explained? Yes No Does the Student understand which evidence is to be collected and how? Yes No Have the Student’s rights and the appeal system been fully explained? Yes No Have you discussed any special needs to be considered during assessment? Yes No The following documents must be completed and attached: 1. Case Studies and Case Studies Checklist The student will complete thetasks provided to them by the assessor. The Case Study Checklist will be completed by the Assessor. S NYS 2. Short Answer Questions and Short Answer Questions Checklist The student will answer a range of questions with written responses. The Short Answer Checklist will be completed by the assessor. S NYS Student Declaration I agree to undertake assessment in the knowledge that information gathered will only be used for professional development purposes and can only be accessed by the RTO I declare that: The material I have submitted is my own work; I have kept a copy of all relevant notes and reference material that I used in the production of my work; I have given references for all sources of information that are not my own, including the words, ideas and images of others. Student Signature: Date: Assessment cover sheet Result and Feedback Feedback to Student: Overall Outcome CompetentNot yet Competent Assessor Signature: Date: 1. case studies Instructions Before attempting this assessment task review your learning materials for this unit of competence. The following tasks must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to: Office equipment, technology, software and consumables required to prepare financial reports for corporate entities Organisational records, policies and procedures relating to above work For this task you are to complete the following case study responses to demonstrate your ability to prepare financial reports for corporate entities. Please answer all the questions. Students are permitted to use non-programmable calculators. To prepare for the tasks: a. Obtain and review the organisational policies and procedures, ethical requirements, required accounting standards and the statutory and reporting body requirements which are applicable, and ensure these are applied and complied with throughout the development of the financial reports. b. Compile and analyse the data required for the financial reports through completion of the following steps: I. In accordance with organisational policy, procedures and accounting standards, systematically code, classify and check the data for accuracy and reliability. Document this process, including the checking for accuracy and reliability. II. Using conversion and consolidation procedures, compile the data. Provide copies of the procedures followed, and the data compiled. III. As required, transfer the data to computerised systems. Provide evidence of the accurate transferring of data. IV. Accurately record the valuations, ensuring these are in compliance with accounting standards V. Identify, and accurately record, the effects of taxation c. Perform the following steps to prepare the required reports: I. Present all required charts, diagrams, tables and supporting data, in the required format II. Prepare the reports, ensuring the application of statutory and ethical requirements, and organisational procedures relating to conflict of interest, confidentiality, and disclosure requirements, and confirming that the structure and format of the reports are clear, and that they comply with all statutory and organisational requirements III. Review the statements and data for errors and for compliance with the statutory requirements and organisational procedures, amending these as required. Case studies Case Study 1 The trial balance of the partnership of Woods Brothers trading as Woods