BSBFIA401 Prepare financial reports Student Assessment Tasks Student Assessment Tasks BSBFIA401 Prepare financial reports Table of Contents Table of Contents2 Assessment Information3 Assessment...

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BSBFIA401 Prepare financial reportsStudent Assessment Tasks Student Assessment Tasks BSBFIA401 Prepare financial reports Table of Contents Table of Contents2 Assessment Information3 Assessment Instructions5 Student Assessment Agreement6 Assessment Task 1 Cover Sheet7 Assessment Task 1: Written Questions8 Assessment Task 1 Instructions10 Assessment Task 1 Checklist13 Assessment Task 2 Cover Sheet15 Assessment Task 2: Asset register project16 Assessment Task 2 Instructions17 Assessment Task 2 Checklist19 Assessment Task 3 Cover Sheet20 Assessment Task 3: Depreciation project21 Assessment Task 3 Instructions22 Assessment Task 3 Checklist23 Assessment Task 4 Cover Sheet24 Assessment Task 4: Balance day project25 Assessment Task 4 Instructions26 Assessment Task 4 Checklist29 Assessment Information The assessment tasks for BSBFIA401 Prepare financial reports are included in this Student Assessment Tasks booklet and outlined in the assessment plan below. To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily. Assessment Plan Assessment Task Overview 1. Written questions You must answer all questions correctly. 2. Asset register project You must prepare journal entries and an asset register. 3. Depreciation project You must prepare depreciation worksheets and enter depreciation amounts into a number of financial statements. 4. Balance Day project You must correct a Trial Balance to reflect General Journal entries and participate in a roleplay meeting. Assessment Preparation Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all. When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file. Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you. Assessment appeals If you do not agree with an assessment decision, you can make an assessment appeal as per your RTO’s assessment appeals process. You have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal. Naming electronic documents It is important that you name the documents that you create for this Assessment Task in a logical manner. Each should include: Course identification code Assessment Task number Document title (if appropriate) Student name Date it was created For example, BSBFIA401 AT2 Asset Register Project Joan Smith 20/10/18 Additional Resources You will be provided with the following resources you begin each Assessment Task. Assessment Task 2 · Asset Register Worksheet · Financial Policy and Procedures Assessment Task 3 · Depreciation Worksheet · Financial Policy and Procedures Assessment Task 4 · Financial Policy and Procedures Assessment Instructions Each assessment task in this booklet consists of the following: Assessment Task Cover Sheet This must be filled out, signed and submitted together with your assessment responses. If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission. If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file. The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per your RTO’s re-assessment policy. Depending on the task, this may include resubmitting incorrect answers to questions (such as short answer questions and case studies) resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task redoing a role play after being provided with appropriate feedback about your performance being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback. Assessment Task Information This gives you: a summary of the assessment task information on the resources to be used submission requirements re-submission opportunities if required Assessment Task Instructions These give questions to answer or tasks which are to be completed. Your answers need to be typed up using software as indicated in the Assessment Task Instructions. Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer. If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date. Checklist This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses. Student Assessment Agreement Make sure you read through the assessments in this booklet before you fill out and sign the agreement below. If there is anything that you are unsure of, consult your assessor prior to signing this agreement. Have you read the assessment requirements for this unit? Yes No Do you understand the requirements of the assessments for this unit? Yes No Do you agree to the way in which you are being assessed? Yes No Do you have any specific needs that should be considered? Yes No If so, explain these in the space below. Do you understand your rights to re-assessment? Yes No Do you understand your right to appeal the decisions made in an assessment? Yes No Student name Student number Student signature Date Assessor name Assessor signature Date Assessment Task 1 Cover Sheet Student Declaration To be filled out and submitted with assessment responses I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s). I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me. I have correctly referenced all resources and reference texts throughout these assessment tasks. Student name Student ID number Student signature Date Assessor declaration I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures. Assessor name Assessor signature Date Assessment outcome S NS DNS Resubmission Y N Feedback Student result response My performance in this assessment task has been discussed and explained to me. I would like to appeal this assessment decision. Student signature Date A copy of this page must be supplied to the office and kept in the student’s file with the evidence. Assessment Task 1: Written Questions Task summary This is an open book test, to be completed in the classroom. A time limit of 1.5 hours to answer the questions is provided. You need to answer all of the written questions correctly. Your answers must be word processed and sent to the assessor as an email attachment.  Required Access to textbooks/other learning materials Computer and Microsoft Office Access to the internet Timing Your assessor will advise you of the due date of this assessment. Submit Answers to all questions Assessment criteria All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily. Re-submission opportunities You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly, or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment. Written answer question guidance The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected. Note that the following guidance is the minimum level of response required. Analyse – when a question asks you to analyse something, you should do so in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long. Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long. Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long. Discuss – when a question asks you to discuss something, you are required to point out important issues or features, and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long. Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long. Evaluate – when a question asks you to evaluate something, you should put forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long. Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long. Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long. Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long. List – when a question asks you to list something
Answered Same DayJul 20, 2021BSBFIA401Training.Gov.Au

Answer To: BSBFIA401 Prepare financial reports Student Assessment Tasks Student Assessment Tasks BSBFIA401...

Palak answered on Jul 27 2021
153 Votes
Assessment Task 2: Asset register project
Solution:
Ans 1)
In books of Andrew’s Slabs
Journal
    Date
    Particulars
    Debit ($)
    Credit ($)
    1st July 2016
    Bench Planner A/c
To Bank A/c
(Being Bench Planner Purchased from Mullum Machinery)
    18,000
    
18,000
    1st July 2016
    Standing Drill A/c
To Bank A/c
(Being Standing Drill Purchased from Danny’s Drills)
    5,000
    
5,000
    30th June 2017
    Depreciation A/c (See Note 1)
To Accumulated Depreciation (BP) A/c
To Accumulated Depreciation (SD) A/c
(Being Depreciation Charged on both the Assets)
    3,930
    
2,880
1,050
    30th June 2017
    Profit & Loss A/c
To Depreciation A/c
(Being Depreciation Charged to Profit and Loss A/c)
    3,930
    
3,930
    30th June 2018
    Depreciation A/c (See Note 1)
To Accumulated Depreciation (BP) A/c
To Accumulated Depreciation (SD) A/c
(Being Depreciation Charged on both the Assets)
    4,650
    
3,600
1,050
    30th June 2018
    Profit & Loss A/c
To Depreciation A/c
(Being Depreciation Charged to Profit and Loss A/c)
    4,650
    
4,650
Notes:
1. Calculation of Depreciation
a) Bench Planner (Unit of Production Method)
· Purchase Price = $ 18,000
· Expected Production of Units = 5000 Items
Depreciation = Cost Of Asset – Salvage Value
Estimated Production Capability
Depreciation = $ 18,000
5000
= $ 3.6 per unit
Depreciation for period ending June 2017 and June 18
· The number of units produced till 30th June 2017 = 800 Units
Therefore, Depreciation for the period = 800*3.6
= $ 2880
· The number of units produced till 30th June 2017 = 1000 Units
Therefore, Depreciation for the period = 1000*3.6
= $ 3600

b) Standing drill (Straight Line Method)

· Purchase Price = $ 5,000
· Residual Value = $ 800
· Life of Truck = 4 Years
Depreciation = Cost of Asset – Residual Value
Useful Life of Asset

Depreciation = $ 5,000 - $ 800
4
= $ 1,050 per year
Ans 2) Asset Registers
    Andrew’s Slabs – Register of Machinery
    Asset Name: Bench Planner
Asset No: 346
Date Purchased: 1st July, 2016
Location: Australia
Total Usage: 5000 Units
Estimated Residual Value: $1000
Depreciated Method: Unit of Production Method     Date Sold:
Depreciation Rate: -     Disposal Value:
Purchased from: Mullum Machinery
    Date
    Details
    Asset
    Accumulated Depreciation
    
    
    Dr $
    Cr $
    Bal $
    Dr $
    Cr $
    Bal $
    01/07/2016
    Bench Planner
    18000
    -
    18000
    -
    -
    -
    30/06/2017
    Depreciation
    -
    -
    -
    2880
    -
    2880
    30/06/2018
    Depreciation
    -
    -
    -
    3600
    -
    6480
    
    TOTAL
    18000
    -
    18000
    6480
    -
    6480
    Andrew’s Slabs – Register of Machinery
    Asset Name: Standing Drill
Asset No: 348
Date Purchased: 01st July 2016
Location: Australia
Estimated Life: 4 Years
Estimated Residual Value: $800
Depreciated Method: Straight Line Depreciation Method    Date Sold:
Purchased from: Danny’s Drills    Disposal Value
    Date
    Details
    Asset
    Accumulated Depreciation
    
    
    Dr $
    Cr $
    Bal $
    Dr $
    Cr $
    Bal...
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