FNS50215 – Diploma of Accounting RPL Record of Interview and Assessment Applicant Name: Barbara Stowers Role / Employer: Director/Stowers Accounting Solutions Assessors name: Date of completion:...

FNS50215 – Diploma of Accounting
RPL Record of Interview and Assessment
    Applicant Name:
Barbara Stowers
    Role / Employer:
Director/Stowers Accounting Solutions
    Assessors name:
    Date of completion:
    Status of Application:
· RPL complete qualification                        
· RPL partial qualification
    FNSACC301 – Process financial transactions and extract interim reports
    RPL Focus questions
    Applicant Response
    1. List at least four items for which you can examine in order to establish validity, accuracy and completeness of invoices before recording them.
     Items which are to be examined for the establishment of validity, accuracy and completeness of invoices before recording them are:
1. Name of the Business in the name of whom invoice has been issued 2. Bank Details 3. Date of Invoice 4. Total amount of Invoice 5. The amount paid 6. The amount due if any 7. Discount provided 8. Quantity of goods.
    2. List three areas of a cheque that need to be confirmed as complete and accurate before banking.
     Three areas of a cheque that are needed to be confirmed as complete and accurate before banking are:
1. Name of Payee that is to whom the cheque has been issued is mentioned properly 2. Total Amounts of issue is mentioned properly both in words as well as in number 3. Date of cheque is properly mentioned.
    3. Describe some reason for variances occurring
     Some reasons which can lead to variance of occurring are:
1. Incorrect date mentioned in the invoice 2. Incorrect total amounts have been written on the invoice 3. Split payments are done and not recorded in the invoice 4. Delayed payments have been done 5. Incorrect quantity of goods has been recorded in the invoice.
    4. What are the general principles for reconciling bank statement with the organisations financial records
    Ensure all transactions are balancing from the Bank Statement as well as from the Business Finance accounting system.
Ensure that the final balance of Bank Statement is reconciled with the Business Finance accounting system.
Ensure differences caused by the timing of transactions, such as cheque which has been issued but has not been presented yet, are identified as reconciling items.
    5. List and briefly describe five errors that are typically made when processing financial transactions.
    Five errors that are typically made when processing financial transactions are:
1. Posting of Wrong Date 2. Wrong Invoice number is recorded 3. Posting of Incorrect Total Amounts 4. Payee details are recorded incorrectly 5. Wrong Bank Details are recorded.
    6. What is the debit and credit formula for each account type?
     Debit and credit formula for each account type has been listed below:
Asset - Credit will Decrease while Debit will Increase
Liability – Credit will Increase while Debit will Decrease
Income – Credit will Increase while Debit will Decrease
Expense – Credit will Decrease while Debit will Increase
Equity or Capital – Credit will Increase while Debit will Decrease
    7. Describe what is involved in setting up and maintaining a petty cash imprest system
    To set up and maintain a petty cash imprest system following ways are followed:
Reserve a fixed amount total and record in a petty cash account. As money is spent from this account it should be reconciled accordingly.
The debits have to be posted in separate expense account.
Once the total reserved is fully used the amount fixed upon should be replenished again by crediting the cash account.
    8. What aspects of legislation can impact upon financial transactions and reporting?
    Financial Transactions Reports Act 1988 has been enacted to guide people on financial transactions and reporting. The main aim of this legislation is to put a ceiling on tax evasion as well as prevent money laundering. The legislation mainly focuses on cash transactions but it also include negotiable instruments transactions. Doubtful transactions are to be reported to the Australian Transaction Reports and Analysis Centre (AUSTRAC). AUSTRAC passes on these findings to Taxation and Law Enforcement Authorities and also investigate the data.
    9. What is a Trial Balance Report and how is it used.
    Trial Balance reporting is a method of bookkeeping where all the ledger balances are posted in debit or credit side as per the accounting rules, so that ultimately debit side will be equal to credit side.
Trial balance helps to see if all the transactions have been double posted that is double entry bookkeeping is followed since only then debit side will be equal to credit side.
    BSBLDR402 Lead effective workplace relationships
    RPL Focus questions
    Applicant Response
    1. Methods and strategies for collecting the information – internally and externally –
    Methods for collecting data internally are:
1. Formal Interviews or interviews over the phone. 2. Observations of the internal operations. 3. Internal documents can be studied. 4. Oral communications.
Methods for collecting data externally are:
1. Surveys can be conducted. 2. Questionnaires with formally framed questions can be sent to various people. 3. Records available can be scrutinized. 4. Case studies can be read.
    2. Explain how you develop trust and confidence as leader
    Following ways can be adopted to develop trust and confidence as a leader:
1. Honesty with the work and with subordinates.
2. Adopt supportive nature towards subordinates.
3. Consistent in the work, actions should match the words.
4. Accept mistakes besides success.
5. Build accountability among subordinates.
6. Communications with subordinates.
7. Be a role model to the subordinates.
    3. The ability of a team leader manager to communicate effectively to achieve a broad range of functions is important. Referring to your experience, explain what communication skills you use when communicating with your team.
    Communication skills that enhances the communication with team as per my experience are:
1. Awareness about own self.
2. Awareness about the team and their mind set.
3. Straight, detailed and on the point conversations.
4. Listen to the suggestions, opinions and feedbacks of the team.
5. Non verbal communications like facial expressions, hand gestures, posture are as important as verbal communications.
    4. Networking can benefit teams, individuals and the organisation. What are some of the benefits to networking?
    Benefits of networking are:
1. Helping each other as per the requirement 2. Fresh ideas can be exchanged 3.Everyone can put across their outlook 4. Support network can be increased 5. New opportunities can be realized 6. This has positive influences 7. It improves source of resources 8. Everyone’s self esteem gets boosted 9. Talented people are promoted
    5. Using an example, explain your understanding of conflict resolution theory and how you have applied this to resolve a problem within your team.
    Conflicts within team can be resolved by adopting following ways:
1. Conflicts happening between persons must be made to sit and their problems should be solved by directly talking 2. Some team rules should be made which will ultimately conflict them 3. Agreement should be made between parties in conflict where each of the party will give something 4. Some conflicts can be resolved by counseling.
    6. List three techniques you could use to reduce cross cultural difference in the workplace
    Three techniques which could be used to reduce cross cultural difference in the workplace are:
1. Understanding each other’s culture helps to increase the communications and remove the differences.
2. Open minded to try new things and should adopt new things with open arms.
3. Ready to accommodate with any of the culture requirements like allotting prayer time, giving religious holidays.
    7. Discuss the role negotiation plays in conflict resolution. Include information on strategies leaders can use to negotiate toward win-win solutions
    Negotiation plays a very important role in resolving conflicts, it helps the parties in conflict to come in an agreement where there is a give and take policy. Leaders can use negotiation to resolve conflicts where each of the parties in conflict will gain something and will be content but leader will not gain anything and his act will be selfless, this will be a win-win situation.
    8. Why is it necessary to take prompt action to resolve difficulties in the workplace? What issues might occur if difficulties are not addressed
    Prompt actions must be taken to resolve difficulties in the workplace since continuing difficulties might increase discontentment among employees. If difficulties are not addressed employees might lose trust on the company, employees might want to leave their job, the productivity of the employees might decrease, and the image of the management might be distorted even leady up to some unhealthy confrontations.
    FNSBKG404    Carry out a BAS and IAS tasks
    RPL Focus questions
    Applicant Response
    1. Describe the purpose of the Tax Practioners Board and list three ways to ensure that you comply with the TPB registration requirements and Code of Professional Conduct
    Purpose of the Tax Practitioners Board is to make policies to register and regulate tax practitioners.
Three ways to ensure that there is compliance with the TPB registration requirements and Code of Professional Conduct are:
1. Conduct with honesty and integrity and comply with the taxation rules.
2. Confidentiality of the clients must be maintained until and unless there is legal requirement to disclose confidentiality.
3. Services must be provided with competence and proper care should be taken.
    2. Describe cash accounting and accrual accounting systems and the relevant advantages and disadvantages of each.
    Cash Accounting System:
In cash accounting system, payments are recorded in the period they are actually received.
Advantages – 1. Simple in nature 2. Shows true cash flow.
Disadvantages – 1. Merely a short term indicator 2. Single entry system rather than double entry system.
Accrual Accounting System:
In accrual accounting system revenues and expenses are recorded when they occur.
Advantages: 1.more accurate in nature 2. Gives fair view financial statement.
Disadvantages: Invoices fails to reconcile with actual events.
    3. How do you stay up to date with legislation such as GST and Tax?
     Following ways can be adopted to stay up to date with legislations like GST and Tax:
1. Going through Government websites at regular intervals since updates are uploaded there.
2. Stay linked with similar communities on social media where reports about updates circulate and people discuss about those.
3. Economic newspaper or journal carries information about such updates.
    4. How could a business improve its cash flow to ensure sufficient funds are available to meet taxation obligations?
    A business can improve its cash flow to ensure sufficient funds are available to meet taxation obligations in the following ways:
1. Improve inventory management which will result in more sales which means more cash.
2. Improvement in collection of accounting receivables.
3. Selling obsolete machineries which are no longer required.
4. Increasing days for accounts payable which means more cash in hand.
    5. Explain Grouping in relation to GST
    Two or more business body can form a GST group when they are working as a single business. Some requirements are to be fulfilled for that: 1. All the members have GST registration 2. All members must have same tax period 3. Any member cannot be member of another group 4. All the members must comply with the applied regulations 5. All members must maintain similar accounts that is cash or accrual.
    6. Provide two examples of items which are subject to FBT if paid to an employee
    Two examples of items which are subject to FBT (Fringe Benefit Tax) if paid to an employee are:
1. If an employee is allowed to use work car/motorcycle for their personal purpose or parking facility is provided to an employee for work car/motorcycle near/at the place of work.
2. Free food/ drinks at parties or free concert tickets is provided to an employee.
    7. What section of the New Tax system (Goods and Services Tax) act 1999 outlines what is taxable and what is not?
    Division 9 of the New Tax system (Goods and Services Tax) act 1999 outlines what is taxable and what is not.
Sub division 9-5 lists supplies that are taxable
Sub division 9-30 lists supplies that are GST free or input taxed.
    8. What action can the ATO take if a taxpayer fails to correctly report or pay by the due dates?
    In case a taxpayer fails to correctly report or pay by the due dates, ATO (Australian Taxation Office) can take following actions:
1. Imposing penalties on the basis of days by which payment is delayed or incorrect amount.
2. Fines can be imposed on the defaulters.
3. In severe cases ATO can criminally convict defaulters and can even lead to imprisonment.
    9. What are the three options for calculating and reporting GST?
    Three options for calculating and reporting GST are:
1. Monthly – If GST turnover is $20 million or more.
2. Quarterly – If GST turnover is less than $20 million.
3. Annually-(i) If GST turnover is less than $75,000 in case of profit organization.
(ii) If GST turnover is less than $1,50,000 in case of nonprofit organization.
(iii)If voluntarily registered for GST.
    10. What is not reported in total sales? Provide 4 examples.
    Items that are not reported in total sales are:
1. Sales that are made privately and are not business related in any way.
2. Amounts received for completion of activities which is done as a hobby.
3. Sales which has occurred outside Australia.
4.Amount received for services provided under a pay as you go (PAYG) voluntary agreement .
    11. Provide the correct BAS code for each of these activities
Total sales
Export sales
Other GST-free sales
Capital purchases
Non-capital purchases
GST on sales
GST on purchase
    The correct BAS code for each of the following activities:
Total sales – G1.
Export sales – G2.
Other GST-free sales – G3.
Capital purchases – G10.
Non-capital purchases – G11.
GST on sales – G9.
GST on purchase – G20.
    12. Once you have prepared the GST calculation sheet and the draft BAS, what further action would you take?
    After preparation of the GST calculation sheet and the drafting of BAS payment period is required to be identified that is monthly, quarterly or annually, activity statement is to be completed by adjusting GST and then the activity statement is to be submitted at Tax office and the tax amount has to be paid.
    13. What does PAYG tax withheld involve and how is it reported
    In PAYG tax withholding process, a registered employer collect a fixed amount from the payment he makes to the employees, contractors or other business houses who do not have Australian business number (ABN).
PAYG tax withhold amount is to be reported in activity statements, an annual report with total withhold amount is to be submitted to tax office, withhold amount should be clearly reported to each of the payee.
    FNSBKG405...