BSBFIA401 Prepare financial reports

Skills International Pty Ltd trading as Australian National Institute of Education RTO: 41160 | CRICOS: 03682M Student Assessment Tasks BSBFIA401 Prepare financial reports 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 TaskOverview1. Written questionsYou must answer all questions correctly.2. Asset register projectYou must prepare journal entries and an asset register.3. Depreciation projectYou must prepare depreciation worksheets and enter depreciation amounts into a number of financial statements.4. Balance Day projectYou 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 units 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 RTOs 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 codeAssessment Task numberDocument title (if appropriate)Student nameDate 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 WorksheetFinancial Policy and Procedures Assessment Task 3 Depreciation WorksheetFinancial 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 tasks 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 RTOs 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 taskredoing a role play after being provided with appropriate feedback about your performancebeing 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 taskinformation on the resources to be usedsubmission requirementsre-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 tasks instructions into a new document and use this as the basis for your assessment task submission. Include this documents 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 nameClick or tap here to enter text.Student numberClick or tap here to enter text.Student signatureClick or tap here to enter text.DateAssessor nameClick or tap here to enter text.Assessor signatureClick or tap here to enter text.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 nameClick or tap here to enter text.Student ID numberClick or tap here to enter text.Student signatureClick or tap here to enter text.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 nameClick or tap here to enter text.Assessor signatureClick or tap here to enter text.DateAssessment outcomeSNSDNSResubmission 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 signatureClick or tap here to enter text.Date A copy of this page must be supplied to the office and kept in the students 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 materialsComputer and Microsoft OfficeAccess 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, this means that you are asked to briefly state information in a list format. Outline when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long. Summarise when a question asks you to summarise something, this means (like outline) only giving the main points. Generally, you are expected to write a response a few sentences long. Assessment Task 1 Instructions Provide answers to all of the questions below: Explain the basic principles of double entry bookkeeping Click or tap here to enter text. Explain the three golden rules of accounting and how they apply to double entry accounting? Click or tap here to enter text. Explain the purpose of a general journal in accounting and give at least two examples of transactions that may be recorded in this journal. Click or tap here to enter text. Explain the purpose of a general ledger in accounting and give at least two examples of transactions that may be recorded in this journal. Click or tap here to enter text. Describe what is meant by Fair Value under AASB 116. Click or tap here to enter text. When working as an accountant you will spend many hours seated at your desk and at the computer, possibly doing lots of data entry. List three OHS issues you might need to consider, ensuring you are working safely and are not at risk of accident, injury or illness. Click or tap here to enter text. Research the Internet and find out how the Privacy Act 1988 will be changed in regard to storage of client data on cloud servers. What would an accounting firm need to do if it stores client data on an online/cloud accounting system? Click or tap here to enter text. Review the APES 110 Code of Ethics for Professional Accountants on the Internet. Explain what a Member of Business should do if they are not satisfied that the financial statements of an employing organisation are presented in line with Australian Accounting Standards. Click or tap here to enter text. Review the APES 110 Code of Ethics for Professional Accountants on the Internet. Explain how threats to compliance with the fundamental principles occur. Click or tap here to enter text. Explain the Australian Securities & Investments Commissions (ASICs) role in approving codes of practice for the financial services sector. List their criteria for approval. Click or tap here to enter text. Explain whether financial services industry associations have to seek approval from ASIC regarding their codes of practice. Give examples of at least two financial services industry codes of practice. Click or tap here to enter text. List four types of laws that ASIC administers. Click or tap here to enter text. Explain two posting methods used in computerised accounting systems. Click or tap here to enter text. You need to prepare end of month financial reports. How would you make sure you have all the data you need? Click or tap here to enter text. Assume that you have been provided with the data for the end of financial month report. However, you have found some errors. What should you do in this situation and whom would you speak to? Click or tap here to enter text. Explain the difference between balance day adjustments required for accruals and balance day adjustments required for prepayments. Give an example of each. Click or tap here to enter text. Outline the reasons why an adjustment for depreciation expense is required at the end of each reporting period. Click or tap here to enter text. Distinguish between an allocation approach and a valuation approach to depreciation according to AASB1021 and AAS4. Click or tap here to enter text. Explain why it is important for estimates of the useful lives and expected residual values of depreciable non-current assets to be reviewed annually. Click or tap here to enter text. Assessment Task 1 Checklist Students name:Click or tap here to enter text.Did the student provide a sufficient and clear answer that addresses the suggested answer for the following?Completed successfullyCommentsYesNoQuestion 1Click or tap here to enter text.Question 2Click or tap here to enter text.Question 3Click or tap here to enter text.Question 4Click or tap here to enter text.Question 5Click or tap here to enter text.Question 6Click or tap here to enter text.Question 7Click or tap here to enter text.Question 8Click or tap here to enter text.Question 9Click or tap here to enter text.Question 10Click or tap here to enter text.Question 11Click or tap here to enter text.Question 12Click or tap here to enter text.Question 13Click or tap here to enter text. Question 14Click or tap here to enter text.Question 15Click or tap here to enter text.Question 16Click or tap here to enter text.Question 17Click or tap here to enter text.Question 18Click or tap here to enter text.Question 19Click or tap here to enter text.Task Outcome:Satisfactory Not Satisfactory Assessor signatureClick or tap here to enter text.Assessor nameClick or tap here to enter text.Date Assessment Task 2 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 nameClick or tap here to enter text.Student ID numberClick or tap here to enter text.Student signatureClick or tap here to enter text.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 nameClick or tap here to enter text.Assessor signatureClick or tap here to enter text.DateAssessment outcomeSNSDNSResubmission 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 signatureClick or tap here to enter text.Date A copy of this page must be supplied to the office and kept in the students file with the evidence. Assessment Task 2: Asset register project Task summary For this assessment task you are required to prepare journal entries according to standard practice to record the purchase of assets, depreciation expense, and accumulated depreciation. This assessment is to be completed in the simulated work environment in the RTO. Required Access to textbooks/other learning materialsComputer with Microsoft Office and internet accessAustralian Accounting and Auditing Standards (either online or hard copy)Financial Policy and ProceduresAsset Register Worksheet Timing Your assessor will advise you of the due date of these submissions. Submit Email with Asset Register Worksheet attached Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence. 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. Assessment Task 2 Instructions Carefully read the following: Andrew, the owner of Andrews Slabs, purchased a bench planer (Asset No. 346) from Mullum Machinery on 1st July 2016 that cost $18,000. It is expected to produce 5,000 items during its life in the workshop. At the end of its working life, its scrap value will be $1,000. The machine has been operating for two years. Its production in each of those years has been 800 and 1000 units respectively. It is being depreciated on the units of production method. Balance day is 30 June each year. On the 1st of July 2016, Andrew also purchased a standing drill (Asset No. 348) from Dannys Drills. It cost $5,000 and will be used daily in the Workshop for a variety of purposes. The equipment has a useful life of 4 years and a residual value of $800. The straight-line deprecation method is used for this asset. Complete the following activities in the Asset Register Worksheet: Prepare journal entries according to standard practice to record the purchase of assets, depreciation expense and accumulated depreciation for the years ended 30 June 2016 and 2017. Show your workings for the depreciation calculation. Journal entries for the year ended 30 June 2017 DateAccountsDr $Cr $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Journal entries for the year ended 30 June 2018 DateAccountsDr $Cr $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Prepare asset registers for the two items. Andrews Slabs Register of MachineryAsset Name: Click or tap here to enter text. Asset No:Click or tap here to enter text. Date Purchased: Location: Click or tap here to enter text. Total Usage: Click or tap here to enter text. Estimated Residual Value: Click or tap here to enter text. Depreciated Method:Click or tap here to enter text.Date Sold:Click or tap here to enter text. Depreciation Rate:Click or tap here to enter text.Disposal Value Click or tap here to enter text. Purchased from: Click or tap here to enter text.DateDetailsAssetAccumulated DepreciationClick or tap here to enter text.Dr $ Click or tap here to enter text.Cr $Bal $ Click or tap here to enter text.Dr $Cr $Bal $Click or tap here to enter text.Dr $Cr $Bal $Dr $Cr $ Click or tap here to enter text.Bal $ Click or tap here to enter text.Click or tap here to enter text.Dr $Cr $Bal $Dr $Cr $ Click or tap here to enter text.Bal $ Click or tap here to enter text. Andrews Slabs Register of MachineryAsset Name: Click or tap here to enter text. Asset No: Click or tap here to enter text. Date Purchased: Click or tap here to enter text. Location: Click or tap here to enter text. Estimated Life: Click or tap here to enter text. Estimated Residual Value: Click or tap here to enter text. Depreciated Method:Click or tap here to enter text.Date Sold: Purchased from:Click or tap here to enter text.Disposal Value: Click or tap here to enter text.DateDetailsAssetAccumulated DepreciationDr $Cr $Bal $Dr $Cr $Bal $Click or tap here to enter text.Dr $ Click or tap here to enter text.Cr $Bal $ Click or tap here to enter text.Dr $Cr $Bal $Click or tap here to enter text.Dr $Cr $Bal $Dr $Cr $ Click or tap here to enter text.Bal $ Click or tap here to enter text.Dr $Cr $Bal $Dr $Cr $ Click or tap here to enter text.Bal $ Click or tap here to enter text. Prepare the correcting journal entries for the following: Sold goods on credit to Lennox Furniture for $3,300 (including GST of $300) and incorrectly posted the item from the Credit Sales Journal by debiting Kingscliff Kitchens.Timber worth $880 (including GST) purchased on credit from Shady Timber Mill was incorrectly debited to Purchases.A cheque for $1,210 received for a kitchen bench slab was incorrectly posted from the cash receipts journal as a credit to the Sales account. No.ParticularsDr $Cr $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. The bank column of the cash receipts journal was over added by $30, but the individual receipts were correctly entered and posted. Click or tap here to enter text. Calculate the following, taking into consideration the relevant procedures set out in the companys Financial Policy and Procedures: At the end of March, there is an overdue debt of $550 (including GST) that has been outstanding for 92 days. The amount is owed by Domestic Bliss for furniture renovation. The debt was transferred to a debt collection agency, but the debt was not paid. Record these transactions in the table provided in the Worksheet. Dr $Cr $Account receivablesClick or tap here to enter text.Fee receivedClick or tap here to enter text.GST collectedClick or tap here to enter text.[To record the consulting services provided to Company LTR 92 days ago]Bad debts expensesClick or tap here to enter text.GST collectedClick or tap here to enter text.Provision for doubtful debtsClick or tap here to enter text.[To record as doubtful debts when more than 60 days overdue]Provision for doubtfulClick or tap here to enter text.Account receivablesClick or tap here to enter text.[To write off the debts after 90 days if the debt cannot be collected by a debt collection agency] Show the general ledger entries you would make to record this bad debt. DebitCreditBad DebtClick or tap here to enter text.Consulting FeesClick or tap here to enter text.GST IncomeClick or tap here to enter text. At the end of June, there is a debt of $990 that has been owed for 65 days. The amount is owed by Tables and Chairs. How would you show this on the end of year reports? Click or tap here to enter text. Send an email to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment. Attach your Asset Register Worksheet to the email. Click or tap here to enter text. Assessment Task 2 Checklist Students name:Click or tap here to enter text.Did the student:Completed successfullyCommentsYesNoAccurately prepare journal entries to record assets and depreciation for a specified period?Click or tap here to enter text.Prepare accurate and detailed asset registers for the assets listed?Click or tap here to enter text.Use numeracy skills to complete calculations relevant to asset management?Click or tap here to enter text.Determine method of depreciation as set out in Financial Policy and Procedures?Click or tap here to enter text.Correctly record depreciation and projected disposal of assets as set out in Financial Policy and Procedures?Click or tap here to enter text.Accurately prepare correcting journal entries as required?Click or tap here to enter text.Correctly record bad and doubtful debts in the provided table as set out in Financial Policy and Procedures?Click or tap here to enter text.Task Outcome:Satisfactory Not Satisfactory Assessor signatureClick or tap here to enter text.Assessor nameClick or tap here to enter text.Date Assessment Task 3 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 nameClick or tap here to enter text.Student ID numberClick or tap here to enter text.Student signatureClick or tap here to enter text.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 nameClick or tap here to enter text.Assessor signatureClick or tap here to enter text.DateAssessment outcomeSNSDNSResubmission 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 signatureClick or tap here to enter text.Date A copy of this page must be supplied to the office and kept in the students file with the evidence. Assessment Task 3: Depreciation project Task summary For this assessment task you are required to prepare a number of journal and ledger entries in response to the purchase, depreciation, and eventual sale of a fixed asset. This assessment is to be completed in the simulated work environment in the RTO. Required Access to textbooks/other learning materialsComputer with Microsoft Office and internet accessAustralian Accounting and Auditing Standards (either online or hard copy)Depreciation WorksheetFinancial Policy and Procedures Timing Your assessor will advise you of the due date of these submissions. Submit Email with Depreciation Worksheet attached. Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence. 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. Assessment Task 3 Instructions Carefully read the following: Andrews Slabs bought a delivery truck on 1/7/2016. It cost $33,000 (including GST), and it was decided to depreciate it at 30%. At the end of the financial year, on 30/06/2017, the balance of the accumulated depreciation of the truck was $15,300. On 31/03/2018 Andrew traded it in on a new delivery truck. He received $8,800 for the trade in, and he paid the balance, $44,000, in cash. All figures included GST. Andrews Slabs uses the diminishing balance method. Complete the following activities: Create a depreciation Worksheet for 2017 and 2018. Show your calculations. Andrews Slabs Delivery Truck Asset Cost: Click or tap here to enter text.Date: Less Residual value : Click or tap here to enter text. Depreciation Amount: Click or tap here to enter text. Depreciation method: Click or tap here to enter text. Depreciation Rate: Click or tap here to enter text. Year endingCarrying amount at beginningDepreciationAccumulated DepreciationCarrying amount at endClick or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Working of Depreciation Calculation: Click or tap here to enter text. Write a General Journal entry on 30 June 2016 for depreciation. DateAccountsDr $Cr $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Write Ledger accounts for Motor Vehicle, Accumulated Depreciation of Motor Vehicle and Depreciation Expense from 1/7/2016 to 30/6/2018. Motor VehicleDateDetailsDr $Cr $Balance $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Motor Vehicle Accumulated DepreciationDateDetailsDr $Cr $Balance $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Depreciation ExpensesDateDetailsDr $Cr $Balance $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Create an Income Statement and Balance Sheet extracts for the year ended 30 June 2018, showing the Depreciation Expense and the Motor Vehicle. Andrews Slabs Balance Sheet For the year ended 30/6/2018 ASSETS CURRENT ASSETS NON-CURRENT ASSETS Motor Vehicle Click or tap here to enter text. Click or tap here to enter text. Click or tap here to enter text. TOTAL ASSETS Andrews Slabs Profit & Loss Statement For the year ended 30/6/2018 REVENUE EXPENSES Click or tap here to enter text. Write the journal entries to record the disposal of the old delivery truck on 31 March 2018, including calculation of gain or loss. Show your calculations. Calculate depreciation expenses: DateAccountsDr $Cr $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Write off the accumulated depreciation: DateAccountsDr $Cr $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Gain or loss of the trade-in: Click or tap here to enter text. DateAccountsDr $Cr $Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Send an email to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment. Attach your Depreciation Worksheet to the email. Click or tap here to enter text. Assessment Task 3 Checklist Students name:Click or tap here to enter text.Did the student:Completed successfullyCommentsYesNoAccurately determine the method for calculating depreciation and complete a depreciation worksheet for the specified period?Click or tap here to enter text.Create an accurate journal entry for depreciation of the delivery truck?Click or tap here to enter text.Develop an appropriate ledger account for the specified item and period?Click or tap here to enter text.Extract relevant income statement and balance sheet showing depreciation expense and the motor vehicle?Click or tap here to enter text.Display the calculation of gain or loss and prepare journal entries to record disposal appropriately?Click or tap here to enter text.Accurately prepare revenue statement, reflecting operating profit for the stated reporting period?Click or tap here to enter text.Task Outcome:Satisfactory Not Satisfactory Assessor signatureClick or tap here to enter text.Assessor nameClick or tap here to enter text.Date Assessment Task 4 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 nameClick or tap here to enter text.Student ID numberClick or tap here to enter text.Student signatureClick or tap here to enter text.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 nameClick or tap here to enter text.Assessor signatureClick or tap here to enter text.DateAssessment outcomeSNSDNSResubmission 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 signatureClick or tap here to enter text.Date A copy of this page must be supplied to the office and kept in the students file with the evidence. Assessment Task 4: Balance day project Task summary For this assessment task you are required to prepare several General Journal entries for balance day adjustments and participate in a meeting to discuss these. You will then be asked to generate an adjusted Trial Balance, a Profit & Loss Statement, and a Balance Sheet. This assessment is to be completed in the simulated work environment in the RTO. Required Access to textbooks/other learning materialsComputer with Microsoft Office and internet accessMeeting spaceRoleplay participant (assessor)Australian Accounting and Auditing Standards (either online or hard copy)Financial Policy and Procedures Timing Your assessor will advise you of the due date of these submissions. Submit Email with Balance Day General Journal attachedEmail with Balance Day Workbook attached Assessment criteria For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence. 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. Assessment Task 4 Instructions Carefully read the following: The trial balance for Andrews Slabs as at 30 June 2017 was: Trial BalanceDetailsDebit $Credit $Cash at Bank10,700Accounts receivable52,000Inventory20,000Equipment45,000Accumulated depreciation on equipment10,000Vehicles50,000Accumulated depreciation motor vehicles6,250Land27,500Accounts payable25,000Loan85,000Capital181,430Sales revenue120,000Interest revenue2,000Cost of goods sold86,250Salaries expense30,000Rates expense1,500Stationery expense800Advertising expense1,900Interest expense300Motor Vehicle expense780Repairs Expense2,500Insurance Expense450Total329,680329,680 Complete the following activities: Record the following balance day adjustments in the general journal below. Show your workings. Depreciation of equipment 10% using the straight-line methodDepreciation of vehicles 12.5% using the diminishing balance methodRates paid in advance $600Salaries owing $3,500Interest revenue earned but not received $1,300Create an allowance for doubtful debts equal to 5% of accounts receivable.Physical stocktake determined inventory at end 30 June 2017 was $18,800 General journal entries for balance day adjustments as at 30 June 2017 AdjustmentAccountsDr $Cr $aClick or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.bClick or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.cClick or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.dClick or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.eClick or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.fClick or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.gClick or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text.Click or tap here to enter text. Create a new Word document and insert your completed table into it. Save it as Balance Day General Journal Send an email to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment and ask for a meeting to discuss these. Your assessor will answer the email with a date and time for a meeting to discuss the entries. Attach your general journal to the email. Click or tap here to enter text. Meet with Andrew (your assessor). The objective of the meeting is to discuss, and update where necessary, the journal entries. At the meeting you should carefully go through the journal entries, explaining each entry clearly and using appropriate industry terminology. During the meeting, demonstrate effective communication skills including: Speaking clearly and conciselyUsing non-verbal communication to assist with understandingAsking questions to identify required informationResponding to questions as requiredUsing active listening techniques to confirm understanding Click or tap here to enter text. Create an Excel Workbook. After the meeting, prepare each of the following as a separate Worksheet: Adjusted trial balance at 30 June 2017. Click or tap here to enter text. Profit and loss statement for the year ending 30 June 2017 Click or tap here to enter text. Balance sheet as at 30 June 2017. Click or tap here to enter text. Save the Workbook as Balance Day. Send an email to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachment. Attach your Balance Day Workbook to the email. Click or tap here to enter text. Assessment Task 4 Checklist Students name: Click or tap here to enter text.Did the student:Completed successfullyCommentsYesNoAccurately enter general journal entries for balance day adjustments?Click or tap here to enter text.Demonstrate ability to adjust expense and revenue accounts for prepayments and accruals?Click or tap here to enter text.Create an allowance for doubtful debts accurately?Click or tap here to enter text.Accurately adjust ledger accounts for inventories and transfer to final account?Click or tap here to enter text.Prepare trial balance accurately?Click or tap here to enter text.Prepare a profit and loss statement that reflects gross and net profits for reporting period?Click or tap here to enter text.Accurately prepare revenue statement reflecting operating profit for reporting period?Click or tap here to enter text.Prepare an accurate balance sheet reflecting financial position of business at the end of the reporting period?Click or tap here to enter text.During the meeting, demonstrate effective communication skills including: Speaking clearly and concisely Using non-verbal communication to assist with understanding Asking questions to identify required information Responding to questions as required Using active listening techniques to confirm understandingClick or tap here to enter text.Task Outcome:Satisfactory Not Satisfactory Assessor signatureClick or tap here to enter text.Assessor nameClick or tap here to enter text.Date

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