Cert IV Module 1

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Monarch Institute *

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ACCOUNTING

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Accounting

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Feb 20, 2024

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docx

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Page 1 of 57 Assessment Coversheet Unit/s Assessed FNSACC311 Process financial transactions and extract interim reports FNSACC312 Administer subsidiary accounts and ledgers BSBFIA401 Prepare financial reports Assessment Name FNSACC311_FNSACC312_BSBFIA401 Assignment Type of Assessment This summative assessment will enable your assessor to make a judgement of competency based on the submission of your completed assessments against the requirements of the unit/s of competency in this module. Benchmark The Assessment Benchmark developed for each unit of competency is the evidence criteria used to judge the quality of performance (i.e., the assessment decision-making rules). Assessors use these benchmarks to make judgements on whether competency has been achieved and to determine if you have performed to the standard expected to meet the unit requirements. Reasonable Adjustment Where appropriate Monarch Institute will allow flexibility in the way in which each unit is assessed based on the needs of an individual. Assessment Coding Assessment of this course is established on competency-based principles: S = Satisfactory NS = Not Satisfactory If you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as ‘Not Satisfactory. You are required to be assessed as ‘Satisfactory’ in all assessments for each unit of competency. Re-assessment Your assessment can be submitted after you have reviewed the learning materials and practiced enough to feel confident in your resubmission. You have two weeks from your last submission feedback to resubmit. You are re-assessed in only the areas where your assessor has indicated you were initially assessed as NS. It is at the assessor’s discretion to re-assess the entire assessment should an overall understanding not be demonstrated. When you are re-assessed as ‘satisfactory’ after re-submission you will achieve competency for this assessment. © Copyright. Monarch Institute 2021. f90d57a3712a7575ca09e1e0cc75cda3657cbce9.docx Modified on: 15/06/2021 All rights reserved. Modified by: John Deininger

Declaration of Understanding and Authenticity I acknowledge the assessment process has been explained and agree that I am ready to undertake assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of the appeals process, should the need arise. I also understand I must be assessed as ‘satisfactory’ in all parts of the assessment/s to gain an overall competent result for the unit/s of competency. If I am found to be NS after a second attempt, it is at the assessor’s discretion whether I may be permitted one final attempt. I am aware that a ‘not competent’ final outcome means I may incur fees for re-enrolment in the unit/s. I certify that the attached material is my original work. No other person’s work has been used without due acknowledgement. I understand that the work submitted may be reproduced and/or communicated for the purpose of detecting plagiarism. I understand a person found responsible for academic misconduct will be subject to disciplinary action (refer to Student Information Guide). *I understand that by typing my name or inserting a digital signature into this box that I agree and am bound by the above student declaration. Student Name*: Submission Date^: 30 May 2023 Please make sure you use the same name that is in your enrolment documentation, including your surname. ^If this is a resubmission, you must use your resubmission date. Submission instructions: Complete the Declaration of Understanding and Authenticity (above). Once you have completed all parts of this Assessment, login to the Monarch Learning Management System (LMS) to submit your assessment. In the LMS, click on the link to ‘Submit [assessment name]’ in your course and upload your assessment files. Click save and then click submit assignment. Please be sure to click ‘continue’ after clicking ‘submit assignment’. © Copyright. Monarch Institute 2021. f90d57a3712a7575ca09e1e0cc75cda3657cbce9.docx Modified on: 25/10/2021 All rights reserved. Modified by: John Deininger

Activity instructions to candidates  You are required to read this assessment and answer all questions that follow.  Please type your answers in the spaces provided.  Please ensure you have read and signed the student declaration at the front of this assessment  Estimated time for completion of this assessment activity: approximately 3 hours The following questions are based on the material in the textbooks “Accounting Principles” by Anne Collins & Andrew Duncan. The following questions are based on the material in Chapter 1: 1a . Explain the concept of the ‘accounting entity’ . 1b. List and describe the 6 legislative requirements that must be complied with by accountants and bookkeepers . © Copyright. Monarch Institute 2021. f90d57a3712a7575ca09e1e0cc75cda3657cbce9.docx Modified on: 25/10/2021 All rights reserved. Modified by: John Deininger An accounting entity is a clearly defined economic unit that isolates the accounting of certain transactions from other subdivisions or accounting entities. An accounting entity can be a corporation or sole proprietorship as well as a subsidiary within a corporation. 1. The Tax Agents Services Act 2009: This Act established the Tax Practitioners Board and the registration of tax agent and BAS agent. This legislation makes it a requirement for contract bookkeepers to register as BAS Agent if they charge fee for provision of "BAS service" to businesses. If a person provides these services without being registered, penalties can apply under the provision of the Act. 2. Taxation Law: Financial information provided to taxation authorities or used to calculate taxation liabilities must comply with he relevant taxation law. Some key sources of Australian taxation law are: 1. Income Tax Assessment Acts (1936 and 1997). The accounting function of an organisation is regarded as a service activity. Depending on the size of the organisation, the accounting Fringe Benefits Tax Assessment Act (1986). 3. A New Tax System (Goods and Services Tax) Act 1999. department may comprise bookkeepers, accountants or both, who may be employed directly by the organisation, or whose services may be Australian Accounting and Auditing Standards: AASB is responsible for developing, issuing and maintaining a single set of provided by an accounting or bookkeeper firm. The role of the accounting function is to provide a link between business activities and quality accounting standards (the Australian Accounting Standards) for preparation of general purpose financial statements. 3. decision-makers by providing information that enhances the decision-making process of all users of accounting information. General purpose financial statements that comply with accounting standards should accurately and fairly present the financial position, financial performance and cash flows of an organisation. The accounting standards ensure that statements prepared 4. Measurement: Recording business transactions. are more comparable than they would otherwise be, because all reporting entities are following the same guidelines and Reporting: Processing and preparation of accounting reports. definitions. Only reporting entities are required to prepare general purpose financial statements, however other entities may

Page 3 of 57 1c. Define the accounting function. What 3 accounting practices are carried out under the accounting function? © Copyright. Monarch Institute 2021. f90d57a3712a7575ca09e1e0cc75cda3657cbce9.docx Modified on: 25/10/2021 All rights reserved. Modified by: John Deininger The accounting function of an entity is regarded as a service activity. The function of the accounting function is basically to offer a link between business activities & decision makers, through the provision information which improves the decision making process of all users of accounting information. Measurement: Recording business transactions Reporting: Processing and preparation of accounting reports Communication: Distribution of relevant information to decision makers

Page 4 of 57 The following questions are based on the material in Chapter 2: 2. For the following accounts, show the Account Type ( Asset, Liability, Owner’s Equity, Revenue or Expense ) and the Report ( Balance Sheet or Income Statement ) to which it belongs: Account Type Report Inventory Asset Balance Sheet Mortgage Asset Balance Sheet Accounts Receivable Asset Balance Sheet Wages Expense Income Statement Sales Revenue Income Statement Cost of Goods Sold Expense Income Statement Advertising Expense Income Statement Accounts Payable Liability Balance Sheet Furniture and Fittings Asset Balance Sheet Fees Received Revenue Income Statement Capital Owner’s Equity Balance Sheet Telephone Expense Expense Income Statement Drawings Owner’s Equity Balance Sheet Electricity Expense Expense Income Statement Loan Liability Balance Sheet Motor Vehicle Asset Balance Sheet Cleaning Fees paid Expense Income Statement Interest Received Revenue Income Statement © Copyright. Monarch Institute 2021. f90d57a3712a7575ca09e1e0cc75cda3657cbce9.docx Modified on: 25/10/2021 All rights reserved. Modified by: John Deininger

Page 5 of 57 The following questions are based on the material in Chapter 3: 3a. Surveying Consultants provides surveying services and are registered for GST in accordance with the legislative and regulatory requirements relating to financial transactions for businesses of their size. Their services are mainly surveying services: revenue accounts are set up as Surveying Fees (A/C 410) and Other Fees (A/C 411). The following cash receipt documents are for August. The firm banks daily. Required : i) What type of documents are these? Cash Receipts Book. ii) What information should be included in such a document, and has this been done? Cash receipts were documents and enter the receipts into the cash receipts Book. Also including Date, number of receipts, and the sources of receipt of business: GST, dee. There is no name of the department or area collecting the funds and signature of the cash handler on the receipts. However Surveying Consultants provides surveying services was indicated on the topic. iii) Please record the information from these documents, per the firm’s organisational procedures, in the Cash Receipts Journal for August using the following template. © Copyright. Monarch Institute 2021. f90d57a3712a7575ca09e1e0cc75cda3657cbce9.docx Modified on: 25/10/2021 All rights reserved. Modified by: John Deininger

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