FNS40217 Certificate IV in Accounting and Bookkeeping Assignment 2022

FNS40217 Certificate IV
in Accounting and Bookkeeping
Module 1.1 Assignment
Instructions:
 This assignment contains multiple Assessment Activities
 Please complete the Declaration of Authenticity at the bottom
of this page
 Save this assignment (e.g. on your desktop)
 To complete the assignment, read the instructions for each question
carefully.
 You may be required to refer to your learning materials or other
sources to complete this assessment.
 You are required to type all your responses in the spaces provided
 Once you have completed all parts of the assignment and saved it,
login to the Monarch Institute LMS to submit your assignment for
grading
 To submit your assignment click on the file “Submit Certificate IV in
Accounting / Bookkeeping Module 1.1 Assignment” in the Module 1
section of your course and upload your assignment file.
 Please be sure to click “Continue” after clicking “submit”. This
ensures your assessor receives notification of your submission – very
important!
Declaration of Understanding and Authenticity *
I have read and understood the assessment instructions provided to me in the Learning
Management System.
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.
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Student Name*: Date:
* 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.
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Units Covered: FNSACC311, FNSACC312, BSBFIA401
Important assessment information
Aims of this assessment
This assessment focuses on processing financial transactions and extracting
interim and final financial reports.
Marking and feedback
This assignment contains multiple Assessment Activities each containing specific
instructions.
This particular assessment forms part of your overall assessment for the following
unit(s) of competency:
 FNSACC311 Process financial transactions and extract interim
reports
 FNSACC312 Administer subsidiary accounts and ledgers
 BSBFIA401 Prepare financial reports
Grading for this assessment will be deemed “competent” or “not-yet-competent”
in line with specified educational standards under the Australian Qualifications
Framework.
What does “competent” mean?
These answers contain relevant and accurate information in response to the
question/s with limited serious errors in fact or application. If incorrect information
is contained in an answer, it must be fundamentally outweighed by the accurate
information provided. This will be assessed against a marking guide provided to
assessors for their determination.
What does “not-yet-competent” mean?
This occurs when an assessment does not meet the marking guide standards
provided to assessors. These answers either do not address the question
specifically, or are wrong from a legislative perspective, or are incorrectly applied.
Answers that omit to provide a response to any significant issue (where multiple
issues must be addressed in a question) may also be deemed not-yet-competent.
Answers that have faulty reasoning, a poor standard of expression or include
plagiarism may also be deemed not-yet-competent. Please note, additional
information regarding Monarch’s plagiarism policy is contained in the Student
Information Guide which can be found here: http://www.monarch.edu.au/student-
info/
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Units Covered: FNSACC311, FNSACC312, BSBFIA401
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Units Covered: FNSACC311, FNSACC312, BSBFIA401
What happens if you are deemed not-yet-competent?
In the event you do not achieve competency by your assessor on this assessment,
you will be given one more opportunity to re-submit the assessment after
consultation with your Trainer/ Assessor. You will know your assessment is
deemed ‘not-yet-competent’ if your grade book in the Monarch LMS says “NYC”
after you have received an email from your assessor advising your assessment
has been graded.
Important: It is your responsibility to ensure your assessment resubmission
addresses all areas deemed unsatisfactory by your assessor. Please note, if you
are still unsuccessful in meeting competency after resubmitting your assessment,
you will be required to repeat those units.
In the event that you have concerns about the assessment decision then you can
refer to our Complaints & Appeals process also contained within the Student
Information Guide.
Expectations from your assessor when answering different types of
assessment questions
Knowledge based questions:
A knowledge based question requires you to clearly identify and cover the key
subject matter areas raised in the question in full as part of the response.
Performance based questions:
A performance based question requires you to clearly demonstrate your ability
to complete certain tasks, that is, to perform these tasks.
Good luck
Finally, good luck with your learning and assessments and remember your trainers
are here to assist you 
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Units Covered: FNSACC311, FNSACC312, BSBFIA401
Assessment Activities
Short Answer and Worked Answer Questions
FNSACC311 Process financial transactions and extract interim
reports
FNSACC312 Administer subsidiary accounts and ledgers
BSBFIA401 Prepare financial reports
Activity instructions to candidates
 This is an open book assessment activity.
 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 “Important assessment information” 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 textbook “Accounting
Principles” by Anne Collins & Andrew Duncan, 12th Edition, Books 1 and 2, (January
2016) or 13th Edition, Books 1 and 2, (January 2018).
Book 1 contains Chapters 1- 13; Book 2 contains Chapters 14-18.
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Units Covered: FNSACC311, FNSACC312, BSBFIA401
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.
1c.
Define the accounting function. What 3 accounting practices are carried out
under the accounting function?
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The accounting entity is the body for which the account is taking place, ie. The
business is considered a separate entity to the owner
The Tax Agents Services Act 2099 – This Act established the TPB and the
registration of tax agents and BAS agents. This legislation make it a
requirement for contract bookkeepers to register as BAS agaents if they charge
fees for provision of BAS services to businesses. If a person provides these
services without being registered, penalties can apply under the provisions of
the Act.
Taxation Law – Financial information provided to taxation authorities or used
to calculate taxation liabilities must comply with the relevant taxation law
Some Key sources of Australian taxation law are:
 Income Tax Assessment Acts (1936 and 1997)
 Fringe Benefits Tax Assessment Act (1986)
 A New Tax System (Goods and Services Tax) Act 1999
Australian Accounting and Auditing Standard -The AASB is responsible for
developing, issuing and maintaining a single set of quality accounting standard
for preparation of feneral purpose financial statements.
PayG System – The PayG System places a responsibility on employers to
withhold income tax instalments from the gross earnings of their employees.
Superannuation Guarantee (Admin) Act 1992 – This Act requires the
employer to pay a compulsory amount of superannuation for all employees
meeting certain eligibility conditions.
Privacy Act 1988 – The Privacy Act 1988 aims to protect information of a
private or personal nature and prevent it being disclosed without the authority

Units Covered: FNSACC311, FNSACC312, BSBFIA401
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The accounting function of an organisation is regarded as a service activity. The
role of the accounting function is to provide a link between business activities and
decision-makers by providing information that enhances the decision-making
process of all users of accounting information.
The th3 accounting practices carried out under the accounting function are:
 Measure - Recording business transaction
 Reporting – Processing and preparation of accounting reports
 Communication – Distribution of relevant information to decision makers