Assessment Summary Sheet for FNSACC507

This form is to be completed by the assessor and used a final record of student competency. All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file. The assessment is for FNSACC507 - Provide Management Accounting Information. The form includes student details, assessment details, student and assessor declaration, assessment cover sheet, assessment/evidence gathering conditions, principles of assessment, rules of evidence, resources required for this assessment, instructions for students, and procedures and specifications of the assessment. The assessment includes multiple-choice questions and practical questions related to manufacturing statement, trading account, and profit and loss statement.

Assessment Summary Sheet
 This form is to be completed by the assessor and used a final record of student competency.
 All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet
before placing on the students file.
 Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and
attached to this form.
Student Name:
Student ID No:
Final Completion Date:
Unit Code: FNSACC507
Unit Title: Provide Management Accounting Information
Please attach the following documentation to this form Result
Assessment Week 1 Questioning and case study S / NYS / DNS
Assessment Week 2 Case Analysis and written response S / NYS / DNS
Final Assessment Result for this unit C / NYC
Feedback is given to the student on each Assessment task Yes / No
Feedback is given to the student on final outcome of the unit Yes / No
Student Declaration I have been assessed in a fair and
flexible manner. I understand that the Elite Education
Vocation Institute’s Student Assessment, Reassessment
and Repeating Units of Competency Guidelines apply to
these assessment tasks.
Assessor Declaration: I declare that I have conducted a
fair, valid, reliable and flexible assessment with this student,
and I have provided appropriate feedback.
Name: Name:
Signature: Signature:
Date: Date:
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FNS50215 Diploma of Accounting/ FNSACC507/ 2018/ T1/ Assessment Tool

Assessment Cover Sheet
Assessment Week One Details
Term and Year Term 1 2018
Assessment Type Questioning and case study
Due Date Class Room
Student Name:
Student ID No:
Date:
Qualification : FNS50215 Diploma of Accounting
Unit Code: FNSACC507
Unit Title: Provide Management Accounting Information
Assessor’s Name Ada DU
Student Declaration: I declare that this work has been
completed by me honestly and with integrity. I understand
that the Elite Education Vocation Institute’s Student
Assessment, Reassessment and Repeating Units of
Competency Guidelines apply to these assessment tasks.
Assessor Declaration: I declare that I have conducted a
fair, valid, reliable and flexible assessment with this student,
and I have provided appropriate feedback.
Name: Name:
Signature: Signature:
Date: Date:
Student was absent from the feedback session.
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Assessment/evidence gathering conditions
Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only
achieve competence when all assessment components listed under procedures and specifications of the assessment
section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is
assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did
Not Submit (DNS) will be recorded.
Principles of Assessment
Based on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered Training
Organizations (RTO) 2015, the learner would be assessed based on the following principles:
Fairness - (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable
adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informs
the leaner about the assessment process, and provides the learner with the opportunity to challenge the result
of the assessment and be reassessed if necessary.
Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies
held by the learner no matter how or where they have been acquired and, (3) the unit of competency and
associated assessment requirements, and the individual.
Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements
covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their
practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could
demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based
on evidence of learner performance that is aligned to the unit/s of competency and associated assessment
requirements.
Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable
irrespective of the assessor conducting the assessment
Rules of Evidence
Validity – the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module
of unit of competency and associated assessment requirements.
Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a
judgement to be made of a learner’s competency.
Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work. This would
mean that any form of plagiarism or copying of other’s work may not be permitted and would be deemed
strictly as a ‘Not Yet Competent’ grading.
Currency – the assessor is assured that the assessment evidence demonstrates current competency. This requires the
assessment evidence to be from the present or the very recent past.
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Resources required for this Assessment
 All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint
 Upon completion, submit the assessment via the student learning management system to your trainer along with the
completed assessment coversheet.
 Refer the notes on eLearning to answer the tasks
 Any additional material will be provided by Trainer
Instructions for Students
Please read the following instructions carefully
 This assessment is to be completed according to the instructions given by your assessor.
 Students are allowed to take this assessment home.
 Feedback on each task will be provided to enable you to determine how your work could be improved. You will be
provided with feedback on your work within 2 weeks of the assessment due date.
 Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge.
You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit
of competency.
 If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
 Please refer to the College re-assessment and re-enrolment policy for more information.
Procedures and Specifications of the Assessment
To complete the unit requirements safely and effectively, the individual must:
 Define international marketing
 Identify international trade patterns
 Explain international trade policies and agreements
 Identify legislative requirements
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Assessment 1
(Process financial transactions and interim report)
Part 1 - Multiple Choice ( Circle the one best answer)
1. Which one of the following would be considered a user of management
accounting information?
A. Stockholders B. Controller C. Creditors D. Suppliers
2. Which of the following would NOT be a characteristic of managerial
accounting?
A. It is designed to influence the behaviour of managers.
B. It is future oriented.
C. It must follow GAAP just like financial accounting.
D. It varies from hourly reports to reports that may span 20 years.
3. The term used to describe the assignment of direct costs to the particular
cost object is
A. cost allocation. B. cost tracing. C. cost accumulation. D. cost assignment.
4. The term used to describe the assignment of indirect costs to a particular
cost object would be
A. cost allocation B. cost tracing C. cost accumulation D. cost assignment.
5. As the quantity produced increases, fixed costs per unit are expected to
A. increase per unit.
B. decrease per unit.
C. stay the same per unit.
D. None of the above.
6. The cost of materials that have been started into production, but are not
completely processed, would be found in which inventory account on the
balance sheet?
A. Direct materials inventory.
B. Work-in-process inventory.
C. Supplies inventory.
D. Finished goods inventory.
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7. Costs at a service sector company are normally considered
A. inventoriable costs.
B. period costs.
C. prime costs.
D. None of the above.
8. Which of the following is NOT a feature of cost accounting and cost
management?
A. Calculating the cost of cost objects.
B. Obtaining information for planning, control and performance evaluation.
C. Analyzing relevant information for making decisions.
D. Allocating period costs to specific products.
9. As activity changes, a cost that is variable will
A. vary per unit.
B. remain the same per unit.
C. vary inversely with activity per unit.
D. remain the same in total amount.
10. Ford Automotive Company is considered an example of a
A. merchandiser.
B. service company.
C. manufacturer.
D. wholesaler.
Part 2 Answer all questions below
Question: 1.
Zebra Productions presents you with the following data for the month of March 2014.
$
Purchases 42 300
Direct labor cost 10 000
Cost of goods sold 61 000
Manufacturing overheads 15 000
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Inventory accounts showed the following opening and closing balances:
1stMarch
$
31st March
$
Direct materials 7,000 7,400
Work-in-procss 9,600 13,000
Finished goods 15,000 17,500
Other expenses for the month were:
Selling expenses $4,100
General and administrative expenses $2,900
Sales for the month were $82,000
Required: 8marks
a) Prepare Manufacturing Statement for the month ending 31st March
b) Trading Account for the month.
c) Profit & Loss Statement for the same month.
a) Manufacturing statement:
Zebra Production’s Manufacturing
Statement for month ended 31st March 2014
$ $
Raw materials inventory 7000
Purchases 42300
Total materials available 49300
Less: Raw Materials Inventory 7400
Cost of raw materials consumed 41900
Cost of direct labour 10000
Cost of manufacturing overhead 15000
Total Cost charged into production 66900
Add: Work-in-Process Inventory 13000
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Less: Work-in-Process Inventory 9600
Cost of goods manufactured 70300
b) Trading statement:
Zebra Productions Trading Statement for
month ended 31st March 2014
$ $
Sales 82000
Less: Cost of goods sold: 61000
Gross profit from sales 21000
c) Profit and loss statement:
Zebra Productions Profit and Loss
Statement for month ended 31st March 2014
$ $
Sales 82000
Less: Cost of goods sold 61000
Gross profit from sales 21000
Less: Operating expenses 0
Selling expenses 4100
General and administrative expenses 2900
Net operating profit 14000
Question 2
Zaynab Appliance uses a perpetual inventory system. For its flat-screen television sets, the 1
January inventory was three sets at $500 each. On 10 January, purchased six units at $560 each.
The company sold two units on 8 January and five units on 15 January.
Required:
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Calculate the ending inventory under FIFO
Date Descripti
on
In Out Balance
Units Cost
per unit
Total $ Units Cost
per unit
Total $ Units Cost
per unit
Total
$
1st
Janu
ary
3 500 15
00
8th
Janu
ary
2 500 1000 1 500 50
0
9th
Janu
ary
6 560 3360 1 500 50
0
6 560 33
60
15th
Janu
ary
1 500 500
4 560 2240 2 560 11
20
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Question 3
Materials transactions for Shiela Manufacturers Ltd. for the first week of February are
presented below.
2013 Transaction Document
Mar 10 Purchased direct materials
from Tiffini Ltd. for $350
Invoice. No. 390
12 Issued materials to
production - $250
Materials
Requisition No. 31
18 Returned faulty material to
Tiffini Ltd. - $50
Credit Note No. 42
25 Materials returned to store
from production - $25
Returned Materials
Report No. 12
Required:
Record the above transections in General Journal of Shiela Manufacturer Ltd.
March
10th
Purchases A/c Dr. 350`
To Tiffini Limited 350
(For direct materials purchased from Tiffini limited)
March
12th
Work in progress Inventory A/c Dr. 250
To Direct Materials Inventory 250
(For materials issued to production )
March
18th
Sales Return account Dr. 50
To Tiffini Limited 50
(for faulty material returned back to Tiffini Limited)
March
25th
Materials A/c Dr. 25
To Work in Progress 25
(for materials returned from production to store)
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Question 4
Why is inventory control so important? What are the differences between The periodic inventory
method and The perpetual inventory method
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FNS50215 Diploma of Accounting/ FNSACC507/ 2018/ T1/ Assessment Tool

Inventory control is a practice of keeping a track on one’s stock. Inventory control is an important
step to keep a correct amount of balance in the stock in the warehouse. The practice of the
inventory control is adopted by the organization to enable the customers with the better services.
This strategy also helps in developing an understanding of the selling stocks and what is kept as
inventory at the end of the year (Accountingtools, 2018).
Perpetual inventory
The perpetual inventory is one of the methods of the inventory in which the inventory’s sale or
purchase is recorded immediately through the use of the computerized system of point of sale and
with the use of the asset management software. The perpetual system of the inventory is superior
as compared to the periodic inventory in which the updates on the inventory are made on the
periodic basis. The periodic system relies upon an occasional physical count of the inventory
mainly to depict the ending inventory and the cost of goods sold unlike in the perpetual system
where a continual track of the inventory balances is kept (Accountingtools, 2018).
Under the perpetual system of the inventory the updates on the general ledger or the ledger of the
inventory are continuous. Conversely under the periodic system there is no scope of the cost of
goods sold until there is a physical count of the inventory.
Accountingtools. 2018. Inventory methods. [Online]. Available at:
https://www.accountingtools.com/articles/what-is-the-difference-between-the-periodic-and-
perpetual-in.html [Accessed: July 25, 2018]
Assessment Feedback One Evaluation
Student’s name:
Trainer/ Assessor’s name: Zaved KARIM Date:
Unit name: FNSACC507 Provide management accounting information
Assessment Submission Checklist to be completed by the Trainer/Assessor
Did the student complete and provide evidence for the following: Yes No
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1. Provide a discussion on the short questions?  
2. Provide an analysis for costs classification?  
3. Provide an understanding of inventory calculation?  
4. Submit within agreed timeframe?  
Has the learner proven they can: Yes No
1.1. Identify and establish systems to generate operating and cost data  
1.2 Systematically code, classify and check data for accuracy and reliability in accordance with
organisational policy and procedures  
2.1 Analyse costs and identify cost behaviour characteristics  
2.2 Assign costs to specified products, services and organisational units, and reconcile data to ensure
calculations are accurate and comply with organisational procedures  
2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with
organisation’s business performance objectives  
FEEDBACK TO STUDENT:
Assessment outcome  Satisfactory  Not Yet Satisfactory  Re-assessment required
Student Signature
The result of my performance in this unit has been discussed and explained to me.
____________________________ Date: ______________
Student signature
Trainer/ Assessor’s
Signature
Trainer/ Assessor’s declaration:
I hereby certify that the above student has been assessed by myself and all assessments are carried out as
required by the Principles of Assessments (Clause 1.8 of the Standards for RTO 2015).
____________________________ Date: ______________
Assessor signature
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