FNSACC507 Provide Management Accounting Information
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Provide Management Accounting Information (FNSACC507)
Added on 2020-04-21
FNSACC507 Provide Management Accounting Information
Provide Management Accounting Information (FNSACC507)
Added on 2020-04-21
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Provide Management Accounting Information This course is based on the nationally recognised unit of competency:●FNSACC507 Provide Management Accounting InformationIt covers the skills and knowledge required to prepare, document andmanage budgets and forecasts, and encompasses forecasting estimatesand monitoring budgeted outcomes. ASSESSMENT WORKBOOKParticipant Name:Learner ID/Username:
Assessment Workbook W: Provide Management Accounting InformationAssessment Workbook WProvide Management Accounting InformationV1.0 Produced 1 February 2016Copyright © 2016 All rights reserved. No part of this publication maybe reproduced or distributed in any form or byany means, or stored in a database or retrieval system other than pursuant to the terms of theCopyright Act 1968 (Commonwealth).DateSummary of ModificationsMadeVersion1/02/16Version 1 produced followingassessment validationV1.0Page 1
Assessment Workbook W: Provide Management Accounting InformationPage 2
Assessment Workbook W: Provide Management Accounting InformationGetting StartedInstructionsThere is one (1) workbook for this unit and it contains one (1) assessmentmade up of:●Written Questions – A set of generic questions testing the student’sgeneral knowledge and understanding of the general theory behindthe unit.●Exercises - A set of exercises to test the student’s knowledge,analytical skills in problem solving and performing numericalcalculations.●Case Study – A hypothetical exercise to test the student’s knowledge,analytical skills in problem solving and performing numericalcalculations.The following questions are divided into the following categories.The first part of the assessment covers generic underpinning knowledge oftax law and concepts. These questions are all in a short answer format. Thelonger questions requiring creative thought processes are covered in thesecond part of the assessment and the case study and involve thecalculation of tax transactions. You must answer all questions using yourown words. However you may reference your learner guide, the PMBOKguide and other online or hard copy resources to complete thisassessment.The second part of the assessment covers exercises relating to thecalculation and processing of taxation information. Ideally you should beable to answer these questions based on the processes that are currentlyin place in your workplace. If this is not the case, then answer thequestions based on processes that should be implemented in yourworkplace.The final part of the assessment is based on a case study involving thecompletion of a tax return for an individual.Requirements for satisfactory completionPage 3
Assessment Workbook W: Provide Management Accounting InformationFor a ‘satisfactory’ result for each component of this workbook, all tasksmust be addressed to a ‘satisfactory’ standard. It is important you;1.Provide responses using complete sentences, making directreference to the question.2.Specifically address all parts of the question providing exampleswhere appropriate.Competency Based AssessmentCompetency based assessment focuses on whether you are able toperform the task to the standard expected in the workplace. It relies onyou providing evidence that supports your claim of competence. Thisevidence is in the form of your completion of the assessments set for eachunit.Once you have submitted your completed assessments, your instructor willassess your submission to determine your competence. To be deemedcompetent in each course, you are required to achieve a satisfactory resultfor all of the assessment components that make up that unit. Where a ‘notyet satisfactory’ judgement is made, you will be given guidance on steps totake to improve your performance and provided the opportunity to re-submit evidence to demonstrate competence. Once a ‘satisfactory’judgement has been made on all components for a unit, you will bedeemed ‘competent’ in that unit.SubmissionOnly submit your workbook once all activities inside are complete. Shouldyou have any questions regarding your assessments, or not understandwhat is required for you to complete your assessment, please feel free toask your instructor.Keep your answers succinct and make sure you are answering thequestion. Re-read the question after you have drafted up your responsejust to be sure you have covered all that is needed.Your final assessment result will either be ‘Competent’ or ‘Not YetCompetent’. When submitting your assessments please ensure that1. All assessment tasks within the workbook have been completedPage 4
Assessment Workbook W: Provide Management Accounting Information2.You have proof read your assessmentCandidate Declaration Submission of this workbook means you agree to abide by the terms of thecandidate declaration below.By submitting this work, I declare that:●I have been advised of the assessment requirements, have beenmade aware of my rights and responsibilities as an assessmentcandidate, and choose to be assessed at this time.●I am aware that there is a limit to the number of submissions that Ican make for each assessment and I am submitting all documentsrequired to complete this Assessment Workbook.●I have organised and named the files I am submitting according tothe instructions provided and I am aware that my assessor will notassess work that cannot be clearly identified and may request thework be resubmitted according to the correct process.●This work is my own and contains no material written by anotherperson except where due reference is made. I am aware that a falsedeclaration may lead to the withdrawal of a qualification orstatement of attainment.●I am aware that there is a policy of checking the validity ofqualifications that I submit as evidence as well as thequalifications/evidence of parties who verify my performance orobservable skills. I give my consent to contact these parties forverification purposes.Page 5
Assessment Workbook W: Provide Management Accounting InformationWritten QuestionsInstructionsThe following assessment is divided into three (3) categories.The first part of the assessment covers generic underpinning knowledge ofthe principles and application of management accounting and concepts.These questions are all in a short answer format. The longer questionsrequiring creative thought processes are covered in the second part of theassessment and the case study. You must answer all questions usingyour own words.However you may reference your learner guide, andother online or hard copy resources to complete this assessment.The second part of the assessment covers exercises relating to themanagement, application and accounting for costs in a manufacturing orservice industry. Ideally you should be able to answer these questionsbased on the processes that are currently in place in your workplace. If thisis not the case, then answer the questions based on processes that shouldbe implemented in your workplace.The final part of the assessment is based on a case study involving themanagement of financial information and monitoring performance in anorganisation.QuestionsWQ1: List the three (3) main functions of management.The three main functions of management are as follows:Planning – planning is one of the main functions of management.The planning is done by the management in order to facilitatesmooth running of the organization. The management of aparticular organization adopts the method of planning in order toestablish a particular goal and then finding out the most suitablemethod of achieving that goal.Organizing – the function of organizing is exercised by themanagement in order to designate tasks and responsibilities to theindividual or groups of employees that have the required skill orknowledge that is required to complete the assigned task. Thefunction of organizing specifically deals with the leadership controlthat exists within an organization.Staffing – the third major function of the management deals withthe human resources that is required by an organization. ThePage 6
Assessment Workbook W: Provide Management Accounting Informationfunction of staffing essentially deals with the recruitment and otherneeds of the organization related to staff or personnel. The functionof staffing also involves activities like training, transfer andpromotion of the staff inside an organization.WQ2: Explain how cost accounting systems differ between manufacturingand service organisations.The cost accounting system for a manufacturing organization differs froma service organization in many aspects. The output produced in a manufacturing organization is a tangible good that is its cost can be measured in terms of quantity produced, but in case of a service industry, the output is always intangible in nature that is its cost cannot be calculated in terms of quantity produced , therefore a particular cost allocation method is adopted in order to measure the cost of service. Another major difference between the cost accounting system in a manufacturing and service organization pertains to the area of labor. In a manufacturing organization the entire process of production can be automated thus depending on a technology intensive workforce than manual workforce but in an service organization the entire workforce is generally manual labor intensive that is the process of serving a particular customer cannot be automated. Therefore the cost of employing a specific technology can be easily calculates in a manufacturing organization but in case of a service organization the cost of manual labor has to be calculated by following a complex system of cost allocation. In some cases the cost of service is calculated by certain pre determined percentages.Page 7
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