FNSACC507 Provide Management Accounting Information - Doc

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Australian Harbour International CollegeRTO ID: 41338 CRICOS Provider Code: 03449JABN: 74 603 036 102T: 02 9268 0085E: admissions@ahic.edu.auW: www.ahic.edu.auA: Level 4, 114-120 Castlereagh StreetSydney NSW 2000 AustraliaAssessment DetailsQualification Code/TitleAssessment TypeAssessment -01 -Written AssessmentTime allowedDue DateLocationAHICTerm / YearUnit of CompetencyNational Code/TitleFNSACC507 Provide management accounting informationStudent DetailsStudent NameStudent IDStudent Declaration:I declare that the work submitted is my own,and has not been copied or plagiarised from any person or source.Signature: ____________________________Date: _____/______/__________Assessor DetailsAssessor’s NameRESULTS (PleaseCircle)SATISFACTORYNOT SATISFACTORYFeedback to student:............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Student Declaration:I declare that I have beenassessed in this unit, and I have been advised of myresult. I am also aware of my appeal rights.Signature:_______________________________Date:______/_______/___________Assessor Declaration:I declare that I have conducted a fair, valid,reliable and flexible assessment with this student, and I haveprovided appropriate feedback.Signature:________________________________________Date:______/_______/___________Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia|RTO NO: 41338 | CRICOS Provider Code: 03449JFile Name:FNSACC507 Provide management accountinginformationVersion 2.0/ August 2017Review Date:February 2018Page1of9
Australian Harbour International CollegeRTO ID: 41338 CRICOS Provider Code: 03449JABN: 74 603 036 102T: 02 9268 0085E: admissions@ahic.edu.auW: www.ahic.edu.auA: Level 4, 114-120 Castlereagh StreetSydney NSW 2000 AustraliaInstructions to the CandidatesThis assessment is to be completed according to the instructions given below in this document.Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge.You will be entitled to one (1) resubmit in showing your competence with this unit.If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.Please refer to the College re-submission and re-sit policy for more information.If you have questions and other concerns that may affect your performance in the Assessment, pleaseinform the assessor immediately.To be deemed competent for this unit you must achieve a satisfactory result with tasks of this assessmentalong with a satisfactory result for the other assessment (Project)This is an Open book assessment which you will do in your own time but complete in the time designated byyour assessor. Remember, that it must be your own work and if you use other sources then you mustreference these appropriately.This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy ofthe Assessments to your Trainer/ Assessor.Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a markof Zero.Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia|RTO NO: 41338 | CRICOS Provider Code: 03449JFile Name:FNSACC507 Provide management accountinginformationVersion 2.0/ August 2017Review Date:February 2018Page2of9
Australian Harbour International CollegeRTO ID: 41338 CRICOS Provider Code: 03449JABN: 74 603 036 102T: 02 9268 0085E: admissions@ahic.edu.auW: www.ahic.edu.auA: Level 4, 114-120 Castlereagh StreetSydney NSW 2000 AustraliaQuestion 1Identify and describe (120–150 words) cost behaviour characteristics for the different costelements of a product or service.Answer:The cost elements of a product or service refer to the elements that are included in the cost of production of thatparticular product or in the execution of the required services. These elements can be broadly categorized intodirect costs and indirect costs. Furthermore the fixed cost and variable cost can be further divided into categoriesnamely Direct and Indirect Material; Direct and Indirect Labor; Direct and Indirect Expenses; Factory Overhead;Selling and Distribution and Administrative Overhead.Cost behavior refers to the way in which a specific cost reacts to the changes in the levels of activity. It should benoted here that some costs remain the same with change in the activity levels, these are the fixed costs. Fixedcosts remain the same irrespective of the number of units sold or produced.The costs that change with the change in the number of units produced are known as the variable costs. Eachelement of cost can be either fixed or variable depending on the nature of the job.Question 2What is a double entry bookkeeping system and what are its advantages? Discuss in 150–180words.Answer:The double entry book keeping system is the system that is used by each and every accountant worldwide. Itessentially refers to the recording of the same transaction twice. This is because every business transaction leadsto minimum two changes in the financial position of the company therefore it has to be recorded twice. Forinstance when a particular firm buys machinery for the purpose of business then its books of accounts will beAustralian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia|RTO NO: 41338 | CRICOS Provider Code: 03449JFile Name:FNSACC507 Provide management accountinginformationVersion 2.0/ August 2017Review Date:February 2018Page3of9
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