Assessment Summary Sheet for FNSACC301 - Process Financial Transactions and Extract Interim Reports

Assessment Summary Sheet for FNSACC301 - Process Financial Transactions and Extract Interim Reports. This form is to be completed by the assessor and used a final record of student competency. All student submissions including any associated checklists are to be attached to this cover sheet before placing on the students file.

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: FNSACC301
Unit Title: Process Financial Transactions and Extract Interim Reports
Please attach the following documentation to this form Result
Assessment Week 1 Research, analysis and short questions 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/ FNSACC301/ 2017/ T4/ Assessment Tool

Assessment Cover Sheet
Assessment Week One Details
Term and Year Term 4 2017
Assessment Type Research analysis, and short questions
Due Date Class Room
Student Name:
Student ID No:
Date:
Qualification : FNS50215 Diploma of Accounting
Unit Code: FNSACC301
Unit Title: Process Financial Transactions and Extract Interim Reports
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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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

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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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

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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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

Assessment 1
(Process financial transactions and interim report)
Question 1 Accounting Equation
J Smith commenced business on 1 November 2012 with Premises $150,000, Bank
20,000, Plant & Machinery $15,000, Inventory $10,000, Bank Loan $50,000 and Accounts
Payable $8,000. Following are the transactions for the month of April after the
commencement.
i. 2 November: Purchased inventory for $5,000.
ii. 4 November: J Smith made payment towards his bank loan for $2,000.
iii. 9 November: Purchase Motor Vehicle for $10,000 was on credit.
iv. 13 November J Smith purchased inventory on credit for $6,000.
v. 16 November A laptop was purchased by J Smith for cash $900
vi. 19 November: J Smith paid the Accounts payable $10,000.
vii. 21 November: J Smith took out $1,500 from the business for personal use.
viii. 22 November: J Smith sold goods for cash $5000, the cost of goods sold was
$3,500
ix. 30 November: J Smith paid wages $2,500
Instruction for the students:
Process the above transactions (including the one for new business commencement) in
the accounting equation format.
Hint: Calculate opening Capital to balance the accounting equation at the commencement
of the business.
Date Assets = Liabilities + Owner Equity +
(Revenue – Expenses)
01/11/201
2
195000 58000 137000
02/11/201
2
0
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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

04/11/201
2
-2000 -2000 0
09/11/201
2
10000 10000
13/11/201
2
6000 6000
16/11/201
2
0
19/11/201
2
-10000 -10000
21/11/201
2
-1500 -1500
22/11/201
2
5000 3500 1500
30/11/201
2
-2500 -2500
Question 2 Fixing Errors in Trial Balance:
The following trial balance does not balance.
The following corrections/adjustments needs to be made for errors in the trial balance:
 An amount of $1,000 posted incorrectly to the credit side of the bank account.
 An amount of $1,200 posted wrongly to the credit instead of debit side of the
Wages account.
 A number of account balances placed on the wrong side of the trial balance.
 An amount of $2000 received against Accounts Receivable for previous credit
sales has wrongly credited to the Accounts Payable Account.
Make the necessary adjustments in the trial balance, by placing the account balance in the
correct [debit/credit] column provided.
Trial Balance Write correct balances here
Account Debit Credit Debit Credit
Drawings 12,000 12000
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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

Bank Loan 11,000 11000
Office equipment 19,500 19500
Interest paid 820 820
Accounts receivable 36,330 34330
Bank 21,100 20100
Accounts payable 11,200 9200
GST Collected/Payable 3,700 3700
Insurance 1,200 1200
Capital 50,000 50000
Computer equipment 5,200 5200
Sales 448,000 448000
Advertising 4,800 4800
Cost of goods sold 336,000 333600
Bad debts 500 500
Bank fees 150 150
Inventory 27,500 27500
Adjustment Balances 62200
607,420 434,980 521900 521900
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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

Specialised Journal Entries: Question 3
a) Identify the journals that would be used to record the following transactions
b) Enter the transactions from part (a) above into the appropriate journals and total
each journal
Date Transaction details Source
Documents
Amount Inc
GST
Journal
01-Mar R. Stirling commenced a building
supply business by depositing cash in
the back
Memo 30,000 Cash
Receipts
2 Purchased fixtures & fittings for cash Chq 0001 6,600 √ Cash
payment
2 Paid rent on shop premises Chq 0002 1,100 √ Cash
payment
5 Purchased stock on Credit – B Jones Invoice 47 2,200 √ Purchase
6 Sold goods for cash Cash 770 √ Cash
Receipts
6 Credit sales to E. Johnson Invoice 11 1,100 √ Sales
9 Paid wages Chq 0003 650 Cash
payment
9 Sold goods to F Black Invoice 12 704 √ Sales
10 Cash sales Cash 2,750 √ Cash
Receipts
13 Paid television advertising Chq 0004 2,420 √ Cash
payment
14 Cash sales Cash 1,320 √ Cash
Receipts
14 Sales to E. Thomson Invoice 13 550 √ Sales
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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

16 Sales to D Brown Invoice 14 825 √ Sales
16 Purchases from P. Plummer Invoice 687 792 √ Purchase
17 Cash purchases Chq 0005 1,650 √ Cash
payment
17 Paid wages Chq 0006 450 Cash
payment
21 Cash purchases Chq 0007 1,265 √ Cash
payment
21 Cash sales Cash 2,200 √ Cash
Receipts
25 Credit sales to E. Green Invoice 15 880 √ Sales
27 Received cash from F Black for
payment of account in full
Receipt 01 704 Cash
Receipts
Cash Receipts Journal
Date Particulars Rec No Accounts
Receivables
Sales GST Other Bank
Collected Accoun
t
01-
Mar
Depositing cash
in the bank
30000
06-
Mar
Sold goods for
cash
700 70
10-
Mar
Sold goods for
cash
2500 250
14-
Mar
Cash sales 1200 120
21-
Mar
Cash sales 2000 200
27-
Mar
Received cash
from F Black
Receipt
01
704
Total
Cash Payments Journal
Date Particulars Chq
No
Disc
Rec
Accounts Cash
Purchases
GS
T
Other Bank
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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

Payable Paid Account
02-
Mar
Cash paid for
furniture
Chq
0001
600 6000
02-
Mar
Paid rent on
shop premises
Chq
0002
100 1000
09-
Mar
Paid wages Chq
0003
650
13-
Mar
Paid television
advertising
Chq
0004
220 2200
17-
Mar
Cash
purchases
Chq
0005
1500 150
17-
Mar
Paid wages Chq
0006
450
21-
Mar
Cash
purchases
Chq
0007
1150 115
28-
Mar
Paid bank
interest
Chq
0008
250
Total 2650 1185 10550 0
Sales Distribution Journal
Date Name of Debtors Inv No Total Sales GST
Accounts
Receivables
Collected
06-Mar E. Johnson Invoice 11 1000 100
09-Mar F Black Invoice 12 1640 640 64
14-Mar E. Thomson Invoice 13 2140 500 50
16-Mar D Brown Invoice 14 2890 750 75
25-Mar E. Green Invoice 15 3690 800 80
Total 10360 3690 369
Purchase Distribution Journal
Date Name of Creditors Inv No Total Purchases GST
Accounts
Payables
Paid
05-Mar B Jones Invoice 47 2000 200
16-Mar P. Plummer Invoice
687
2720 720 72
Total 2720 2720 272
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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

Question 4 Special transactions
You have been asked to record the following transactions in the accounting records of Bright
Limited:
 The amount owing by Shade Supplies, an accounts receivable, of $1,650 will not be
collected and is to be written-off as a bad debt. GST collected was accounted for at the
time of this sale.
 An item of Motor Vehicle has been sold for $11,000 cash, including GST.
 The owner of the business has taken a lap top home for personal use. The book value of
this lap top was 1,000, plus GST.
 The cheque received from Sunny Pty Ltd for $660 was dishonoured by the bank.
 The business purchased a motor vehicle on credit from Sydney Cars Ltd for $25,000, plus
GST.
 The owner contributed $50,000 in additional cash to the business.
Required:
Prepare the general journal entries to reflect these transactions (dates and folios not
required)
Date Particulars Folio Debit Credit
Bad debts 1500
GST 150
Shade Supplies 1650
Cash 11000
Motor Vehicle 1000
GST 10000
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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

Drawings 1100
Laptop 1000
GST 100
Sunny Pty Ltd 660
Bank 660
motor vehicle 25000
GST 2500
Sydney Cars Ltd 27500
Cash 50000
Capital 50000
Assessment Feedback One Evaluation
Student’s name:
Trainer/ Assessor’s name: Date:
Unit name: FNSACC301 Process financial transactions and extract interim reports
Assessment Submission Checklist to be completed by the Trainer/Assessor
Did the student complete and provide evidence for the following: Yes No
1. Provide a discussion on the short questions?  
2. Provide an analysis for accounts classification?  
3. Provide an understanding of accounting equation?  
4. Has the ability to find and correct mistakes in financial statements?  
5. Submit within agreed timeframe?  
Has the learner proven they can: Yes No
1.1. Enter data accurately into system in accordance with organisational input standards and correctly
allocate transaction to system and accounts  
1.2. Process accurately any special transactions  
1.3. Find and correct any errors  
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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool

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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FNS50215 Diploma of Accounting/ FNSACC301/ 2017/ T4/ Assessment Tool