FNSACC301 Process Financial Transactions and Extract Interim Report
Added on 2020-04-21
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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.au A: Level 4, 114-120 Castlereagh StreetSydney NSW 2000 AustraliaAssessment DetailsQualification Code/TitleAssessment TypeAssessment -01 ( Short Questions Answer)Time allowedDue DateLocationAHICTerm / YearUnit of CompetencyNational Code/TitleFNSACC301 Process financial transactions and extract interim reportsStudent 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 (Please Circle)SATISFACTORYNOT SATISFACTORYFeedback to student:............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. 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 have provided appropriate feedback.Signature: ________________________________________Date: ______/_______/___________Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449JFile Name :FNSACC301 Process financial transactions and extract interim reportsVersion 7.0/ August2016Review Date:February 2017Page 1 of 8
Australian Harbour International CollegeRTO ID: 41338 CRICOS Provider Code: 03449JABN: 74 603 036 102T: 02 9268 0085E: admissions@ahic.edu.auW: www.ahic.edu.au A: Level 4, 114-120 Castlereagh StreetSydney NSW 2000 AustraliaInstructions to the CandidatesInstructions 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, please inform the assessor immediately.To be deemed competent for this unit you must achieve a satisfactory result with tasks of this assessment along with a satisfactory result for the other assessment (Project)There are two sections in this assessment.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 must reference these appropriately.This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of the 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 :FNSACC301 Process financial transactions and extract interim reportsVersion 7.0/ August2016Review Date:February 2017Page 2 of 8
Australian Harbour International CollegeRTO ID: 41338 CRICOS Provider Code: 03449JABN: 74 603 036 102T: 02 9268 0085E: admissions@ahic.edu.auW: www.ahic.edu.au A: Level 4, 114-120 Castlereagh StreetSydney NSW 2000 AustraliaAssessment 1Section AQuestion 1What is the debit and credit formula for each account type? (50– 70 words)The debit and credit formula for each account type is that the total value of assets should be equal to the liabilities plus equity for a particular financial year. Therefore when a particular asset account is debited, another related asset account has to be credited or a corresponding liability or equity account must be increased by the same amount that is the particular liability or equity account must be credited in order to balance the debit and credit entries. Therefore for each debit entry there must be a corresponding credit entry of the same amount. Question 2What should be done before taking a deposit to the bank? (80–100 words)Before taking a deposit to the bank an individual has to make sure that he has opened an account in the bank. Then it has to be decided how the customer wants to make theparticular deposit, if the customer wants to deposit money directly then he has to fill up the deposit slip and then make the necessary payments, if he wishes to make payment with the help of an ATM machine or online or via email then for this purpose the client does not need to visit the branch.Question 3List and briefly describe five errors that are typically made when processing financial transactions.(80–100 words)The five errors that are typically made when processing financial transactions are:Error of material misstatement – this error occurs when a particular account Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449JFile Name :FNSACC301 Process financial transactions and extract interim reportsVersion 7.0/ August2016Review Date:February 2017Page 3 of 8
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