FNSACC311 - Process financial transactions

Project Assessment 1 of 4
Criteria
Unit code, name and release number
FNSACC311 - Process financial transactions and extract interim reports (1)
FNSACC312 Administer Subsidiary accounts and ledgers (1)
Qualification/Course code, name and release
number
FNS30317 Certificate III in Accounts Administration (1)
FNS40217 - Certificate IV in Accounting and Bookkeeping (1)
Student details
Student number
Student name
Assessment Declaration
 This assessment is my original work and no part of it has been
copied from any other source except where due acknowledgement is
made.
 No part of this assessment has been written for me by any other
person except where such collaboration has been authorized by the
assessor concerned.
 I understand that plagiarism is the presentation of the work, idea or
creation of another person as though it is your own. Plagiarism
occurs when the origin of the material used is not appropriately
cited. No part of this assessment is plagiarised.
Student signature and Date
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Version:
20191126
Date created: 1 November 2019
Date modified: 26 November 2019
For queries, please contact:Technology and Business Services SkillsPoint
Building B, Level G, Corner Harris Street and Mary Ann Street, Ultimo NSW 2007
Email: [e-mail]
© 2019 TAFE NSW, Sydney
RTO Provider Number 90003 | CRICOS Provider Code: 00591E
This assessment can be found in the: Learning Bank
The contents in this document is copyright © TAFE NSW 2019, and should not be
reproduced without the permission of the TAFE NSW. Information contained in this
document is correct at time of printing: 19 August 2022. For current information please
refer to our website or your teacher as appropriate.
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Assessment instructions
Table 1 Assessment instructions
Assessment
details
Instructions
Assessment
overview
The objective of this assessment is to assess your
knowledge and performance as would be required to:
 Process financial transactions and extract
interim reports
 Administer subsidiary accounts and ledgers
Assessment
Event number
1 of 4
Instructions for
this assessment
This is a project based assessment and will be
assessing you on your knowledge and performance
of the unit.
This assessment is in 2 parts and includes an
Assessment Feedback form:
1. Research based questions
2. Workplace Simulation
Assessment Feedback
Submission
instructions
On completion of this assessment, you are required
to upload it or hand it to your assessor for marking.
Ensure you have written your name at the bottom of
each page of this assessment.
It is important that you keep a copy of all electronic
and hardcopy assessments submitted to TAFE and
complete the assessment declaration when
submitting the assessment.
What do I need
to do to achieve
a satisfactory
result?
To achieve a satisfactory result for this assessment
all questions must be answered correctly.
What do I need The responses to the assessment questions must be
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Assessment
details
Instructions
to provide? word processed on this document and submitted to
your assessor.
What the
assessor will
provide?
 Electronic copies of this assessment
 Excel worksheet
Cl_TransReportLedgers_AE_Pro_1of4_SR1.xlxs
 Policies and procedures
Cl_TransReportLedgers_AE_Sk_SR1. docx
 If you do not have access to a computer you can
access a computer at your local TAFE campus
library. If it is not possible to access a TAFE
campus, please contact you teacher.
This is a research project, to be completed outside of
class time. You will have a minimum of 1 week to
complete the assessment from the date you receive
the assessment.
Due date and
time allowed
Assessment is to be completed out of class.
Refer to Unit Assessment Guide for the due date.
This assessment should take approximately 4 hours
to complete.
Assessment
location
This is a take-home assessment to be completed out
of class.
Supervision
This is an unsupervised, take-home assessment.
Your assessor may ask for additional evidence to
verify the authenticity of your submission and
confirm that the assessment task was completed by
you.
Assessment
feedback, review
or appeals
Your Assessor will provide feedback no later than 10
days after all assessment activities have been
conducted and you will be requested to acknowledge
the outcome.
If you would like to request a review of your results
or if you have any concerns about your results,
contact your Assessor or Head Teacher.
You have three weeks from the date you receive
your results in which to make an appeal and request
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Resource ID: TBS_18_007_Cl_TransReportLedgers_AE_Pro_1of4 STUDENT NAME:

Assessment
details
Instructions
a review.
You will receive a response within ten days of the
receipt of the request.
Appeals are addressed in accordance with
Assessment Guidelines for TAFE NSW.
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Specific task instructions
The instructions and the criteria in the tasks and activities below will be used by
the assessor to determine if you have satisfactorily completed this assessment
event. Use these instructions as a guide to ensure you demonstrate the required
knowledge.
You are required to:
 Provide answers to all of the short answer questions in the spaces
provided.
 Complete all workplace simulation tasks
 Use Cl_TransReportLedgers_AE_Sk_SR1.docx for Piper Retail Services
Finance Policy and Procedure Manual, where required
Once you have completed all tasks you must submit this assessment to your
assessor.
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Part 1: Research based questions
To complete this part of the assessment, you will be required to research answers to
each question and type your answers in the spaces provided.
Your answers must be presented IN YOUR OWN WORDS. Do not cut and paste
your answers from websites or texts, nor copy the work of other students, family
or friends. Students should refer to their textbook and will also be required to
research their answers.
Once completed you will need to submit this assessment to your assessor for marking.
Task 1 Short Answer Questions
Question 1
a) What is the key principle and practice of double entry accounting and role of
debits and credits in an accounting system? In you answer identify key features
of debits and credits.
Your answer should be between 50 and 80 words
The principle of double-entry accounting is that for every debit entry
there will be a corresponding credit entry of a same amount and hence
for every credit entry there will be a debit entry of same amount.
Basically for every transaction debit account must be equal to credit
account and vice-versa. A debit entry will either lead to recording of an
expense or creation of an asset and credit entry will lead to creation of a
liability or recording of an income.
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