FNSACC501 Provide Financial and Business Performance Information

Provide Financial and Business Performance Information
This course is based on the nationally recognised unit of competency:
● FNSACC501 Provide Financial and Business Performance Information
It covers the skills and knowledge required to prepare, document and manage
budgets and forecasts, and encompasses forecasting estimates and monitoring
budgeted outcomes.
ASSESSMENT WORKBOOK
Participant Name:
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Assessment Workbook X: Provide Financial and Business Performance Information
Assessment Workbook X
Provide Financial and Business Performance Information
V1.0
Produced 1 February 2016
Copyright © 2016
All rights reserved. No part of this publication maybe reproduced or distributed in any form or by any
means, or stored in a database or retrieval system other than pursuant to the terms of the Copyright Act
1968 (Commonwealth).
Date Summary of Modifications
Made
Version
1/02/16 Version 1 produced following
assessment validation
V1.0
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Assessment Workbook X: Provide Financial and Business Performance Information
Getting Started
Instructions
There is one (1) workbook for this unit and it contains one (1) assessment
made up of:
● Written Questions – A set of generic questions testing the student’s
general knowledge and understanding of the general theory behind the
unit.
● Exercises - A set of exercises to test the student’s knowledge, analytical
skills in problem solving and performing numerical calculations.
● Case Study – A hypothetical exercise to test the student’s knowledge,
analytical skills in problem solving and performing numerical calculations.
The following questions are divided into the following categories.
The first part of the assessment covers generic underpinning knowledge of tax
law and concepts. These questions are all in a short answer format. The longer
questions requiring creative thought processes are covered in the second part
of the assessment and the case study and involve the calculation of tax
transactions. You must answer all questions using your own words. However
you may reference your learner guide, the PMBOK guide and other online or
hard copy resources to complete this assessment.
The second part of the assessment covers exercises relating to the calculation
and processing of taxation information. Ideally you should be able to answer
these questions based on the processes that are currently in place in your
workplace. If this is not the case, then answer the questions based on
processes that should be implemented in your workplace.
The final part of the assessment is based on a case study involving the
completion of a tax return for an individual.
Requirements for satisfactory completion
For a ‘satisfactory’ result for each component of this workbook, all tasks must
be addressed to a ‘satisfactory’ standard. It is important you;
1. Provide responses using complete sentences, making direct reference to
the question.
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Assessment Workbook X: Provide Financial and Business Performance Information
2. Specifically address all parts of the question providing examples where
appropriate.
Competency Based Assessment
Competency based assessment focuses on whether you are able to perform
the task to the standard expected in the workplace. It relies on you providing
evidence that supports your claim of competence. This evidence is in the form
of your completion of the assessments set for each unit.
Once you have submitted your completed assessments, your instructor will
assess your submission to determine your competence. To be deemed
competent in each course, you are required to achieve a satisfactory result for
all of the assessment components that make up that unit. Where a ‘not yet
satisfactory’ judgement is made, you will be given guidance on steps to take 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 be deemed ‘competent’ in that unit.
Submission
Only submit your workbook once all activities inside are complete. Should you
have any questions regarding your assessments, or not understand what is
required for you to complete your assessment, please feel free to ask your
instructor.
Keep your answers succinct and make sure you are answering the question.
Re-read the question after you have drafted up your response just to be sure
you have covered all that is needed.
Your final assessment result will either be ‘Competent’ or ‘Not Yet Competent’.
When submitting your assessments please ensure that
1. All assessment tasks within the workbook have been completed
2. You have proof read your assessment
Candidate Declaration
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Assessment Workbook X: Provide Financial and Business Performance Information
Submission of this workbook means you agree to abide by the terms of the
candidate declaration below.
By submitting this work, I declare that:
● I have been advised of the assessment requirements, have been made
aware of my rights and responsibilities as an assessment candidate, and
choose to be assessed at this time.
● I am aware that there is a limit to the number of submissions that I can
make for each assessment and I am submitting all documents required to
complete this Assessment Workbook.
● I have organised and named the files I am submitting according to the
instructions provided and I am aware that my assessor will not assess
work that cannot be clearly identified and may request the work be
resubmitted according to the correct process.
● This work is my own and contains no material written by another person
except where due reference is made. I am aware that a false declaration
may lead to the withdrawal of a qualification or statement of attainment.
● I am aware that there is a policy of checking the validity of qualifications
that I submit as evidence as well as the qualifications/evidence of parties
who verify my performance or observable skills. I give my consent to
contact these parties for verification purposes.
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Assessment Workbook X: Provide Financial and Business Performance Information
Written Questions
Instructions
The following questions are divided into three categories.
The first part of the assessment covers generic underpinning knowledge of
basic financial and business performance information. These questions are all
in a short answer format. The longer questions requiring creative thought
processes are covered in the second part of the assessment and the case
study. You must answer all questions using your own words. However
you may reference other online or hard copy resources to complete this
assessment.
The second part of the assessment includes exercises relating to the
calculation and monitoring of financial information and the implementation of
contingency plans to enhance financial performance. Ideally you should be able
to answer these questions based on the processes that are currently in place in
your workplace. If this is not the case, then answer the questions based on
processes that should be implemented in your workplace.
The final part of the assessment is based on a case study involving the
preparation of an advice with respect to the evaluation of business and
financial options and alternatives.
Questions
XQ1: Name two pieces of legislation that govern the provision of financial
services in Australia.
Two pieces of legislation that govern the provision of financial
services in Australia
- The Corporation Act 2001
- Competition and Consumer Act 2010
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Assessment Workbook X: Provide Financial and Business Performance Information
XQ2: Explain three (3) ways the Australian Accounting Standards (“AAS”) can
increase the value of the information contained in the financial statements.
Three ways the Australian Accounting Standards can increase the
value of information
- By applying practice of standardising accounting exercises
- taking up an avenue for coping with the altering environment of accounting;
- By improving overall quality as well as uniformity of practices of reporting;
XQ3:
XQ3A Describe the term “operating cycle”.
XQ3B Why is a satisfactory cash flow so important to a business?
XQ3A
Operating Cycle
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Assessment Workbook X: Provide Financial and Business Performance Information
Operating cycle can be considered to be a satisfactory flow of cash that is
very significant for any business. There are items of particularly trading stock
or else services carried out that have the need to be transformed into sales
for generation of cash flow.
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