FNSACC504: Prepare Financial Reports for Corporate Entities

This assessment pack includes a cover sheet, a unit knowledge test, and questions related to accounting methods, financial statements, tax reporting, and more. The course code is FNS50215 and the subject code is DAC0215-A. The course name is Diploma of Accounting and the unit name is Prepare financial reports for corporate entities. The pack also includes information on internal control over financial reporting, balance sheet formats, and fringe benefits.

Unit Assessment Pack (UAP) – Cover Sheet
Student and Trainer/Assessor Details
Student ID
Student name
Contact number
Email address
Trainer/Assessor name
Course and Unit Details
Course code/Course
name
FNS50215Diploma of Accounting
Subject code/ Subject
name
DAC0215-A Management Accounting
Unit code/Unit name FNSACC504Prepare financial reports for corporate entities
Assessment Submission Method
☐ By hand to trainer/assessor ☐ By email to
trainer/assessor
☐Online submission via Learning
Management System (LMS)
☐ By Australia Post to RTO ☐ Any other method
_________________________________________________
(Please mention here)
Student Declaration
• I certify that the work submitted for this assessment pack is my own. I have clearly
referenced any sources used in my submission. I understand that a false declaration is a
form of malpractice;
• I have kept a copy of this assessment pack and all relevant notes, attachments, and
reference material that I used in the production of the assessment pack;
• For the purposes of assessment, I give the trainer/assessor of this assessment the
permission to:
o Reproduce this assessment and provide a copy to another member of staff; and
o Take steps to authenticate the assessment, including communicating a copy of this
assessment to a checking service (which may retain a copy of the assessment on its
database for future plagiarism checking).
Student signature: ________________________________
Date: ____/_____/______________
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Assessment Task 1 - Unit Knowledge Test (UKT)
Questions:
Question 1: Explain in 50-100 words each, the following methods of accounting:
 Cash basis Accounting
 Accrual Accounting
 Cash basis accounting
It is a method of accounting in which the revenue and expenses are recorded only when the
cash is received or paid. In other words, company record the revenue in their statements
when the cash is received from the customers in exchange of a particular product or service.
Similarly, an expense is accounted only when it is paid by the company. The method of cash
accounting is allowed for tax purposes in the entities operating at small scale. However, it is
not acceptable under GAAP and IFRS but the concept is very simple and less expensive as
compare to the accrual accounting. This is one of the benefits of having cash based
accounting.
 Accrual accounting
Under this method, revenues are recorded as and when they are accrued irrespective of the
fact that whether they are received or not. Similarly, the expenses are matched with the
corresponding revenue and are reported when they occur not when they are paid. The
concept of accrual accounting is accepted by IFRS and GAAP and is followed by each and
every company. It provides better insights into the profitability of the firm during that
specific year (Daly and Farley, 2011).
Question 2: List any four (4) statutory and regulatory requirements articulated in the Corporations
Act 2001 and Australian Securities Exchange (ASX) listing rules you may include in "Annual report".
Corporation Act 2001
 According to the act, the entities are required to include directors’ report and their
statement in the annual report.
 The annual report should contain notes to financial statements that include the details
on the basis of which financial report is prepared. The notes explain how each item of
the statement is accounted and treated in the final accounts.
 The report include must contain a declaration statement in context to the compliance
with all the provisions of Corporation Act 2001 and follow up with the key Australian
accounting standards.
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 Auditors’ declaration of independence should also be stated in the annual report.
ASX listing rules
 Chapter 4 Periodic Disclosure of ASX Listing rules sets out the requirements which
are to be disclosed or included in the annual report of the company. Each entity has to
comply with these requirements properly (Evangelinos, Nikolaou and Leal Filho, 2015).
 The companies listed on ASX need to report about their half yearly, quarterly and
annual financial results in their annual report.
 The entities must include a corporate governance statement which discloses the extent
to which the firm has followed the ASX CGC principles.
 The additional information to be disclosed is the name of substantial holders and
number of equity security associated with each holder.
Question 3: What role do you think directors can play in enhancing the quality of financial
information? Write in 200-250 words.
The directors of the company are highly responsible for communicating the meaningful
information to the potential investors and other users of financial statements about the
overall position and performance of the company. Therefore, the directors are
primarily responsible for the quality of financial report. Board members should
perform their duty with due care and diligence. There is a directors’ duty of care which
comprises of the regulatory requirements mentioned in the legislation. In Australia,
Corporation Act 2001 defines the duty of care of the directors towards their
organization (Glasson, Therivel and Chadwick, 2013).
Directors are always expected to be able to read and understand the financial statement
and maintain a form of accuracy, understand ability and credibility in the financial
reports of the company in order to improve the quality of the financial statement. The
directors are also expected to follow the proper accounting guidelines, policies and
standards in order to present transparent financial information to the stakeholders of
the business so that the sustainability position could be maintained by the business.
Further, the directors of an organization are also required to understand the process of
the preparation of financial statement in order to measure that whether the proper
monitoring has been done on the financial reports and whether all the material
information has been provided in the annual reports of the company.
Question 4: Mention any Four (4) primary financial statements. Explain the purpose of financial
statement in 100-150 words.
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The main financial statement of a business are as follows:
Balance sheet
Income statement
Cash flow statement
Changes in the equity statement (FASB, 2007)
The general purpose behind the financial statement of the business is to offer information about
the operations, activities, financial position, cash flows etc of an organization to the internal and
external stakeholders in order to make the decisions regarding the allocation of the resources. All
the financial statement of the company has different purpose such as the income statement is
prepared to identify the profitability position and total revenue of the company. Further, the
balance sheet is prepared in order to measure the financial strength, resources and performance
of the company. Cash flow statement and changes in the equity statement of the company
expresses the cash management position and the total equity funds of the business (Laux and
Leuz, 2009).
Question 5: Explain the following two (2) car tax deduction recoding and reporting methods:
a. Cents per Kilometers Method (30-50 words)
b. Car Logbook Method (50-70 words)
Cents per Kilometre Method:
In the tax deduction recording system, a tax payer could claim for the 5000 business kilo meters per
car. No written evidence is needed in order to take the deduction on the car tax. Though, a separate
deduction can’t be claimed on the depreciation car value.
Car Logbook method:
The log book method explains that the distance travelled by the business must be dividend by the
total distance multiple by 100 in order to present the value in %. This will help the payer to determine
the total expenses which even includes the depreciation. Multiply the total expenses by the % in order
to get the total amount for the tax claim (IASB, 2006).
Question 6: In light of recent scandals in various parts of the world such as Enron, WorldCom and
Satyam, internal control over financial reporting has attracted much public attention and grown in
importance. Effective internal control provides reasonable assurance regarding the reliability of
financial reporting and preparations of financial statements. Besides, Goh and Kim (2013) further
suggest that internal control over financial reporting improves firm operational efficiency. Explain
this statement about Internal control over financial reporting. Why we should implement internal
control? Write answer in 150-200 words.
The internal control framework explains that it is a process which is affected by an organization’s
board of directors, management and other individuals in the business. It is designed to offered
reasonable assurance about the changes and the improvement in the objectives of the business
which is related with the compliance, operations and re-porting. Internal control over the financial
reporting makes it easier for the business and the stakeholders to get the transparent information
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about the business and to make better decision about the allocation of the resources in the
business (IASB, 2006).
The main components of the internal control system in a business is control environment, risk
assessment, control activities monitoring activities, information and communication. All of these
activities make it easier for the management to make control over the financial information and
must present it in such a way that all the related aspects of the business could be met (IASb,
2007b).
Question 7: Explain in 150-200 words, the following four (4) types of balance sheet formats:
a. Classified balance sheet.
b. Common size balance sheet
c. Comparative balance sheet.
d. Vertical balance sheet.
Classified balance sheet:
Classified balance sheet defines the balance sheet which is categorized in terms of categories such
as the current assets, current liabilities, PPE, long term liabilities etc. It offers the aggregate
information about the financial performance of a business.
Common size balance sheet:
The common size balance sheet displays both the numerical value and the relative % of that
particular item for the total assets, equity and total liabilities of the business. this is used by the
internal and external stakeholders to measure the financial performance of the business (Chorafas,
2006).
Comparative balance sheet:
Comparative balance sheet explains about the 2 or more than 2 years’s fincial performance of a
business and briefs the changes into the performance of the company from the last year.
Vertical balance sheet:
Vertical balance sheet is the balance sheet format where all the items are shown in a single
column which starts from the asset line further includes the liabilities and the stockholder equity of
the business.
Question 8: What are the tax reporting requirements of business in relation to the following:
a. Monthly or quarterly business activity statement
b. Financial year reporting.
Write your answer in 150-200 words. 1
Monthly or quarterly business activity statement:
A business is required to report the GST monthly because of the following reasons:
If the turnover of the business is more than $ 20 million
The income tax year i.e. 30the June is there or
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The company has been elected to lodge the monthly or quarterly report of GST
In case of quarterly reporting, in the following cases a company is required to fill the GST
requirements quarterly:
If the annual turnover of the business is less than $ 20 million and the company has not been
elected by the Australian government for the report monthly
In case of the monthly reporting of the GST and PAYG, a monthly receipt is got by the company.
Financial year reporting:
In case the reporting has not been done monthly or quarterly basis than the each of the business
is required to report annually on 30th June and must show the turnover of the business in their
GST report (Csikszentmihalyi and Larson, 2014).
Question 9: What practices you need to follow, in case your business provides fringe benefits to the
employees? Write your answer in 50-70 words.
Fringe benefits:
Fringe benefits are the form of compensation which is provided by the employers to their
employees outside of a salary or stated wages. The most common example of fringe
benefits are dental insurance, medical insurance etc. a business is required to registers
itself in the government schemes in order to offer the fringe benefits to the employees
(Black and Lunt, 2010).
Question 10: What key requirements must be included in financial policies and procedures in a
business? Write your answer in 50-100 words.
The key requirement of the business to make the clear process and concise the instruction process
on how to abide by the accounting and financial policies as well as detail the sequence of
operations and activities which are required by the business to complete the task (Dean and
Clarke, 2007).
Question 11: Prepare the journals for the following transactions:
a. Lots of Fun Pty Ltd purchased a car for $5,000 using a loan from the bank
b. Lots of Fun Pty Ltd received $30 cash from a customer for the hire of a tennis court
c. Lots of Fun Pty Ltd has increased expenses (Wages) of $500 and simultaneously decreased
cash assets (Bank) of $500
d. The liabilities (Creditors) of Lots of Fun Pty Ltd decrease by $1000 (the debt is now paid off)
but its Bank Account also decreases by $1000.
Books of lots of fun ltd
Date Particulars LF Debit Credit
Car a/c 5000
Bank loan 5000
(Being car has been bought.)
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Bank a/c 30
Income 30
(Being amount received.)
Wages a/cc 500
Bank a/c 500
(Being wages amount paid.)
Accounts payable a/c 1000
Bank a/c 1000
(Being debt amount has been
paid)
Question 12: Create journal entries for the following:
12.1. Arnold Corporation sells a product to a customer for $1,000 in cash. This results in revenue of
$1,000 and cash of $1,000. Arnold must record an increase of the cash (asset) account with a debit,
and an increase of the revenue account with a credit.
12.2. Arnold Corporation also buys a machine for $15,000 on credit. This results in an addition to the
Machinery fixed assets account with a debit, and an increase in the accounts payable (liability)
account with a credit.
12.3. We are following Arnold Corporation around for the first year as they start selling their
products. Here are the events that take place.
Journal Entry 1 -- Arnold Corporation forms the corporation by purchasing 10,000 shares of $1 par
stock.
12.4. Arnold Corporation finds a nice retail storefront in the local mall and signs a lease for $500 a
month.
12.5. Arnold Corporation takes out a bank loan to renovate the new store location for $100,000
and agrees to pay $1,000 a month. They spend all of the money on improving and updating the
store's fixtures and looks.
Books of Arnold corporation
Date Particulars LF Debit Credit
12.1 Cash a/c
$
1,000
Sales a/c
$
1,000
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(Being sales made.)
12.2 Machinery a/c
$
15,000
Accounts payable a/c
$
15,000
(Being machinery has been purchase on
credit.)
12.3 Cash a/c
$
10,000
Issue of shares a/c
$
10,000
(Being share has been issued.)
12.4 Lease rent a/c
$
500
Bank a/c
$
500
(Being lease amount has been paid)
12.5 Bank a/c
$
100,000
Bank loan a/c
$
100,000
(Being loan has been taken.)
12.5 Renovation a/c
$
100,000
Bank a/c
$
100,000
(Being renovation amount has been paid.)
Question 13: What requirements must be fulfilled by a business to comply with AAS 37 “Financial
report presentation and disclosure. Explain in 200-250 words.
The main requirement must be followed by the business in order to comply the financial reports
presentation and disclosure:
1.. Simple English language must be followed
2. Financial reports must be clearly distinguished and identified from the published documents
of the business.
3. the company is required to give the reasons for a period which is other than 12 months being
used in the financial reports (Arena, Conte and Melacini, 2015)
4. The comparison must be shown in the annual reports of the company from the last and if
there is no relation among both the years than a particular reasons must be given.
5. each of the components of the annual report must be clearly identified and presented in the
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published reports of the business (Deloitte, 2008)
6. the reporting date and the area covered in the reports must be shown clearly by the company
7. all the required policies and the contingencies must be disclosed by the business in the annual
report
8. Summary of the accounting policies and the AAS 6 must be followed by the business which
represents about the accounting policies of the board.
9. Supporting information related to each of the items in the financial reports of the business
must be given in terms of financial notes in order to present that how the amount has been
occurred and what is the relevance of that amount in the business.
Question 14: Australia has a different disclosure regime under which financial reporting
requirements are set according to the type of entity; principally on the basis of the level of public
interest in the entity. Outline the types of entities below. Write in 50-100 words.
The type of entities in the Australian market are as follows:
1. Small proprietary companies which are not register and running at a small level
2. Large proprietary companies and Unlisted public companies (which are mainly required to
meet the 2 criteria i.e. the gross operating revenue of the company must be more than $
10 million and the gross assets of the business must be $ 5 million)
3. Disclosing entities (those entities which are listed and register the prescribed interest
undertakings). The company is listed for the issuance of shares (Barth, 2007).
Question 15: On June 1, 2011, Company A purchased equipment at the cost of $140,000. This
equipment is estimated to have 5-year useful life. At the end of the 5th year, the salvage value
(residual value) will be $20,000. Company A recognizes depreciation to the nearest whole month.
Calculate the depreciation expenses for 2011, 2012 and 2013.
What options are available to you record and report depreciation. Explain and perform the
calculations based on given transactions using any two methods.
Straight line method:
Depreciation for 2011
= ($140,000 - $20,000) x 1/5 x 7/12 = $14,000
Depreciation for 2012
= ($140,000 - $20,000) x 1/5 x 12/12 = $24,000
Depreciation for 2013
= ($140,000 - $20,000) x 1/5 x 12/12 = $24,000
Double declining method:
Deprecation = Book value * depreciation rate
Depreciation rate = Straight line depreciation arte * 200%
Useful life = 5 years
Depreciation rate for double declining method = 200% *20% = 20%*2 = 40% per year
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Depreciation for 2011
= ($140,000) x 40% x 7/12 = $32,667
Depreciation for 2012
= ($140,000 - $32,667) x 40% x 12/12 = $42,933
Depreciation for 2013
= ($140,000 - $20,000) x 1/5 x 12/12 = $38,826
Question 16: Australian accounting standards are set by the Australian Accounting Standards Board
(AASB) and have the force of law for Corporations law entities under s 296 of the Corporations Act
2001. Answer the following questions regarding Australian Accounting Standards Board (AASB).
16.1. What is the name of financial reporting handbook that is an essential guide to Australian
accounting standards?
Financial reporting handbook 2017 Australia.
16.2. Name the AASB standard related to presentation of financial statements? What
is its objective? Write your answer in 50-100 words.
AASB 101 is related to the presentation of financial statement of an entity. The main objectives
of the presentation of general purpose financial statement is to ensure that there is
comparability among the financial statement of the company from last year and other entities.
It offers proper guidelines to the company in order to present the final financial statements
(Bezemer, 2010).
16.3. List any Four (4) International accounting standards (IAS) for which there are no equivalent
Australian standards.
The list of the different accounting standards of the Australia are as follows:
Reporting entity
Depreciation recording
Taxation recording
Policies disclosure (McGregor and Street, 2007)
Question 17: Answer the following:
a. What are consolidated financial statements? Write your answer in 50-70 words.
b. How is the purpose of consolidated statement of income? Write your answer in 50-100
words.
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Consolidated financial statement:
Consolidated financial statement are the group of financial statement in which the liabilities
equity, assets, income, cash flows and expenses of the parent company and subsidiary
companies are presented as a single entity. These consolidated financial statements are
prepared by the Australian entities on the basis of accounting standard 10 (Scott et al, 2013).
Purpose of consolidated financial statement:
The main purpose of the consolidated financial statement is to provide the information about
the entire company in the one statement. It makes t easier for the suppliers, creditors and other
financial institute to measure the financial performance of the business. it is also prepared to
reduce the impact of the internal transactions of the business (Manfredi et al, 2015).
Question 18: Explain in 50-70 words each, the following two (2) moral considerations regarding
conflict of interest, privacy and disclosure requirements:
 Fraudulent Financial Reporting
 Misappropriation of funds
Fraudulent Financial Reporting:
It is a deliberately omission or misstatement of financial accounting information presented in the
published reports of the business to deceive the investors of the business. An accountant is offered
higher amount to misstate the financial information which raises the conflict of interest. This occur
the moral consideration in front of the accountant (IASB, 2007b).
Misappropriation of funds:
Conflict of interest occurs in front of an account at the time of a deal from the employer to show
the misappropriate funds which could deceive the suppliers, investors and other stakeholders of
the business against a huge amount.
Question 19: Explain any seven (7) key features of integrated computerised accounting systems?
Write in 200-250 words.
The main features of the computerised accounting system are as follows:
1. Numerous transactions: the computerised accounting system makes it easy for the
business to record various transactions with the accuracy and the speed.
2. Reduction in paper work: the computerised accounting system reduces the paper work as
huge records, books, documents, vouchers etc are required in the manual accounting
system.
3. Flexible reporting: it is quite flexible to record the transactions in the computerised
accounting system rather than manual recording system because that requires huge
efforts (Power, 2010).
4. Online facility: the computerised accounting system provides the online facilities to process
and store the transaction data in order to retrieve the information in order to generate the
financial reports. It could be operated and managed by the relevant people from anywhere
the world.
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5. Accuracy: the accuracy level of the computerised accounting system is better than manual
system because that requires huge efforts and the chances of errors are huge in manual
recording system.
6. Scalability: the computerised accounting system could cope up easily with the increment in
the volume of the business (Pearce, Barbier and Markandya, 2013).
7. Security: the computerised accounting system is highly secured and the information is kept
confidential.
Question 20: Outline any four (4) methods and formats for presenting financial data? Write answer
in 150-200 words.
Financial statement of an entity could be presented in the following financial statement in order to
present the financial information of the business.
1. Statement of financial performance: This financial statement formats is used by the entities in
order to record and present all about the assets, liabilities and stockholder’s equity of the
business. It explains about the current financial position and the level of resources of the
business.
2. Statement of financial position: This financial statement formats is used by the entities in
order to record and present all about the expenses and the revenue of the business which has
been occurred in a particular time period of the company. It explains about the current
financial performance and the level of profitability of the business (Kim, 2011).
3. Statement of cash flows: This financial statement formats are used by the entities in order to
record and present all the cash inflows and outflows which has been occurred in a particular
year of the business. It explains about the total cash level and cash management strategies of
the business.
4. Statement of changes in equity: It represents about the total equity fund of the business (King,
2006).
Question 21: Where in the statement of financial position would the following items be recorded?
Write in one (1) to two (2) sentence.
A. Goodwill.
Goodwill amount is recorded in the asset side of the
business under the fixed intangible assets of the business.
B. Redeemable preference shares.
Redeemable preference share is recorded in the
stockholder’s equity side of the business (Jones and
Wolnizer, 2003).
C. Loan to be repaid in three years'
time Loan is recorded in the long term liabilities of the
business.
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Question 22: Which accounting method would you use to reduce the tax burden? Explain in 150-200
words.
Each of the business wants to reduce the tax burden as much as possible. The accrual method of
accounting allows the flexibility in the business because you can control over the invoices from the
customers. The best strategy to reduce the tax burden is to determine that identify the year in
which the revenue would be higher. And once, the year is identified, the business could try to
minimize the income through maximizing the level of expenses in order to reduce the tax burden of
the business (IASB, 2007).
In case of accrual accounting, a business could issue the invoices to debtors at the time of lower
income year in order to reduce the tax bill in the higher income year of the business. The company
could also ask the creditors, vendors, suppliers and other people to invoice the company before or
after a particular date to gain the tax flexibility in the business.
Question 23: Explain the financial management policies and procedures to prepare financial
statements 150-200 words.
Below are the financial management policies and process in order to prepare the financial
statement of the business:
Authorisations: it focuses that which roles have been allowed by the companies in order to
authorise the various activities in the business.
Bank accounts: it explains that when and how new bank account for an organization must be
opened (IFRS, 2008)
Suppliers: How to chose the suppliers and how to deal with them
Customers: How to chose the segment customers of the business and how to deal with them
Buying and purchasing: it evaluates that how to determine that when stock, equipment, assets
and other resources of the business are require to be purchased by the business (Jones, 2006).
Debt collection: the process of recording the debt collection must be clear in the business
Insurance and risk management: It expresses that the proper accounting policies and process must
be followed by the business in order to prepare the final financial statement of the business.
Question 24. Explain in 50-100 words the steps required to record transactions in double entry book
keeping.
The steps to record the transactions in the double entry book keeping system is as follows:
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1. Identify and analyse the transactions
2. Journal entries for the transactions
3. Post journal to ledger
4. Prepare and unadjusted trial balance
5. Prepare worksheet
6. Record and adjustment of journal entries
7. Adjusted trial balance
8. Prepare the financial statement
9. Closing entries
10. Post closing trial balance (ISAB Framework, 2001)
Question 25: Explain the principles and practices of accounting for the following:
 double-entry bookkeeping (30-50 words)
 accrual accounting (100-150 words)
Double entry bookkeeping:
Double entry bookkeeping system explains that each of the financial transaction has two effects
and effect affects the debit level and other affects the credit level of the business (ICAEW, 2006).
Accrual accounting:
Accrual accounting explains that the transactions of the business must be recorded in the period
in which they have really been occurred rather than the period in which the cash flows of the
business has been affected. Accrual principle is one of the fundamental requirements of
accounting frameworks which must be followed by the business while preparing the final
financial statement of the business (Uno and Bartelmus, 2013).
It explains that record revenue when the invoice is made and record the expenses at the time of
incur the expenses rather than the time when amount is received from the customers or
amount is paid to the creditors respectively.
Question 26: When reporting taxable transactions, which law must be adhered to? Identify and
explain the law along with its legislative and statutory requirements in 150-200 words.
At the time of reporting the taxable transaction in the business, a business is required to make a
proper business statement which shows about all the taxation amount of the business. the law
relates to the taxation recording in the Australian entity is corporation act, 2001. It explains
that the companies in the Australian market are required to follow a proper policy and process
to record the taxation transaction in the published reports of the business (Speich, 2011)
It briefs that a proper monitoring and auditing must be done on the taxable transaction of the
business and if any entity is not following the proper policies than heavy penalty could be
applied on the business (Vollmer, Mennicken and Preda, 2009.).
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Glasson, J., Therivel, R., and Chadwick, A., 2013. Introduction to environmental impact assessment.
Routledge.
IASB. 2006. Summary of International Accounting Standards. International Accounting Standard
Boards. Retrieved 20 January 2007 fromhttp://www.iasb.org/Home.htm
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IASB. 2007 b. Fair Value Measurement. Part 2: SFA's 157 Fair Value Measurements: Comments to be
submitted. London: IASB
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IFRS. 2008. International Financial Reporting Standards. London: IASB
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Scott, J., Leboyer, M., Hickie, I., Berk, M., Kapczinski, F., Frank, E., … and McGorry, P., 2013. Clinical
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Unit Assessment Result Sheet (UARS)
Assessment Task 1 – Unit Knowledge Test (UKT)
Student and Trainer/Assessor Details
Unit code FNSACC504
Unit name Prepare financial reports for corporate entities
Outcome of Unit
Assessment Task (UAT)
First attempt:
Outcome (please make sure to tick the correct checkbox):
Satisfactory (S) ☐ or Not Satisfactory (NS) ☐
Date: _______(day)/ _______(month)/ ____________(year)
Second attempt:
Outcome (please make sure to tick the correct checkbox):
Satisfactory (S) ☐ or Not Satisfactory (NS) ☐
Date: _______(day)/ _______(month)/ ____________(year)
Feedback to Student First attempt:
Second attempt:
Student Declaration  I declare that the answers I have provided are my own work.
Where I have accessed information from other sources,I have
provided references and or links to my sources.
 I have kept a copy of all relevant notes and reference material
that I used as part of my submission.
 I have provided references for all sources where the
information is not my own. I understand the consequences of
falsifying documentation and plagiarism. I understand how
the assessment is structured. I accept that all work I submit
Students’ Assessment Pack – FNSACC504Prepare financial reports for corporate entities
Version 1: 26 Feb 2018
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must be verifiable as my own.
 I understand that if I disagree with the assessment outcome, I
can appeal the assessment process, and either re-submit
additional evidence undertake gap training and or have my
submission re-assessed.
 All appeal options have been explained to me.
Student Signature
Date
Trainer/Assessor Name
Trainer/Assessor
Declaration
I hold:
 Vocational competencies at least to the level being delivered
 Current relevant industry skills
 Current knowledge and skills in VET, and undertake
 Ongoing professional development in VET
I declare that I have conducted an assessment of this candidate’s
submission. The assessment tasks were deemed current, sufficient,
valid and reliable. I declare that I have conducted a fair, valid, reliable,
and flexible assessment. I have provided feedback to the above-
named candidate.
Trainer/Assessor Signature
Date
Office Use Only Outcome of Assessment has been entered onto the Student
Management System on _________________ (insert date)
by (insert Name) __________________________________
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