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Accounting Assignment Type Assessment -1 ( Assignment)

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Implement and maintain internal Control (FNSACC506)

   

Added on  2020-04-21

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Assessment Details of Code/Title of Diploma of Accounting Assessment Type Assessment -1 ( Assignment) Time allowed Due Date Location AHIC Term / Year Unit of Competency National Code/Title FNSACC506 Implement and maintain internal control procedures Student Details Student Name: Student ID Student 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 Details Assessor’s Name

Accounting Assignment Type Assessment -1 ( Assignment)

   

Implement and maintain internal Control (FNSACC506)

   Added on 2020-04-21

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Assessment DetailsQualification Code/Title Diploma of AccountingAssessment TypeAssessment -1 ( Assignment)Time allowedDue DateLocationAHICTerm / YearUnit of CompetencyNational Code/TitleFNSACC506 Implement and maintain internal control proceduresStudent 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: 03449JFilenameFNSACC506 Implement and maintain internal controlproceduresVersion 4.0/ July 2017Review Date: Aug2018Page 1 of 6
Accounting Assignment Type Assessment -1 ( Assignment)_1
Instructions 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.Please read the Questions carefully then answer all of them.To be deemed competent for this unit you must achieve a satisfactory result with all tasks in this Assignment along with a satisfactory result for the anotherassessment.This is an Open book assessment which you will do in your own time but complete in the time designated by your 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 copyof 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 mark of Zero..Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449JFilenameFNSACC506 Implement and maintain internal controlproceduresVersion 4.0/ July 2017Review Date: Aug2018Page 2 of 6
Accounting Assignment Type Assessment -1 ( Assignment)_2
Question 1Why must directors provide adequate disclosure in financial reporting? Discuss in 120 to 150 words.Financial reporting refers to the process of publishing the financial statements like the balance sheet or the income statement that is prepared for a particular financial year and discloses the liquidity and the financial position of the company. Therefore it is mandatory for the directors to provide the adequate disclosures in financial reporting because this mitigates the chances of occurrence of errors or fraud in the books of account. Forinstance a particular account may be misstated but if a particular disclosure is provided regarding the details of the account then it minimizes the chances of misstatements or other fraudulent activities that may have been carried out in the absence of such disclosures. Moreover the primary purpose of financial reporting is to provide the stakeholders of business especially the investors and the shareholders, an overview into the financial condition of the company. Therefore providing of proper disclosure will enable the investors to get a clear picture of the company and help them in making efficient investment decisions.Question 2To whom should adherence to ethical values apply and what is the value and purpose of professional codes of ethics? Discuss in 150 to 180 words.The adherence of ethical values apply to the entire organization starting from the highest level of the hierarchy of authority in any corporate organization that is the Board of Directors to the employees that belong to the lower level of management. Ethical standards remain the same for all the stakeholders of business. This is because it provides the foundation for an ethically sound organization. A code of ethics essentially refers to the guideline of principles that is established in order to maintain an environment of integrity and honesty within the organization. The code of ethics lays down the essential values that are needed for maintaining harmony in the organization. It fundamentally contains the rules or guidelines regarding the desired approach that should be followed by the professionals or officials within the organization. The code of ethics is established by the management of the organization and all the employees are made aware of such a code.Question 3What is the purpose of corporate governance mechanisms and what are the crucial components ofcorporate governance principles? Discuss in 120 to 150 words.Australian Harbour International College, 114-120 Castlereagh Street, Sydney NSW 2000, Australia |RTO NO: 41338 | CRICOS Provider Code: 03449JFilenameFNSACC506 Implement and maintain internal controlproceduresVersion 4.0/ July 2017Review Date: Aug2018Page 3 of 6
Accounting Assignment Type Assessment -1 ( Assignment)_3

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