FNSACC301 Financial Accounting: Processing Transactions & Reporting

This financial accounting assignment focuses on analyzing financial transactions and extracting interim reports. It includes questions related to petty cash vouchers, security safeguards for depositing cash, key features of trial balance and balance sheets, and the accounting standard AASB 101 governing the presentation of financial statements. The assignment also covers specialized journal exercises, identifying journals for recording transactions, and entering transactions into appropriate journals. The student work also includes declaration of originality and the assessment outcome.

[Financial Accounting] – Final Exam
Details of Assessment
Term and Year T4 2017 Time allowed Week 1-8
Assessment No 3
Assessment type Assignment Assessment Weighting [30%]
Date Week 8 Room 609
Details of Subject
Qualification FNS40615 Certificate IV in Accounting
Subject Name Financial Accounting
Details of Unit(s) of competency
Unit Code FNSACC301A
BSBFIA401
Unit Title Process financial transactions and extract interim reports
Prepare financial reports
Details of Student
Student Name Student ID
College
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: _______/________/_______________
Details of Assessor
Assessor’s Name Kaneez Selim/Ali Kauser
Assessor’s Signature Date
Assessment Outcome
Results Satisfactory Not Satisfactory
Marks/Grade / 30
Reasonable Adjustments (if
applicable)
FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
_______________________________________________________________________________________________
____
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[Financial Accounting] – Final Exam
Student Declaration: I declare that I have been assessed
in this unit, and I have been advised of my result. I also
am aware of my appeal rights and reassessment
procedure.
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: ____/_____/_____
Purpose of the Assessment FNSACC301
The purpose of this assessment is to assess the student in the following learning elements
and performance criteria of the unit:
Assessment task
1: portfolio of
activities (Task
numbers)
Competent
(C)
Not yet
competent
(NYC)
Element 1: Check and verify supporting documentation
1.1 Identify, check and record information from documents 1
Element 2: Prepare and process banking and petty cash documents
2.1 Enter accurately and balance deposits and withdrawals according to
organisational procedures
2.3 Reconcile banking documentation with organisation’s financial records 3
2.4 Check, process and record petty cash claims and vouchers, and balance petty
cash book according to organisational procedures
Element 4: Prepare and post journals and batch monetary items
4.1 Prepare journals accurately and completely, and batch items within
organisational timelines
2
4.2 Match batch items precisely to initial receipt records
4.3 Ensure journals are authorised by appropriate person and process in accordance
with organisational policy and procedures
Element 5: Post journals to ledger
5.1 Post journals accurately to ledger in accordance with organisational input
standards, with transactions correctly allocated to system and accounts
Element 6: Enter data into system
6.1 Enter data accurately into system in accordance with organisational input
standards and correctly allocate transactions to system and accounts
3
6.2 Update related systems to maintain integrity of relationships between financial
systems
Element 7: Prepare deposit facility and lodge flows
7.1 Select deposit facility appropriate to banking method to be used 1
7.2 Balance batch with deposit facility without error
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[Financial Accounting] – Final Exam
7.3 Take security and safety precautions appropriate to method of banking, in
accordance with organisational policy and industry and legislative requirements
1
7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable 1
Element 8: Extract a trial balance and interim reports
8.2 Complete cash and credit journals and post to general ledger 2
8.3 Extract and check trial balance and prepare other required reports
Purpose of the Assessment BSBFIA401
The purpose of this assessment is to assess the student in the
following learning elements and performance criteria of the unit:
Assessment task 2: Assignment
(Task numbers)
Satisfactory (S) Not Yet Satisfactory
(NYC)
Element 1: [Maintain asset register]
1.1 Prepare a register of property, plant and equipment from fixed asset
transactions in accordance with organisational policy and procedures
5
1.2 Determine method of calculating depreciation in accordance with
organisational requirements
Element 2: [Record general journal entries for balance day adjustments]
2.1. Record depreciation of non-current assets and disposal of fixed
assets in accordance with organisational policy, procedures and
accounting requirements
2.2Adjust expense accounts and revenue accounts for prepayments
and accruals
2.3. Record bad and doubtful debts in accordance with
organizational policy, procedures and accounting requirements
2.4. Adjust ledger accounts for inventories, if required, and
transfer to final accounts
Element 3: [Prepare final general ledger accounts]
3.1 Make general journal entries for balance day adjustments in general
ledger system in accordance with organisational policy, procedures and
accounting requirements
3.2 Post revenue and expense account balances to final general ledger
accounts system
6
3.3Prepare final general ledger accounts to reflect gross and net profits
for reporting period
6
Element 4: [Prepare end of period financial reports]
4.1 Prepare revenue statement in accordance with organisational
requirements to reflect operating profit for reporting period
6
4.3 Identify and correct, or refer errors for resolution in accordance with
organisational policy and procedures
4
Assessment/evidence gathering conditions
Each assessment component is recorded as either Satisfactory (S) or Not Satisfactory (NS). A student can only achieve
competence when all assessment components listed under Purpose of the assessment section are Satisfactory. Your
trainer will give you feedback after the completion of each assessment. A student who is assessed as NS (Not
Satisfactory) is eligible for re-assessment.
Resources required for this Assessment
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[Financial Accounting] – Final Exam
 Upon completion, submit the assessment copy to your trainer along with assessment coversheet.
 Refer to the notes on eLearning to answer the tasks
 Any additional material will be provided by Trainer, if needed
Instructions for Students
Please read the following instructions carefully
 This assessment has to be completed In class At home
 The assessment is to be completed according to the instructions given by your assessor.
 Feedback on each task will be provided to enable you to determine how your work could be improved. You will
be provided with feedback on your work within two weeks of the assessment due date. All other feedback will be
provided by the end of the term.
 Should you not answer the questions correctly, you will be given feedback on the results and your gaps in
knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed
competent for this unit of competency.
 If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
 Please refer to the College re-assessment for more information (Student handbook).
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[Financial Accounting] – Final Exam
Part A – Financial Transaction and interim reports (50 Marks)
Question 1 (15 mark)
a. When a staff member presents you with a petty cash voucher, what supporting documentation
must be attached? Who is required to approve their petty cash claim? (2 marks)
The supporting documents to be attached with petty cash vouchers are the expense approval form
and the supportings for expenses incurred.
These include the details of expenses incurred along with their invoices.
Accountant is required to approve their petty cash claim.
b. A colleague has had a busy day. Even though it is against organisational policy the colleague has
decided to leave the banking until the next day and leaves the money in the cash register overnight.
The next morning, when the colleague checks the takings, $100 is missing.
Describe two actions the colleague should have taken to help ensure the money was not ‘at risk’. (2
marks)
To ensure that the money was not a risk, the colleague should not have left the banking as it is.
And should properly close the cash register at the day end and the cash balance should be submitted
or should have been deposited in the locker.
Further, the manager or supervisor’s signature should have been taken on the cash register.
c. i) Under GST legislation, what details must be included on a TAX Invoice received from a creditor
before you can process it?
ii) If the supplier has not provided their ABN, what procedures must Accounts Payable follow? (2
marks)
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[Financial Accounting] – Final Exam
i) The tax invoice should contain the name address and GST registration number of the sender and
receiver both. Further, the quantity, per unit price and the total price should also be mentioned on
the invoice.
Further, the price of goods before GST should be mentioned and the amount of GST should be
separately and clearly mentioned on the invoice.
ii) The accounts payable should ask the supplier for ABN number as without ABN the invoice can not
be processed.
f. What security safeguards should you consider when you are depositing cash at bank? (2 marks)
While depositing cash at bank, the depositor should ensure that the deposit slip is accurately filled.
The bank account number, deposit amount, name of account holder should be correctly and clearly
mentioned on the deposit slip.
Further, he has to ensure that post deposit, one portion of deposit slip has been returned to him
after the cashier signature.
e. The Trial Balance and the Balance Sheet are two common reports prepared by organisations. a.
Describe the key features of the Trial Balance b. Describe the key features of the Balance Sheet
(a) Trial balance is an important statement which summarises all the transactions entered by the
company. On the basis of trial balance, further reports are prepared.
(b) The balance sheet provides the details of assets owned and liabilities owed by the business at a
given point of time.
f. Identify and describe the Accounting Standard that governs the “Presentation of Financial
Statements”.
AASB 101 governs the presentation of financial statements.
It specifies the requirements and details of items to be presented in the financial statements.
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[Financial Accounting] – Final Exam
g. Identify from the list below the accounting standard or legislative or regulatory requirement that
best matches the definition.
Corporations Act 2001 Australian Tax Office ASSB107
a. This Act regulates companies… Corporations Act 2001………………………..
b. This accounting standard provides information about the requirements and presentation of Cash
Flow Statements… ASSB107……………………………
c. This Act sets out the rights and obligations for partners within a partnership……… Australian Tax
Office ……………..
Question 2: (05 mark)
Specialised Journal Exercise:
a) Identify the journals that would be used to record the following transactions
b) Enter the transactions from part (a) above into the appropriate journals and total each journal
Date Transaction details Source
Documents
Amount Inc.
GST
Name of the
Journal
Nov 01 R. Stirling commenced a
building supply business by
depositing cash in the bank
Memo 40,000
Cash receipts
journal
02 Purchased fixtures & fittings for
cash from J Martin
Chq 0001 6,600 √ Cash payment
journal
02 Paid rent on shop premises Chq 0002 1,100 √ Cash payment
journal
05 Purchased stock on Credit – B
Jones
Invoice 47 2,200 √ Purchase
Distribution
Journal
06 Sold goods for cash Cash 770 √ Cash receipts
journal
06 Credit sales to E. Johnson Invoice 11 1,100 √ Sales Distribution
Journal
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[Financial Accounting] – Final Exam
09 Paid wages Chq 0003 650 Cash payment
journal
09 Sold goods to F Black Invoice 12 704 √ Sales Distribution
Journal
10 Cash sales Cash 2,750 √ Cash receipts
journal
13 Paid television advertising Chq 0004 2,420 √ Cash payment
journal
14 Cash sales Cash 1,320 √ Cash receipts
journal
14 Sales to E. Thomson Invoice 13 550 √ Sales Distribution
Journal
16 Sales to D Brown Invoice 14 825 √ Sales Distribution
Journal
16 Purchases from P. Plummer Invoice 687 792 √ Purchase
Distribution
Journal
17 Cash purchases Chq 0005 1,650 √ Cash payment
journal
17 Paid wages Chq 0006 450 Cash payment
journal
21 Cash purchases Chq 0007 1,265 √ Cash payment
journal
21 Cash sales Cash 2,200 √ Cash receipts
journal
25 Credit sales to E. Green Invoice 15 880 √ Sales Distribution
Journal
27 Received cash from F Black for
payment of account in full
Receipt 01 704 Cash receipts
journal
28 Paid bank interest Chq 0008 250 Cash payment
journal
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[Financial Accounting] – Final Exam
Answer:
Cash Receipts Journal
Date Particulars Rec
No
Accounts
Receivables
Sales GST
Collected
Other Bank
$ Account
Nov-
01
R. Stirling
commenced a
building
supply
business by
depositing
cash in the
bank
40,000 Capital 30,000
Nov-
06
Sold goods for
cash 700 70 770
Nov-
10 Cash sales 2,500 250 2,750
Nov-
14 Cash sales 1,200 120 1,320
Nov-
21 Cash sales 2,000 200 2,200
Nov-
27
Received cash
from F Black
for payment
of account in
full
01 704 704
Total 704 6,400 640 40,000 37,744
Cash Payments Journal
Date Particulars Chq No Accoun
ts
Payabl
e
Cash
Purchas
es
GST
Paid
Other Bank
$ Account
02-Nov Purchased fixtures
& fittings for cash
Chq
0001
600 6,000
Furniture
&
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[Financial Accounting] – Final Exam
fixtures
02-Nov Paid rent on shop
premises
Chq
0002 100 1,000 Rent
09-Nov Paid wages Chq
0003 650 Wages
13-Nov Paid television
advertising
Chq
0004 220 2,200 Advertisi
ng
17-Nov Cash purchases Chq
0005 1,500 150
17-Nov Paid wages Chq
0006 450 Wages
21-Nov Cash purchases Chq
0007 1,150 115
28-Nov Paid bank interest Chq
0008 250 Bank
interest
Total - - 2,650 1,185 10,550
Sales Distribution Journal
Date Name of
Debtors
Inv No Total
Accounts
Receivables
Sales GST
Collected
06-Nov E. Johnson Invoice 11 1,100 1,000 100
09-Nov F Black Invoice 12 704 640 64
14-Nov E. Thomson Invoice 13 550 500 50
16-Nov D Brown Invoice 14 825 750 75
25-Nov E. Green Invoice 15 880 800 80
Total 4,059 3,690 369
Purchase Distribution Journal
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[Financial Accounting] – Final Exam
Date Name of
Creditors
Inv No Total
Accounts Payables
Purchases GST
Paid
05-Nov B Jones Invoice 47 2,200 2,000 200
16-Nov P. Plummer Invoice
687 792 720 72
Total 2,992 2,720 272
Question 3: (Bank Reconciliation) (10 marks)
The following information has been extracted from the records of Q Mart:
Express Bank
Statement of Account
Account Name: Q Mart As at: 30November 2016
Bank Statement Statement Page: 21
Date Transaction Debits Credits Balance
2016
Nov 1 Balance brought forward 7,201.00 Cr
Interest 25.00 7,226.00 Cr
Deposit 412.00 7,638.00 Cr
00215 123.00 7,515.00 Cr
2 Deposit 890.00 8,405.00 Cr
3 00221 256.00 8,149.00 Cr
00224 319.00 7,830.00 Cr
5
8
Deposit
Direct debit – Telstra 310.00
546.00 8,376.00 Cr
8,066.00Cr
9 00226 110.00 7,956.00 Cr
00228 1,210.00 6,746.00 Cr
10 Deposit 2,136.00 8,882.00 Cr
12 Direct debit – L J Hooker 425.00 8,457.00 Cr
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[Financial Accounting] – Final Exam
15 Deposit 520.00 8,977.00 Cr
00227 110.00 8,867.00 Cr
19 00229 350.00 8,517.00 Cr
00225 460.00 8,057.00 Cr
22 Deposit 356.00 8,413.00 Cr
Dishonour 120.00 8,293.00 Cr
Dishonour fee 10.00 8,283.00 Cr
23 Deposit 130.00 8,413.00 Cr
25 Dividend BHP 125.00 8,538.00 Cr
29 Deposit 500.00 9,038.00 Cr
30 00232 750.00 8,288.00 Cr
Bank charges 15.00 8,273.00 Cr
Closing balance 8,273.00 Cr
Bank Reconciliation as at 31October 2016
$
Credit balance as per bank statement 7,201.00
Add: Outstanding deposits (31/10/2016) 412.00
7,613.00
Less: Un-presented cheques
00215 123.00
00219 345.00
00221 256.00
00222 255.00 979.00
Debit balance as per cash book 6,634.00
Books of Q Mart
(Extract) Cash Receipts Journal (Extract) Cash Payments Journal
Date $ Date $
2016 2016
Nov 2 224 319.00
Nov 2 Receipts 890.00 4 225 460.00
4 Receipts 546.00 7 226 110.00
9 Receipts 2,136.00 227 110.00
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