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Assessment Two - FNSACC504 Intake (Online) PRIVACY DISCLAIMER: TAFE Queensland is collecting your personal information in accordance with NVR (Standard SNR 15.5) for assessment purposes. The information will only be accessed by authorised employees of TAFE Queensland. Some of this information may be given to the National VET Regulator (ASQA) and/or Department of Education, Training and Employment for audit and/or reporting purposes. Your information will not be given to any other person or agency unless you have given us written permission or we are required by law. ASSESSMENT INSTRUCTIONS Qualification Code & Name Stream / Specialisation FNS50215 - Diploma of Accounting Unit/s of Competency Code Unit/s of Competency Name FNSACC504 Prepare Financial Reports for corporate entities Assessment Task Number Assessment Name Assessment 2 of 3 Assessment two Due Date Week 7 Submission Details (if applicable) Submit online Instructions to Students ELEMENTS ASSESSED IN THIS ASSESSMENT COVERS: ELEMENT 1Compile data ELEMENT 2Prepare reports Range and Conditions of Assessment Access to textbooks, internet and any notes is allowed. Evidence Required to be Submitted The completed assessment paper is to be submitted to the teacher via Connect. Questions 1 to 6 are to be submitted as a Word document or a PDF document. Question 7 must be submitted as an Excel spreadsheet. Marking Criteria to Achieve a Satisfactory Result For more information, refer to the Marking Criteria. FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page 1 of 12 Assessment Two - FNSACC504 Intake (Online) ASSESSMENT SUMMARY Student Name Student Number Qualification Code & Name Stream / Specialisation FNS50215 - Diploma of Accounting Unit/s of Competency Code Unit/s of Competency Name FNSACC504 Prepare financial reports for corporate entities Assessment Task Number Assessment Name Assessment 2 of 3 Assessment two Student Declaration I declare that this assessment is my own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules. I understand that by me emailing this assessment item, I agree to this Declaration in lieu of a written signature. Student Signature Date //20 MARKING CRITERIA Attempt Result 1st Attempt 2nd Attempt Satisfactory Satisfactory Date //20 //20 Unsatisfactory Unsatisfactory 1st Attempt S U Did the student satisfactorily: 1 Briefly describe benefits of using visual display to present financial information in financial reporting 2 Identify and explain the key principles of double-entry bookkeeping and accrual accounting. 3 Discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements. 4 Explain the key features of integrated computerised accounting systems. 2nd Attempt S U 5 Outline options, methods and practices for recording and reporting deductions, benefits and depreciation. Identify and explain business legal requirements relating to delegated authorities, reporting periods and 6 taxation payment timings. 7.1 Prepare a Statement of Cash Flows in accordance with accounting standards. 7.2 Prepare a statement reconciling cash flows from operating activities with profit. Reasonable Adjustment applied to assessment (if 'yes' record details) No Yes Details: Assessor Name Assessor Signature Summary of Feedback / Action Plan Marking criteria and feedback is provided in the online program FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page 2 of 12 Assessment Two - FNSACC504 Intake (Online) FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page 3 of 12 Assessment Two - FNSACC504 Intake (Online) Please answer the following questions. Questions 1. Briefly describe benefits of using visual display to present financial information in financial reporting. Describe some examples of visual display which are commonly used in financial reports. (Hints: Check the internet for information, following are few recommended websites for your reference : Performance Criteria 2.1 https://www.edrawsoft.com/choose-diagram.php https://www.mindtools.com/pages/article/Charts_and_Diagrams.htm 2. Read \"Accounting Principles and Accrual Accounting\" and \"Accounting for GST\" located in the Supplementary resources section in Connect site. 1.1, 1.3 Identify and explain the key principles of double-entry bookkeeping and accrual accounting. Please note the principles should also include all conventions, policies and bases. 3. Tax professionals are required to comply with the Tax Practitioners Board's Code of Professional Practice. Discuss ethical considerations in relation to conflict of interest, confidentiality and disclosure requirements as outlined in the Code. 1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3 4. Explain the key features of integrated computerised accounting systems. 1.1, 1.2, 1.3, 2.2, 2.3 5. Some accounting items are treated differently under tax legislation than under accounting standards. Outline the different treatments, options, methods and practices for recording and reporting expenses/deductions, benefits and depreciation. 1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3 6. Identify and explain business legal requirements relating to delegated authorities, reporting periods and taxation payment timings. 1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3 FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page Assessment Two - FNSACC504 Intake (Online) This page has been left blank for you to write your response to Question 1. FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page Assessment Two - FNSACC504 Intake (Online) This page has been left blank for you to write your response to Question 2. FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page Assessment Two - FNSACC504 Intake (Online) This page has been left blank for you to write your response to Question 3. FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page Assessment Two - FNSACC504 Intake (Online) This page has been left blank for you to write your response to Question 4. FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page Assessment Two - FNSACC504 Intake (Online) This page has been left blank for you to write your response to Question 5. FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page Assessment Two - FNSACC504 Intake (Online) This page has been left blank for you to write your response to Question 6. FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page Assessment Two - FNSACC504 Intake (Online) Question 7 Performance Criteria The following are the financial statements of North Point Enterprises for the year ended 30 June 2016 1.1; 1.2; 1.3; 1.4; 1.5, 2.1; 2.2; 2.3 North Point Enterprises Ltd Income Statement for year ended 30 June 16 $ Sales Less Cost of Goods Sold Inventories (1/7/15) Purchases Less Inventories (30/6/16) Less Operating expenses Advertising Wages Loss on sales of equipment (piece B) Depreciation of equipment Depreciation of Motor Vehicle FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 $ 250,000 14,500 135,000 149,500 8,000 12,300 28,000 2,000 12,000 8,000 141,500 108,500 62,300 $46,200 Page Assessment Two - FNSACC504 Intake (Online) Performance Criteria Question 7 continued North Point Enterprises Ltd Balance Sheet 2016 Current Assets $ Cash at Bank Inventories Accounts Receivable Prepaid Advertising $ 2015 $ 55,000 8,000 78,700 3,200 144,900 $ 21,500 14,500 42,300 1,200 79,500 Non-Current Assets Equipment Less Accum Depreciation Motor Vehicles Less Accum Depreciation Total Non-Current Assets TOTAL ASSET Less Current Liabilities Accounts Payable Net Assets 46,500 22,000 44,000 26,000 24,500 18,000 42,500 187,400 66,500 18,000 44,000 18,000 48,500 26,000 74,500 154,000 34,900 $ 152,500 57,700 $ 96,300 95,300 57,200 $152,500 85,300 11,000 $96,300 Owner's Equity Paid up Capital Retained Profit Additional information Important Note: The sale of equipment (piece A) had a historical cost of $20,000 and accumulated depreciation of $10,000. It was sold for cash of $10,000. GST is not included so ignore the GST component of transactions. You are required to: a) Prepare a Statement of Cash Flows for the year ended 30 June 2016 in accordance with accounting standards. b) Prepare a statement reconciling cash flows from operating activities with profit. Use the format/template on the following page for your answer. FNSACC504 Prepare financial reports for corporate entities Assessment Two, January 2017 Page