BSBFIA401

Prepare Financial Reports

Student WorkbookPart A: Knowledge Questions

Part

A: K

now

ledg

e A

sses

smen

t

ASSESSMENT WORKBOOK COVER SHEETTo the candidate: Print this cover sheet and complete it by filling in all the required information and affixing your signature to the space provided. Your signature must be handwritten. Scan the completed cover sheet and submit it along with your evidence submissions. Use the filename: BSBFIA401 Cover Sheet – Your Name.

UNIT: BSBFIA401

TITLE: Prepare Financial Reports

WORKBOOK: Part A: Knowledge Questions

FIRST AND SURNAME:      

PHONE:      

EMAIL:      

Please read the Candidate Declaration below and if you agree to the terms of the declaration sign and date in the space provided.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 qualification or statement of attainment.

Any signature hereto or to any other certificate, agreement or document related to this document through electronic means shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law.

If you accept these terms please type your name and date the document and email the completed document to your trainer

I, the below mentioned make the declaration, that work submitted within this workbook is my own assessment work and evidence completed for the listed unit of competency.

Name:      Signature:      Date:     

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 2

PART A: KNOWLEDGE ASSESSMENT

Question 1

Using the table provided below, in no more than three (3) sentences each, explain the following principles of double-entry system of bookkeeping.

a. Duality principle

     

b. Separate entity principle

     

c. The accounting equation

     

Assessor Use Only – Question 1

Choose an item. Click or tap to enter a date.

Assessor Feedback

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 3

Question 2

In no more than three (3) sentences each, describe the following organisational accounting systems.

a. Manual accounting system

     

b. Electronic accounting system

     

Assessor Use Only – Question 2

Choose an item. Click or tap to enter a date.

Assessor Feedback

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 4

Question 3

Below is a list of some relevant legislation, regulations, standards and codes of practice that may affect the preparation of financial reports.

Research at least two (2) main provisions (main concept or requirement) related to each of the relevant issues in the list below.

Using the space provided describe the provision you have chosen from your research.

Legislation

Privacy Act      

Regulations

ASIC RG 43 Financial reports and audit relief

     

ASIC RG 68 New financial reporting and procedural requirements

     

Standards

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 5

AASB 108      

AASB 1016      

AASB 1034      

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 6

Codes of Practice

Institute of Certified Bookkeepers Code of Professional Conduct

     

ePayments Code      

Assessor Use Only – Question 3

Choose an item. Choose an item.

Assessor Feedback

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 7

Question 4

Access the Accounting Policies and Procedures of Micro Systems.

Provide one (1) clause from the policies and procedures that links to each subheading in the table below.

Describe how the clause affects your processing of accounts.

a. Accounting System      

b. General Ledger      

c. General Journal Entries

     

d. Provision for Doubtful Debts

     

e. Asset Registers      

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 8

f. Reconciliation of Assets

     

g. Disposal of Assets      

h. Financial Reports      

Assessor Use Only – Question 4

Choose an item. Click or tap to enter a date.

Assessor Feedback

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 9

Question 5

From the list below, identify which are definitions or parts of a general journal entry or a general ledger entry. Use the following legend to indicate this using the space provided:

GJ – General Journal

GL – General Ledger

      a. Debit, credit, date, source document, short notation

      b. Date, particulars, folio or reference, debit or credit

      c. Can be a simple or compound entry

      d. Can have more than one (1) debit or credit accounts and amounts

     

e. The recording of financial data, usually taken from a source document, pertaining to business transactions in a journal such that the debits equal credits

      f. The transferring of financial data, taken from the general journal to the ledger

Assessor Use Only – Question 5

Choose an item. Click or tap to enter a date.

Assessor Feedback

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 10

Question 6

Identify in the space provided which are examples of General Journal and General Ledger entries by indicating using the following legend:

GJ – General Journal

GL – General Ledger

GJ or GL

Example

     

a.

      b.

     c.

     d.

Assessor Use Only – Question 6

Choose an item. Click or tap to enter a date.

Assessor Feedback

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 11

Question 7

Below is a table of assets, using the space provided;

1. In column A provide the most appropriate method of calculating deprecation for each circumstance.

2. In column B explain your reasons for the method of deprecation chosen.

CircumstanceMethod Of Depreciati

onReasoning

AA Photocopier which is estimated to last 300,000 copies.

           

B

A Truck with a useful life of 5 years but was purchased for a three (3) year contract; Which will have more work in the first 2 years.

           

C

General Office Equipment that is under $1000.00 dollars and is not going to be tracked

           

D A large shed building used for the business            

Assessor Use Only – Question 7

Choose an item. Click or tap to enter a date.

Assessor Feedback

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 12

OVERALL MARKING RESULT FORM (For the Assessor’s Use Only)

Assessment Details

Student’s Name:      

Student ID:      

Assessor’s Name:      

Workbook Part A: Knowledge Questions

Unit of Competency BSBFIA401 Prepare Financial Reports

Overall Assessors Decision Choose an item.

BSBFIA401 Prepare Financial Reports

Knowledge Assessment Result Date

Question 1 Choose an item. Click or tap to enter a date.

Question 2 Choose an item. Click or tap to enter a date.

Question 3 Choose an item. Click or tap to enter a date.

Question 4 Choose an item. Click or tap to enter a date.

Question 5 Choose an item. Click or tap to enter a date.

Question 6 Choose an item. Click or tap to enter a date.

Question 7 Choose an item. Click or tap to enter a date.

BSBFIA401 Student Workbook – Part A Knowledge Questions Version No. 1.1Australian College of Business and Accounting Page 13