UPDATED 03 DONE ASSESSMENT J
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
ASSESSMENT TASK 1 – KNOWLEDGE QUESTIONS
Assessment task instructions:
This is the first assessment task which consists of eleven (11) written knowledge questions. You must
complete all the knowledge questions at the required level to obtain a “Satisfactory” outcome.
Purpose of the assessment task:
The purpose of the assessment task is to assess your knowledge of the following:
roles, responsibilities and limitations of bookkeepers and accountants
methods to develop effective working relationships
methods to establish and maintain clear communication channels
requirements of accounting and bookkeeping industry codes of conduct
components of accounting and bookkeeping work activities
functions and features of resources, timelines and activities in work plans relating to performance
evidence
policies and procedures relevant to own role in accounting and bookkeeping industry
functions and features of professional development plans
methods to update professional development plans
statutory, legislative and regulatory requirements relevant to licensing in the accounting and
bookkeeping industry and own role
organisational operational protocols relating to performance evidence.
Assessment conditions and resources:
Assessment will be conducted in a safe simulated environment where you will have access to:
organisational policies, procedures, legislation, regulations and codes of conduct required for own
role, office equipment, technology, software and consumables required for own role.
Questions:
1.1
Complete the following table by outlining two roles, responsibilities and limitations
for each of bookkeepers and accountants.
(Guide: 50 - 80 words each)
Aspect
Bookkeepers
Accountants
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 1
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Roles
Bank Reconciliation: Bookkeepers
reconcile the business's bank
statements with its financial
records to ensure that all
transactions
are
accurately
recorded. They identify and
resolve any discrepancies, such as
missing or mismatched entries.
Payroll Processing: Bookkeepers
often manage payroll functions,
including calculating employee
wages, taxes, and benefits. They
ensure accurate deductions,
prepare payroll reports, and
process payments to employees.
Financial Reporting: Bookkeepers
assist in the preparation of
financial reports, such as income
statements, balance sheets, and
cash flow statements. They
provide accurate and up-to-date
financial information to business
owners,
managers,
and
accountants for decision-making
and analysis.
Budgeting and Financial Planning:
Accountants participate in the
budgeting and financial planning
process by analyzing financial data,
forecasting future revenues and
expenses, and assisting in setting
financial goals and strategies. They
monitor budget performance and
provide recommendations for cost
control and efficiency
improvement.
Financial Analysis: Accountants
analyze financial data to assess the
organization's financial health,
profitability, and efficiency. They
interpret financial ratios, trends,
and variances to identify areas for
improvement, evaluate investment
opportunities, and support strategic
decision-making.
Management Accounting:
Accountants provide management
with financial information,
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 2
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Responsibilitie
s
Recording Financial Transactions:
Bookkeepers are responsible for
accurately recording all financial
transactions of an organization.
This involves maintaining a
general ledger and recording
transactions such as sales,
purchases, expenses, receipts,
and payments. They ensure that
each transaction is properly
classified and entered into the
appropriate accounts.
Reconciling
Accounts:
Bookkeepers reconcile various
accounts to ensure that the
organization's financial records
align with external statements,
such as bank statements, credit
card statements, and vendor
statements. This process involves
comparing
the
recorded
transactions with the actual
transactions and resolving any
discrepancies.
Managing Accounts Receivable
and
Accounts
Payable:
Bookkeepers track and manage
accounts
receivable,
which
includes monitoring customer
payments, issuing invoices, and
following
up
on
overdue
payments.
Payroll Processing: Bookkeepers
may be responsible for managing
the organization's payroll.
Financial Record-Keeping:
Accountants are responsible for
maintaining accurate and up-to-
date financial records.
Financial Reporting: Accountants
prepare financial statements, such
as
balance
sheets,
income
statements,
and
cash
flow
statements, to summarize the
financial position and performance
of a company.
Budgeting
and
Forecasting:
Accountants help organizations
develop budgets and financial
forecasts.
Tax Planning and Compliance:
Accountants ensure compliance
with tax laws and regulations.
They calculate and prepare tax
returns, advise on tax planning
strategies,
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Limitations
Professional Licensing: In
some jurisdictions,
bookkeepers may not have the
same professional licensing
requirements as accountants.
This means they may have
limitations in performing
certain tasks, such as
providing tax advice or auditing
financial statements.
Complex Financial Situations:
Bookkeepers may face
challenges when dealing with
complex financial transactions
or situations.
In such cases, they may need
to consult with accountants or
other financial professionals to
ensure accuracy and
compliance.
Legal and Regulatory
Constraints: Bookkeepers
must adhere to relevant legal
and regulatory requirements
when recording financial
transactions.
They should be aware of
accounting standards and
guidelines to ensure the
organization's financial records
are in compliance.
Limited Scope: Accountants focus
on financial information and
reporting, which provides a narrow
perspective on a company's overall
performance. They may not
consider non-financial factors such
as customer satisfaction, employee
morale, or market trends, which
can impact the long-term success of
a business.
Compliance-Oriented: Accountants
often focus on ensuring compliance
with accounting standards and
regulatory requirements.
While this is crucial for maintaining
transparency and integrity in
financial reporting, it can
sometimes result in a rigid
approach that overlooks the
broader objectives of the
organization.
Lack of Industry-Specific
Knowledge:
Accountants possess a general
understanding of accounting
principles and practices, but they
may lack in-depth knowledge of
specific industries.
1.2
Complete the following table by providing three ways to use each listed method to
develop effective working relationships
.
(Guide: 3 bullet points for each ach)
The candidate must complete the following table by providing three ways to use
each listed method to develop effective working relationships.
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Develop trust with colleagues. For a satisfactory performance, the candidate's
responses must be specific ways to help build a trusting relationship with the
people you work with.
Be respectful of others. For a satisfactory performance, the candidate's
responses must be specific ways to be respectful with the people you work with.
Methods
How the Method is used
Develop Trust
with
Colleagues
Communication: Maintain open and transparent communication with
your colleagues. Listen actively to their concerns, ideas, and feedback,
and respond thoughtfully. Regularly provide updates on shared projects
and be proactive in sharing relevant information.
Reliability: Consistently deliver on your commitments and meet
deadlines. When you make promises or commitments, follow through
on them. Be accountable for your actions and take responsibility for any
mistakes or setbacks.
Competence: Demonstrate your competence and expertise in your role.
Stay up-to-date with industry trends, enhance your skills, and share your
knowledge with others. Be willing to assist colleagues and offer support
when needed.
Collaboration: Foster a collaborative environment by encouraging
teamwork and cooperation. Value diverse perspectives and encourage
input from all team members. Recognize and appreciate the
contributions of your colleagues.
Respect and Empathy: Treat your colleagues with respect and empathy.
Be considerate of their opinions, feelings, and boundaries
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Be Respectful
of Others
Active listening: When engaging in a conversation, it's important to
listen attentively to the person speaking. Show genuine interest by
maintaining eye contact, nodding, and providing verbal cues that
indicate you're paying attention. Avoid interrupting or dominating the
conversation and allow the speaker to express their thoughts and ideas
fully.
Empathy and understanding: Put yourself in the other person's shoes
and try to understand their experiences, emotions, and perspectives.
This involves being open-minded, non-judgmental, and willing to
consider different viewpoints. Recognize that everyone has their own
unique background and beliefs, and approach conversations with a
willingness to learn and grow.
Politeness and courtesy: Use polite language, greetings, and expressions
when interacting with others. Simple acts of kindness, such as saying
"please" and "thank you," can go a long way in demonstrating respect.
Avoid offensive or derogatory language and be mindful of cultural
differences to ensure your words and actions are respectful and
inclusive.
1.3
Complete the following table by explaining how to use the given methods to
establish clear communication channels. The candidate must complete the
following table by explaining how to use the given methods to establish clear
communication channels.
(Guide: 50 - 80 words each)
Method
How to use
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Conduct a
One-On-One
Interaction
Introduction and rapport-building:
Begin by introducing yourself and establishing a friendly and
professional tone.
Use appropriate greetings and ask how the person is doing to initiate a
conversation.
Build rapport by showing genuine interest and actively listening to their
responses.
Set the agenda:
Clearly communicate the purpose of the interaction and what you hope
to achieve.
Outline the topics or issues you would like to discuss.
Give the person an opportunity to express their agenda or any specific
concerns they may have.
Active listening:
Pay close attention to what the person is saying and show genuine
interest.
Maintain eye contact, nod, and use verbal cues to indicate
understanding and engagement.
Avoid interrupting and let the person express their thoughts and ideas
fully.
Ask open-ended questions:
Use open-ended questions to encourage the person to share their
opinions, thoughts, and feelings.
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 7
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Regular Staff
Meetings
Establish a consistent schedule: Set a recurring time and date for the
staff meetings, such as every week or month, to ensure everyone knows
when to expect them. Stick to the schedule as much as possible to
maintain consistency.
Define the purpose and objectives: Clearly communicate the purpose of
the staff meetings to the team. Are they meant for sharing updates,
discussing challenges, brainstorming ideas, or making decisions? Clearly
define the objectives to keep the meetings focused and productive.
Prepare an agenda: Before each staff meeting, create an agenda that
outlines the topics to be discussed. Share the agenda with the team in
advance so they can come prepared. This helps ensure that the meeting
stays on track and covers all the necessary points.
Encourage participation: Staff meetings should be interactive and
provide an opportunity for everyone to contribute. Encourage team
members to share their ideas, ask questions, and provide updates.
Create a supportive environment where everyone feels comfortable
speaking up.
Keep it concise: Respect everyone's time by keeping the meetings
concise and efficient. Stick to the agenda, avoid going off on tangents,
and encourage focused discussions
1.4
Explain the listed requirements of the following bookkeeping and accounting codes
of conduct.
(Guide: 50 - 80 words each)
Institute of Certified Bookkeepers (ICB) Code of Professional Conduct
Requirement
Explanation
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 8
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Fundamental
Principle 6:
Preserving
Client
Confidentiality
Privacy and Trust: Clients need to feel secure that the information they
share with professionals will be kept confidential. This trust is crucial for
clients to disclose sensitive and personal details without fear of
judgment or unauthorized disclosure.
Professional Responsibility: Professionals have a responsibility to protect
the privacy and confidentiality of their clients. This responsibility
extends to all forms of communication, including written records,
electronic data, and verbal discussions.
Legal and Ethical Obligations: Many professions have legal and ethical
obligations to maintain client confidentiality. Laws and regulations, such
as attorney-client privilege or doctor-patient confidentiality, may govern
specific professions and outline the boundaries of confidentiality.
Informed Consent: Professionals should inform clients about the limits
of confidentiality at the outset of their relationship. This includes
explaining situations where confidentiality may be breached, such as
when there is a risk of harm to the client or others, or when required by
law.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Fundamental
Principle 8: Not
Providing
Advice
Fundamental Principle 8, "Not Providing Advice," refers to the ethical
guidelines followed by professionals and organizations in various fields,
such as law, medicine, finance, and counseling. The principle states that
professionals should refrain from giving specific advice or
recommendations to individuals or clients without considering their
unique circumstances, needs, and goals.
The rationale behind this principle is to ensure that professionals
maintain objectivity, avoid conflicts of interest, and uphold their duty of
care towards their clients. Providing advice without a comprehensive
understanding of the individual's situation can potentially lead to
negative outcomes or harm.
Instead of offering direct advice, professionals are encouraged to
provide information, guidance, and support that empower individuals to
make informed decisions.
CPA APES 110 Code of Ethics for Professional Accountants
Requirement
Explanation
Subsection
111 – Integrity
(paragraph
r111.1)
Fundamental Principle 8, “Not Providing Advice,” refers to the ethical
guidelines followed by professionals and organizations in various fields,
such as law, medicine, finance, and
Counselling.
The principle states that professionals should refrain from giving specific
advice or recommendations to individuals or clients without considering
their unique circumstances, needs, and goals.
The rationale behind this principle is to ensure that professionals
maintain objectivity, avoid conflicts of interest, and uphold their duty of
care towards their clients. Providing advice without a comprehensive
understanding of the individual’s situation can potentially lead to
negative outcomes or harm.
Instead of offering direct advice, professionals are encouraged to
provide information, guidance, and support that empower individuals to
make informed decisions.
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 10
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Subsection
113 –
Professional
Competence
and Due Care
(paragraph
r113.1)
Subsection 113 refers to a specific provision within a professional code
of conduct or ethical guidelines that outlines the principles of
professional competence and due care. This provision typically applies
to various professions, including but not limited to accounting, auditing,
legal services, and consulting.
Professional competence refers to the knowledge, skills, and expertise
that professionals are expected to possess in order to perform their
duties effectively. It requires professionals to acquire and maintain a
level of proficiency that allows them to deliver high-quality services in
their respective fields. This includes staying up-to-date with relevant
laws, regulations, industry standards, and best practices, as well as
continuously developing their skills and knowledge.
Due care, on the other hand, refers to the level of diligence and
thoroughness that professionals are expected to exercise when
providing their services. It involves taking reasonable steps to ensure
that all tasks are completed with accuracy, objectivity, and
professionalism. Professionals must exercise professional skepticism and
exercise judgment in order to identify potential errors, omissions, or
irregularities that may arise during their work.
1.5
List
the tasks
involved
in
each given bookkeeping and accounting work activities.
(Guide: 50 - 80 words each)
KE5.0
Bookkeeping Work Activities
Component of
Work Activity
Tasks
Acting as a
liaison officer
Communicating with clients, vendors, and other stakeholders.
Acting as a point of contact between different departments or
teams.
Facilitating effective communication and collaboration within
the organization.
Providing assistance and support to resolve issues or concerns
raised by clients or stakeholders.
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Record-
keeping
Financial Data Entry: Entering financial transactions into
accounting software or spreadsheets.
Invoicing: Creating and sending invoices to clients for goods or
services provided.
Expense Tracking: Recording and categorizing business
expenses, including receipts and invoices.
Bank Reconciliation: Matching the company's financial records
with bank statements to ensure accuracy.
Accounts Payable: Managing and recording payments to
suppliers and vendors.
Accounts Receivable: Tracking payments received from clients
and ensuring timely collection.
Payroll: Calculating and recording employee salaries, taxes,
and benefits.
Financial Reporting: Generating reports summarizing financial
data, such as balance sheets, income statements, and cash
flow statements.
Accounting Work Activities
Component of
Work Activity
Description
Conducting
financial
analysis
Gathering Financial Data: The first step is to collect relevant financial
information, including financial statements (such as income statements,
balance sheets, and cash flow statements), historical financial data,
budget reports, and other supporting documents.
Financial Statement Analysis: Analyzing the financial statements is a
fundamental aspect of financial analysis. This involves examining the
relationships and trends within the financial statements to assess the
entity's financial performance, liquidity, solvency, profitability, and
efficiency. Ratios and metrics like profitability ratios, liquidity ratios,
leverage ratios, and efficiency ratios are calculated and compared to
industry standards or competitors' benchmarks.
Trend Analysis: By analyzing financial data over time, trends and
patterns can be identified. This helps in understanding the entity's
financial performance and identifying areas of strength or concern. Key
financial indicators like revenue growth, profitability trends, and
expense patterns are analyzed to assess the entity's financial stability
and growth potential.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Acting as an
in-house tax
officer
Tax Compliance: Ensure the company complies with all applicable tax
laws, regulations, and reporting requirements. This involves staying
updated on tax legislation changes that may affect the company's tax
obligations.
Tax Planning: Develop and implement tax planning strategies to
optimize the company's tax position and minimize tax liabilities. This
may involve identifying tax incentives, deductions, credits, and
exemptions that the company can leverage.
Tax Return Preparation: Prepare and file accurate and timely tax returns
for the company, such as income tax returns, sales tax returns, payroll
tax returns, and any other relevant tax filings. Verify the completeness
and accuracy of financial information used for tax calculations.
Recordkeeping: Maintain organized and up-to-date records related to
the company's taxes, including financial statements, supporting
documents, tax forms, and correspondence with tax authorities. This
ensures easy retrieval of information during audits or inquiries.
Tax Audits and Inquiries: Assist in managing tax audits or inquiries from
tax authorities. Respond to inquiries, provide requested documentation,
and work with external tax advisors or auditors to resolve any tax-
related issues.
1.6
Describe the listed functions and features of resources, timelines and activities in a
work plan relating to performance evidence
.
(Guide: 30 - 50 words each)
Resources in a Work Plan
Function
Description
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 13
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Finances
Financial management encompasses several key areas, including:
Budgeting: Creating a financial plan that outlines expected income and
expenses to achieve specific goals. Budgeting helps individuals and
organizations track their financial resources and make informed
decisions about spending and saving.
Accounting: Recording, analyzing, and reporting financial transactions of
an individual, business, or organization. Accounting provides insights
into the financial health and performance by generating financial
statements such as balance sheets, income statements, and cash flow
statements.
Investment: Allocating funds to different assets, such as stocks, bonds,
real estate, or mutual funds, with the goal of generating returns or
income over time. Investment decisions involve assessing risks,
evaluating potential returns, and diversifying portfolios to achieve
financial objectives.
Feature
Description
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 14
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Tangibility
Tangibility refers to the quality or state of being tangible, which means
something that can be touched, felt, or perceived by the senses.
When describing tangibility, you can focus on various aspects such as
physical presence, perceptibility, and sensory experiences. Here's a
description of tangibility:
Tangibility evokes a profound sense of materiality, a world where the
intangible fades away, and the concrete takes center stage. It is the
realm of touch, where fingers caress and explore the physical contours
of objects, yielding a tactile connection with the world.
As you grasp an object, its weight and texture become apparent, adding
depth and substance to your perception. The coolness of marble, the
roughness of sandpaper, or the smoothness of polished wood—all these
sensations contribute to the palpable nature of tangibility.
Timelines in a Work Plan
Function
Description
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Present a
chronological
sequence of
events
Project Initiation:
Define the project goals, objectives, and scope.
Identify key stakeholders and establish communication channels.
Form a project team and assign roles and responsibilities.
Project Planning:
Conduct a thorough analysis of project requirements and constraints.
Develop a detailed project plan, including timelines, milestones, and
deliverables.
Allocate resources and define budgetary considerations.
Identify potential risks and develop a risk management strategy.
Kick-off Meeting:
Gather the project team and stakeholders to officially start the project.
Discuss the project objectives, scope, and deliverables.
Review the project plan, timelines, and individual responsibilities.
Address any questions or concerns and ensure everyone is aligned.
Execution:
Begin the actual work according to the project plan.
Monitor progress and track key performance indicators (KPIs).
Conduct regular team meetings to review progress, address issues, and
make adjustments if necessary.
Collaborate with stakeholders and maintain open lines of
communication.
Quality Control:
Establish quality standards and processes to ensure deliverables meet
requirements.
Conduct regular quality checks and inspections.
Address any deviations or non-compliance promptly.
Continuously improve processes and implement lessons learned.
Risk Management:
Monitor identified risks and assess their impact on the project.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Feature
Description
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 17
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Easy tracking
of progress
Define your work plan: Start by breaking down your project or tasks into
smaller, manageable components. Clearly define the objectives, tasks,
and deadlines associated with each component. This step helps you
create a structured framework for your work plan.
Create a visual representation: Use a tool like a spreadsheet, project
management software, or a simple to-do list app to create a visual
representation of your work plan. This visual representation should
include columns or sections for key elements such as tasks, deadlines,
progress status, and additional notes.
Set milestones: Identify significant milestones or checkpoints within
your work plan. These can be specific deadlines, project phases, or
important deliverables. Clearly mark these milestones in your visual
representation to provide a clear sense of progress and achievement.
Track progress: Regularly update your visual representation with the
progress you've made on each task or component. You can use different
symbols, colors, or status indicators (e.g., "Not Started," "In Progress,"
"Completed") to represent the status of each task. As you complete
tasks, update their status accordingly.
Add notes and comments: Use the additional notes section in your
visual representation to jot down any relevant information, challenges
encountered, or next steps required for each task. This helps you
maintain a record of your thought process and provides context for
future reference.
Review and adjust: Periodically review your progress tracking document
to assess your overall progress and make any necessary adjustments to
your work plan.
Establish a timeline: Assign deadlines to each objective and action step
to create a timeline for your work plan. Setting specific dates helps you
stay on track and manage your time effectively. Consider any
dependencies or constraints that may impact the sequence or duration
of your tasks.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Activities in a Work Plan
Function
Description
Setting goals
and objectives
Setting goals and objectives is an important aspect of creating a work
plan. Goals provide a broad direction and purpose for your work, while
objectives are specific, measurable steps that help you achieve those
goals. Here's a description of how to set goals and objectives for your
work plan:
Identify your overall goal: Start by clarifying the ultimate outcome you
want to achieve. This could be a specific project deliverable, a desired
organizational change, or a personal career objective. Make sure your
goal is realistic, relevant, and aligned with your broader aspirations.
Break down the goal into objectives: Once you have defined your
overarching goal, break it down into smaller, manageable objectives.
Objectives should be specific, measurable, achievable, relevant, and
time-bound (SMART). Each objective should contribute to the
accomplishment of your overall goal.
Determine key performance indicators (KPIs): For each objective,
establish the metrics or indicators that will help you measure progress
and success. KPIs should be quantifiable and provide meaningful insight
into your performance. They allow you to track your progress and make
necessary adjustments along the way.
Prioritize objectives: Assess the relative importance and urgency of each
objective. Prioritize them based on their impact on your overall goal,
available resources, and any dependencies between objectives.
Feature
Description
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 19
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Constraints
Resource Constraints: These refer to limitations on the availability or
allocation of resources required to complete the work plan. Resources
can include personnel, equipment, facilities, and materials. Examples of
resource constraints include limited staffing, budget restrictions, or
unavailability of necessary tools or equipment.
Time Constraints: Time constraints relate to limitations on the duration
or schedule of the work plan. These can be imposed by external factors
such as project deadlines, contractual obligations, or seasonal
restrictions. Time constraints can also result from dependencies on
other activities or projects.
Scope Constraints: Scope constraints define the boundaries or extent of
the work plan. They include limitations on what can be accomplished
within the given project or task. Scope constraints may arise from
factors like budget limitations, project specifications, or stakeholder
expectations.
Quality Constraints: Quality constraints refer to limitations on the level
of quality that can be achieved within the work plan. These constraints
can be due to budget restrictions, time limitations, or resource
limitations. Quality constraints may impact the ability to meet certain
standards or adhere to specific requirements.
Legal and Regulatory Constraints: Work plans may be subject to legal or
regulatory constraints that dictate how certain activities should be
performed or what can be done.
1.7
Identify two policies of your organisation relevant to the role of a
finance officer.
Provide an outline of the policy.
(Guide: 50 - 80 words each)
AC4-22_4.1_FNSACC418 Assessment Tools
Version 1 Issued 29/09/2023
Page | 20
Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
a.
Policy
name:
Financial Reporting and Compliance Policy
Outline of
the policy:
Bounce Fitness adheres to strict financial reporting standards and
compliance regulations.
This policy outlines the procedures for accurate financial record-
keeping, timely reporting to regulatory authorities, and compliance
with taxation laws. It emphasizes transparency, accuracy, and
adherence to legal financial requirements, ensuring the finance
officer's role in maintaining financial integrity within the organization.
b.
Policy
name:
Budget Management and Control Policy
Outline of
the policy:
Bounce Fitness implements a comprehensive budget management
and control policy to ensure fiscal responsibility. This policy
establishes guidelines for creating budgets, monitoring expenses, and
controlling financial resources. It outlines the finance officer's
responsibilities in budget planning, allocation, and variance analysis.
By promoting cost-effectiveness and strategic financial decision-
making, this policy aids the finance officer in managing the
company's finances efficiently.
c.
Outline
two
procedures
Expense Approval Procedure:
This procedure outlines the steps for finance officers to review and
approve company expenses. It includes verifying the legitimacy of
expenses, cross-referencing them with budget allocations, and
ensuring proper documentation.
The finance officer must follow this procedure diligently to maintain
financial control and prevent overspending, thereby upholding the
Budget Management and Control Policy.
Financial Audit Preparation Procedure:
This procedure details the steps finance officers need to follow in
preparing for financial audits. It includes organizing financial records,
reconciling accounts, and ensuring compliance with auditing
standards.
By meticulously following this procedure, finance officers help the
organization meet its obligations regarding financial transparency, as
stated in the Financial Reporting and Compliance Policy.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
1.8
Describe four or more key functions and features that staff and managers would
insert into their professional development plans.
1. Skills Enhancement Workshops and Training Programs:
Staff and managers can attend workshops and training programs to enhance specific
skills relevant to their roles. These could include communication skills, leadership skills,
project management, technical skills, and more. These programs can be conducted in-
house or by external training providers and can be tailored to address specific needs
within the organization.
2. Mentorship and Coaching:
Implementing mentorship and coaching programs allows staff and managers to learn
from experienced professionals within or outside the organization. Mentors can provide
guidance, share insights, and offer constructive feedback, helping individuals navigate
challenges and make informed decisions. Regular mentoring sessions can be included in
the professional development plan to ensure continuous learning and growth.
3. Continuous Learning through Online Courses and Certifications:
The digital age offers a plethora of online courses, webinars, and certifications on
various subjects. Staff and managers can include continuous learning as a key feature in
their development plans. They can enroll in online platforms like Coursera, edX, or
LinkedIn Learning to acquire new knowledge and earn certifications in areas such as
data analysis, digital marketing, leadership, and more. These certifications not only
enhance skills but also add credibility to their expertise.
4. Goal Setting and Progress Tracking:
Professional development plans should include specific, measurable, achievable,
relevant, and time-bound (SMART) goals. Staff and managers can set clear objectives,
such as mastering a new software, improving team collaboration, or achieving a
leadership position. Regular progress tracking and evaluation against these goals help
individuals stay focused and motivated. Managers can provide feedback and support to
ensure that employees are on the right track to achieve their objectives.
1.9
Outline the steps involved in following the listed methods to update professional
development plans.
(Guide: list 5 to 7 steps for each)
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Method
Outline of Steps Involved in Following the Method
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Annual review
Define the Purpose and Objectives:
Clearly establish the purpose of the annual review.
Identify the specific objectives and outcomes you want to achieve.
Gather Relevant Information:
Collect all the necessary data and information related to the review.
This may include performance metrics, financial reports, project
summaries, customer feedback, etc.
Ensure you have comprehensive and up-to-date information.
Review Goals and Targets:
Evaluate the goals and targets set for the previous year.
Assess the progress made towards achieving those goals.
Identify any gaps or areas where improvements can be made.
Evaluate Performance:
Assess individual and team performance.
Review key accomplishments, challenges faced, and lessons learned.
Consider both quantitative and qualitative factors.
Analyze Financial Performance:
Review financial statements, budgets, and expenditure reports.
Analyze revenue, costs, profitability, and financial trends.
Identify areas of improvement or potential cost savings.
Solicit Feedback:
Gather feedback from relevant stakeholders, such as employees,
customers, and partners.
Evaluate the organization's strengths and weaknesses based on the
information gathered.
Identify areas where the organization excelled and areas that need
improvement.
Consider both internal and external factors.
Set New Goals and Targets:
Based on the review and analysis, establish new goals and targets for
the upcoming year.
Ensure that the new goals align with the organization's overall strategy
and objectives.
Make the goals specific, measurable, attainable, relevant, and time-
bound (SMART).
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Ad-hoc review
Define the Purpose: Clearly identify the purpose of the ad-
hoc review. Determine what specific information or problem
you are trying to address through the review process.
Gather Relevant Information: Collect all the necessary
information related to the subject matter. This may include
documents, reports, data, or any other relevant materials
that are required to conduct a comprehensive review.
Establish Review Criteria: Define the criteria against which
the information will be evaluated.
Review the Information: Carefully examine the gathered
information using the established criteria.
Identify Findings: Based on the review, compile a list of
findings that highlight the key observations, insights, or
issues discovered during the review process.
Develop Recommendations: Based on the findings,
generate recommendations for improvements or actions
that can address the identified issues or capitalize on the
identified strengths.
Communicate the Results: Prepare a comprehensive report or
presentation summarizing the findings and recommendations
1.10
Describe the listed statutory, legislative and regulatory requirements relevant to
licencing in the accounting and bookkeeping industry and your role as a tax agent..
(Guide: 50 - 80 words each)
KE10.0
Tax Agent Services Act 2009
Qualification
Requirements
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Registered tax
agent or BAS
agent
Individual
Registered Tax Agent:
Education and Experience: To become a registered tax agent, an
individual must meet the TPB's education and experience
requirements. Typically, this involves completing an approved course
in taxation or accounting and having a certain amount of experience
in providing tax services.
Fit and Proper Person: The individual must be assessed as a fit and
proper person, which means they must have good character,
integrity, and professionalism.
Professional Indemnity Insurance: Registered tax agents are required
to maintain professional indemnity insurance to cover the tax agent
services they provide.
BAS Agent:
BAS Agent Services: If an individual provides BAS services for a fee or
other reward, they need to be registered as a BAS agent. BAS
services include tasks like preparing or lodging BAS, providing advice
about BAS provisions, and dealing with the Australian Taxation Office
(ATO) on behalf of a client regarding BAS matters.
BAS Agent Course: Individuals can become registered BAS agents by
completing a Board-approved BAS agent course that covers the
relevant areas of taxation and BAS services.
Experience: While specific experience requirements exist, the TPB
assesses applications on a case-by-case basis.
Fit and Proper Person: Similar to tax agents, BAS agents must also be
assessed as fit and proper persons
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Registered tax
agent or BAS
agent
Partnerships
a Registered Tax Agent and a Business Activity Statement (BAS)
Agent are professionals who provide taxation and BAS services to
individuals, businesses, and other entities. These agents play a
crucial role in helping taxpayers meet their tax obligations and ensure
compliance with the Australian Taxation Office (ATO) regulations.
Registered Tax Agent:
A Registered Tax Agent is a professional who is registered with the Tax
Practitioners Board (TPB) in Australia. These agents are qualified
individuals, including accountants and other financial professionals,
who are authorized to provide tax-related services to clients. They
can prepare and lodge tax returns, provide tax advice, and represent
clients in their dealings with the ATO. Tax agents undergo specific
education and experience requirements and must adhere to a code of
professional conduct.
BAS Agent (Business Activity Statement Agent):
A BAS Agent is a specialized type of tax agent who is specifically
authorized to provide assistance and advice regarding Business
Activity Statements. Business Activity Statements are forms used by
businesses in Australia to report and pay a variety of taxes, including
Goods and Services Tax (GST). BAS Agents are experts in GST, payroll
tax, and other indirect taxes. They can help businesses with BAS
lodgment, provide advice on GST compliance, and ensure that
businesses meet their reporting obligations accurately and on time.
Partnerships:
A partnership is a business structure in which two or more individuals
or entities operate a business together and share the profits and
losses. Partnerships are a popular choice for small and medium-sized
businesses due to their simplicity and ease of formation. In a
partnership, the partners are jointly responsible for the business's
operations and financial obligations. Partnerships are not separate
legal entities, meaning that the partners are personally liable for the
partnership's debts.
In the context of registered tax agents and BAS agents, partnerships
can engage these professionals to assist with their taxation and BAS
requirements. Partnerships, like other business entities, must comply
with tax laws, and having a registered tax agent or BAS agent can be
invaluable in ensuring accurate reporting and compliance with the
ATO regulations.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Registered tax
agent or BAS
agent
Companies
Tertiary Qualifications: You must have at least one of the following
qualifications:
à
A recognized accounting degree or diploma
à
A recognized law degree
à
A recognized diploma or higher qualification in taxation law
à
A recognized diploma or higher qualification in accounting that
includes a study of taxation law.
Experience Requirements: In addition to the tertiary qualifications, you
must also have a minimum of 18 months of experience, within the past
five years, in tax-related matters under the supervision of a registered
tax agent or a tax lawyer.
Tax Agent Services Regulations 2022
Qualification
Requirements
Registered
BAS agent
Accounting
qualifications
Competency requirements: You must satisfy the TPB's minimum
competency requirements. This includes having the necessary
knowledge and skills to provide BAS services. The TPB provides
guidelines on the specific knowledge areas and competencies required.
Minimum qualifications: You must have at least one of the following
minimum qualifications:
a. A Certificate IV in Accounting or Bookkeeping from a registered
training organization (RTO).
b. A higher-level qualification in accounting or bookkeeping (e.g.,
diploma, bachelor's degree) from an RTO.
c. Membership of a professional accounting or bookkeeping association
that is approved by the TPB.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Registered tax
agent
Tertiary
qualifications -
accounting
Tertiary Qualifications: You must have at least one of the following
qualifications:
à
A recognized accounting degree or diploma
à
A recognized law degree
à
A recognized diploma or higher qualification in taxation law
à
A recognized diploma or higher qualification in accounting that
includes a study of taxation law.
Experience Requirements: In addition to the tertiary qualifications, you
must also have a minimum of 18 months of experience, within the past
five years, in tax-related matters under the supervision of a registered
tax agent or a tax lawyer.
Registered tax
agent
Tertiary
qualifications -
specialist
In many countries, including Australia, tax agents are regulated by the
tax authorities or professional bodies such as the Australian Taxation
Office (ATO) or the Tax Practitioners Board (TPB). These organizations
typically have certain requirements that tax agents must meet in order
to become registered.
While there may not be a specific tertiary qualification required, tax
agents are generally expected to have a strong understanding of tax
laws and regulations. Many tax agents choose to pursue tertiary
qualifications in fields such as accounting, finance, or taxation to acquire
the necessary knowledge and skills. These qualifications can include a
bachelor's degree in accounting or finance, a master's degree in
taxation, or professional certifications such as Certified Practising
Accountant (CPA) or Chartered Accountant (CA).
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Registered tax
agent
Tertiary
qualifications -
law
Australia:
To become a registered tax agent in Australia, you must meet the
eligibility requirements set by the Tax Practitioners Board (TPB). The TPB
requires tax agents to have a minimum level of education, which
typically includes either:
a) Completion of a recognized tertiary qualification in accounting,
commerce, or law, with a major in taxation, or
b) Completion of a recognized tertiary qualification in any field plus a
specific tax law qualification.
The TPB recognizes qualifications from various educational institutions,
including universities and vocational training providers.
1.11
Determine and list organisational operational protocols relating to performance
evidence.
(Guide: 8+ bullet points with overview)
Clear Performance Criteria: Establish specific, measurable, attainable, relevant, and
time-bound (SMART) performance criteria that employees need to meet. This provides a
clear benchmark for performance evaluation.
Regular Performance Reviews: Implement a regular performance review process, such
as quarterly or annually, where supervisors assess employees' performance against
established criteria. Provide constructive feedback during these reviews.
Documentation Standards: Define protocols for documenting performance evidence.
This includes setting guidelines on what types of evidence are acceptable (e.g., reports,
customer feedback, project outcomes) and how they should be stored and organized.
Data Accuracy and Integrity: Ensure that the performance evidence collected is
accurate, reliable, and unbiased. Implement checks and balances to maintain data
integrity, which may involve verification processes or cross-checking information from
multiple sources.
Performance Monitoring Tools: Utilize technology and tools to monitor performance
metrics in real-time. These tools can provide insights into employee productivity,
customer satisfaction, and other relevant performance indicators.
Confidentiality and Security: Establish protocols for handling sensitive performance
data. Ensure that employee performance records are kept confidential and secure,
following data protection laws and regulations.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Training and Support: Provide training to employees and managers on how to collect,
document, and interpret performance evidence effectively. Support should also be
available for employees who need assistance in meeting performance criteria.
Continuous Feedback Culture: Foster a culture of continuous feedback where employees
receive timely and constructive input on their performance. Encourage regular
communication between supervisors and employees to address performance issues
promptly.
Recognition and Rewards: Establish protocols for recognizing and rewarding outstanding
performance. This can include bonuses, promotions, public recognition, or other
incentives to motivate employees to excel in their roles.
Performance Improvement Plans (PIPs): Develop protocols for implementing
Performance Improvement Plans for employees who are struggling to meet performance
expectations. These plans should outline specific actions, timelines, and support
mechanisms to help employees improve their performance.
Compliance and Ethics: Ensure that all performance evaluation protocols align with legal
requirements and ethical standards. This includes avoiding discriminatory practices and
ensuring fairness in performance assessments.
ASSESSMENT TASK 2 – PRACTICAL ACTIVITIES
Assessment task instructions:
This is your second (2
nd
) assessment task which consists of a case study, scenarios and
practical activities. You must complete all the practical activities at the required level to
obtain a “Satisfactory” outcome.
Purpose of the assessment task:
The purpose of the assessment task is to assess your skills abilities to:
identify key roles and responsibilities of organisation’s accounting team and alternative
service providers
research and identify compliance requirements and ethical practices relevant to own
role
develop at least one system and guidelines for work procedures that comply with
legislative requirements
plan, communicate and support the team to complete at least three work activities that
contribute to the team environment
identify and undertake at least two professional development opportunities to increase
skills for own work role.
Assessment conditions and resources:
Assessment will be conducted in a safe simulated environment where you will have access
to: organisational policies, procedures, legislation, regulations and codes of conduct
required for own role, office equipment, technology, software and consumables required for
own role.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Activities:
2.1
Read the case study below and complete the tasks.
Case Study: Raptis Seafoods
Raptis Seafoods is a fast growing business in Australian wild caught seafood industry. Ray
White is the owner of the business. The organsiation used manual system of accounting. As
the business is growing, the business
wishes to start using MYOB AccountRight to handle
the financial transactions of the business.
Raptis Seafood’s accountant has been late to in paying the Business Activity Statement and
Superannuation requirements. Ray White was a bit concerned and had a discussion with the
accountant. The accountant has advised the Ray White to hire a book keeper that would
help the business handle its finances and he will continue to lodge your BAS, but the
bookkeeper should supply the supporting documents. The accountant of the business has
also suggested Ray White by hiring a bookkeeper he will have the more time to dedicate to
other areas of the business.
The owner of the business hired you as a bookkeeper and has arranged a meeting with you
and the Accountant of the business. The agenda of the meeting is to clarify the business
needs and expections and develop professional working relationships.
In this task, you are required to take on the role of Bookkeeper of Raptis Seafoods. Your
trainer/assessor will act as the Accountant and role of the business owner will be allocated
to any student in the classroom. During the meeting, the owner and the accountant will
clarify the business needs, expectations and the work activities to be carried out for the
business.
Owner will:
Introduce you to the accountant of the organsiation
Tell you that they have choosen to use MYOB AccountRight as accounting system.
The reason why the business has decided to hire you.
Accountant will:
provide a detailed description about business needs and expectations:
Raptis Seafoods has chosen to implement MYOB AccountRight as their accounting system
to handle their financial transactions. The decision to hire you, the bookkeeper, has been
made to address several key business needs and expectations:
Efficient Financial Management: Raptis Seafoods recognizes the importance of efficient
financial management, especially as the business is experiencing rapid growth. By adopting
MYOB AccountRight and bringing you on board, the business aims to streamline its financial
processes and ensure accuracy in accounting records.
Timely Compliance: The business has faced issues with late payments for Business Activity
Statements (BAS) and Superannuation requirements. Timely compliance with these
financial obligations is crucial to avoid penalties and maintain the business's financial
reputation. Your role as a bookkeeper will involve ensuring that all statutory obligations are
met promptly and accurately.
Supporting Documents: The accountant has suggested that you, as the bookkeeper, will be
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
responsible for providing necessary supporting documents. This expectation implies that
you will maintain organized records, making it easier for the accountant to file BAS and
other financial documents promptly.
Time Management: The owner and the accountant both expect that by hiring a dedicated
bookkeeper, the accountant can focus on strategic financial planning and other essential
aspects of the business. Your role will involve efficiently managing financial tasks, allowing
the accountant and the owner to concentrate on business growth and development.
Professionalism and Accuracy: The business expects a high level of professionalism and
accuracy in handling financial transactions. Mistakes in financial records can lead to
significant issues, so attention to detail and precision in accounting tasks are paramount.
Communication and Collaboration: Effective communication and collaboration between you,
the bookkeeper, the owner, and the accountant are essential. Regular updates, clear
reporting, and collaboration on financial decisions will be expected to ensure that everyone
is on the same page regarding the company's financial health.
Adaptability: The business landscape and financial regulations can change. The owner and
the accountant expect you to be adaptable, staying updated with the latest industry trends
and accounting standards. This adaptability will help the business maintain compliance and
make informed financial decisions.
In summary, the business needs you, the bookkeeper, to bring efficiency, accuracy, and
professionalism to their financial processes. Your role is vital in ensuring timely compliance,
maintaining organized records, and enabling the accountant and the owner to focus on
strategic aspects of the business for continued growth and success. Effective
communication and adaptability are also key expectations, allowing the business to
navigate changing financial landscapes effectively.
a)
Respond to Bookkeeper on the activities that are outside of his roles and
responsibility. You must agree to perform the activtities by your self.
Llist of activities that are outside my scope of work as a bookkeeper and should be
managed separately:
Legal Matters: Legal issues such as contracts, disputes, or any other legal proceedings
should be handled by a qualified lawyer or legal expert. Bookkeepers are not trained or
authorized to provide legal advice.
Taxation and Financial Advice: While I can manage financial transactions and records,
providing tax advice or complex financial planning falls under the expertise of certified
accountants or financial advisors. For detailed tax planning and financial advice, it's
essential to consult with a qualified professional.
Human Resources and Payroll Management: Managing employee contracts, payroll
processing, and human resources-related tasks should be handled by HR professionals who
are well-versed in employment laws and regulations. While I can assist in basic payroll data
entry, the overall management of HR activities requires specialized knowledge.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
IT and Technology Support: Handling technical issues related to software, hardware, or
network problems are beyond the scope of a bookkeeper. IT-related problems should be
addressed by IT specialists or support staff.
Strategic Business Decisions: Long-term business planning, major investment decisions,
and strategic business initiatives are typically made by the business owner in consultation
with top management and possibly financial consultants. Bookkeepers are not responsible
for making these high-level decisions.
Sales and Marketing: Initiatives related to sales strategies, marketing campaigns, and
customer outreach are areas managed by marketing professionals. Bookkeepers do not
play a direct role in these activities.
Inventory Management: While I can record inventory transactions, the overall management
of inventory levels, reordering strategies, and stock control require specialized inventory
management software and expertise.
As the bookkeeper, I am responsible for accurately recording financial transactions,
managing accounts payable and receivable, reconciling accounts, generating financial
reports, and ensuring compliance with financial regulations.
b)
Ask bookkeeper about the ethical principles and practices in his own role.
You will:
Clarify the business needs and expectations of work to be done
Identify activities that fall outside your (Bookkeeper’s) role and responsibilities
and discuss it with the accountant.
Bookkeeper (You): Thank you for arranging this meeting, Ray. I appreciate the opportunity
to work with Raptis Seafoods. Before we proceed, I would like to discuss the ethical
principles and practices that guide my role as a bookkeeper. Integrity and confidentiality
are paramount in my profession. I ensure accurate financial records, handle sensitive
information with care, and comply with all relevant laws and regulations. I also commit to
maintaining my professional competence through continuous learning.
Accountant: That’s great to hear. Ethical conduct is crucial in the financial field. Now, let’s
clarify the business needs and expectations. Raptis Seafoods is expanding rapidly, and we
need a streamlined financial system. We’ve decided to transition from our manual
accounting system to MYOB AccountRight to manage our growing transactions efficiently.
Business Owner (Role-played by another student): Yes, Ray, as the owner, I need timely and
accurate financial reports. I want to ensure that our Business Activity Statements and
Superannuation requirements are submitted promptly and accurately. It’s crucial for our
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
business compliance and planning.
Bookkeeper (You): Understood, accuracy and timeliness are our top priorities. To achieve
this, I will diligently enter all financial transactions into MYOB AccountRight, reconcile
accounts, and generate regular financial reports. I will also ensure that all necessary
supporting documents are organized and readily available for auditing purposes.
Accountant: That sounds good. Additionally, we need you to work closely with Ray. He will
provide you with the necessary financial documents, but it's your responsibility to maintain
them accurately and securely. Also, if there are any transactions or financial activities that
fall outside the regular scope of bookkeeping, please bring them to my attention.
Bookkeeper (You): Absolutely, I will collaborate closely with Ray to ensure I have all the
required documents. If any unusual transactions or financial activities arise, I will
immediately notify you for further guidance. I understand the importance of clear
communication and will keep you updated on all financial matters.
Business Owner (Role-played by another student): That sounds like a solid plan. I believe
with this system in place, we can avoid any delays in our financial responsibilities. Ray, it
seems like you’ll have more time to focus on other aspects of the business.
Bookkeeper (You): Definitely, with efficient financial management, Ray can concentrate on
growing other areas of the business. Rest assured, I am here to support the financial
backbone of Raptis Seafoods diligently and ethically.
This conversation clarifies the business needs, expectations, and the boundaries of the
bookkeeper's role, ensuring transparency and a clear understanding of responsibilities
among all parties involved.
c)
Identify network of individuals that can carry out those activities.
Refer business owner to networks for advice and services where applicable
Determine the roles and responsibilities of business owner, bookkeeper and
accountant based on business needs, expectations and activities to be carried
out.
Request feedback on range, type and quality of service to be provided and act
on feedback.
d)
Identify and respond on ethical principles and practices in your role as a
bookkeeper.
You
must record the work activities to be carried out, roles and responsibilities
and ethical principles and practices to be followed in the template provided
below:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Work activities to be carried out:
Students will be inserting and recording their own work activities in here.
Roles and responsibilities
Bookkeeper (You)
Owner
Accountant
Accurate data entry and
record keeping.
Timely reconciliation of
bank statements.
Preparation
and
submission of BAS and
superannuation
payments.
Generate
and
share
financial reports with the
owner and accountant.
Provide
necessary
financial documents and
transaction records.
Collaborate
with
the
bookkeeper to ensure
accurate financial data
entry.
Communicate business
financial
goals
and
concerns clearly.
Make timely payments
for superannuation and
provide employee payroll
information.
Provide guidance and
oversight on financial
matters.
Review and verify bank
reconciliations,
BAS
submissions,
and
superannuation
payments.
Analyze
financial
statements and offer
strategic financial advice
to the owner.
Communicate with the
bookkeeper and owner to
ensure
financial
compliance
and
accuracy.
Ethical principles and practices to be followed
Ethical Principles and Practices to be Followed:
Confidentiality:
Ensure the confidentiality of all financial records and sensitive business information.
Integrity:
Record all financial transactions accurately and honestly, without manipulation or fraud.
Professional Competence:
Stay updated with accounting regulations and best practices to perform duties competently.
Objectivity:
Provide unbiased and objective financial information and advice to the owner and
accountant.
Professional Behavior:
Maintain professionalism in all interactions with the owner, accountant, and other
stakeholders.
Compliance:
Adhere to relevant laws, regulations, and accounting standards while handling financial
transactions.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Conflict of Interest:
Disclose any potential conflicts of interest and act in the best interest of the business.
Transparency:
Be transparent in financial reporting and communicate openly about financial matters with
the owner and accountant.
2.2
Read the following scenario and compete the activity.
Scenario: Regular systems reviews
‘Raptis Seafoods’ has implemented a good accounting system which helps the business to
accurately measure business growth in terms of profitability. You, as an employee working
in the finance department, are expected review the system regularly and identify any areas
for improvement. You check regularly on efficiency and most current information on the
system to determine business performance.
You have a few new admin staff in your office and your manager requested that you hold a
short discussion and consultat with your new colleagues (class colleagues and/or your
assessor) about the need to review the finance and accounting systems at Raptis Seafoods
regularly.
As a result of the discussion and consultation, you have been asked by the manager to
write a short report on why assessing or reviewing accounting and bookkeeping systems is
required and for the business and necessary for the team to perform. The report will be
circulated to the new staff as a recap of your discussion.
a)
In this activity you are now to consult and discuss the scenario including regular
review of the finance and accounting systems during which you are to:
Introduce yourself to the new team members
Explain the MYOB and other systems used by the company
Explain and ask questions about the team’s understanding about regular
reviews
Answer any questions asked about the reviews.
Take nonets from the meeting in the space below. (Guide: as many notes as
necessary)
Note: your assessor will appoint your colleagues to hold your discussion.
Student notes
Meeting Notes:
Raptis Seafoods Finance and Accounting System Review
Discussion
Introduction:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Hello everyone, my name is Jasbleidy Arevalo and I work in the finance
department here at Raptis Seafoods. I've been with the company for a
few years and have experience in managing our accounting and
bookkeeping systems.
Explanation of Systems:
At Raptis Seafoods, we use MYOB (Mind Your Own Business) as our
primary accounting software. MYOB is a robust accounting software that
helps us manage various financial aspects of our business, such as
invoicing, expenses, payroll, and reporting. In addition to MYOB, we also
utilize other integrated systems that streamline our financial processes
and ensure accuracy in our records. These systems are essential for the
smooth operation of our finance department and the overall business.
Importance of Regular Reviews:
Regular reviews of our finance and accounting systems are crucial for
several reasons:
Accuracy and Compliance: Ensuring that our financial records are
accurate and compliant with regulations is vital. Regular reviews help us
identify any discrepancies and ensure that our financial statements are
reliable for decision-making and regulatory purposes.
Business Performance: By reviewing the data, we can gain insights into
our business performance. Tracking key financial metrics over time allows
us to assess profitability, identify trends, and make informed strategic
decisions.
Efficiency: Regular reviews help us assess the efficiency of our financial
processes. We can identify bottlenecks, streamline workflows, and
implement automation where necessary, saving time and resources.
Fraud Prevention: Regular reviews can uncover any irregularities or signs
of fraud. Detecting such issues early is essential to prevent financial
losses and maintain the integrity of our financial records.
Discussion and Questions:
I'd like to open the floor for questions and discussion.
How familiar are you with the concept of regular reviews in the context
of finance and accounting systems?
Does anyone have any specific questions or concerns about why we
conduct these reviews?
Understanding your perspectives will help us address any uncertainties
and ensure that we're all on the same page regarding the importance of
this process.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
JASBLEIDY AREVALO
CEO
b)
Write your report and use the following template.
who should be consulted with
why should these individuals be involved in the consultation process; and
what would should be the review be focusing and when / how often?
(Guide: 150 to 200 words)
Communication Report
(Meeting Minutes)
Report topic:
Raptis Seafoods Finance and Accounting System Review Discussion
Report developer:
JASBLEIDY AREVALO
Meeting date:
29 OCT 2023
Report to send to:
New Admin staff at Raptis Seafoods
Manager
Assessor
name
Team members:
STAKEHOLDERS
Student IDs
Report on the Importance of Regularly Reviewing Accounting and Bookkeeping Systems at
Raptis Seafoods
To: TEAM MEMBERS
From: CEO (JASBLEIDY AREVALO)
Date: 28 OCTOBER 2023
Subject: Importance of Regular System Reviews in Accounting and Bookkeeping at Raptis
Seafoods
In our dynamic business environment, it is imperative to regularly review our accounting
and bookkeeping systems at Raptis Seafoods to ensure accurate measurement of business
growth and profitability. During our recent discussion and consultation with colleagues, it
became evident that the involvement of key stakeholders is crucial for effective system
evaluation.
Who Should Be Consulted:
Finance Team: As the primary users of the accounting system, the finance team's insights
are invaluable in understanding the system's day-to-day functionality and identifying any
operational challenges.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
IT Specialists: Involving IT experts ensures that the system aligns with technological
advancements, ensuring seamless integration and security.
Department Heads: Consultation with department heads provides a comprehensive view of
specific departmental requirements, facilitating tailored system adjustments.
Why Should These Individuals Be Involved:
Diverse Perspectives: Involving multiple stakeholders ensures diverse perspectives, leading
to comprehensive system evaluation and effective problem-solving.
Operational Alignment: IT specialists ensure technological compatibility, while department
heads guarantee alignment with specific business needs, enhancing overall operational
efficiency.
Focus of the Review and Frequency:
The review process should focus on:
Efficiency: Assess the system's speed, accuracy, and ease of use to optimize daily
operations.
Data Accuracy: Regularly verify data integrity to maintain the credibility of financial
information.
Compliance: Ensure that the system adheres to regulatory standards, mitigating legal risks.
Frequency: Biannually, with an additional comprehensive annual review, ensures that our
systems remain agile and responsive to our evolving business requirements.
Regular consultation and thorough system reviews are integral to sustaining Raptis
Seafoods' financial health and operational excellence. Thank you for your attention to this
crucial matter.
Sincerely,
JASBLEIDY AREVALO
CEO
Raptis Seafoods
2.3
The work activities to be carried out have successfully been clarified. The owner of
the organisation has asked you to:
a)
Conduct research and identify:
organsiational financial policies and procedures (including ethical
requirements) that the business must have for bookkeeping purpose. Policies
and procedures identified must be in accordance with the compliance
requirements
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
legislative, statutory, regulatory and industry requirements for carrying out
own work activities.
b)
Develop procedures (including instructions and guidelines) for carrying out below
daily activities according to compliance requirements:
Creating and sending customer invoices
Depositing Cash and Cheques at the Bank
Importing Bank Statements into MYOB AccountRight
Receiving Receipts and Invoices (Expenses)
Reconciling Incoming Invoices (Expenses)
Note: The procedures developed must comply with legislative requirements. Refer
to any relevant ATO publications or forms, and any other relevant legislation,
regulations and codes to complete this task.
c)
Complete the template provided below. (Guide: 50-100 words each)
Organisational
financial
policies and
procedures that
the business
must have for
bookkeeping
purpose
Record Keeping: Implementing a policy for accurate and consistent
record-keeping ensures that all financial transactions are documented
properly. This includes invoices, receipts, payroll records, and any other
financial documents.
Segregation of Duties: Clearly defining roles and responsibilities within
the finance department ensures that no single individual has control over
all aspects of the financial transactions. This segregation reduces the risk
of fraud and errors.
Budgeting and Financial Planning: Having a well-defined budgeting
process helps in allocating resources effectively and ensures that the
business operates within its financial means.
Financial Reporting: Establishing guidelines for regular financial reporting,
such as monthly or quarterly reports, allows the management to monitor
the company's financial performance, identify trends, and make informed
decisions.
Compliance with Taxation Laws: Adhering to tax regulations, including
filing accurate tax returns and making timely payments, is crucial to
avoid legal issues and financial penalties.
Legislative,
statutory,
regulatory and
industry
requirements
for carrying out
own work
activities. (Any
five (5))
Taxation Laws: Compliance with national and local taxation
laws is mandatory. This includes understanding and adhering
to income tax regulations, sales tax, and other applicable
taxes.
Labor Laws: Understanding and following labor laws,
including minimum wage requirements, working hours, and
employment contracts, ensures fair treatment of employees
and avoids legal disputes.
Data Protection and Privacy Laws: Ensuring the
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
confidentiality and protection of customer and employee
data in accordance with data protection laws is essential to
maintain trust and avoid legal consequences.
Financial Reporting Standards: Adhering to accounting
standards such as Generally Accepted Accounting Principles
(GAAP) or International Financial Reporting Standards (IFRS)
ensures consistency and transparency in financial reporting.
Industry-specific Regulations: Depending on the nature of the
business, there might be specific industry regulations that
need to be followed.
Fraud Prevention: Regular reviews help in detecting and
preventing fraudulent activities. By cross-verifying records
and transactions, any discrepancies or suspicious activities
can be identified and investigated promptly.
Procedures for carrying out bookkeeping activities given below
Benchmarking for procedures is given in response area.
Creating and
sending
customer
invoices
Creating and Sending Customer Invoices:
Creation: Generate invoices for products or services provided
to customers. Include details such as item descriptions,
quantities, prices, and payment terms.
Sending: Invoices can be sent via email, traditional mail, or
through online invoicing systems. It's crucial to maintain a
record of sent invoices.
Depositing
Cash and
Cheques at the
Bank
Collection: Collect cash and cheques from customers and
other sources.
Recording: Record each transaction accurately, specifying
the source, amount, and date.
Depositing: Visit the bank to deposit the collected cash and
cheques into the business account.
Importing Bank
Statements into
MYOB
AccountRight
Access: Log into your MYOB AccountRight software.
Import: Use the software's import feature to bring in
electronic bank statements.
Reconciliation: Match the imported transactions with the
ones in your accounting records. Reconcile any
discrepancies.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Receiving
Receipts and
Invoices
(Expenses)
Receipts: Collect and keep receipts for business expenses.
These could include office supplies, utility bills, etc.
Recording: Enter these expenses into your accounting
system, specifying the date, amount, and nature of the
expense.
Organizing: Store physical receipts and digital copies
systematically for future reference and auditing purposes.
Reconciling
Incoming
Invoices
(Expenses)
Verification: Verify incoming invoices from suppliers for
accuracy and authenticity.
Recording: Enter these invoices into your accounting system
as accounts payable. Include details like the supplier's name,
invoice number, due date, and amount.
Payment: Ensure these invoices are paid on time to maintain
good relationships with suppliers.
2.4
One of your tasks as a bookkeeper at Raptis Seafoods
is receiving invoices, checking
invoices to see if paid, entering invoices into the system and setting up reminders to
reminder you to pay in 30 days, pay the invoice, mail to customer and file.
Create a flow chart, process or table with set of instructions below.
(Guide: 1 page)
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Process: Invoice Handling and Payment Process
Receive Invoice:
Check the physical/mail or email inbox regularly for incoming invoices.
Invoice Verification:
Verify the details on the invoice (e.g., correct amount, services/products received, vendor
information).
Check if the invoice has been paid previously by referencing the records in the accounting
system.
Enter Invoice Details:
If it’s a new invoice, enter the invoice details into the accounting system accurately.
Include invoice number, date, amount, vendor details, and due date.
Set Payment Reminder:
Set up a reminder in the system to prompt payment 30 days before the due date.
Ensure the reminder includes the vendor name, invoice number, and due date.
Payment Process:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Initiate the payment process on or before the due date.
Make the payment using the approved payment method (e.g., online transfer, check).
Record Payment:
Update the accounting system to reflect the payment made.
Include payment date, transaction/reference number, and payment amount.
Send Payment Confirmation:
If applicable, send a payment confirmation to the vendor for their records.
Include details such as payment date and transaction/reference number.
File Invoice and Payment Records:
File both the paid invoice and payment confirmation in an organized manner for future
reference.
2.5
As an accountant and bookkeeper at Raptis Seafoods
identify what policies,
procedures and codes of practice you would be accessing as part of your own
responsibility and information needs.
Send an email
to the new administration team listing the policies and
procedures they need to understand and review when working with
the company.
In your email, explain briefly of why each is necessary and why they
should pay attention to their content. (Guide 150 to 200 words).
Receive at least one email to show that this task was communicate
and received and following is to be completed:
o
Assessor will appoints individuals to respond
o
Assessor will advise the individual responding on questions to
ask in a response email
o
You are to respond to the email with your answers and advice.
Your
initial
email
Subject: Important Policies and Procedures for New
Administration Team
Dear New Administration Team,
Welcome to our company! We are delighted to have you on
board. To ensure a smooth integration and understanding of
our company’s operations, please familiarize yourselves with
the following policies and procedures:
Code of Conduct: This sets the tone for professional
behavior, promoting a positive work environment. Pay
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
attention to maintain a respectful and inclusive workplace
culture.
Data Security: Understand the protocols to protect sensitive
company and client information. This is crucial for
safeguarding our business and maintaining trust with our
clients.
Communication
Guidelines:
Clear
and
effective
communication is essential. Adhering to these guidelines
ensures that information flows efficiently within the team
and across departments.
Conflict Resolution: Learn how conflicts are resolved within
the company. Addressing issues promptly and professionally
fosters a harmonious work atmosphere.
Compliance Policies: Stay updated with legal and regulatory
requirements. Compliance ensures that our operations are
ethical, transparent, and within the boundaries of the law.
Teams initial
reply with
question
from one
member
Team Member 1(MARIA):
Hello team, I've been reading through the new
administration policies at Raptis Business, and I have a
question. How do these policies affect our current workflow,
especially in terms of project deadlines and client
communication?
Team Member 2 (DAVID):
Thanks for the initial response, John. I have a follow-up
question: Are there any training sessions or resources
provided to help us adapt to these new policies? It would be
helpful to know if there are any workshops or materials
available to ensure we understand and implement these
changes effectively.
Your own
response to
the
questions
Hello team member 1 MARIA:
The new administration policies at Raptis Business are
designed to enhance our efficiency and maintain a higher
level of professionalism. Regarding your question, these
policies might bring some changes to our workflow, including
revised project deadlines and updated protocols for client
communication. I recommend reviewing the specific sections
related to project management and client interactions in the
policy document for detailed information.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Hello DAVID,
Yes, Raptis Business understands the importance of a
smooth transition. There are indeed training sessions
planned to help everyone adapt to the new policies. These
sessions will cover the key changes and provide detailed
explanations on how to implement the policies in our daily
tasks. Additionally, there will be resources such as manuals,
online modules, and FAQs to support our learning process
effectively.
Reply after your
answers
That's great to hear, thank you for the information. One more
question: How often will these policies be reviewed or
updated? It's essential for us to know if there will be regular
updates, so we can stay informed and compliant with the
company guidelines.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
ASSESSMENT TASK 3: PRACTICAL ACTIVITIES
Assessment task instructions:
This is the third (3
rd
)assessment task which consists of scenarios and practical activities.
You must complete all the practical activities at the required level to obtain a “Satisfactory”
outcome.
Purpose of the assessment task:
The purpose of the assessment task is to assess your skills abilities to:
identify key roles and responsibilities of organisation’s accounting team and alternative
service providers
research and identify compliance requirements and ethical practices relevant to own
role
develop at least one system and guidelines for work procedures that comply with
legislative requirements
plan, communicate and support the team to complete at least three work activities that
contribute to the team environment
identify and undertake at least two professional development opportunities to increase
skills for own work role.
Assessment conditions and resources:
Assessment will be conducted in a safe simulated environment where you will have access
to: organisational policies, procedures, legislation, regulations and codes of conduct
required for own role, office equipment, technology, software and consumables required for
own role.
Activities:
3.1
Read the
scenario and complete all activities below.
Scenario:
Accountant at the Widgets & Company
You are working for manufacturing company called Widgets & Company as an accountant.
Part of your responsibilities is bookkeeping for the company as well.
The firm has 50 employees plus some casual staff.
The company is a manufacturing
company which manufactures widgets and supplies to wholesale companies.
The business is steadily growing.
Management has monthly sales meetings to review
production and sales figures to see how the business is performing. This is achieved by the
sales staff meeting with management on a monthly basis to review their figures.
The business expectation is that sales figures are increased by 5% every 3 months.
Refer to the scenario and list all the tasks you need to perform as an accountant and
bookkeeper for Widgets & Company.
Based on the provided scenario, here are the tasks you need to perform as an
accountant and bookkeeper for Widgets & Company:
Bookkeeping:
Maintain accurate records of financial transactions, including purchases, sales, receipts,
and payments.
Record and categorize all expenses and income related to the manufacturing and sales
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
of widgets.
Keep track of payroll for 50 employees and casual staff, including salaries, taxes, and
benefits.
Manage accounts payable and receivable, ensuring timely payments to suppliers and
collection of payments from clients.
Financial Reporting:
Prepare monthly financial statements, including income statements, balance sheets,
and cash flow statements.
Generate reports on the company's financial performance, highlighting key metrics such
as revenue, expenses, and profit margins.
Analyze financial data to provide insights into the company's financial health and make
recommendations for improvements.
Budgeting and Forecasting:
Assist in the preparation of the company's budget, taking into account expected sales
growth, production costs, and operating expenses.
Forecast future financial trends based on historical data and market analysis.
Monitor actual financial performance against budgeted figures and analyze variances.
Tax Compliance:
Ensure compliance with tax regulations and prepare and file tax returns accurately and
on time.
Stay updated on tax laws and regulations to minimize the company's tax liabilities
legally.
Payroll Management:
Process payroll for all employees, including calculating salaries, taxes, and deductions.
Handle employee benefits administration, including health insurance, retirement plans,
and other perks.
Sales Meeting Support:
Collaborate with the sales team to gather and organize sales figures for monthly
meetings with management.
Prepare sales performance reports and financial data to assist in the analysis of the
company's sales growth.
Provide financial insights to support decision-making during sales meetings.
Compliance and Audit Preparation:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Ensure financial records are accurate and comply with relevant laws, regulations, and
company policies.
Prepare financial documents and assist during internal and external audits.
Cash Management:
Manage the company's cash flow, ensuring there is enough liquidity to cover
operational expenses.
Monitor and reconcile bank statements regularly.
Communication and Collaboration:
Communicate financial information effectively to management and other stakeholders.
Collaborate with other departments to obtain necessary financial data and support their
financial needs.
Continuous Improvement:
Identify areas for process improvement in financial management and implement best
practices.
Stay updated on accounting software and tools to streamline financial operations.
3.2
Read the scenario below and complete the activities
Scenario: Working autonomously or as a team
As an accountant and bookkeeper for Widgets & Company, must work autonomously as
well as within a team and access required support and information when needed by the
tasks you are working on.
Today you are responsible for providing guidance to your new office trainee, Rebecca.
To help you with today’s information for Rebecca, your manager suggested that you
develop a short information sheet and a small flow-chart for Rebecca as reference as she
needs to learn and understand the responsibilities of a bookkeeper and accountants and
which responsibilities require them to work autonomously and when are they required to
work with a team.
a)
Use the space below to list and explain which tasks require you, as a bookkeeper
and accountant, to:
work autonomously
when it is necessary to work with the team and why
what assistance, advice or information do you need to seek from
others; and
where can you obtain the information or assistance
how and where can you access support services?
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Tasks Requiring Autonomy:
Data Entry and Reconciliation:
Autonomous Work: Recording financial transactions, reconciling bank statements, and
maintaining ledgers.
Reason for Autonomy: Ensures accuracy and confidentiality in financial records.
Support Needed: Occasionally need guidance for complex transactions or unusual
discrepancies.
Financial Reporting:
Autonomous Work: Preparing financial statements, profit and loss reports, and balance
sheets.
Reason for Autonomy: Requires specialized knowledge and attention to detail.
Support Needed: May consult colleagues or seniors for industry-specific reporting
standards or complex accounting treatments.
Tax Preparation and Compliance:
Autonomous Work: Calculating taxes owed, preparing tax returns, and ensuring
compliance with tax laws.
Reason for Autonomy: Legal and financial expertise required.
Support Needed: Seek advice from tax professionals or legal experts for complex tax
scenarios or changes in tax regulations.
Financial Analysis:
Autonomous Work: Analyzing financial data to provide insights and recommendations.
Reason for Autonomy: Requires analytical skills and in-depth understanding of financial
metrics.
Support Needed: Collaboration with analysts or specialists for in-depth market analysis or
forecasting.
Tasks Requiring Team Collaboration:
Audit Preparation:
Teamwork: Collaborating with auditors, both internal and external, to provide necessary
documents and explanations.
Reason for Collaboration: Ensures transparency and compliance during audits.
Support Needed: Coordination with various departments to gather required documents
and explanations for auditors.
Budgeting and Forecasting:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Teamwork: Working with department heads and managers to create accurate budgets
and forecasts.
Reason for Collaboration: Involves input from various departments to align financial goals
with operational plans.
Support Needed: Regular meetings with department heads to understand their needs
and projections.
When to Seek Assistance, Advice, or Information:
Seek assistance when encountering unfamiliar or complex transactions.
Consult colleagues or seniors when facing industry-specific challenges.
Seek advice from tax professionals or legal experts for complex tax scenarios.
Collaborate with specialists for in-depth market analysis or forecasting.
Where to Obtain Information or Assistance:
Internal Resources: Colleagues, seniors, and department heads within the company.
External Resources: Tax professionals, legal experts, industry-specific forums, and online
research.
Accessing Support Services:
Company Support Services: Utilize in-house training programs, workshops, and
mentorship opportunities.
Professional Organizations: Join accounting and bookkeeping associations for networking
and knowledge-sharing.
Online Platforms: Participate in online forums, webinars, and communities to stay
updated with industry trends and seek advice from experts.
Consulting Firms: Engage external consulting firms for specialized services, especially
during complex financial analysis or audits
b)
Develop a basic table or a small flow-chart which will show Rebecca which
activities you need to perform alone and which activities require you to use team
or seek information, details or advice from others.
Tasks Requiring
Autonomous
Work
Tasks Requiring Autonomous Work:
1. Maintain General Ledgers
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
2. Reconcile Bank Statements
3. Prepare Financial Statements
4. Process Payroll
5. Handle Accounts Payable/Receivable
6. Prepare Tax Returns
7. Monitor Cash Flow
8. Analyze Financial Data
9. Budget Planning
10. Internal Auditing
11. Compliance Management
Tasks Requiring
Teamwork or
Access to
Support/Service
s of Others
asks Requiring Teamwork or Access to Support/Services of Others:
1. Collaborate with Team for Budget Meetings
2. Coordinate with External Auditors
3. Communicate with Clients/Suppliers
4. Seek Legal Advice for Taxation Issues
5. Work with IT Support for Software Issues
6. Consult HR for Payroll Related Matters
7. Liaise with Sales Team for Revenue Projections
8. Engage with Regulatory Authorities for Compliance
9. Collaborate with Management for Financial Strategies
10. Training and Development Sessions with Team
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Basic flowchart
or table for
Rebecca
3.3
Your are now required to advice Rebecca that sometimes the managers may ask
team members to perform additional tasks which are outside of their stated job task
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
responsibilities and therefore it is important to prioritise each
member’s workload and manage resources.
a)
Use the space below to explain to Rebecca how you manage
prioritising your own work load and address the following points:
What software systems you use to prioritise your workload
What methods and systems you use to manage resources
allocated to you; and
When and why? (Guide: 50 to 100 words for each point)
(PC4.2)
b)
Again, develop a short table or checklist to assist Rebecca with
planning her own priorities if needed.
a
)
Information Sheet for Rebecca: Responsibilities of Accountants and
Bookkeepers
Introduction:As a bookkeeper and accountant at Widgets & Company,
it's crucial to balance autonomous work and collaborative efforts within
a team. Here's a guide to help you understand when to work
independently and when to collaborate, along with tools and methods
we use to manage our workload efficiently.
1. Prioritizing Workload:
We use software systems like Microsoft Excel, QuickBooks, and
accounting-specific software to prioritize tasks. These tools help us
organize tasks, set deadlines, and track progress efficiently.
2. Managing Resources:
Methods: We employ a combination of task management software and
internal communication tools like Slack to coordinate with team
members.
Systems: QuickBooks helps us manage financial resources, while project
management tools like Asana allocate tasks and resources effectively.
3. Autonomous vs. Teamwork:
Autonomous Work: Routine data entry, reconciliations, and individual
report generation can often be done autonomously.
Teamwork: Complex financial analysis, audits, and strategic financial
planning require collaboration. Teamwork enhances brainstorming and
problem-solving.
b
)
Table/Checklist for Planning Priorities:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Conclusion:
Balancing autonomous tasks with teamwork is key to our role. Utilize
software tools, manage resources efficiently, and always assess the
nature of the task to decide whether to work independently or
collaboratively. Effective communication within the team ensures
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
seamless coordination.
3.4
Read the scenario the following scenario and address the activities below.
Scenario: Expanding business for the Widgets & Company
Widgets & Company is looking at expanding their business and opening another site.
Your
manager also would like to look at the option of exporting some of the widgets.
Your manager has a very high regard of you, as an Accountant/ Bookkeeper, and asked you
to investigate the option of Widgets & company purchasing another location and put a plan
together in terms of production, new location and future forecast.
You consider some of these activities to be outside of your responsibilities as an
Accountant/Bookkeeper, but, when you consulted your manager about this, he explained
that you would be the best person for it as you understand finances and have been with the
business for a while.
He requested that you review your team’s responsibilities and advise on what each of the
team members can assist with drafting the proposal, including:
estimates and
recommendations, locating relevant networks to contact. You understand that team work is
important for you to achieve your goals to ensure the proposal is prepared on time.
Your current team involves:
sales staff
clerical staff
consultants.
a)
List sources of information, team members and services that can be used when
researching estimates, financial information, legal information, statistics, locations
and recommendations.
Sources of Information and Team Members:
1. Financial Information:
Internal Sources: Previous financial reports, budgetary data, and sales records within the
company.
External Sources: Industry-specific financial databases, government economic reports,
and financial publications.
2. Legal Information:
Internal Sources: Company contracts, legal documentation, and compliance records.
External Sources: Legal firms specializing in business law, government websites providing
legal guidelines, and industry-specific legal advisors.
3. Statistics:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Internal Sources: Sales data, customer demographics, and market research conducted by
the company.
External Sources: Market research firms, government statistics agencies, and industry-
specific reports.
4. Locations:
Internal Sources: Previous expansion reports, customer surveys regarding preferred
locations, and logistical data.
External Sources: Real estate agencies, location analysis firms, and government
development reports.
5. Recommendations:
Internal Sources: Customer feedback, employee suggestions, and performance reports.
External Sources: Industry experts, business consultants, and professional networks.
b)
Develop a report in which you explain what feedback could be provided to your
team and encourage, value and reward their efforts and contributions. (Guide: 50
to 80 words)
Report
Report name:
Encouragement and Appreciation Repor
Report developer:
JASBLEIDY
Meeting date:
30 OCTOBER
2023
Report to send to:
TEAM MEMBERS
Manager
Assessor’s
name in here
Team members:
SALES STAFF
CONSULTANTS
ANALYTICS
STAKEHOLDERS
Student IDs
Discussion points
Financial Information:
Internal Sources: Previous financial
reports, budgetary data, and sales
records within the company.
External Sources: Industry-specific
financial databases, government
economic reports, and financial
publications.
2. Legal Information:
Internal
Sources:
Company
contracts, legal documentation,
and compliance records.
External Sources: Legal firms
Responsibiliti
es
Review the
data
Analyse the
system
Costumer
preferences
/ needs
Evaluate
the traffic.
Analyse the
financial
area.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
specializing in
business
law,
government websites providing
legal guidelines, and industry-
specific legal advisors.
3. Statistics:
Internal Sources: Sales data,
customer
demographics,
and
market research conducted by the
company.
External Sources: Market research
firms,
government
statistics
agencies, and industry-specific
reports.
Recommendations
Internal Sources: Customer feedback, employee suggestions, and
performance reports.
External Sources: Industry experts, business consultants, and
professional networks.
Encourage each one of you to continue your outstanding work. Your
dedication does not go unnoticed. As a token of our gratitude, we will
be recognizing your efforts formally during our upcoming team
meeting. Y
our hard work will also be acknowledged in the final proposal,
showcasing your invaluable contributions to our company’s growth.
Thank you once again for your commitment and teamwork. Together,
we will make Widgets & Company’s expansion a resounding success.
3.5
Read the following scenario and complete the activity
Scenario: Resolving Issues
The sales team are very busy and travelling all time therefore they are not getting their
monthly sales figures to you in time.
You are getting frustrated however you need to
support the team to ensure you get the figures in time to report to management the figures
accurately.
You decide to meet with the sales team to identify the problems and issues and
how best you can assist them to resolve it.
You have also decided to review the reporting systems and technology used by the sales
team to increase performance and report on a timely basis
a)
Role-
play
the above scenario with your colleague and discuss how you can assist
the team.
In your discussions:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
b)
Discuss technology which could be used to report on monthly sales figures and
also on a timely basis and what assistance staff need.
CEO: Hey, I've noticed that getting the monthly sales figures has been a bit
challenging lately due to the team's busy schedules. I understand the traveling can
be hectic. Let's figure out how I can assist you better to streamline this process.
Firstly, are there any specific challenges you're facing in reporting the figures on
time?
Colleague: Well, the main issue is the time it takes to compile data from different
sources. Also, our current reporting system is a bit outdated and not very user-
friendly.
CEO: Got it. I think upgrading our reporting technology might help. We could consider
implementing a cloud-based CRM system that allows real-time input from anywhere.
It would streamline data collection and make it accessible on the go. I'll work on
researching user-friendly options. In terms of assistance, would additional training be
helpful for the team to use the new system effectively?
Colleague: Yes, training would definitely be useful, especially for those who aren’t
tech-savvy. Also, having a dedicated person to troubleshoot issues would make a
huge difference.
CEO: Absolutely, I’ll arrange training sessions and make sure there’s a support
contact for tech-related problems. Additionally, I’ll coordinate with the IT department
to integrate the new system seamlessly. Let’s work together to ensure accurate and
timely reporting without putting too much strain on your busy schedules.
Documentation:
In our discussion, we identified the challenges faced by the sales team in obtaining
timely sales figures, primarily due to busy travel schedules and an outdated reporting
system. To address these issues, we plan to implement a cloud-based CRM system
that allows real-time input and easy access from various locations. Training sessions
will be organized to ensure the team is proficient in using the new technology.
Additionally, a designated support contact will be provided for technical assistance.
These measures aim to streamline the reporting process, ensuring accurate and
timely submission of monthly sales figures to management.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
ASSESSOR’S OBSERVATION CHECKLIST
Did the student demonstrate the following
Yes
No
Participated effectively in interactions using active communication skills such
as asking questions, giving and receiving feedback, listening
Clearly articulated information to team members
Clarified understanding from team members
Used positive body language such as smiling, nodding, paraphrasing
Built rapport with others and established a positive working relationship
Adapted own communication style and showed respect for others values,
beliefs and cultural exceptions
Assessor’s feedback
to be provided on student’s learning portal. If otherwise please
indicate here how feedback was provided
3.6
Read
the
following scenario and complete the activity.
Scenario: Increase its production for Widgets & Company
The goal of Widgets & Company is to increase its production and have several different
locations.
You are constantly working with team members to assess the company’s future
needs in terms of budgets, resources, etc.
You have on the job experience as an Accountant and Bookkeeper as you have always
worked in the accounts department and have moved into this position. You didn’t get much
professional development in working with team members, new emerging technology and
latest trends in the accountancy field.
In your role you are however required to work with
staff from every department.
a)
Your manager had a meeting with you and understands the additional
requirements of your role and has asked you to identify and review your own
professional development needs as an Accountant and Bookkeeper and
document which areas you think you need additional skills in.
Review and take into consideration any legislative or licensing requirements
which are relevant to your job role; and
Please use the following Evaluations Method keys; and
Observation
Demonstration/O
n the Job
Written Test
Qualification
Certificate
O
D
W
Q
C
b)
Complete your personal position skills audit template below; and
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
POSITION
AND LEGISLATIVE SKILLS AUDIT
Date:
1 Nov 2023
Employee name:
JASBLEIDY
Position Title:
MANAGER
Qualifications
held:
Leadership Skills:
The ability to lead and inspire a team is fundamental. This includes
skills in decision-making, conflict resolution, motivation, and delegation.
Communication Skills:
Managers need to be able to communicate effectively both verbally and
in writing. They must be able to convey ideas clearly and motivate their
team.
Problem-Solving Skills:
Managers are often tasked with solving complex problems. Being able
to analyze situations, identify issues, and develop effective solutions is
crucial.
Organizational Skills:
Managers need to be highly organized to keep track of projects,
deadlines, and team activities.
Interpersonal Skills:
Good managers are empathetic and able to relate to their team
members. They need to be approachable and able to build positive
relationships.
Technical Proficiency:
Depending on the industry, managers might need specific technical
skills related to the products or services their team is working on.
Understanding of job role
Goals and
objectives of
your current
position
Understand the specific needs and challenges of Widgets & Company.
Stay informed about the industry trends, market demands, and
competitors. This knowledge will help you align financial strategies with
the company's goals.
Ethics and Professional Conduct:
Regularly review and reinforce your understanding of ethical guidelines
and professional conduct relevant to the accounting field. This ensures
integrity in your work.
Continuous Education and Certification:
Consider pursuing further education or certifications like Certified Public
Accountant (CPA) or Chartered Accountant (CA). These certifications not
only enhance your knowledge but also add credibility to your expertise.
Networking:
Engage in professional networks, both online and offline. Networking
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
with peers and attending industry events can provide valuable insights
and learning opportunities.
Legislative and
regulatory
requirements
Taxation Laws:
Tax laws are constantly changing. Enhance your knowledge of local and
national taxation laws, especially those related to businesses. This
includes income tax, sales tax, and other relevant tax regulations.
Financial Technology (Fintech) and Accounting Software:
Familiarize yourself with the latest accounting software and financial
technologies. Automation and software like QuickBooks, Xero, or
specialized industry software can greatly enhance efficiency. Stay
updated on their latest features and functionalities.
Competencies
Description
Self-Assessment by employee
Validation of Competency
Have now
Need
now
Required
in Future
Date
Initials
Evaluation
method
EFECTIVE
COMMUNICATION
Improve your
communication
, leadership,
and
interpersonal
skills.
MEDIU
M
YES
YES
NOV
JASBLEID
Y
TRAININ
G
Professional
Conduct:
Ethics and
Professional
Conduct:
HIGH
YES
YES
NOV
JASBLEID
Y
SURVEY
Responsibility in
management
Staff
responsibilities.
Protocols and
process
MEDIU
M
YES
YES
OCT
JASBLEID
Y
FACE TO
FACE
SURVEY
Management
qualifications
Review the
management
projects.
HIGH
YES
YES
NOV
JASBLEID
Y
MEETING
S
3.7
Now
that
you have completed the skills audit of your own role and competency, you
are required to:
a)
Write a memo or letter to your manager and advise your manager of any
professional development activities you have identified and explain;
how and where you can access these,
how long it will take,
how much will it cost and
how it will benefit you in your role.
b)
Include a budget of all the expenses in your letter.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Your letter should be typed, logical and contain the information you wish to
convey to your manager clear and precise. (Guide: 1 page)
JASBLEIDY
SYDNEY, NSW
OCT 2023
Subject: Professional Development Activities Proposal
Dear General Manager,
I hope this memo finds you well. I am writing to discuss my professional
development needs in light of our company’s expansion goals. As we
aim to increase production and establish multiple locations, it is
imperative that I enhance my skills and knowledge to effectively
contribute to this endeavor. Having identified areas where I lack
expertise, I have researched and identified relevant professional
development activities that align with our company’s objectives.
Professional Development Activities:
Team Collaboration and Leadership Workshops:
Provider: Local Business Training Institute
Duration: 3 days
Cost: $500 per person
Benefits: Improved teamwork, enhanced leadership skills, effective
communication, and better problem-solving abilities. This will enable me
to collaborate efficiently with staff from all departments, facilitating
smoother workflow and increased productivity.
Accounting Technology and Software Training:
Provider: Online Learning Platform
Duration: 6 weeks
Cost: $300 (course fee) + $200 (software access) = $500 per person
Benefits: Proficiency in utilizing the latest accounting software and
technology, allowing for streamlined financial reporting and analysis.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
This knowledge is crucial in adapting to emerging trends and ensuring
accuracy in our financial processes.
Industry-Specific Accountancy Webinars:
Provider: Professional Accountancy Association
Duration: 4 webinars over 2 months
Cost: $50 per webinar = $200 per person
Benefits: Stay updated with the latest trends and regulations in the
accountancy field, ensuring compliance and informed decision-making
tailored to our industry.
Budget Proposal:
Team Collaboration and Leadership Workshops: $500
Accounting Technology and Software Training: $500
Industry-Specific Accountancy Webinars: $200
Total Budget Required: $1,200
Action Plan:
Upon your approval, I will promptly enroll in these activities. The
workshops and webinars will be attended outside of regular working
hours to minimize disruption to my daily responsibilities. I estimate that
completing these activities will take approximately three months,
allowing me to apply my newfound knowledge and skills to our
company’s ongoing projects effectively.
I believe these activities are essential for my professional growth and
will significantly benefit Widgets & Company by ensuring our financial
processes are in line with the latest industry standards. I am
enthusiastic about the opportunity to contribute meaningfully to our
company’s growth and development.
Thank you for considering my proposal. I look forward to your positive
response. Please feel free to contact me if you require any further
information or clarification.
Sincerely,
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
JASBLEIDY A
SITE MANAGER
04953020220
Your assessor will give you feedback online learning platform and
during the classroom.
ASSESSMENT TASK 4: PRACTICAL ACTIVITIES
Assessment task instructions:
This is your fourth (4
th
) assessment task which consists of scenarios and
practical activities. You must complete all the practical activities at the
required level to obtain a “Satisfactory” outcome.
Purpose of the assessment task:
The purpose of the assessment task is to assess your skills abilities to:
identify key roles and responsibilities of organisation’s accounting team
and alternative service providers
research and identify compliance requirements and ethical practices
relevant to own role
develop at least one system and guidelines for work procedures that
comply with legislative requirements
plan, communicate and support the team to complete at least three work
activities that contribute to the team environment
identify and undertake at least two professional development
opportunities to increase skills for own work role.
Assessment conditions and resources:
Assessment will be conducted in a safe simulated environment where you
will have access to: organisational policies, procedures, legislation,
regulations and codes of conduct required for own role, office equipment,
technology, software and consumables required for own role.
Read the scenario below and complete the activities.
Case Study: Singh Accounting
Singh Accounting is an established accounting consultancy firm in Australia.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
There has been immensely successful in last one year. The organisation is
quite happy with the performance of its employees.
The organisation wants to give rewards value and reward individual
performance of the workers and team members and support team to
identify and resolve problems that impede its performance.
They have allocated the task to the project manager to engage in discussion
with the team members and announce a new point reward system for
ongoing recognition
Reward system:
Employees to receive points every time they go above and beyond the set
work limits. After accumulating a certain amount, employees can redeem
their points for gifts. A variety of awards will be offered to select from.
Activities:
4.1
Considering yourself in the role of Project Manager, you are required
to engage in discussion with the team leaders of two bookkeeping
groups (Group A (trainer/assessor) and Group B (1 student).
During the discussion, you are required to:
Provide positive feedback on organisation’s success
Appreciate their work and contribution
Appreciate team efforts and their contribution
Introduce the new points rewards system that would encourage
them to work more effectively. Tell them the details of the points
systems will be shared in detail lately.
Ask both the team leaders on the key factors that impede their
performance and how issues can be resolved.
FEEDBACK:
Customized Rewards: Offering a variety of awards that employees can
choose from adds a personalized touch to the reward system. This
customization ensures that the rewards are meaningful to the employees,
further motivating them to perform well.
Encouragement for Effective Work: Introducing a point-based reward system
encourages employees to go above and beyond their regular work limits. By
linking rewards to exceptional performance, the organization promotes a
culture of continuous improvement and effectiveness.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Areas for Improvement:
Clarity in Communication: While the intention to implement a point reward
system is good, the communication lacks specific details. Employees need
clear information on how points are earned, accumulated, and redeemed.
Without these details, the system might be perceived as vague or unfair.
Timely Sharing of Points System Details: Delay in sharing the detailed
information about the points system could create uncertainty and confusion
among employees. It's essential to communicate the specifics promptly to
maintain transparency and trust.
Performance Criteria: The organization needs to establish clear criteria for
earning points. Ambiguity in defining what constitutes going "above and
beyond" work limits can lead to misunderstandings and disputes. Clear
guidelines ensure fairness and prevent conflicts.
Monitoring and Evaluation: There should be a robust system in place to
monitor and evaluate employees' performance objectively. Regular feedback
sessions, performance reviews, and peer evaluations can provide valuable
insights into employees' contributions and help in assigning appropriate
points.
Long-Term Engagement: While immediate rewards are beneficial, the
organization should also focus on long-term engagement strategies.
Recognition programs, career development opportunities, and a positive
work environment contribute significantly to employee satisfaction and
retention.
Recommendations:
Detailed Communication: Provide a comprehensive and clear overview of
the points system, including how points are earned, accumulated, and
redeemed. Conduct informational sessions or provide written materials to
ensure all employees understand the new system.
Training and Support: Offer training sessions to managers and employees
about the new reward system. Address any questions or concerns to ensure
everyone is on the same page. Providing a support system for inquiries can
enhance clarity.
Fair and Transparent Evaluation: Develop fair and transparent criteria for
earning points. Consider involving employees in the process to ensure that
the criteria are reasonable and achievable. Regularly evaluate the
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
effectiveness of the criteria to make necessary adjustments.
Regular Feedback: Implement regular feedback sessions to recognize
employees' achievements and provide constructive feedback. Recognizing
and appreciating efforts promptly can boost morale and reinforce positive
behavior.
Long-Term Engagement Strategies: Complement the point reward system
with long-term engagement strategies. Invest in employee development,
create a positive work culture, and provide opportunities for career growth.
Engaged employees are more likely to perform consistently well over time.
In summary, while Singh Accounting's initiative to implement a point reward
system is commendable, clear communication, fair evaluation criteria, and
long-term engagement strategies are essential for its successful
implementation. By addressing these areas, the organization can foster a
motivated and high-performing workforce, ensuring sustained success in the
future.
4.2
Read the scenario below and complete the
Scenario: Software to manage tasks
You provided all the outcomes of the meeting to the board of directors.
The organisation used paper systems for managing tasks. The organisation
would like to plan work to manage resources, set timeframes for the task to
be conducted and allocate responsibilities for the tasks to be completed.
The organisation would like to use an accounting software or task
management software to manage tasks.
The organisation has given you the list of bookkeeping activities to be
carried out on weekly, monthly, quarterly and annual basis. The list is as
below:
Weekly
Invoice
client
for
computerised work
Follow up with clients who
have not paid you.
Put aside money for taxes
Review actual sales vs
Quarterly
File/payroll taxes
File/pay sales tax
Pay
estimated
income
taxes
Meet
with
your
bookkeeper/tax pro.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
goals
Pay yourself.
Monthly
Pile/pay sales tax
Put
aside
money
for
equipment replacement
File/pay payroll taxes
Review
your
financial
statements
Reconcile bank/credit cards
Annual
File income taxes without
an extension
Wages to employees
Create budget/set financial
goals
Your team includes following four bookkeepers:
Mark
Julie
Mitchel
Anna
You are required to use a scheduling software, Excel or MYOB online to
plan your work activities.
The key steps include:
Assign responsibilities
Assign dates
Set project tasks
Colour weekly tasks accordingly to distinguish the different tasks.
Step 1: Task Analysis and Categorization
Firstly, categorize the tasks based on their frequency (weekly, monthly,
quarterly, and annual) and type (e.g., invoicing, tax filing, financial review,
etc.). This will help in organizing the workload effectively.
Step 2: Assigning Responsibilities
Assign each task to one of the bookkeepers based on their expertise and
workload capacity. For instance:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Weekly Tasks:
Invoice client for computerized work: Julie
Follow up with clients who have not paid: Mark
Put aside money for taxes: Mitchel
Review actual sales vs goals: Anna
Pay yourself: Mitchel
Quarterly Tasks:
File/payroll taxes: Julie
File/pay sales tax: Mitchel
Pay estimated income taxes: Mark
Meet with your bookkeeper/tax pro: Anna
Monthly Tasks:
File/pay sales tax: Julie
Put aside money for equipment replacement: Mark
File/pay payroll taxes: Mitchel
Review financial statements: Anna
Reconcile bank/credit cards: Julie
Annual Tasks:
File income taxes without an extension: Anna
Wages to employees: Mark
Create budget/set financial goals: Mitchel
Step 3: Setting Dates and Deadlines
In your scheduling software or Excel, assign specific dates and deadlines for
each task based on their frequency. For example:
Weekly Tasks: Every Monday
Monthly Tasks: First Friday of the Month
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Quarterly Tasks: Last day of the Quarter
Annual Tasks: January 15th
Step 4: Set Project Tasks
Break down each task into smaller sub-tasks if necessary. For example, under
"File/payroll taxes," sub-tasks could include gathering employee hours,
calculating taxes, and submitting payments. This detailed breakdown will
make it easier to track progress.
Step 5: Color Coding
Assign specific colors to different types of tasks (weekly, monthly, quarterly,
annual) to provide a visual distinction. For instance, use blue for weekly
tasks, green for monthly tasks, orange for quarterly tasks, and red for annual
tasks.
By following these steps, you can efficiently manage and monitor the
bookkeeping activities using your scheduling software, Excel, or MYOB online.
Remember to regularly update the task list, track progress, and adjust
schedules if necessary to ensure smooth workflow management.
4.3
Assume that your registration as a BAS agent is due to expire on 31
August 20xx (assessor will provide relevant year).
You need to maintain the registration of your license.
Considering the amendments in TBP (EP) based on the TASA and
the Tax Agent Services (Transitional Provisions and Consequential
Amendments) Act 2009 and the Tax Agent Services Regulations
2009 (TASR), identify and document the following:
o
Continuing Professional Education (CPE) requirements to
comply with competency requirements, authorisation and
licensing requirements. Write your response in 50-100 words.
o
CPE (continued professional education) activities to be
considered for professional development.
Continuing
Professional
Education
(CPE)
requirements
Continuing Professional Education (CPE) requirements under the Tax
Agent Services (TAS) regime are crucial for tax professionals to maintain
their competency, authorization, and licensing. To comply, tax agents
must engage in activities such as attending seminars, workshops, or
conferences related to tax laws and regulations. They should also
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
participate in formal education programs, technical discussion groups,
or relevant online courses.
CPE
(continued
professional
education)
activities
(Any
five)
Tax agents can enhance their skills through coaching, mentoring, or
completing relevant modules offered by professional associations.
Engaging in structured, self-directed learning activities and staying
updated with industry publications are also essential. These diverse CPE
activities ensure tax professionals remain proficient and compliant with
the evolving tax landscape.
4.4
You are now required to create and identify at least two (2) professional development
opportunities to increase skills for own work role in accounting and bookkeeping.
a)
Create a professional development plan. Review what you already know and what
your
own professional development needs and goals. Include formal
qualifications, self-taught skills and life experiences. Use these as the foundation
to build your own professional development plan that includes two opportunities
for the coming year
In your professional development plan, you are required to document:
Type of learning development would be best for you based on your
qualification
Plan to expand your core qualifications
Competency, authorisation and licensing requirements for licenses that you
will hold,
Professional development options
b)
Document your responses in the template provided.
Learning and
development
need
Type of
developmen
t
Timescales
Plan to
expand your
core
qualifications
Competency,
authorisation
and licensing
requirements
for licenses
Professional
development
options
Improve
Advanced
Accounting
Skills
Formal
Education
6-12
months
Enroll in an
advanced
accounting
course or
pursue
a
master's
degree in
accounting
.
Obtain CPA
(Certified
Public
Accountan
t) license
Attend
CPA
exam
preparatory
classes and
workshops,
join
professional
accounting
organizations
, and engage
in
online
courses and
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
webinars
related
to
advanced
accounting
principles.
Enhance
Bookkeepi
ng
Software
Proficiency
Self-Paced
Learning
3-6
months
Take online
courses
and
tutorials in
advanced
bookkeepin
g software
like
QuickBook
s and Xero.
Obtain
QuickBook
s
ProAdvisor
Certificatio
n
Complete
QuickBooks
ProAdvisor
training
program,
participate in
online forums
and
communities
to learn from
experts, and
attend
workshops
offered
by
software
providers.
4.5
List the key steps involved in optimising a professional development plan and explain:
a)
How can you enhance its effectiveness by reviewing your current plan, ensuring
your goals align with the SMART criteria, and
b)
How can you actively seeking feedback from both your supervisor and colleagues
to guide your goal achievement?
Reviewing Your Current Plan:
1. Self-Reflection:
Explanation: Reflect on your current skills, strengths, weaknesses, and areas for
improvement.
Enhancement: Regular self-assessment ensures you understand your starting point,
enabling better goal setting.
2. Identify Goals:
Explanation: Define clear, specific, and measurable goals using SMART criteria (Specific,
Measurable, Achievable, Relevant, Time-bound).
Enhancement: SMART goals provide clarity, focus, and a defined timeline for achievement,
making your plan actionable and attainable.
3. Gap Analysis:
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Explanation: Identify the gap between your current skills/knowledge and the skills required
for your desired role or career path.
Enhancement: Understanding the gaps helps you target your efforts effectively, ensuring
you work on areas crucial for your professional growth.
4. Develop Strategies:
Explanation: Create a plan outlining the steps, resources, and activities needed to achieve
your goals.
Enhancement: Concrete strategies transform vague goals into actionable tasks, making it
easier to track progress and stay motivated.
5. Continuous Monitoring:
Explanation: Regularly assess your progress against the set goals, making adjustments as
necessary.
Enhancement: Monitoring ensures you stay on track; modify your plan based on
achievements and challenges to maintain momentum.
Seeking Feedback from Supervisor and Colleagues:
1. Feedback from Supervisor:
Explanation: Supervisors provide insights from a professional standpoint, evaluating your
performance in the context of organizational objectives.
Enhancement: Supervisor feedback offers an authoritative perspective, aligning your goals
with organizational needs and expectations.
2. Feedback from Colleagues:
Explanation: Colleagues can offer peer-level observations, highlighting interpersonal skills,
teamwork, and collaboration.
Enhancement: Colleagues provide a holistic view, focusing on interpersonal skills crucial for
career advancement and overall workplace effectiveness.
3. Active Listening:
Explanation: Actively listen to feedback without defensiveness, considering it as a
constructive tool for growth.
Enhancement: Openness to feedback fosters a positive work environment, encourages
collaboration, and aids in making necessary adjustments to your development plan.
4. Feedback Integration:
Explanation: Integrate received feedback into your professional development plan,
modifying goals and strategies accordingly.
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Student Assessment
Qualification
FNS40222 Certificate IV in Accounting and Bookkeeping
SBTA reference:
AC4-22_4.1 The Accounting and Bookkeeping industry
Unit of
competency:
FNSACC418 Work effectively in the accounting and bookkeeping industry
Student’s name:
JASBLEIDY AREVALO A
Student ID
49065
Assessor’s name:
assessor name
Enhancement: Applying feedback actively demonstrates your commitment to improvement,
leading to targeted actions and enhanced performance.
5. Regular Follow-Up:
Explanation: Schedule regular follow-up meetings with your supervisor and colleagues to
track progress and receive ongoing feedback.
Enhancement: Regular check-ins ensure accountability, provide opportunities for course
correction, and demonstrate your dedication to continuous improvement.
By incorporating these steps into your professional development plan, you create a robust
framework for growth, aligning your goals with organizational objectives and leveraging
valuable feedback for continuous improvement.
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