BSBFIN401 Asessments-V1.0

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ASSESSMENT BOOKLET BSBFIN401 Report on financial activity Student Details Student Name Student ID Result Summary Assessment task outcomes TASK 1 ☐ C ☐ NYC ☐ NA Type of Submissio n ☐ First submission ☐ First re-submission ☐ Second re- submission TASK 2 ☐ C ☐ NYC ☐ NA Final Unit Outcome ☐ Competent ☐ Not Yet Competent Submissio n Date Assessor Name Assessor Signature

42 This Page is intentionally left blank Assessment Record of Outcome BSBFIN401

42 Purpose: This sheet provides an overview of a student’s competency for each unit based on all assessment tasks submitted. Instructions: Assessor: Record the outcome of each assessment task and determine the student’s competency for the unit based on all assessment tasks. Record the unit outcome below, sign and date. Admin Team: Record the unit outcome in RTO Manager and save the assessment bundle in the student’s file. A scanned copy of this document is to be retained once the assessment is destroyed. Student Name Student ID Unit Code BSBFIN401 Unit Title Report on financial activity Assessment Submission Date Type of submission □ First Submission □ First Re-submission □ Second Re-submission Assessment Task Results (Please tick) Assessment 1 □ C (Competent) □ NYC (Not Yet Competent) □NA (Not Assessed) Assessment 2 □ C (Competent) □ NYC (Not Yet Competent) □NA (Not Assessed) Assessment 3 □ C (Competent) □ NYC (Not Yet Competent) □NA (Not Assessed) Final Assessment Result for this unit ☐ Competent ☐ Not Yet Competent Assessor Declaration In completing this assessment, I confirm that the participant has demonstrated all unit outcomes through consistent and repeated application of skills with competent performance in multiple instances over a period of time. Evidence collected has been confirmed as: Valid  Sufficient  Current  Authentic Assessor Name Assessor Signature Feedback Data Entry BSBFIN401

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42 Admin Officer Initials Date Entered In RTO Manager ☐ YES ☐ No Student Declaration and Agreement Section One: Declaration a. I declare that this assessment is my own work, except where acknowledged, and has not been submitted for academic credit elsewhere, and acknowledge that the assessor of this item may, for the purpose of assessing this item: i. reproduce this assessment item and provide a copy to another member of the Institute; and/or, ii. communicate a copy of this assessment item to a plagiarism checking service (which may then retain a copy of the assessment item on its database for the purpose of future plagiarism checking). b. I understand it is my responsibility as a student to keep a copy of the assessment prior to submission, Albright Institute takes no responsibility for lost in transit. If required I may be asked to reproduce another copy of the assessment/s. c. I understand that it is my responsibility to read all the policies relevant to my course and college and if I am found to be in breach of policy, disciplinary action may be taken against me. Section Two: Agreement Read through the assessments in this booklet before you fill out and sign the agreement below. Make sure you sign this before you start any of your assessments. i. Have you read and understood what is required of you in terms of assessment?  Yes  No ii. Do you understand the requirements of this assessment?  Yes  No iii. Do you agree to the way in which you are being assessed?  Yes  No iv. Do you have any special needs or considerations to be made for this assessment? If yes, what are they? __________________________________________________________________________________________________  Yes  No v. Do you understand your rights to appeal the decisions made in an assessment?  Yes  No BSBFIN401

42 Student Name Student Signature Date Assessment Overview This Student Assessment Booklet includes all your tasks for assessment of BSBFIN401 Report on financial activity About your assessments This unit requires that you to complete two (2) assessments. You must complete all assessments with a competent result to achieve competency for this unit. Please read the information below about each task included in this assessment. Task Description Assessment 1 Short Answer Questions In this assessment, you will demonstrate a sound knowledge of the unit requirements through completing and submitting written questions. You must correctly answer all questions to show that you understand the knowledge required of this unit. Assessment 2 ( Case study & workplace assessment) Part A: Case study assessment This assessment is divided into 6 Case Study tasks:  Case Study 1: Bounce Fitness Financial Reports o Task 1: Enter Conversion Information and Balances o Task 2: Prepare a Register of Assets and Depreciation Schedule o Task 3: Record Journal Entries o Task 4: Record Annual Depreciation o Task 5: Record Adjusting Entries for Prepaid Expenses and Accrued Revenue o Task 6: Prepare Profit and Loss Statement and BSBFIN401

42 Task Description Balance Sheet Part B: Workplace assessment: This assessment is divided into 3 tasks:  Asset and Liability Valuation Report  Financial Data Review Report  Financial Analysis Report Student Information What is competency? To complete assessment tasks satisfactorily you will need to demonstrate competence – but what does this mean? In the Australian vocational education and training system, the concept of competence, is defined as: “The ability to perform tasks and duties to the standard expected in the workplace”. Competence involves the application of specific skills, knowledge and attitudes to the work performance in an industry, an industry sector or an enterprise. Competence is rarely achieved in a one-off demonstration. It needs to be developed holistically – that is, bringing a range of skills and knowledge together – and over time in a real or simulated workplace. To achieve competence, you need to demonstrate that you can perform a given task to the standard defined in an endorsed unit of competency. How to submit your assessments? When you have completed each assessment you will need to submit it to your assessor. Instructions about submission can be found at the beginning of each assessment task. Make sure you photocopy your written activities before you submit them – your assessor will put the documents you submit into your student file. These will not be returned to you. Assessment Task Cover Sheet At the beginning of each task in this booklet, you will find an Assessment Task Cover Sheet. Please fill it in for each task, making sure you sign the student declaration. Your assessor will give you feedback about how well you went in each task, and will write this on the back of the Task Cover Sheet. Assessment outcomes Once the assessment has been completed the student will be given the result within 14 days. Once the student has satisfactorily completed the required assessments for a unit of competency he/she will receive an outcome of C (Competent) or otherwise NYC (Not Yet Competent) in which case the student is entitled to apply for a resubmission of the assessment. Reasonable adjustments Wherever possible, trainers/assessors will make reasonable adjustments to training and assessment processes to ensure all people are treated equally in the training and assessment process. BSBFIN401

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42 Students who have special needs may be allowed reasonable adjustment at the time of assessment in line with the Albright Institute’s Policy and Procedures. To meet the needs of all learners’ adjustments can be made to the way assessments are conducted but not to the requirements of the assessment. The purpose of these adjustments is to enhance fairness and flexibility so that the specific needs of students can be met. Examples of reasonable adjustments a. providing additional time for student to practice the assessment tasks b. presenting questions orally for students with literacy issues c. asking questions in a relevant practical context d. adapting machinery and equipment to make it more easily used e. presenting work instructions in diagrammatic or pictorial form instead of words and sentences f. simplifying the design of tasks It is the responsibility of each assessor to assess students’ needs and make whatever reasonable adjustments are practicable to maximise a students’ opportunity to demonstrate their competence. Assessment re-submission If a student is deemed NYC (not yet competent) the Trainer/Assessor (TRN) will explain why and inform the student of what needs to be completed in order to demonstrate competence. Re-assessment for assessments only occurs if the student has previously submitted the assessment or has missed the relevant session(s) and has been afforded special consideration which is approved by the Administration department. If the result for the first submission of an assessment is NYC, students will be given two re-submission opportunities to achieve a competent result (this re-assessment is conducted free of charge). A suitable time will be arranged for the reassessment to occur within 14 days of the completion of the unit in question. Should a student either not make an attempt within this time frame (in spite of all efforts by Albright Institute, its Trainer/Assessor and administration staff to have the student attend a reassessment session) or the student does not achieve a satisfactory result after two re-assessments they may be charged for another attempt. Should the student still not achieve competence after these assessment attempts, it will be necessary for them to re-enrol in (repeat) the unit of competence at a cost. Assessment appeals You can make an appeal about an assessment decision by filling an appeal form. Ask for an appeal for from a student support officer. Refer to Albright Institute’s Assessment Policy for more information about our appeals process. Plagiarism Policy All student work must be written in their own words, except where acknowledged through quotations and referencing. Plagiarism is a serious offence; Albright Institute may impose severe penalties on students who plagiarise. For more information on Plagiarism and Cheating refer to Albright Institute’s policies. BSBFIN401

42 Assessment 1 – Coversheet Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work. Student and Submission Details Student Name Student ID Unit Code and Name BSBFIN401 Report on financial activity Date of submission STUDENT DECLARATION I declare that a. this assessment is my own work. b. None of this work has been completed by any other person. c. I have not cheated or plagiarised the work or colluded with any other student/s. d. I have correctly referenced all resources and reference texts throughout these assessment tasks. e. I understand that if I am found to be in breach of policy, disciplinary action may be taken against me. Student Signature Assessor To Complete Assessment 1 Assessment Result Date Type Of Submission Short Answer Questions □ C (Competent) □ NYC (Not Yet Competent) □NA (Not Assessed) ☐ First submission ☐ First re-submission ☐ Second re- submission Assessor feedback BSBFIN401

42 Assessor Name Assessor Signature This assessment meets the following Knowledge Evidence: Knowledge evidence Satsfactory Unsatsfactory Not Present  double-entry and accrual principles  provisions of relevant legislation, regulations, standards and codes of practice relevant to financial operations, taxable transactions and reporting requirements  components of organisational accounting systems  organisational policies, procedures and accounting standards relating to preparation of financial reports  organisational financial data, including:  budget variances  budgets and forecasts  cash flow and profit reports  balance sheets  financial year reports  operating statements  expenditure and receipts  profit and loss statements  types of assets including property, plant and equipment  comparative financial performance  financial discrepancies including:  absence of auditable trail  expenditure report mismatches  incorrect payments and unreconciled cash flows  techniques used for financial forecasting and analysis  options, methods and practices for deductions, BSBFIN401

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42 benefits and depreciations  ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements  industry-standard methods and formats used to present financial data Assessment 1 – Short Answer Questions  Assessment summary ☐ You are required to answer all the written questions in this assessment.  Resources and equipment required to complete this assessment o Access to textbooks and other learning materials. o Access to a computer, printer, Internet and email software (if required). ☐  When and where should the assessment be completed? o This assessment may be done in your own time as homework or you may be given time to do this task in class (where applicable). o Your assessor will provide you with the due date for this assessment. ☐  What needs to be submitted? o Your answers to each question in this assessment along with references. ☐  Instructions o This is an open book test – you can use your learning materials as reference. o You must answer all questions in this assessment correctly. o You must answer the questions by typing your answers in Microsoft Word and converting it into a pdf . o Please include the following details in the header section of each page of your assessment document: ☐  Student Name and ID  Course Code and title  Unit Code and title  Trainer and assessor name  Page numbers BSBFIN401

42 ☐ o You are required to submit your assessment on the LMS (Moodle). No submissions will be accepted via emails. Short Answer Questions Queston 1 Describe the accounting principles in the table listed below: Accounting Principle Description of Accounting Principle a. Double-entry accounting A common bookkeeping method that tracks where money comes from and goes is called double-entry bookkeeping. The essential tenet of double-entry bookkeeping is that each entry made following a financial transaction must have a corresponding entry in a different account. This results in two inputs, therefore the name. b. Accrual principle of accounting Timing and matching issues that are inherent in cash-based accounting are eliminated by accounting on an accrual basis. Cash flows that do not occur simultaneously with the business operations that produce the cash flows are referred to as timing difficulties. Queston 2 Complete the table below: a. Identify at least one of each of the following items relevant to the financial activities listed in the table below. i. Legislation BSBFIN401

42 ii. Regulations iii. Standards iv. Codes of Practice b. For each identified item, outline at least one provision that applies to the corresponding financial activity. Financial Operations Legislation Identify the title of the legislation Relevant Provision The Corporations Act and the Corporations Legislation sustaining, facilitating, and enhancing the efficiency of the financial system while encouraging informed investment and consumer engagement Regulation Identify the title of the regulation Relevant Provision Baking Act Create prudential regulations that strike a balance between financial efficiency and safety, competitiveness, contestability, and neutrality in the face of competition. Standard Identify the title of the standard Relevant Provision Financial stability standards Fair and efficient service delivery, adherence to licensing requirements, making sure sufficient procedures are made for resolving potential conflicts, and ensuring compliance Code of Practice Identify the title of the code of practice Relevant Provision Financial code of practice In areas concerning service supply, norms of professional behavior, practice standards, and ethical behavior, codes of practice establish principles of quality industry standard for financial institutions when dealing with persons who really are, or may becoming, individual and small business clients. BSBFIN401

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42 Taxable Transactions Legislation Identify the title of the legislation Relevant Provision Australian Taxation Law make sure that the legislation enforcing taxes exclusively address the application of taxes and one specific tax subject. Regulation Identify the title of the regulation Relevant Provision Income Tax Assessment Act It stipulates what data a taxpayer must submit, how the format to fill out should be, and everything that has to do with the Determination of Income Tax Standard Identify the title of the standard Relevant Provision Accounting standards A set of fundamental principles and standards must be observed while recording and accounting for the affairs and deeds of natural and legal persons. Code of Practice Identify the title of the code of practice Relevant Provision Code of professional conduct for tax agents You must handle your private affairs with honesty, transparency, and compliance with all applicable tax laws. Financial Reporting Requirements Legislation Identify the title of the legislation Relevant Provision The Corporations Act and the Corporations Legislation sustaining, facilitating, and enhancing the efficiency of the financial system while encouraging informed investment and consumer engagement Regulation Identify the title of the regulation Relevant Provision BSBFIN401

42 Corporations Act Use caution and vigilance, operate in good conscience and for the right reasons, don't misuse information, and don't misuse your position. Standard Identify the title of the standard Relevant Provision International Financial Reporting Standards permits businesses and small investors to understand in detail what has been happening with a company, enabling them to make wise financial decisions Code of Practice Identify the title of the code of practice Relevant Provision Code of accounting practice and financial reporting It is intended to assist the officers and staff to whom it applies in carrying out its duties and obligations with regard to accountants and financial reporting in accordance with ethical standards. Question 3 Describe the purpose of the components of organisational accounting systems listed in the table below. Component of Accounting System Description of Purpose of Component a. Journal Entries They are forms that let you manually transfer balances between accounts, link each accounting account to a separate contact, and enter the starting balances of the system's balance accounts. b. Trial Balance It is a list of the balances the proposed accounting system generates in order to confront reality and inspire revision and correction based on the examination of such balances. c. Audit of Financial Statements The analysis of the financial statements and the accompanying explanatory notes, the confirmation of the accuracy of the financial statements, and the BSBFIN401

42 expression of an opinion on them make up the audit of the financial statements. Queston 4 Describe each of the techniques used for financial forecasting and analysis, respectively, listed in the table below. Technique Descripton of Technique a. Econometric modelling for financial forecasting In order to arrive at an estimate, the monthly prediction produced by the traditional exponential smoothing method is combined with the projection of the highest daily demand in PU produced by the econometric model. b. Trend analysis method for financial analysis It is a technique for analysis that involves watching how the various components of the balance sheet and income statement behave in order to spot any notable changes that might be the result of operational mistakes. Queston 5 Answer the questions below on accounting of deductions, benefits, and depreciation. a. Describe each listed option that can be considered when accounting for each of the listed financial concepts. Financial Concept Opton Description of Option Deductions Deductions for operating expenses Taxpayers may deduct the expenses incurred that have to do with the operation. BSBFIN401

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42 Benefits Holiday pay Vacations are a form of paid time off, so even if the employee is taking a break from work, he or she is still getting paid. Asset Depreciation Instant asset write-of With the instant asset write-off, qualified enterprises can immediately deduct a portion of costs associated with deteriorating assets. b. Describe how each listed method can be used when accounting for each of the listed financial concepts. Financial Concept Method How Method Is Used Deductions Mixed business and private expenses Expenses are what make it possible for a business to sell its products or services to clients. In other words, they result from the products or services being offered for sale. Employee Benefits Employer superannuation guarantee contributions The Superannuation legislation mandates you, as an employer, to contribute money to your workers' superannuation plans. The SG rate at this time is 10% of your employees' regular hourly wages. Asset Depreciation Prime cost method of depreciation The prime cost technique makes the assumption that a deteriorating asset's value declines consistently across its useful life. The decreasing value technique is predicated on the idea that a depreciating asset's value declines more rapidly in the first few years of its useful life. c. Describe at least one way each listed practice can be implemented when BSBFIN401

42 accounting for each of the listed financial concepts. Financial Concept Practce How Practice Can Be Implemented Deductions Record keeping In order to create your financial statements, identify income sources, account for deductible expenses, maintain your basis in the property, prepare your tax returns, and verify items that you declare on your tax returns, you need to keep good records. Employee Benefits Salary sacrifice arrangement In a basic salary sacrifice agreement, an employee gives up part of their salary to receive certain benefits from their employer. Asset Depreciation Depreciation of low-value assets (pool) A low-cost asset is a depreciation item with a cost of less than $1,000 at the end of the tax year in which you began using it for a taxable purpose or had it installed and ready for use. It is not a reduced asset because a low-value asset depreciates over time. Queston 6 Describe each of the listed ethical requirements associated with preparing financial reports for corporate entities. Ethical Requirement Description of Requirement a. Conflict of interest is a circumstance where a conflicting BSBFIN401

42 professional, financial, or personal secondary interest tends to improperly affect both a person's judgment on a specific problem and the integrity of his or her action. b. Confidentiality The person is required to maintain the professional reserve in whatever he knows as a result of the performance of his profession, unless the legal requirements forbid it. c. Disclosure requirements Corporate disclosure encompasses the communication of information by insiders, such as managers and executives, to a company's stakeholders. Queston 7 Review the Accounting Standard AASB 101 Presentation of Financial Statements, found at the AASB website. AASB Accounting Standards https://aasb.gov.au/pronouncements/accounting-standards/ Complete the table below: a. Describe how each listed industry standard method can be used to present financial data b. Describe how each listed industry-standard format can be used to present financial data Industry-Standard Method Description of How It Can Be Used i. Accrual basis of presenting financial statements Regardless of whether cash has been received or paid, the accrual basis recognizes the financial consequences of deals or other occurrences in the financial years wherein they happen, to the degree that those effect from globalization can be recognized. ii. Going concern A crucial idea that guides the creation of the income statement is the going-concern assumption. AASB 101 mandates that management evaluate an entity's capacity to going concern basis while issuing financial BSBFIN401

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42 statements. Industry-Standard Format Description of How It Can Be Used i. Minimum information to be presented on the face the Balance Sheet as per clause 68 of the AASB 101 property, machinery, and apparatus property for investment. intangible resources monetary resources. The equity approach was used to account for certain investments. inventories. Commercial and other receivables Cash and its substitutes. the sum of the assets. other payables and trade. provisions. financial obligations. Assets and liabilities for current taxes. equity-presented non-controlling interests. reserves and issued capital that are owners' property. ii. Minimum information to be presented on the face the Income Statement as per clause 81 of the AASB 101 separately presenting revenue Losses and profits. Finance expenses. loss of impairment. portion of partners' and joint enterprises' profits or losses. tax liability. a single sum representing the entire amount of stopped operations. Queston 8 Describe the organisational financial information provided by each financial concept listed in the table listed below: Financial Concept Description of Financial Information Provided by Each Financial Concept a. Budget variances In order to increase or decrease the various notions of these or to include BSBFIN401

42 others that had not been considered, all of these variations in the budget expenditures must be done without changing the overall amount of the approved budget. b. Budgets You can record your income and expenses in a budget so that your personal finances are well-organized. The ability to clearly define your consumption habits is the most significant benefit of the family budget. c. Forecasts Making forecasts regarding the amount of money a firm is anticipated to make as well as anticipating expenses is the foundation of financial forecasting. When estimating the profitability levels of the companies, these data are incredibly helpful. d. Cash flow reports One of the fundamental financial statements, the cash flow statement, details the fluctuations and movements of cash and its equivalents over the course of a certain period. demonstrates the cash that the corporation has earned and spent for operating, investing, and financing activities. e. Profit reports The profit and loss report displays how your company performed over a given time frame. displays the amount of sales, direct costs (such as cost of sales), and indirect costs for the specified time. Additionally, the resultant gross and net profit and loss are shown. f. Balance sheet reports It is a financial statement that summarizes a company's economic and financial data at a specific point in time, broken down into three categories: assets, liabilities, and equity. g. Financial year reports A letter to the shareholders and a succinct overview of the company and sector are typically included in annual reports. The report should then include the balance sheet, income statement, and statement of cash flows from the audited financial statements. BSBFIN401

42 h. Operating statements a financial statement that details operating outcomes for a particular time frame. i. Expenditure Spending happens when we use financial resources to get the things and services we need. As a result, spending is something that everyone engages in, whether it is on bread or an energy bill or a car or television. j. Receipts A written receipt confirms the transfer of something of value from one party to another. k. Profit and loss statements As a financial report, the income statement of profit and loss will enable you to assess the effectiveness of the business, or more specifically, how profitable it is. You must view the report's ultimate outcome, which indicates whether there was a profit or loss, to determine the profitability of this. l. Types of assets  Tangible assets.  Intangible Assets. m. Property, plant and equipment The tangible assets that a firm owns for use in the manufacture or provision of goods and services, for leasing to third parties, or for administrative needs are known as property, plant, and equipment. These assets are expected to be used over the course of more than one economic cycle. n. Comparative financial performance A comparative report is a statement that contrasts a certain financial report with statements from earlier periods. Investors can spot trends, follow a company's development, and evaluate it against competitors since past fiscal data is provided alongside the most recent data in side-by-side columns. BSBFIN401

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42 Queston 9 Describe the financial discrepancies listed in the table listed below: Financial Discrepancy Description of Financial Discrepancy a. Absence of auditable trail Accountants utilize audit trails as a crucial tool to hold businesses responsible for their activities. There'd be no basis for trusting the veracity of a company's records without the usage of audit logs to verify financial data. b. Expenditure report mismatches refers to the mismatch between liabilities and assets. It is frequently examined in circumstances involving the management of assets and liabilities. c. Incorrect payments The term "Incorrect Payments" refers to a fee paid by a Borrower that was sent to the Servicer in error and was noted as such by Servicer. d. Unreconciled cash flows Payments that were reconciled the with related bill, receipt, invoice, etc. While the matching of unmatched payments has not yet occurred. Unreconciled transactions are not imported into Float and are not seen in cash flow, only reconciled transactions are. What to submit:  Answers to all questions  References Assessment 2 – Coversheet Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work. Student and Submission Details BSBFIN401

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42 Student Name Student ID Unit Code and Name BSBFIN401 Report on financial activity Date of submission STUDENT DECLARATION I declare that  This assessment is my own work.  None of this work has been completed by any other person.  I have not cheated or plagiarised the work or colluded with any other student/s.  I have correctly referenced all resources and reference texts throughout these assessment tasks.  I understand that if I am found to be in breach of policy, disciplinary action may be taken against me. Student Signature Assessor to complete Assessment 2 Assessment Result Date Type Of Submission Assessment 2 (Case study & Workplace project) □ C (Competent) □ NYC (Not Yet Competent) □NA (Not Assessed) ☐ First submission ☐ First re-submission ☐ Second re- submission Assessor feedback Assessor Name Assessor Signature BSBFIN401

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42 Assessment 2 – Case Study & Workplace Assessment This assessment meets the following performance criteria: Performance Criteria 1. Compile and analyse financial data 1.1 Prepare a register of assets from fixed asset transactions according to accounting, legislative and organisational requirements 1.2 Calculate depreciation according to legislative and organisational requirements 1.3 Make, record and disclose asset and liability valuations in compliance with accounting standards 1.4 Refer discrepancies, unusual features or queries to appropriate authority where they cannot be resolved 1.5 Identify and record effects of taxation 2. Report general journal entries for balance day adjustments 2.1 Record all general ledger accounts and prepare a trial balance 2.2 Adjust expense accounts and revenue accounts for prepayments and accruals 2.3 Make adjustments in general ledger system to close any discrepancies for balance day adjustments according to organisational policies, procedures and accounting requirements 2.4 Review data for errors and compliance with statutory requirements and organisational procedures, and BSBFIN401

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42 amend as required 3. Prepare end of period financial reports 3.1 Prepare revenue statement for reporting periods according to organisational requirements 3.2 Prepare a balance sheet to reflect financial position of business at end of reporting period 3.3 Prepare and post revenue and expense account to final general ledger accounts to reflect gross and net profits for reporting period 3.4 Correct or refer errors for resolution according to statutory and ethical requirements and organisational procedures This assessment meets the following performance Evidence: Performance evidence  prepare a financial report on at least two occasions.  produce a detailed asset register and depreciation schedule  record entries for balance day adjustments  use conversion and consolidation procedures including moving averages, standardised variables, trend analysis and unit costs  apply double-entry principles and accrual accounting. BSBFIN401

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42 This assessment meets the following Foundation Skills: Foundaton Skills Numeracy  Establishes criteria and categories for financial management purposes and monitors activities on a regular basis  Uses a wide range of mathematical calculations to interpret and arrange numerical information in order to comply with requirements Reading  Compares and analyses information from a range of sources varying in complexity to determine and complete financial requirements  Checks documents for errors or discrepancies Writing  Records data using relevant format, structure and vocabulary Planning and organising  Applies legislation, industry standards and organisational policies and procedures in the conduct of own work  Uses formal and logical processes to plan and complete tasks, achieving timelines and organisational requirements Problem solving  Addresses problems in the context of own work and seeks advice from others, as necessary  Uses analytical skills to identify discrepancies Technology  Uses digital technology to access, filter, compile, integrate and logically present complex information from multiple sources Assessment 2 – Case Study and Workplace Assessment Part A: Case Study assessment Case Study Overview BSBFIN401

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42 This case study assessment requires you to prepare a financial report on at least two occasions. This assessment is divided into 6 Case Study tasks:  Case Study 1: Bounce Fitness Financial Reports o Task 1: Enter Conversion Information and Balances o Task 2: Prepare a Register of Assets and Depreciation Schedule o Task 3: Record Journal Entries o Task 4: Record Annual Depreciation o Task 5: Record Adjusting Entries for Prepaid Expenses and Accrued Revenue o Task 6: Prepare Profit and Loss Statement and Balance Sheet This assessment includes detailed scenarios and simulated environments, providing all necessary information required to complete relevant tasks and activities, based on the simulated business, Bounce Fitness < https://bouncefitness.precisionrtoresources.com.au/ >. IMPORTANT Read the following before proceeding  Case study assessments that follow use Xero. Use a free or paid version of this software to complete the relevant assessments. o If you are using the free trial version, you must complete the assessments within 28 days upon creation of the simulated company file. o If you will use an accounting software other than Xero, discuss first with your assessor.  You must record transactions in Xero in the financial year corresponding with the financial year in which you are completing this assessment, unless otherwise specified. For example, if you are completing this assessment in October 2022, then the financial year is 1 July 2022 – 30 June 2023. You must enter transactions for this financial year, unless otherwise specified.  The financial year notations used in all provided instructions and templates are: o 1 July 20YY: The first day of the current financial year o 30 June 20YY plus 1: The last day of the current financial year o 20YY minus 1 or 20YY-1: One year before the current financial year o 20YY minus 2 or 20YY-2: Two years before the current financial year o 20YY plus 1 or 20YY+1: One year after the current financial year o 20YY plus 2 or 20YY+2: Two years after the current financial year BSBFIN401

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42 Case Study 1: Bounce Fitness Financial Reports You are an administrative assistant for Bounce Fitness, a fitness services company. Bounce Fitness provides premier personal training services in Cairns, Brisbane, Sydney and Melbourne. You must record financial information and prepare the following financial reports for Bounce Fitness:  Trial Balance report  Fixed Asset Reconciliation report  Depreciation Schedule report  Account Transactions report  Profit and Loss Statement  Balance Sheet General instructions:  Throughout this assessment, you must create new accounts or modify the default Xero accounts when necessary to complete the assessment tasks.  In preparing the financial reports, you must follow Bounce Fitness’s accounting policies and procedures to guide you through your tasks.  Access and review the following documents for Bounce Fitness. o Bounce Fitness Accounting Policies and Procedures https://bouncefitness.precisiongroup.com.au/policies-and- procedures/finance-policy-procedures/ o Bounce Fitness Accounting Transactions Information https://bouncefitness.precisiongroup.com.au/supplementary- files/business-competence-bsbfin401/ This document contains company and transaction information that you will enter in the Bounce Fitness company file in Xero. Task 1: Enter Conversion Informaton and Balances In this task, you will enter conversion information and balances for Bounce Fitness in Xero. a. Access and review the conversion procedures in the Bounce Fitness Accounting Policies and Procedures file. You must follow the conversion procedures when completing this task. b. Access the Bounce Fitness Accounting Transactions Information file. This file contains company and transaction information that you will enter in the Bounce Fitness company file in Xero. i. Review content in the Conversion Information and Conversion BSBFIN401

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42 Balances sheets in the Bounce Fitness Accounting Transactions Information file. ii. Identify the following information:  From the Conversion Information sheet: o Conversion Information o Financial Settings o Conversion Date The financial year must be based on the current financial year when you are completing the assessment. For example, if you are completing this assessment in October 2022, then the financial year is 1 July 2022 – 30 June 2023.  From the Conversion Balances sheet o Conversion balances from the Trial Balance. o Pre-conversion Sales reflected in Accounts Receivable. o Pre-conversion Purchases reflected in Accounts Payable. c. Start a new company file for Bounce Fitness in Xero. d. Enter the identified information in the Bounce Fitness company file in Xero. e. Generate the Trial Balance report for Bounce Fitness in Xero , selecting ‘End of last financial year’ for the date of the report. f. Export the Trial Balance report as a PDF file. Name it ‘Task 1 - Trial Balance report’ and submit it to your assessor. g. Answer the question that follows. Briefly explain how you used the conversion procedures in the Bounce Fitness Accounting Policies and Procedures to enter conversion information and balances for this task. The conversion procedures of the Counce Fitness Accounting Policies and procedures, helped me to convert the date in the trial balance. In this section I got information or the steps I had to follow to do it, how to go to Conversion balances, then go to show all accounts, to add the new Bounce Fitness account, enter all the details of the trial balance in debit and credit and save. Task 2: Prepare a Register of Assets and Depreciaton Schedule In this task, you will continue using the Bounce Fitness company file in Xero to prepare a register of assets and depreciation schedule. BSBFIN401

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42 a. Change the user settings in the Bounce Fitness company file to grant yourself Adviser access. This will permit you to register the fixed assets for Bounce Fitness in Xero. b. Access the Bounce Fitness Accounting Policies and Procedures file and review the policies and procedures for preparing a register of assets and depreciation schedule, which include the following: i. Accounting requirements ii. Legislative requirements iii. Organisational requirements c. Access the Bounce Fitness Accounting Transactions Information file. i. Review content in the Fixed Assets sheet in the Bounce Fitness Accounting Transactions Information file. ii. Identify the fixed assets information of the company. iii. Set up the fixed assets in the Bounce Fitness company file in Xero.  Select the Start Date to set up fixed assets as 1 July 20YY. The Start Date for setting up fixed assets must be the first date of the current financial year. For example, if the financial year is 1 July 2022 – 30 June 2023, then the Start Date for setting up fixed assets must be 1 July 2022.  Add each fixed asset by entering the fixed assets information and registering it.  Calculate and enter the accumulated depreciation values up to 30 June 20YY, in accordance with the Bounce Fitness Accounting Policies and Procedures. Accumulated depreciation amounts must be rounded up to whole dollars. d. Generate the following reports for Bounce Fitness in Xero: i. Fixed Asset Reconciliation report, selecting ‘This financial year’ for the date of the report. ii. Depreciation Schedule report , based on the following selections:  Date: June (20YY plus 1)  Depreciation: Estimated e. Export the Fixed Asset Reconciliation report and Depreciation Schedule report as PDF files. Name them ‘Task 2 - Fixed Asset Reconciliation report’ and ‘Task 2 - Depreciation Schedule report’ respectively and submit them to your assessor. f. Answer the question that follows. Briefly explain how you used the procedures for preparing a register of assets and BSBFIN401

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42 depreciation schedule in the Bounce Fitness Accounting Policies and Procedures to prepare a register of assets and depreciation schedule. Once Fixed Assets is selected in Xero, click on New Asset, give it a name and select the type of asset, the asset number, the purchase price, serial number, etc. Then we proceed to select the depreciation method, the purchase date and fill in those options. The asset is added to a pool and saved. Task 3: Record Journal Entries In this task, you will continue using the Bounce Fitness company file in Xero to record journal entries. a. Access the Bounce Fitness Accounting Policies and Procedures file and review the policies and procedures for recording journal entries. b. Access the Bounce Fitness Accounting Transactions Information file. i. Review content in the Journal Entries sheet in the Bounce Fitness Accounting Transactions Information file. ii. Identify the Journal Entries information of the company c. Post Journal Entries to the appropriate general ledger accounts of the Bounce Fitness company file in Xero, for each of the following. i. Sales using Invoices ii. Purchases using Bills iii. Pre-conversion sales payments by directly paying into the pre-conversion invoice created in Case Study Task 1 iv. Pre-conversion purchases payments by directly paying into the pre- conversion bill created in Case Study Task 1 v. Cash Receipts  Receipts for pre-conversion sales by directly paying into the pre- conversion invoice created in Case Study Task 1  Other receipts by using Receive Money vi. Cash Payments  Payments for pre-conversion purchases by directly paying into the pre-conversion bill created in Case Study Task 1  Other payments by using Spend Money vii. Prepayments by using Spend Money BSBFIN401

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42 d. Generate the Trial Balance report for Bounce Fitness in Xero as at the end of the current financial year (30 June 20YY+1). e. Export the Trial Balance report as a PDF file. Name it ‘Task 3 - Trial Balance report’ and submit it to your assessor. f. Answer the question that follows. Briefly explain how you used the procedures for recording journal entries in the Bounce Fitness Accounting Policies and Procedures to record journal entries for this task. According to Bounce Fitness policies, an invoice must first be created for each client, for this you must click on the plus sign on the xero platform and then on nvoice, and all the data must be entered, saved and approved. Once this is done, proceed to go to the Business menu, click on purchase overview. Select Invoice, you must enter all the information, add items, etc. and finally save. Task 4: Record Annual Depreciaton In this task, you will continue using the Bounce Fitness company file in Xero to record annual depreciation. a. Access the Bounce Fitness Accounting Policies and Procedures file and review the policies and procedures for recording annual depreciation. b. Record annual depreciation in the Bounce Fitness company file in Xero: i. Run Depreciation for the Bounce Fitness fixed assets for the current financial year [1 July 20YY to 30 June (20YY+1)] ii. Record annual depreciation for the low value pool using a manual journal dated the end of the current financial year [30 June (20YY+1)] iii. Generate the Account Transactions report for Bounce Fitness in Xero for the current financial year [1 July 20YY to 30 June (20YY+1)] for the following accounts:  Depreciation  Less Accumulated Depreciation on Motor Vehicles  Less Accumulated Depreciation on Office Equipment  Low Value Pool iv. Export the Account Transactions report as a PDF file. Name it ‘Task 4 - Account Transactions report’ and submit it to your assessor. c. Answer the question that follows. Briefly explain how you used the procedures for recording annual depreciation in the Bounce Fitness Accounting Policies and Procedures to record annual depreciation for this task. BSBFIN401

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42 Once in the XERO platform we go to the accounting menu, and then we click on fixed assets, then we proceed to click on run depreciation, the date is chosen and then we confirm to create the report. Task 5: Record Adjustng Entries for Prepaid Expenses and Accrued Revenue In this task, you will continue using the Bounce Fitness company file in Xero to record an adjusting entry for the prepaid subscription to Health Blogs magazine you recorded in Case Study Task 3 . a. Access the Bounce Fitness Accounting Policies and Procedures file and review the policies and procedures for recording adjusting entries for prepaid expenses and accrued revenue. b. Access the Bounce Fitness Accounting Transactions Information file. i. Review content in the Journal Entries and Adjusting Entries sheets in the Bounce Fitness Accounting Transactions Information file. ii. Apply double-entry and accrual accounting principles to calculate the adjustment required for the prepaid subscription from the Journal Entries sheet, to reflect the current year expense. iii. Identify the journal entry information for accrued revenue from the Adjusting Entries sheet. c. Use a manual journal to record the adjusting entries as on the last day of the current financial year [30 June (20YY plus 1)] in the Bounce Fitness company file in Xero, for: i. Prepaid expenses ii. Accrued Revenue d. Generate the Account Transactions report for Bounce Fitness in Xero for the current financial year [1 July 20YY to 30 June (20YY plus 1)] for the following accounts: i. Prepayments BSBFIN401

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42 ii. Accrued Revenue e. Export the Account Transactions report as a PDF file. Name it ‘Task 5 - Account Transactions report’ and submit it to your assessor. and submit it to your assessor. f. Answer the question that follows. Briefly explain how you used the procedures for recording adjusting entries for prepaid expenses and accrued revenue in the Bounce Fitness Accounting Policies and Procedures to record adjusting entries for prepaid expenses and accrued revenue for this task. To do it in Xero, you must follow the same guidelines stipulated in the manual journal entries section, which stipulates that we must go to reports, click on journal report, add one, add all the data that is requested in it, and click save. Task 6: Prepare Profit and Loss Statement and Balance Sheet In this task, you will continue using the Bounce Fitness company file in Xero to prepare the Profit and Loss Statement and Balance Sheet for Bounce Fitness. a. Access the Bounce Fitness Accounting Policies and Procedures file and review the policies and procedures for preparing financial reports. The Profit and Loss Statement is also called the Revenue Statement. b. Generate the following reports for Bounce Fitness in Xero: i. Profit and Loss Statement for the current financial year [1 July 20YY to 30 June (20YY plus 1)] This will post revenue and expense accounts to final general ledger accounts to reflect gross and net profits for reporting period. ii. Balance Sheet as on the end of the current financial year [30 June (20YY plus 1)]. This will reflect the asset and liability valuations as on the reporting date. c. Export the Profit and Loss Statement and Balance Sheet as PDF files. Name them ‘Task 6 - Profit and Loss Statement’ and ‘Task 6 - Balance Sheet’ respectively and submit them to your assessor. d. Answer the question that follows. Briefly explain how you used the procedures for preparing financial reports in the Bounce Fitness Accounting Policies and Procedures to prepare the Profit and Loss Statement and Balance Sheet for this task. BSBFIN401

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42 To make a profit and loss statement and balance sheet in Xero you must go to the accounting menu and select reports, after financial click on profit and loss or balance sheet. For this you must select the date and click on run it. Part B: Workplace Assessment Assessment Overview This workplace assessment requires you to conduct asset and liability valuations, address data errors and discrepancies, and analyse financial information. This assessment is divided into 3 tasks:  Asset and Liability Valuation Report  Financial Data Review Report  Financial Analysis Report You are required to complete the assessment tasks in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry. Each task comes with a set of instructions. You are to follow these instructions to complete the assessment. Each task will require you to either:  Submit completed workplace templates and/or any required documentation; or  Demonstrate task requirements while being observed by the assessor. Forms and Templates Generic forms and templates to be used for the assessments are specified for each task, unless otherwise stated . These can be accessed from the following link: BSBFIN401 Forms and Templates Review these forms and templates with your assessor before starting the task. BSBFIN401

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42 Task 1: Asset and Liability Valuaton Report ASSESSMENT INSTRUCTIONS This task will require you to prepare an Asset and Liability Valuation Report and refer discrepancies for resolution to at least one appropriate authority. Use your workplace/organisation’s template to complete this task, or use the Asset and Liability Valuation Report template provided at the Bounce Fitness site. To complete this task, you must:  Access and review the following information: o AASB Accounting Standard 13 - Fair Value Measurement, for valuation of assets and liabilities o Assets and liabilities of the business as stated in the balance sheet on the last day of the most recent completed financial year o Asset and liability records containing details on each asset and liability o Requirements for reviewing and amending data, including:  Statutory compliance requirements  Ethical requirements  Organisational procedures  Identify from the balance sheet: o At least one fixed asset for valuation o At least one interest-bearing liability for valuation  Determine the following valuations in accordance with accounting standards: o For each identified asset:  Value at cost  Effective life  Market value  At least one effect of taxation o For each identified liability:  Outstanding payment  At least one effect of taxation  Identify the following unresolved items from the valuations: o At least two discrepancies o At least two unusual features BSBFIN401

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42 o At least two errors o At least two queries for resolution  Prepare an Asset and Liability Valuation Report , including all the above information.  Communicate the Asset and Liability Valuation Report to at least one appropriate authority. In your communication, refer the identified unresolved items for resolution. Submit the completed Asset and Liability Valuation Report to your assessor. Include the supplementary documents/sources used to create the Asset and Liability Valuation Report, including:  AASB Accounting Standard 13 - Fair Value Measurement, for valuation of assets and liabilities  Assets and liabilities of the business as stated in the balance sheet on the last day of the most recent completed financial year  Asset and liability records containing details on each asset and liability  Requirements for reviewing and amending data, including: o Statutory compliance requirements o Ethical requirements o Organisational procedures You must also submit evidence of referring unresolved items to at least one appropriate authority. Evidence must be at least one of the following:  Email correspondence  Meeting minutes  Video recording of the meeting conducted with the authority When using this as evidence, ensure to inform the attendee of the purpose of the recording before doing so . BSBFIN401

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42 Task 2: Financial Data Review Report ASSESSMENT INSTRUCTIONS This task will require you to review and amend financial data for errors, ensuring compliance to make balance day adjustments, and prepare a Financial Data Review Report. Use your workplace/organisation’s template to complete this task, or use the Financial Data Review Report template provided at the Bounce Fitness site. To complete this task, you must:  Access and review the following information: o Requirements for making adjustments in the general ledger system, including:  Organisational policies and procedures  Accounting requirements o Requirements for reviewing and amending data, including:  Statutory compliance requirements  Ethical requirements  Organisational procedures o Organisational financial data on general ledger transactions recorded in the most recent completed financial year. BSBFIN401

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42  Review the financial data and identify the following: o At least two discrepancies to be closed for balance day adjustments o At least one adjustment for each identified discrepancy, to be made to the general ledger system. o At least two errors o At least one non-compliance with statutory requirements o At least one non-compliance with organisational procedures  Prepare the Financial Data Review Report , incorporating the above information.  Make the following amendments in the general ledger system: o Each identified adjustment o Each identified error o Each identified non-compliance with statutory requirements o Each identified non-compliance with organisational procedures Submit the completed Financial Data Review Report to your assessor. Include all supplementary documents/sources used to create the Financial Data Review Report, including:  Requirements for making adjustments in the general ledger system, including: o Organisational policies and procedures o Accounting requirements  Requirements for reviewing and amending data, including: o Statutory compliance requirements o Ethical requirements o Organisational procedures  Organisational financial data on general ledger transactions recorded in the most recent completed financial year. You must also submit system reports as evidence of making amendments in the general ledger system. Task 3: Financial Analysis Report ASSESSMENT INSTRUCTIONS BSBFIN401

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42 This task will require you to analyse the profit and loss statement of your business for at least three years and prepare a Financial Analysis Report. Use the Financial Analysis Report template provided at the Bounce Fitness site. To complete this task, you must:  Access and review the monthly Profit and Loss actual performance of your organisation for at least three years. If your organisation has been in operation for less than three years, use similar data for any publicly listed company on the Australian Stock Exchange.  Analyse the actual Profit and Loss performance, using the following techniques: o Moving averages o Standardised variables Standardised variables are variables that have been standardised to have a mean of 0 and a standard deviation of 1. o Trend analysis o Unit costs The unit cost is the expense incurred by a business to produce, store and sell one unit of a product or service.  Prepare a Financial Analysis Report incorporating all the information above. Submit the completed Financial Analysis Report to your assessor. Include the monthly Profit and Loss actual performance for at least three years as supplementary documents/sources used to create the Financial Analysis Report. BSBFIN401

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42 Record of Assessment Assessment Details Learner Course Code Unit of Competency BSBFIN401 - Report on financial activity Assessor Name RTO Assessment Activity Satisfactory Needs more evidence Short Answer Questons Short Answer Question 1 ☐ ☐ Short Answer Question 2 ☐ ☐ Short Answer Question 3 ☐ ☐ Short Answer Question 4 ☐ ☐ Short Answer Question 5 ☐ ☐ Short Answer Question 6 ☐ ☐ Short Answer Question 7 ☐ ☐ Short Answer Question 8 ☐ ☐ Short Answer Question 9 ☐ ☐ Case Study Assessment Case Study 1: Bounce Fitness Financial Reports Task 1: Enter Conversion Information and Balances ☐ ☐ Task 2: Prepare a Register of Assets and Depreciation Schedule ☐ ☐ Task 3: Record Journal Entries ☐ ☐ Task 4: Record Annual Depreciation ☐ ☐ Task 5: Record Adjusting Entries for Prepaid Expenses and Accrued Revenue ☐ ☐ Task 6: Prepare Profit and Loss Statement and Balance Sheet ☐ ☐ Workplace Assessment Task 1: Asset and Liability Valuation Report ☐ ☐ Task 2: Financial Data Review Report ☐ ☐ BSBFIN401

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42 Assessment Details Task 3: Financial Analysis Report ☐ ☐ Assessor’s Comments Remarks/feedback Details of further evidence required Please tick the appropriate box. Yes No Comments and further action required are noted in the Learner Assessment Pack ☐ ☐ Results discussed and agreed to by the learner You have the right to appeal the outcome of your assessment. ☐ ☐ The Learner is ☐ Competent ☐ Not Yet Competent Assessor’s signature Date signed I further confirm that I have verified the learner’s submissions by contacting the learner’s supervisor and/or observer whose names appear in the Supervisor/Observer Verification Log above. After reassessment, the Learner is: ☐ Competent ☐ Not Yet Competent Assessor’s signature Date signed BSBFIN401

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42 BSBFIN401

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BSBFIN401 Asessments-V1.0

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