Process Financial Transaction Extract Interim Reports_FNSACC311_Task1_Student_221222v2

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Royal Melbourne Institute of Technology *

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5421C

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Accounting

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Feb 20, 2024

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted STUDENT – PRODUCT ASSESSMENT TASK Assessment Number 1 of 2 Assessment Name Assessment 1 Process Financial Transaction and Extract Interim Reports I National unit/s code FNSACC311 National unit/s title Process Financial Transaction and Extract Interim Reports National qualification code FNS40217 National qualification title Certificate IV in Accounting and Bookkeeping RMIT Program code C4398 RMIT Course code ACCT5419C Information on preparing, conducting, and marking assessment.  Provide a copy of the student version of the assessment task on Canvas.  Student to complete the assessment by the due date as per the syllabus and upload their document in Word, on Canvas.  This is the first of two assessments for this unit and comprises 20 tasks. To gain a satisfactory, students need to answer and submit all tasks questions correctly.  Assess students’ responses against the model responses provided in this assessor version of the task. If the student’s response differs from the model response, then use your judgement to deem if it is still satisfactory.  A comment must be included wherever a requirement in the marking guide was deemed not satisfactory to explain why it wasn’t satisfactory.  All criteria listed in the marking guide must be deemed satisfactory for students to gain an overall judgement of satisfactory for this task.  As a teacher/assessor you can help students with understanding the terminology or clarify any questions they may have.  Assessment related information for students https://www.rmit.edu.au/students/student- essentials/assessment-and-results  Assessment appeals information https://www.rmit.edu.au/students/student-essentials/assessment- and-results/special-consideration/assessment-and-outcomes  If any student gets approval for an extension or special consideration, the assessor needs to adjust/modify the assessment or due date accordingly. [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 1 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Section A – Assessment Information Assessment duration and/or due date Due Week 6 by Sunday 11:59pm Task instructions Type of Product (tick which applies) ☐ Project ☐ Report  Portfolio ☐ Case study Summary and Purpose of Assessment There is a total of t wo (2) assessment tasks you need to complete for this course. This is assessment task 1 of 2. Both assessment tasks need to be “satisfactory” completed to be deemed Competent in this course. This assessment task is to be completed individually. The purpose of this assessment task is to assess students’ skills and knowledge to prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports. [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 2 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Assessment instructions What This assessment comprises of 20 tasks (Tasks 1-20) listed below. Each task is a separate task, and you are required to complete all the tasks. Task 9 is a role-play simulation that requires each student to demonstrate oral communication and interaction skills.  Download the assessment document from Canvas and complete the 20 task questions. Save in Microsoft Word format and upload your assignment via Canvas.  You MUST complete all sections; student name, ID, signature and date where appropriate on the information sheet that has been provided.  When completing the tasks, you need to pay attention to the reliability of the data and ensure accuracy throughout your workings.  You need to perform a check on your final calculations, including reviewing against all internal and external financial data sources were given in the questions and must ensure they follow all necessary protocols, policies and procedures and accounting standards. Where You will be provided some class time to work on this assessment, however, it is expected that the majority of this assessment will be completed outside of class. How you will be assessed You will be assessed against the criteria listed in the marking guide in Section B of this task. To achieve a satisfactory result, you will need to address all criteria satisfactorily. Ensure that you submit all tasks because you will be assessed on the documentation you provide. Instructions on submitting your Product Assessment You must submit your responses to Tasks 1-20 and upload them on Canvas by the due date. Feedback and results will be provided in Canvas in the Grades section via comments or rubrics. Students are required to submit these answers into a Word document and upload onto Canvas. Name your file as: < your student number _your name_ Assessment 1 Process Financial Transaction and Extract Interim Reports I >. For example, 23456789JohnSmith Assessment 1 Process Financial Transaction and Extract Interim Reports.docx Task 9 Role play simulation – upload two mp3 files (one for each role-play) and name these files as student number_name_Assessment Task 9_roleplay1.mp3 [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 3 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Conditions for assessment  This is an individual assessment task and to be completed independently in your own time.  You must not copy the work of others. (For more information regarding Academic Integrity please refer to RMIT Academic Integrity Guidelines). If in any doubt about what kind of support is allowable then you need to seek clarification from your assessor.  Partially competed tasks will not be assessed, and you will be assessed as Satisfactory or Not Satisfactory.  If you don’t answer all questions satisfactorily, you will be given another attempt to respond to the questions that were incorrect.  If you don’t answer the questions correctly on the second attempt, the RMIT teacher will contact you to discuss the assessment.  In certain circumstances, you may be eligible for an assessment adjustment (e.g., a disability or long-term medical or mental health condition; an unavoidable employment, family, cultural, religious or elite sporting commitment known in advance; other unexpected circumstance outside your control) or an extension of time.  If you are unable to meet the submission deadline as stated in Canvas then you need to consult with your assessor as soon as possible, preferably at least one (1) week before the assessment submission due date. Information found on the web pages below will also help inform you of your rights and responsibilities.  For a 7-day extension see https://www.rmit.edu.au/students/student-essentials/assessment-and- exams/assessment/extensions-of-time-for-submission-of-assessable-work  For special consideration see https://www.rmit.edu.au/students/student-essentials/assessment- and-exams/assessment/special-consideration  For reasonable adjustment see https://www.rmit.edu.au/students/student-essentials/assessment- and-exams/assessment/adjustments-to-assessment  Students can appeal the assessment decision according to the RMIT Assessment Processes  Failure to complete this assessment within the scheduled time will result in the task being assessed as Not Satisfactory unless alternative arrangements have been made to complete the assessment prior to the date of the assessment task. Equipment/resources students must supply (if applicable): Equipment/resources to be provided by RMIT or the workplace (if applicable):  Access to a laptop or computer  Internet access  Access to Office 365 software as required. Student can access office 365 for free as a student with RMIT. Please see the link provided for more information on https://www.rmit.edu.au/students/support- and-facilities/it-services-for-students/office365- resources  Access to Canvas and internet sites required for study in this course · Appropriate software as required  Access to Learn Now Learning Resources  Access to Office 365 software as if required. Please see the link provided for more information on https://www.rmit.edu.au/students/support- and-facilities/it-services-for-students/office365- resources [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 4 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 1A List and describe the 4 legislative and regulatory requirements relating to processing financial transactions that must be complied with by accountants and bookkeepers. ( Refer to Chapter 1 Accounting Principles Book One ) Answer: Task 1B Name the accounting convention that must be complied with by accountants and bookkeepers based on the following description. ( Refer to Chapter 1 Accounting Principles Book One ) Answer: Description Name of Accounting Principles /Conventions The life of a business can be divided into 12, 6, 3 or 1 month to determine profit All transactions are recorded from the point of view of the business and is treated as a separate entity from its owner/s Accountants and bookkeepers are expected to use the same accounting methods consistently from one period to the next once the accounting method has been adopted. Generally, a method is not changed unless there is a good reason for doing so. The cost of recognising an income and expense should be recorded in the same period as the income they helped to earn. When doubt exists for entries that require judgement or estimates, accountants and bookkeepers should adopt a pessimistic/understated rather than an optimistic/overstated value when doing their accounting tasks [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 5 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 2 Classify each of the following accounts either to Asset, Liability, Owner’s Equity, Revenue or Expense and which interim report (Balance Sheet or Income Statement) to which it belongs: ( Refer to Chapter 2 Accounting Principles Book One ) Answer: Accounts Name Accounts Type Interim Report Inventory Mortgage Accounts Receivable Wages Sales Cost of Goods Sold Advertising Accounts Payable Furniture and Fittings Fees Received Capital Telephone Expense Drawings Electricity Expense Loan Motor Vehicle Cleaning Fees paid Interest Received [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 6 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 3 You are working for Bunnings Trading who provide painting services. You are handling one of the clients, Jonas Painter, and you are required to perform some bookkeeping for Bunnings Trading . Examine the invoice below and identify 3 errors based on what you have learned about the correct procedure to prepare a tax invoice. Note that the business Jonas Painter is registered for GST. ( Refer to Chapter 2 Accounting Principles Book One ) From: Bunnings Trading Sold to Jonas Painter 85 Cherry Lane Hallam, Victoria, 3228 Description Quantity $ ¢ Aquatec Paint 4 litre Dulux Wash & Wear Paint 30 litre Total 3 2 99 385 484 00 00 00 Answer: 1. 2. 3. [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 7 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 4 Prepare invoice for the following purchase orders received from Andrew Gibbs to Bunnings Paint. Following Bunnings Paint company policy procedures, after you prepare the invoices from the purchase order, you are required to check and verify supporting documentation for financial transaction record-keeping and auditing purposes. If there are any discrepancies found, a correction needs to be made and the corrected invoices must be submitted and verified again. ( Refer to Chapter 2 Accounting Principles Book One ) Andrew Gibbs 456 Swanston Street, Melbourne VIC 3000 ABN 333456789 PURCHASE ORDER NO: 223338 To: Bunnings Paint 45 Hunter Street, Carnegie Vic 3111 Date of Order: 17 /08/21 Ship To: 456 Swanston Street Melbourne VIC 3000 DATE REQUIRED: 25/08/21 QTY Ordered DESCRIPTION UNIT PRICE Total 20 Dulux Paint Fresh 45 900.00 60 Dulux Wash & Wear 60 3,600.00 GST 450.00 Total Amount $4,950.00 Prepare and check the invoices carefully for accuracy, before submitting this assessment with the purchase order above. Once you have submitted the assessment your teacher will check for accuracy Note: Use the template provided to prepare a new, corrected invoice! GST 10% TOTAL The total price includes GST Once you are confident that your works are correct, fill in this request for approval to obtain verification and [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 8 of 35 Answer: ABN: 987 654 321 TAX INVOICE No. AC228 Bunnings Paint 45 Hunter Street, Carnegie Vic 3111 Date: 18/8/20 To: Qty Description of Supply Price Total

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted authorisation from your teacher. Verification and Authorisation Request I ( your full name) ...................... confirm that the above invoice has been reviewed and prepared to the best of my knowledge. It is ready to be submitted and seeking an authorisation from my teacher to be reviewed and provided feedback. [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 9 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Depositing money in person  Ensure you have filled out the deposit book and prepared the money grouping notes and coins into the denominations and entering the details of the cheques.  Place the money in the calico bag provide and ensure you place this into the briefcase provided.  Do not send the same person to do the banking every day.  The banking is to be done anywhere between 2.00pm – 4.00pm.  Do not do it at the same hour.  Do not use the same route each day.  Once you deposit the money get a receipt from the bank teller.  When you return to the office scan the receipt and file it in the receipt folder.  Place the deposit book and the calico in the banking drawer. Using the ATM chute  Ensure you have filled out the deposit book and prepared the money grouping notes and coins into the denominations and entering the details of the cheques.  Place the money in the calico bag provide and ensure you place this into the briefcase provided.  Do not send the same person to do the banking every day.  The banking is to be done any time after 3.00pm  Do not do it at the same hour.  Do not use the same route each day.  Check with the bank balance the next day after10.00am to ensure the money has been received and balances to the amount you have in your deposit book.  If there are any discrepancies inform your supervisor. Security Companies  Ensure you have filled out the deposit book and prepared the money grouping notes and coins into the denominations and entering the details of the cheques.  When the security company arrives ensure you check their identity cards.  Once identification is verified hand over the cash and deposit slips for the guards to check.  The security guards are to place the money in the calico bags provided and sign the receipt of the money. Other Processes: Safety procedures for handling cash, cheques and electronic payments: Cash:  Never count cash in the front office. Always do this in an office with the door locked.  Ensured that all cash is locked up in a security box and placed in a lockable drawer, cupboard or safe.  Only the petty cashier has the authority to access the petty cash box.  Only authorised personnel have the authority to access any cash received from sales. Cheques:  Do not leave the cheques on your desk or in an open area.  Ensured that all cheques are locked up in a security box and placed in a lockable drawer, cupboard or safe.  Only authorised personnel have the authority to access cheques received from sales. Electronic Payments:  All details of the payee are confidential and must not be given to any person other than the person handling the payment.  The receipts from the payments must be placed in a secure place such as a lockable security box placed in a lockable drawer, cupboard or safe.  Only authorised personnel have the authority to access to information relating to electronic payments received from sales. [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 10 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 5 Identify some security and safety measures when preparing and banking receipts for handling cash, cheques, and electronic payments, to a bank. List 8 procedures that need to apply for security reasons in handling cash and going to the bank. ( Refer to Chapter 1 Accounting Principles Book One ) Answer: Task 6 One of the standard industry banking procedures and guidelines in security and safety precautions in banking methods is to look for a cheque to ensure the cheque is accurate and valid before depositing the cheque. List 4 items that need to be checked. ( Refer to Chapter 1 Accounting Principles Book One ) Answer: Task 7 List at least 4 items that need to be checked to confirm the validity of a cheque. ( Refer to Chapter 1 Accounting Principles Book One ) Answer: Task 8 List 4 items the EFTPOS system will check before any electronic transactions are processed for payments ( Refer to Chapter 1 Accounting Principles Book One ) Answer: [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 11 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 9 Role-Play Simulation This is a practical activity where you will participate in two role-play simulations. You, as a bookkeeper, will need to engage in an interaction with a bank teller and an accountant in your company. ( Refer to Chapter 3 Accounting Principles Book One ). Details of the role-play simulations with the bank teller and accountant  Participate in each role-play with at least another person/student in the class. For role-play 1, you will take on the role of a bookkeeper who is depositing money and the other student/person will take on the role of a bank teller. In role-play 2, you will continue in your role as bookkeeper and the other person will take on the role of the accountant in your company and during this interaction you will be discussing proof of lodgement of the deposit slip to the accountant.  Provide your answer on the Deposit Form below from the Sales Receipts 26-31  Each interaction in role-paly 1 and role-play 2 must be recorded in an audio format e.g. mp3.  Each role-play simulation (and the audio recording) should be approximately 3-5 minutes.  Prepare a deposit facility form below as proof of lodgement for the banking deposit method for these receipts.  After you prepare the deposit slip, you are also required to upload it in the pdf/picture file format on Canvas with your audio recording under Assignments for record-keeping and auditing purposes.  You need to check the deposit slip and your audio file recording carefully before filing (uploading) on Canvas from the source documents given to you for accuracy. If there are any discrepancies found, a correction needs to be made and the corrected deposit slip needs to be uploaded (filed). Complete Business Services receipted the following sales for 9 March. [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 12 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Receipt 26 Date 09/03 From A Capp Sum of Twenty-Two Dollars50 cents $22.50 Being for Cash Sale Paid by Credit Card (manual) Per A Officer Receipt 27 Date 09/03 From T Turner Sum of One hundred and Thirty- Six Dollars $136.00 Being for Cash Sale Paid by Cheque 444 016-555 45511 HSBA Melbourne Per A Officer Receipt 28 Date 09/03 From B Burrows Sum of Eighty-Six Dollars20 cents $86.20 Being for Cash Sale Paid by Cheque 654 016-511 4111995 HSBA Melbourne Per A Officer Receipt 29 Date 09/03 From C Joy Sum of Twelve Dollars 40 cents $12.40 Being for Cash Sale Paid by Credit Card (manual) Per A Officer [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 13 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Receipt 30 Date 09/03 From F Farnham Sum of Seventy Dollars 10 cents $70.10 Being for Cash Sale Paid by cash Per A Officer Receipt 31 Date 09/03 From G Harrison Sum of Sixty-Three Dollars $63.00 Being for Cash Sale Paid by cash Per A Officer [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 14 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Coins and Notes for banking are - 1 x $50 note - 4 x $20 notes - 3 x $1 coins - 1 x 10c coin Role play 1: Conversation with the bank teller must contain the following:  Use clear instructions of what service you require when approaching the bank teller. The bank teller must ask at least two questions requiring clarification. Use questioning and active listening when the bank teller asks for clarification. Interact in a professional conversation as you are going to bank with all your notes, coins, and deposit form ready to be deposited.  Check each amount and the total of the deposit amount with the bank teller to indicate that the total deposit amount has been checked and is ready to be deposited.  Seek authorisation from the bank teller (once you both agree) to sign to obtain proof of lodgement according to Complete Business Services organisational protocols.  Interact in a professional conversation Role play 2: Conversation with the accountant must contain the following:  In role-play 2 you must record a conversation with the accountant where the accountant asks you about the bank deposit you have just made and proof of lodgement.  Use clear instructions when approaching the accountant. You must ask the accountant at 2 least questions requiring clarification.  Use questioning and active listening when the accountant asks for proof of lodgement.  Interact in a professional conversation as you are providing deposit form that has been signed by the teller and ready to be entered into the accounting system. Answer: Deposit Form ( You must answer and fill this form before recording the role play ) [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 15 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted HSBA Bank 123 Waverley Road Melbourne Camberwell Music 085-586 58945258 Drawer Bank Branch Amount Complete Business Services Paid in by: Subtotal DEPOSIT Date Notes Coins Credit Card total Cheques Total $ I confirm that the above deposits have been reviewed and prepared to the best of my knowledge. It is also ready to be verified and all the amounts are correct to obtain proof of lodgement according to organisational procedures. STUDENT SIGNATURE CLERK SIGNATURE [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 16 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 10 COCO Republica is a dealer in clothing and furniture. The owner, Rosie, also sells antiques on commission. Policies & Procedures for Cash Receipt  The business operates strictly on a cash basis.  The business is registered for GST and charges 10% GST on all sales.  Banking is done daily.  Revenue accounts are Cash Sales and Commission Income (GST applies) [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 17 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 10 COCO Republica is a dealer in clothing and furniture. The owner, Rosie, also sells antiques on commission. The following cash receipts were written in the last week of April: Rec No: 16 Date: 06/04 Rec No: 17 Date: 06/04 From: For: King Lear costume set (inc GST For: 4 Poster Bed (inc GST) Received $880 Received $4,466 Rec No: 18 Date: 17/04 Rec No: 19 Date: 18/04 From: G Wizz For: Chest of drawers (inc GST) For: Received $2,200 Received $77 Rec No: 20 Date: 19/04 Rec No: 21 Date: 19/04 P Piper For: For: Received $110 Received $5,000 Rec No: 22 Date: 21/04 Rec No: 23 Date: 28/04 Cash Sale Dress D Vincent (inc GST) For: For: $539 $55 Received Received Policies & Procedures for Cash Receipt  The business operates strictly on a cash basis.  The business is registered for GST and charges 10% GST on all sales.  Banking is done daily. Revenue accounts are Cash Sales and Commission Income (GST applies) Required: According to company organisational procedures, prepare a Cash Receipts Book for Coco Republica ( Refer to Chapter 1 Accounting Principles Book One ) [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 18 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Answer: CASH RECEIPTS JOURNAL Date Rec # Details Sales Comm. Income Capital GST Collected Amount Banked Task 11 Enter the following transactions of Horizon Skylight into the Cash Payments Journal and the totals for the month of May May 04 Chq 52 Wages 730 (no GST) May 05 Chq 53 Telephone 320 plus GST M May 09 EFT EFT Rent 820 plus GST May 12 EFT Drawings 120 (no GST) May 12 EFT Inventory 1,800 plus GST May 15 EFT Inventory 1,400 plus GST May 17 Chq 54 Wages 730 (no GST) ( Refer to Chapter 4 Accounting Principles Book One ) Answer: Cash Payments Journal Date Chq # or EFT Details Account No. Purchase of Stock Wages Rent Other Payment GST Paid Total Paid TOTAL [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 19 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 12 Please list the internal controls/procedures that you could adopt in a business for the handling of cash and electronic payments ( Refer to Chapter 4 Accounting Principles Book One ) Answer: Task 13-16 Amazon Traders Business Policies & Procedures Entering Transactions  Before entering transactions, all supporting documentation needs to be checked for accuracy  The supporting documentation must be authorised by the owner/manager  Once entered in the system documents must be stamped to avoid duplication for an audit requirement  All journal entries, ledgers and trial balance need to be recorded in the system accounts correctly  Transactions are to be entered into the system in a timely manner  Update related systems to maintain the integrity of relationships between financial systems from a general journal entry, ledger, and trial balance  If the supervisor (teacher) has identified any error in your data entry, you must correct the error and notify/resubmit your work to the owner/manager (teacher) for confirmation.  You are required to complete tasks 13 – 16 according to Amazon Traders Business Policies & Procedures above. [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 20 of 35

STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 13 For the following transactions, complete the Transaction Analysis Chart. ( Refer to Chapter 5 Accounting Principles Book One ) Answer: Date Transaction Account Name Account Type Increase or Decrease DR/CR 01/6 Initial capital paid into business bank account $35,000 02/6 Received money for a long-term loan $100,000 03/6 Paid business insurance premium $700 + $70 GST + $40 stamp duty (no GST). 04/6 Paid cash for stationery $165 including GST 05/6 Interest received on bank account $25 (GST does not apply) 06/6 Service revenues earned in cash amounted to $2,000 + $200 GST 07/6 Commission revenue received $1200 + $120 GST 08/6 Paid cash for a vehicle $16,000 + $1,600 GST 09/06 Drawings of $1,000 10/10 Paid $20,000 towards the loan [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 21 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 22 of 35 Task 14 Using the templates provided, prepare General Journal entries for the transactions. (Refer to Chapter 5 Accounting Principles Book One) General Journal Date Particulars Debit Credit

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 15 Post the General Journal entries to the ledgers and include ‘DR’ or ‘CR’ to each running Balance for each ledger account. (Refer to Chapter 5 Accounting Principles Book One) Bank (ASSET) Date Details Debit Credit Balance GST Paid (ASSET) Date Details DR CR Balance [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 23 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Vehicle (ASSET) Date Details DR CR Balance GST Collected (LIABILITY) Date Details DR CR Balance Loan (LIABILITY) Date Details DR CR Balance Capital (EQUITY) Date Details DR CR Balance Drawings (EQUITY) Date Details DR CR Balance Service Revenue (REVENUE) Date Details DR CR Balance Commission Revenue (REVENUE) Date Details DR CR Balance Interest Revenue (REVENUE) Date Details DR CR Balance [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 24 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Insurance (EXPENSE) Date Details DR CR Balance Stationery (EXPENSE) Date Details DR CR Balance Task 16 Prepare and extract a Trial Balance Report as of 10 June from the ledgers above. The trial balance needs to be balanced in terms of debit and credits. You need to review and check the trial balance ensuring any errors are corrected. (Refer to Chapter 5 Accounting Principles Book One) Answer: Trial Balance Particulars Debit Credit TOTAL [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 25 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 17 You are preparing for a job interview for the role of Accounts Assistant in Complete Business Services which is an accounting and bookkeeping firm. You are thinking about the possible questions you may need to answer during your interview to demonstrate your knowledge and skills for the role you are applying for. Following is the list of questions you think you could be asked, and you need to prepare responses for these questions. In Task 18 and 19 you may research and provide a summary in your own words if taken from other resources, such as textbooks, the internet, etc. ( no copy and paste ) Describe the key features of the following financial reports: (word guide 25-50 words each) a) Trial balances b) Interim reports Answer : Task 18 Describe and explain:  Double-entry bookkeeping  Accrual Accounting Systems In your description, briefly explain the key principles and provide at least one (1) example of a business transaction (practice) associated with each system. (word guide 50-100) Answer: [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 26 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Please refer to Chapter 6 Accounting Principles Book one to complete the following tasks 19 and 20 Evergreen Travel Petty Cash Organisational Policy & Procedures  A petty cash will be set up to cover small miscellaneous expenses  Petty cash disbursements are to be documented on petty cash vouchers and the total balance need to be entered  Variances between expected and actual petty cash book balances must be regularly reviewed and investigated  For cash is received, the money is to be banked on the day of receipt and proof of lodgement is to be attached and filed with the bank statement.  Funds are to be secured in a lockable cabinet if not deposit on the same day.  Copies of the reconciliation reports must be stored with their source documents in the Accounts Department filing system and electronically on the business software hard drive as a security backup  Record a journal entry and confirm the reimbursement of petty cash at the end of each month and seek authorisation from the approved personnel. On 1 July, after reimbursement for June expenditures, the petty cash fund of Evergreen Travel had a balance of $300. Payments to and from the fund, including GST, for the month of July are listed below. Assume all amounts include GST unless stated otherwise. Date Petty Cash Voucher No. Particulars $ July 02 001 Taxi fare 16.50 06 002 Stationery 38.50 08 003 Coffee and tea ( No GST ) 28.60 10 004 Cleaning 44.00 12 005 Newspapers and magazines 23.10 18 006 Taxi fare 11.00 22 007 Paper and pens 15.95 23 008 Taxi fare 8.80 24 009 Cleaning 44.00 26 Cheque no 03680 Increase petty cash float by 100.00 28 010 Stationery 10.45 The fund was reimbursed on 31 July. [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 27 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 19 Prepare the Petty Cash Book for July (only total the Journal for reimbursement cheques) for Evergreen Travel ( Refer to Chapter 6 Accounting Principles Book One ) Answer: PETTY CASHBOOK Receipts Date Particulars Payment Travel S t a ti o n e r y Amenities Cl e a n Sundries GST [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 28 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Task 20 Prepare the General Journal entry for the cheque’s reimbursement for Petty Cash on 31 July. ( Refer to Chapter 6 Accounting Principles Book One ) Answer: GENERAL JOURNAL Date Details Debited Credited Once you are confident that your work is correct, fill in this request of approval to obtain verification and authorisation for the July reimbursement of petty cash from the required accounting personnel in the Evergreen Travel organisation (teacher) Verification and Authorisation Request I ( your full name) ...................... confirm that the above petty cash book and a journal have been reviewed and prepared to the best of my knowledge. It is ready to be submitted and I am seeking authorisation from the required personnel for petty cash cheque reimbursement. Student Signature : ....................... (your full name) by typing your name in the student signature field, you are accepting the above declaration Date: [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 29 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Section B – Marking Guide Assessment 1: TASK 1- 20 to prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports. Criteria for assessment Satisfactory Not Satisfactory Comments Task 1A The student has accurately listed and described the four legislative and regulatory requirements. ☐ ☐ Task 1B The student has accurately identified the accounting conventions required in the table. ☐ ☐ Task 2 The student has accurately classified the items in the table provided. ☐ ☐ Task 3 The student has accurately identified the three errors and listed the errors. ☐ ☐ [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 30 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Criteria for assessment Satisfactory Not Satisfactory Comments Task 4 The student accurately prepared the invoice with the template provided. The student has filled the request for obtaining verification authorisation from the teacher. ☐ ☐ Task 5 Student has listed 8 procedures that need to apply for security reasons in handling cash and going to the bank. ☐ ☐ Task 6 The student has listed 4 items that needs to be checked for ensuring the cheque is accurate and valid ☐ ☐ Task 7 The student accurately listed at least 4 items that need to be checked to confirm the validity of a cheque ☐ ☐ Task 8 The student has accurately listed 4 items the EFTPOS will check before any electronic transactions are processed for payments ☐ ☐ [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 31 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Criteria for assessment Satisfactory Not Satisfactory Comments Task 9 Roleplay 1 The student recorded 2 role- play simulations (audio) of 3-5 minutes each. In roleplay simulation 1 the student:  Used clear instructions  Indicated that the deposit amount has been checked  Asked for proof of lodgement  Interacted in a professional conversation ☐ ☐ Task 9 Roleplay 2 The student recorded 2 role- play simulations (audio) of 3-5 minutes each. In roleplay simulation 2 the student:  Used clear instructions; asked the accountant at least 2 questions  Used questioning and active listening  Interacted in a professional conversation Task 10 The student has prepared a cash receipts book for Coco Republica ☐ ☐ Task 11 The student has prepared a cash payments book and totalled for the month of May ☐ ☐ [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 32 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Criteria for assessment Satisfactory Not Satisfactory Comments Task 12 The student has listed the internal control procedures ☐ ☐ Task 13 The student has accurately completed the transaction analysis chart given in the question ☐ ☐ Task 14 The student has prepared the general journal entries for the transactions given ☐ ☐ Task 15 The student accurately completed the general ledgers with the templated provided and also balanced the ledgers with DR/CR ☐ ☐ Task 16 The student accurately prepared the trial balance with the ledgers prepared in task 15. The student must have reviewed and check the trial balance ensuring any errors are corrected ☐ ☐ [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 33 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Criteria for assessment Satisfactory Not Satisfactory Comments Task 17 The student described the key features of the following financial reports: Trial balances Interim reports ☐ ☐ Task 18 The student has described and explained Double entry bookkeeping and accrual accounting systems with at least one example of each ☐ ☐ Task 19 The student has accurately prepared petty cash book for July for Evergreen Travel ☐ ☐ Task 20 The student has prepared the general journal entry for the cheque’s reimbursement for petty cash and also obtained verification and authorisation from the delegated person (teacher). ☐ ☐ [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 34 of 35

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STUDENT RMIT Classification: Trusted RMIT Classification: Trusted Section C – Feedback to Student Has the student successfully completed the task? Yes No Feedback to student: Assessor Name Date [Process financial transactions and extract interim reports ] [ Task 1 of 2 ] [ 22/12/2022 ] Student product assessment task © Content is subject to copyright, RMIT University FINAL APPROVED – STUDENT PRODUCT ASSESSMENT TASK TEMPLATE – June 2019_Version 2.0 Page 35 of 35

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Process Financial Transaction Extract Interim Reports_FNSACC311_Task1_Student_221222v2

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