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Assessment T-1.8.1 Finance 1 Assessment Task 1, v1.0 Last updated on 15/05/2017 Page 1 Details of Assessment Term and Year Time allowed 2 weeks Assessment No Assessment 1 Assessment Weighting 50%...

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Assessment
T-1.8.1
Finance 1 Assessment Task 1, v1.0
Last updated on 15/05/2017 Page 1
Details of Assessment
Term and Year Time allowed 2 weeks
Assessment No Assessment 1 Assessment Weighting 50%
Assessment Type Written Assessment
Date 6th March 2018 Room 105
Details of Subject
Qualification SIT40116 Certificate IV in Travel and Tourism
Subject Name Finance
Details of Unit(s) of competency
Unit Code SITXFIN002 Interpret financial information
Details of Student
Student Name


College


Student ID
Student Declaration: I declare that the work
submitted is my own, and has not been copied or
plagiarised from any person or source.
Signature: ___________________________
Date: _______/________/_______________
Details of Assessor
Assessor’s
Name
Assessment Outcome
Results Competent XXXXXXXXXXNot Yet Competent Marks /50
FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
Student Declaration: I declare that I have been
assessed in this subject, and I have been advised of
my result. I also am aware of my appeal rights and
eassessment procedure.




Signature:

Date: ____/_____/_____
Assessor Declaration: I declare that I have
conducted a fair, valid, reliable and flexible
assessment with this student, and I have provided
appropriate feedback

XXXXXXXXXXStudent did not attend the feedback session.
XXXXXXXXXXFeedback provided on assessment.

Signature:

Date: ____/_____/_____



T-1.8.1
Finance 1 Assessment Task 1, v1.0
Last updated on 15/05/2017 Page 2
Purpose of the Assessment
The purpose of this assessment is to assess
the student in the following learning
outcomes:
Competent (C) Not Yet Competent (NYC)
SITXFIN002 Interpret financial information
1.1.Identify and interpret the range of financial
information and reports required to monitor
usiness performance.
1.2.Interpret financial information and reports
applicable to operational or departmental activities.

2.1.Review financial information for impacts on
operational activities and resolve discrepancies
according to own level of responsibility.
2.2.Routinely provide information on operational or
departmental financial activities within required
timelines.
Assessment/evidence gathering conditions

Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can
only achieve competence when all assessment components listed under “Purpose of the assessment” section
are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A
student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.
Resources required for this Assessment
• Computer with relevant software applications and access to internet
• Weekly eLearning notes relevant to the tasks/questions
Instructions for Students
Please read the following instructions carefully
• This assessment has to be completed In class At home
• The assessment is to be completed according to the instructions given by your assessor.
• Feedback on each task will be provided to enable you to determine how your work could be improved. You
will be provided with feedback on your work within two weeks of the assessment due date. All other
feedback will be provided by the end of the term.
• Should you not answer the questions co
ectly, you will be given feedback on the results and your gaps in
knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed
competent for this unit of competency.
• If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
• Please refer to the College re-assessment and policy for more information (Student handbook).
T-1.8.1
Finance 1 Assessment Task 1, v1.0
Last updated on 15/05/2017 Page 3
Assessment Matrix – your lecturer will use this matrix to assess your satisfactory competence.
Answer questions
appropriately
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a clear
understanding of
content
High level of information
provided demonstrating a
clear understanding of
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of content.
< XXXXXXXXXX5 /5
Bank Reconciliation
Cash Balance
Summary
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a clear
understanding of
content
High level of information
provided demonstrating a
clear understanding of
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of content.
< XXXXXXXXXX5-8.5 >9 /10
Profit & Loss
Statement
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a clear
understanding of
content
High level of information
provided demonstrating a
clear understanding of
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of content.
< XXXXXXXXXX5 /5
Bank Deposit Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a clear
understanding of
content
High level of information
provided demonstrating a
clear understanding of
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of content.
< XXXXXXXXXX >1.75 /2
Business Activity
Statement
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a clear
understanding of
content
High level of information
provided demonstrating a
clear understanding of
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of content.
< XXXXXXXXXX5 /5
T-1.8.1
Finance 1 Assessment Task 1, v1.0
Last updated on 15/05/2017 Page 4
Manipulation Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a
clear
understanding of the
content
High level of
information provided
demonstrating a clear
understanding of the
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of the
content.
< XXXXXXXXXX >2.5 /3
Cash Budget 1 Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a
clear
understanding of the
content
High level of
information provided
demonstrating a clear
understanding of the
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of the
content.
< XXXXXXXXXX5 /7.5
Cash Budget 2 Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a
clear
understanding of the
content
High level of
information provided
demonstrating a clear
understanding of the
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of the
content.
< XXXXXXXXXX5-8.5 >9 /7.5
Financial Position Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a
clear
understanding of the
content
High level of
information provided
demonstrating a clear
understanding of the
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of the
content.
< XXXXXXXXXX5 /5
TOTAL
T-1.8.1
Finance 1 Assessment Task 1, v1.0
Last updated on 15/05/2017 Page 5
Task 1

Answer the following questions:

1. What are meant by the terms assets and liabilities?

2. What is a bank statement and how does it assist in identifying discrepancies?

3. What is the GST, who pays it and how is it calculated when shown as a GST exclusive price and
as a GST inclusive price?

4. Describe the differences between accrual accounting and cash accounting?

5. Explain the following:
a. General ledger
. Chart of accounts
c. Journals
d. Double entry accounting

Task 2

Using the following ledgers and bank statement answer the following questions.

Cash Receipts Journal

CASH RECEIPTS JOURNAL OF THE RESORT – STUDENTS LODGE – JULY 20XX
Day Description Bank Food Beverage Accommodation
1 Days takings - food $ 764.00 $ 764.00
Days takings - beverage $1375.00 $1375.00
3 Days takings - beverage $5000.00 $5000.00
7 Days takings - food $6400.00 $6400.00
10 Takings - Accommodation $ XXXXXXXXXX $ XXXXXXXXXX
17 Takings - Accommodation $3775.00 $3775.00
Days takings - beverage $1045.00 $1045.00
21 Days takings - food $4675.00 $4675.00
25 Days takings - food $4880.00 $4880.00
31 Days takings - beverage $6500.00 $6500.00
31 Balance
d $5544.00
TOTAL $ XXXXXXXXXX $ XXXXXXXXXX $ XXXXXXXXXX $ XXXXXXXXXX


T-1.8.1
Finance 1 Assessment Task 1, v1.0
Last updated on 15/05/2017 Page 6
Cash Payment Journal



CASH PAYMENTS JOURNAL FOR THE RESORT – STUDENTS LODGE – JULY 20XX
Date Chq
No
Payee Details Bank Purchase
Food
Purchase
Beverage
Wages Advertising Insurance Misc
1/7/XX 1101 No Spots Laundry $1000.00 $1000.00
1102 One Stop
Food
Purchases
- Food
$4150.00 $4150.00
3/7/XX 1103 Cash
Wages
Wages $2625.00 $2625.00
7/7/XX 1104 Integra
Energy
Electricity $315.00 $315.00
10/7/XX 1105 Cash
Wages
Weekly
Wages
$2625.00 $2625.00
14/7/XX 1106 Cowan
Comps
Answered Same DayMar 02, 2020SITXFIN002Training.Gov.Au

Solution

Pulkit answered on Mar 04 2020
57 Votes
Task 1
Answer 1.
An asset is anything that can provide future economic benefit to the business and which is owned by the business whereas a liability is an obligation on the business which has to be settled by the business in cash or otherwise.
Answer 2.
Bank statement is a statement issued by the bank with which a business maintains its account. Bank statement contains all the details of deposits and with-drawls which have been done from the bank account by the business. The banking transactions as recorded in the books of accounts of the company are compared to that as stated in bank statement and the discrepancies if any can be find out.
Answer 3.
GST stands for Goods and Services Tax. This is a tax levied by the government on supply of goods and services. This tax is collected by the seller of goods or services from the customer and deposited to the government. This incidence of this is borne by the end customer ultimately.
Calculation of GST:
When Price is exclusive of GST:
Suppose Selling Price (Exclusive) is $100
GST rate is 5%
GST is then calculated by multiplying the GST rate to the GST Exclusive selling price.
Here, GST = $100 * 5% = $5
When Price is inclusive of GST:
Suppose Selling Price (Inclusive) is $105
GST rate is 5%
GST is then calculated by grossing up the GST Inclusive selling price.
Thus, GST = ($105 / (100+5)) * 5 = $5
Answer 4.
The difference between cash and accrual basis of accounting is majorly of the timing when the revenues and expenditures in both these are recognized. Cash accounting is based on the inflows and outflows of cash. As and when the actual inflow or outflow of cash takes place, the expenditures or the revenues are recognized. Whereas in accrual method revenues are recognized when they are earned and expenditures are booked when they are incu
ed i
espective of the actual flow.
Answer 5.
a. General Ledger: The set of numbered accounts that a business maintain to keep record of its transactions is called General Ledger.
. Chart of Accounts: The chart showing list of all the accounts which are there is general ledger is Chart of accounts.
c. Journals: These are the books of original entry that keep record of transactions in a chronological order.
d. Double entry accounting: This is a system of accounting where each transaction affects two accounts. One of them is credited and the other is debited.
Task 2
Part 1
    CASH RECEIPTS OF THE RESORT
    
    
    
    
    Day
    Description
    Bank
    Bank Date
    Reconclied
     
     
     
     
     
    1
    Days takings - food
    $764.00
    2
    Yes
     
     
     
     
     
     
    Days takings - beverage
    $1,375.00
    2
    Yes
     
     
     
     
     
    3
    Days takings - beverage
    $5,000.00
    6
    Yes
     
     
     
     
     
    7
    Days takings - food
    $6,400.00
    8
    Yes
     
     
     
     
     
    10
    Takings - Accommodation
    $10,125.00
    18
    Yes
     
     
     
     
     
    17
    Takings - Accommodation
    $3,775.00
    10
    Yes
     
     
     
     
     
     
    Days takings - beverage
    $1,045.00
    15
    Yes
     
     
     
     
     
    21
    Days takings - food
    $4,675.00
    27
    Yes
     
     
     
     
     
    25
    Days takings - food
    $4,880.00
    30
    Yes
     
     
     
     
     
    31
    Days takings - beverage
    $6,500.00
     
    No
     
     
     
     
     
    31
    Balance
d
    $5,544.00
     
     
     
     
     
     
     
     
    TTOTAL
    $50,083.00
     
     
     
     
     
     
     
    CASH PAYMENTS OF THE RESORT
    
    
    
    
    
    
    Date
    Chq
    Payee
    Details
    Bank
    Bank Date
    Reconclied
     
    No
     
     
     
     
     
     
     
     
     
     
     
     
    1/7/XX
    1101
    No Spots
    Laundry
    $1,000.00
    6
    Yes
     
     
     
     
     
     
     
     
    1102
    One Stop
    Purchases
    $4,150.00
    11
    Yes
     
     
    Food
    - Food
     
     
     
     
     
     
     
     
     
     
    3/7/XX
    1103
    Cash
    Wages
    $2,625.00
    3
    Yes
     
     
    Wages
     
     
     
     
     
     
     
     
     
     
     
    7/7/XX
    1104
    Integra
    Electricity
    $315.00
    19
    Yes
     
     
    Energy
     
     
     
     
     
     
     
     
     
     
     
    10/7/XX
    1105
    Cash
    Weekly
    $2,625.00
    30
    Yes
     
     
    Wages
    Wages
     
     
     
     
     
     
     
     
     
     
    14/7/XX
    1106
    Cowan
    Purchase
    $1,750.00
    30
    Yes
     
     
    Comps
    of new
     
     
     
     
     
     
    compute
     
     
     
    17/7/XX
    1107
    Cash
    Weekly
    $2,625.00
    10
    Yes
     
     
    Wages
    Wages
     
     
     
     
     
     
     
     
     
     
    22/7/XX
    1108
    Finley
    Purchases
    $4,750.00...
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