Microsoft Word - FNSACC416_AT1_MC_TQM_v2.1
FNSACC416_AT1_MC_TQM_v2.1
Assessment Criteria / Benchmarks
The evidence submitted demonstrates that the student has
satisfactorily:
Attempt 1 Attempt 2
Date
__/__/__
Date
__/__/__
Y N Y N
Task 1 MYOB file for Music Store has been opened, the company name
edited and transactions processed co
ectly as evidenced by the following
checks:
1. Completed MYOB file is supplied and is operating co
ectly
☐ ☐ ☐ ☐
2. Reports have been co
ectly generated and are co
ect in
accordance with the benchmark answered supplied:
a) Printout 1 – Bank reconciliation as at 14 June
☐ ☐ ☐ ☐
) Printout 2 - Employees Activity Detail Report for June ☐ ☐ ☐ ☐
c) Printout 3 - Superanuuation Accrual by Fund Summary Year to
Date
☐ ☐ ☐ ☐
d) Printout 4 - Profit & Loss Statement for June ☐ ☐ ☐ ☐
e) Printout 5 - Balance Sheet as at 30 June ☐ ☐ ☐ ☐
f) Printout 6 - GST (Detail - Accrual) for June ☐ ☐ ☐ ☐
g) Printout 7 - Inventory Value Reconciliation at 30 June ☐ ☐ ☐ ☐
3. Year end rollover has been co
ectly completed and the rolled file is
attached.
☐ ☐ ☐ ☐
Task 2 Co
ect and complete answers have been supplied to theory
questions in line with the benchmark answers.
Question 1.
☐ ☐ ☐ ☐
Question 2. ☐ ☐ ☐ ☐
Question 3. ☐ ☐ ☐ ☐
Question 4. ☐ ☐ ☐ ☐
Question 5. ☐ ☐ ☐ ☐
Question 6. ☐ ☐ ☐ ☐
Question 7. ☐ ☐ ☐ ☐
Question 8. ☐ ☐ ☐ ☐
Question 9. ☐ ☐ ☐ ☐
Question 10. ☐ ☐ ☐ ☐
Question 11. ☐ ☐ ☐ ☐
Microsoft Word - FNSACC416_AT1_POE_TQM_v2.2
FNSACC416_AT1_POE_TQM_v2.2
123 TMP C v XXXXXXXXXX/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for cu
ent version of document. 3
Task 1 – Practical exercise
In this assessment task you will open the MYOB file for the business called the Music Store and process
transactions for June 2023. The Music Store is a small retail establishment which sells musical
instruments on cash and credit terms. It operates a perpetual inventory system therefore sales and
purchases of instruments must be recorded using Item Invoice Layouts.
You may need to add additional cards for Customers and Suppliers as well as new Accounts as you
ecord the transactions for June. The Music Store is registered for GST on a cash basis and amounts
shown include GST where it applies. Undeposited funds are not used in this file.
Follow the Steps below to complete the assessment task.
Step 1
Copy the assessment file
Access the MYOB file called Music Store.myox and copy the file to your MYOB AccountRight Plus
li
ary. There is an instruction guideline in Supplementary Resources to assist you in this process.
Accessing your file
Open your copy of the file now stored on in your MYOB AccountRight Plus Li
ary.
Step 2
Process the following transactions using Item Invoice Layouts:
Note: Prices include GST where applicable.
Payments received:
XXXXXXXXXX $1,100.00 by cheque from Highfield Primary School – Receipt no. 2507
XXXXXXXXXX $401.00 by cheque from John Wu – Receipt no. 2508
Cash Sales:
XXXXXXXXXXFull size violin to Mrs Jane Franks for $295.00 – Invoice no. 11062
XXXXXXXXXXAlto saxophone $625.00 and 2 Clarinets $395.00 each to G & N Figaro – Invoice no.
11063
XXXXXXXXXXFull size Cellos $775.00 each to Oldboys Orchestra – Invoice no. 11064
XXXXXXXXXXTenor Saxophone for $480 to Joe Ha
is – Invoice 11069
Credit purchases (Payments not yet made):
XXXXXXXXXXfull size cellos $450.00 each from All Instruments Pty Ltd Invoice no. 2237
XXXXXXXXXXClarinets for XXXXXXXXXXeach and 1 Oboe for $540.00 from Music for All Ltd – Invoice no.
990045
Credit sales (payment not yet received):
XXXXXXXXXXTo Highfield Primary School sold 5 full size Cellos for $725.00 each and 2 half size cellos
for $540.00 each – invoice no. 11065
XXXXXXXXXXTo Jessica Hiraji sold 1 full size Viola for $390.00 – Invoice no. 11066
XXXXXXXXXXTo Jimmy Choo sold 1 Tenor Saxophone for $430.00 and 4 clarinets for $360.00 each –
Invoice no. 11067
XXXXXXXXXXTo Brixton Orchestra 4 Alto Saxophones for $720 each, 1 Tenor Saxophone for $450, 2
Oboes for $540 each, 5 Full size Violins for $320 each, 3 Full size Violas for $375 each
and 2 Clarinets for $320 each – Invoice no. 11070
Sales Return on credit sale:
XXXXXXXXXXHighfield Primary School returned 1 full size Cello which was found to be cracked. Ref
11068
FNSACC416_AT1_POE_TQM_v2.2
123 TMP C v XXXXXXXXXX/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for cu
ent version of document. 4
Cheques paid:
XXXXXXXXXX $198.00 Suncorp Insurance (ABN XXXXXXXXXXfor
Insurance – Invoice XXXXXXXXXX
XXXXXXXXXX $146.00 Alstons Printing (ABN XXXXXXXXXXfor stationery
– Invoice 6788
XXXXXXXXXX $1,320.00 Network Real Estate (ABN XXXXXXXXXXfor shop
ent – Invoice 459
XXXXXXXXXX $5,500.00 Music For All - Invoice no. 2130
XXXXXXXXXX $2,420.00 Harvey Norman (ABN XXXXXXXXXXfor computer
– Invoice 203087
XXXXXXXXXX $ XXXXXXXXXXEnergex (ABN XXXXXXXXXXfor electricity –
Invoice 45466
XXXXXXXXXX $1,350.00 All Instruments Pty Ltd - Invoice no. 2237
Step 3
Reconcile the cheque account using the following bank statement received from the bank. You will need
to record in MYOB any extra transactions which appear on the bank statement.
Your Bank Ltd Account Number: XXXXXXXXXX
Opening Balance
2023
Details Withdrawals Deposits Balance D
Cr
1 June Opening Balance XXXXXXXXXXCr
3 June Bank fee XXXXXXXXXXCr
3 June Interest XXXXXXXXXXCr
4 June Deposit XXXXXXXXXXCr
4 June Deposit XXXXXXXXXXCr
5 June Deposit XXXXXXXXXXCr
5 June Chq XXXXXXXXXX XXXXXXXXXXCr
6 June Chq XXXXXXXXXX XXXXXXXXXXCr
6 June Deposit XXXXXXXXXXCr
7 June Deposit XXXXXXXXXXCr
7 June Deposit XXXXXXXXXXCr
8 June Chq XXXXXXXXXX XXXXXXXXXXCr
8 June Chq XXXXXXXXXX XXXXXXXXXXCr
11 June Chq XXXXXXXXXX XXXXXXXXXXCr
11 June Cash withdrawn by owner XXXXXXXXXXCr
13 June Chq XXXXXXXXXX XXXXXXXXXXCr
14 June Closing Balance XXXXXXXXXXCr
Once your reconciliation is in balance, complete the reconciliation. Print the Bank Reconciliation
Report (Printout 1) through Reports.
FNSACC416_AT1_POE_TQM_v2.2
123 TMP C v XXXXXXXXXX/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for cu
ent version of document. 5
Step 4
Due to unforeseen circumstances, the store was closed for the last 2 weeks of June and no further
transactions occu
ed. Process the following journal entries:
1. Depreciation of Store & Office Equipment for June is calculated in accordance with the companies
Policies and Procedures. Record the depreciation expense of $240 for June in MYOB by journal
entry dated 30th June 2023.
2. The owner has decided to transfer a large shelving unit he owns privately to the business to be
used as display shelving in the shop. The asset is to be transfe
ed on the 30th June 2023 at its
cu
ent market value of $ XXXXXXXXXXThere is no GST in this transaction as the seller (the owner) is
not registered for GST.
Step 5
The Payroll Clerk has input payroll entries for June. From the payroll reporting menu print the following
eports:
- Employees Activity Detail Report for June 2023 (Printout 2) and
- Superannuation Accrual by Fund Summary Year to Date (Printout 3).
Print the following reports:
- Profit & Loss Statement for June 2023 (Printout 4)
- Balance Sheet as at 30th June 2023 (Printout 5)
- GST (Detail - Accrual) for June 2023 (Printout 6)
- Inventory Value Reconciliation at 30 June 2023 (Printout 7)
Step 6
Do a backup of your MYOB file and include it with your files to submit for this assessment. (File 1)
Step 7
Close the financial year ended 30th June 2023 in your MYOB file. Attach a copy of the MYOB file after
closing the financial year. (File 2)
FNSACC416_AT1_POE_TQM_v2.2
123 TMP C v XXXXXXXXXX/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for cu
ent version of document. 6
Task 2 – Theory
1. What are the key features of a desktop computerised accounting system?
2. What are the key features of a cloud-based computerised accounting system?
3. a) What legislation relating to privacy is relevant when dealing with computerised accounting
systems?
) What are the key requirements of this legislation that relate to using computerised accounting
systems?
4. What organisational policies and procedures relating to the operation of computerised accounting
systems can be put in place to enhance security and privacy?
5. List 3 places you could go to for technical help in relation to an issue with your MYOB software.
6. Source documents used for financial data typically have a number of common characteristics and