FNS50215 – Diploma of Accounting
RPL Record of Interview and Assessment
Applicant Name:
Ba
ara Stowers
Role / Employer:
Directo
Stowers Accounting Solutions
Assessors name:
Date of completion:
Status of Application:
· RPL complete qualification
· RPL partial qualification
FNSACC301 – Process financial transactions and extract interim reports
RPL Focus questions
Applicant Response
1. List at least four items for which you can examine in order to establish validity, accuracy and completeness of invoices before recording them.
1. Name of Business 2. Bank Details 3. Date of Invoice 4. Total Amounts
2. List three areas of a cheque that need to be confirmed as complete and accurate before banking.
1. Name of Payee 2. Total Amounts 3. Date of Cheque
3. Describe some reason for variances occu
ing
inco
ect date, inco
ect total amounts, Split payments, delayed payments.
4. What are the general principles for reconciling bank statement with the organisations financial records
Ensure all transactions are balancing from the Bank Statement vs Business Finance accounting system.
Ensure that the final balance is reconciled with Bank Statement vs the business accounting system.
Ensure differences caused by the timing of transactions, such as outstanding checks, are identified as reconciling items.
5. List and
iefly describe five e
ors that are typically made when processing financial transactions.
1. Wrong Date 2. Wrong Invoice number 3. Inco
ect Total Amounts 4. Payee details are inco
ect 5. Wrong Bank Details
6. What is the debit and credit formula for each account type?
Asset - Credit (Decrease) Debit (Increase)
Liability – Credit (Increase) Debit (Decrease)
Income – Credit (Increase) Debit (Decrease)
Expense – Credit (Decrease) Debit (Increase)
Equity/Capital – Credit (Increase) Debit (Decrease)
7. Describe what is involved in setting up and maintaining a petty cash imprest system
Reserve a fixed amount total and record in a petty cash account. As money is spent from this account it should be reconciled accordingly then replenished once the total reserved is fully used.
8. What aspects of legislation can impact upon financial transactions and reporting?
9. What is a Trial Balance Report and how is it used.
BSBLDR402 Lead effective workplace relationships
RPL Focus questions
Applicant Response
1. Methods and strategies for collecting the information – internally and externally –
2. Explain how you develop trust and confidence as leade
3. The ability of a team leader manager to communicate effectively to achieve a
oad range of functions is important. Refe
ing to your experience, explain what communication skills you use when communicating with your team.
4. Networking can benefit teams, individuals and the organisation. What are some of the benefits to networking?
5. Using an example, explain your understanding of conflict resolution theory and how you have applied this to resolve a problem within your team.
6. List three techniques you could use to reduce cross cultural difference in the workplace
7. Discuss the role negotiation plays in conflict resolution. Include information on strategies leaders can use to negotiate toward win-win solutions
8. Why is it necessary to take prompt action to resolve difficulties in the workplace? What issues might occur if difficulties are not addressed
FNSBKG404 Ca
y out a BAS and IAS tasks
RPL Focus questions
Applicant Response
1. Describe the purpose of the Tax Practioners Board and list three ways to ensure that you comply with the TPB registration requirements and Code of Professional Conduct
2. Describe cash accounting and accrual accounting systems and the relevant advantages and disadvantages of each.
3. How do you stay up to date with legislation such as GST and Tax?
4. How could a business improve its cash flow to ensure sufficient funds are available to meet taxation obligations?
5. Explain Grouping in relation to GST
6. Provide two examples of items which are subject to FBT if paid to an employee
7. What section of the New Tax system (Goods and Services Tax) act 1999 outlines what is taxable and what is not?
8. What action can the ATO take if a taxpayer fails to co
ectly report or pay by the due dates?
9. What are the three options for calculating and reporting GST?
10. What is not reported in total sales? Provide 4 examples.
11. Provide the co
ect BAS code for each of these activities
Total sales
Export sales
Other GST-free sales
Capital purchases
Non-capital purchases
GST on sales
GST on purchase
12. Once you have prepared the GST calculation sheet and the draft BAS, what further action would you take?
13. What does PAYG tax withheld involve and how is it reported
FNSBKG405 Establish and maintain a payroll system
RPL Focus questions
Answer Guide
Applicant Response
1. What are the National Employment standards? (NES)
List at least 5 of the minimum entitlement so the NES.
·
2. What does the acronym “PAYG stand for?
3. If no Tax file Number (TFN) is provided what must you do when processing pays?
·
4. What is Fringe benefits Tax (FBT)
5. What employee data is vital for payroll systems to process wages
And salaries?
6. Who should be notified if a discrepancy is found?
7. List and describe seven facets of payroll preparation.
·
8. What should you consider when handling payroll enquiries
9. What payroll records should an organisation keep? List and describe the nine types of records that are required
·
10. Describe the process of adding payroll information to the Business Activity Statement (BAS) for quarterly Bas Return.
BSBFIA401 Prepare financial reports
RPL Focus questions
Answer Guide
Applicant Response
1. Why it is necessary to maintain a fixed asset register (FAR) and what does it enable you to do?
·
2. Describe how a depreciation schedule assists an organisation to maximise its taxation deductions.
3. What is the principle of double entry accounting?
4. What are adjusting entries and for what purpose are they used?
Give at least three example of adjusting entries
5. What action do we take when we decide that a debt is a bad debt?
6. What’s the formula for determining cost of goods sold and
Why do you need to determine the Cost of Goods Sold before you can begin recording the next year’s transactions?
7. What is the general ledger?
8. List at least four of the discrepancies you might find when completing a bank reconciliation.
·
9. What are the two main financial reports generated at the end of a period and describe their content.
FNSACC501 Provide financial and business performance information
RPL Focus questions
1. How do you identify, clarify and monitor clients to ensure you are meeting client’s expectations and objectives
2. What is cash flow efficiency?
3. What is the main reason for setting a co
ect level of working capital?
4. What is the difference between policies and procedures?
5. What are the benefit of financial analysis
6. What is cash flow analysis?
7. What are the conventional reasons for analysing financial statements?
8. What are the three categories of ratios that can be used to analyse a business?
9. What types of ratios are used to analyse the ability of an entity to continue operations in the long term?
10. What is considered a stable financial stability ratio and what does a financially stable ratio indicate?
11. List factors to consider when preparing advice to clients
12. What are statutory obligations?
13. List and describe four areas that are likely to cause taxation issues for clients.
14. Outline five risks and contingencies and risk management options relating to financial and business performance.
15. List and
iefly describe five aspects of legislation that protects a client’s rights and responsibilities
FNSACC502 Prepare legally compliant tax returns for individuals
RPL Focus questions
Applicant Response
1. In preparing client tax returns, how do you ensure that you have gathered and verified all relevant data.? Give examples of questions you may ask.
2. Describe what is meant by a tax liability.
3. Tax agents have a responsibility to ensure that their clients’ returns are prepared within the established timelines. What role do timelines have in satisfying client expectations and how would you develop a timeline to fulfil your obligations?
4. One of the principles for the code of professional conduct for agents, states:
‘You must take reasonable care in ascertaining a client’s state of affairs, to the extent that ascertaining the state of those affairs is relevant to a statement you are making or an activity you are undertaking on behalf of the client.’
Describe what this means to you in terms of explaining the impact of taxation on the individual.
5. Where would you find the cu
ent tax tables and descriptions of fees and charges?
6. What is a deduction and what generally determines whether or not a deduction is allowable?
7. Describe some of the potential consequences of failing to submit an income tax return on time.
8. Describe four expectations the ATO has of taxpayers.
9. What is the Medicare Levy Surcharge (MLS) and who is required to pay it?
10. If you client is go to be audited by the ATO. What advice will you provide and what support will you give?
FNS50215 Diploma of Accounting RPL –
FNSACC503 Manage budgets and forecasts
RPL Focus questions
Applicant Response
1. What is the key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators
2. Discuss what is meant by expenditure and revenue and identify five items relevant to budgeting and forecasting activities
RPL Focus questions
Applicant Response
3. How does revenue forecasting affect the rest of the budget process
4. How do budget assumptions operate over time, what makes the best budget assumptions and what happens when they become invalid.
5. What is quantitative and qualitative data are in regard to budgeting.
6. When researching information to complete the cash flow budget, what needs to be considered
7. What are the four budgets that make up the manufacturing budget?
8. What accounting standard is relevant to the presentation of financial statements including budgets?
9. What needs to be covered when researching information for the cash flow budget?
10. What is required for effective
Budget monitoring.
FNSACC504 Prepare financial reports for corporate entities
RPL Focus questions
Applicant Response
1. How will you ensure the integrity of reports and that sufficient and cu
ent records