Assessment Marking Criteria
FNSACC414_AT1_MC_TQM_v1.4
FNSACC414_AT1_MC_TQM_v1.4
Student Name
Student Numbe
Unit Code/s & Name/s
FNSACC414 Prepare financial statements for non-reporting entities
Cluster Name
If applicable
NA
Assessment Type
☐ Assignment ☐ Project ☐ Case Study ☒ Portfolio
☐ Third Party Report (Workplace) ☐ Third Party Report (Peer) ☐ Other
Assessment Name
Assessment 1
Assessment Task No.
2 of 2
Assessment Due Date
Date Submitted
/
Assessor Feedback:
Attempt 1
Satisfactory ☐
Unsatisfactory ☐
Date
/
Assessor Name
Assessor Signature
☐ Student provided with feedback and reassessment a
angements (check box when completed)
Date scheduled for reassessment
/
Attempt 2
Satisfactory ☐
Unsatisfactory ☐
Date
/
Assessor Name
Assessor Signature
Note to Assessor: Please record below any reasonable adjustment that has occu
ed during this assessment e.g. written assessment given orally.
Assessment Criteria / Benchmarks
The evidence submitted demonstrates that the student has satisfactorily:
Attempt 1
Attempt 2
Date
__/__/__
Date
__/__/__
Y
N
Y
N
Part A
1. Prepared the partnership Income Statement
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2. Prepared the Profit and Loss appropriation account
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3. Prepared the Partner’s cu
ent accounts
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4. Prepared the partnership Balance Sheet
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5. Identified 3 critical financial aspects that must be included in the organisational policies and procedures
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6. Use appropriate functions in Microsoft Excel. For example: cell referencing and totalling.
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Part B
1. Prepared a Statement of Receipts and Payments
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2. Completed the Members Subscriptions account
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3. Prepared a Merchandise Trading Statement
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4. Prepared an Income and Expense Statement
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5. Prepared a Statement of Assets and Liabilities
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6. Reviewed for accuracy and identified and advised who is responsible for signing and verifying completed financial statements
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7. Identified and explained 3 distinguishing features that should be included in organisational policies and procedures
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8. Use appropriate functions in Microsoft Excel. For example: cell referencing and totalling.
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123 TMP H – Assessment Marking Criteria v1.8 (04/11/2020) Page 1 of 2
123 TMP H – Assessment Marking Criteria v1.8 (04/11/2020) Page 2 of 2
Assessment Task
– Portfolio of Evidence
FNSACC414_AT2_PE_TQM_V1.1
FNSACC414_AT2_PE_TQOL_V1.1
Student Name
Student Numbe
Unit Code/s & Name/s
FNSACC414 Prepare financial statements for non-reporting entities
Assessment Name
Assessment 2
Assessment Task No.
2 of 2
Assessment Due Date
As per due dates in Connect
Date submitted
Assessor Name
Student Declaration: I declare that this assessment is my own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules. I understand that by emailing or submitting this assessment electronically, I agree to this Declaration in lieu of a written signature.
Student Signature
Date
Instructions to Student
This task requires you to answer the questions within this task, and submit additional documents (as specified within the tasks). Use the space provided in this assessment paper for your answers using a font no smaller than 11 points.
Students are to complete this task in their own time, no time restrictions, and are allowed full access to notes and learning resources.
Materials to be supplied:
· Assessment Task
· Microsoft Excel template FNSACC414_AT2_TMP_TQM_v1
· Learning resources
Work, Health and Safety:
· follow TAFE Queensland Student Rules
· access TAFE Queensland Student Services for any additional support
· conduct risk assessments prior to any assessment task to ensure the safety of all participants and the environment
· ensure an ergonomically safe work environment to complete all assessment tasks
Assessment Criteria:
To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:
Prepare financial statements and associated workings
Explain and demonstrate understanding of different types of non-reporting entities and the organisational policies and procedures required for these entities
Number of Attempts:
You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant sections / questions with you and will a
ange a due date for the submission of your 2nd attempt. If your 2nd submission is unsatisfactory (U), or you fail to submit a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task. For more information, refer to the Student Rules.
Submission details
(if relevant)
Insert your details on page 1 and sign the Student Declaration. Include this form with your submission, along with your marking criteria sheet (with personal details completed).
Due Dates: Refer to Unit Study Guide
TAFE Queensland Learning Management System: Connect url: https:
connect.tafeqld.edu.au/d2l/login
Username; 9 digit student numbe
For Password: Reset password go to https:
passwordreset.tafeqld.edu.au/default.aspx
Instructions to Assesso
This assignment is written based on prescribed text and additional online research.
· Students to complete all requirements listed in this assessment.
· This is an unsupervised written assessment.
· Assessment documents to be uploaded to Connect for marking.
· This is an untimed assessment.
· Students are allowed access to any notes, workbooks and the internet to complete the assessment.
· Students must complete their assessments as individuals
· Usual office WHS requirements should be met by students
· Physical conditions are at the students discretion
· Interactions with team members or supervisors should be limited to general instructions and clarification or explanation of the assessment requirements.
· Contingencies if conditions cannot be met are at the discretion of the Assessor.
· Please refer to marking guide to ensure consistency, validity and fairness of student outcomes.
Note to Student
An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide.
Part A
Bennett and Barney decide to form a partnership on 01/07/2020. You are contracted to complete the financial accounts and statements at the close of the first financial year.
Accounting Policies and Procedures
Bennett and Barney operate on an accrual basis with the financial year from 1 July to the 30 June the following year.
Partnership proceeds are divided as Bennett (1/3) and Barney (2/3).
In the Microsoft excel file FNSACC414_AT2_TMP_TQM_v1 you have been provided with a trial balance (and additional pertinent information of the partnership) as at 30 June XXXXXXXXXXComplete tasks 1 - 4 within the Microsoft excel file on the Part A tab. Use Excel formulae to link cells and calculate totals and subtotals, where appropriate.
Ignore GST for this question.
You are required to:
1. Prepare the partnership Income Statement as at 30 June 2021.
2. Prepare the Profit and Loss Appropriation Account
3. Prepare the Partners’ cu
ent accounts.
4. Prepare the Partnership Balance Sheet as at 30 June 2021.
5. The Partnership Deed (or Agreement) should articulate how the partnership will operate. These agreed areas of operation should also be documented in the organisational policies and procedures of a Partnership. Identify 3 critical financial aspects that must be included in the Partnership agreement and organisational policies and procedures. Please record your answer below.
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
___________________________________________________________________________________
Part B
Random Crew Social Club are a four-wheel driving social club, managed by the following committee:
· President Rick Stanley
· Vice President Ba
ara Bonhotham
· Secretary Thomas Ford
· Treasurer Belinda Smith
Each year, you (the contract bookkeeper) assemble their records and prepare annual reports and statements.
Accounting Policies and Procedures
Random Crew Social Club operates on an accrual basis with the financial year from 1 July to the 30 June the following year.
The club is not registered for GST.
All payments must be signed / authorised by 2 sitting members of the Committee. The Annual Statements must be signed / verified by 2 sitting members of the Committee.
As the club is a not-for-profit organisation they prepare a Statement of Receipts and Payments in lieu of a full Cash Flow statement.
Refer to Ch.2 – underpinning knowledge required to complete this task.
In the Microsoft excel file FNSACC414_AT2_TMP_TQM_v1 you have been provided with the Receipts, Payments and pertinent financial information for the year ended 30 June XXXXXXXXXXComplete tasks 1 - 5 within the Microsoft excel file on the Part B tab. Use Excel formulae to link cells and calculate totals and subtotals, where appropriate.
You are required to:
1. Prepare a statement of Receipts and Payments
2. Complete the Members’ Subscriptions account
3. Prepare a Merchandise Trading Statement as at 30 June 2021
4. Prepare an Income and Expense Statement.
5. Prepare a Statement of Assets and Liabilities.
6. Review the statements and accounts for accuracy. Identify and advise who is responsible for signing and verifying the completed financial statements. Please record your response below.
7. The organisational policies and procedures of a Not-for-Profit organisation will vary from those of a Reporting Entity in a number of areas, including the preparation of accounts and financial statements. Identify and explain 3 distinguishing features of the preparation of financial accounts and statements of a Not-for-profit organisation. Contrast these to a Reporting Entities statements. Please record your response below.
123 TMP C – Assessment Template – Portfolio of Evidence v1.2 Page 1 of 5
123 TMP C – Assessment Template - Portfolio of Evidence v1.2 Page 5 of 5
Part A
Trial Balance of Bennett & Barney as at 30 June 2021 Income Statement for Bennett & Barney for year ended 30 June 2021 Profit & Loss Appropriation for Bennett & Barney for the year ended 30 June 2021 Balance Sheet of Bennett & Barney for year at 30 June 2021
Interest on Capital Net Profit from Profit & Loss
Debit Credit Sales - 0 Cu
ent Assets
$ $
Sales 1,000,000 Interest on Drawings
Sales returns 10,000 Share of Profit
Selling expenses 150,000
Administration expenses 205,000 Non-Cu
ent Assets
Financial expenses 50,000
Purchases 320,000 Gross Profit
Cash at bank 77,000
Accounts receivable 22,000 Cu
ent - Bennett
Provision for Doubtful Debts 2,500
Inventories 42,000 Cu
ent Liabilities
Motor Vehicles 80,000
Furniture 42,000 Net Profit Non-Cu
ent Liabilities
Plant and Equipment 276,500
Accumulated Depreciation Plant 1,500
Accounts payable 56,000 Cu
ent - Barney Net Assets
Bank Loan 12,000
Capital - Bennett 75,000 Equity
Capital - Barney 112,500
Cu
ent - Bennett 25,000
Cu
ent - Barney 35,000
Drawings - Bennett 20,000
Drawings - Barney 25,000
Totals 1,319,500 1,319,500
Additional Information:
1. Closing inventories counted as $39,000
2. Interest on capital at 10% per annum
3. Interest on drawings at 12% per annum
4. Partners salaries owing $22000 each
5. Drawings for Bennett 01/9/20 $10,000 and 1/3/21 $10,000
6. Drawings for Barney 01/9/20 $10,000, 01/03/21 $8,000 and 01/06/21 $7,000
Part B
Random Crew Social Club Random Crew Social Clu
Statement of Receipts and Payments for the year ended 30 June 2021 Members Subscriptions
Receipts Receipts
Subscriptions from members 47,300
4WD Day trips - receipts 6,780
Merchandise sales 39,800
Interest received 1,100 94,980
Payments Payments
Merchandise Coordinator wages 8,500 Random Crew Social Clu
General wages 12,300 Income & Expenditure Statement for the year ended 30 June 2021
Prizes 6,810 Income
Rent 16,700
Printing & Stationery 1,890
4WD Day trips - expenses 5,440
Merchandise advertising 1,500
Accounts payable - merchandise purchases 26,000 79,140 Less Expenditure
Excess of Receipts over Payments for the yea
Additional Information: Cash at Bank balance 01 July 2020
7/1/20 6/30/21 Cash at Bank balance 30 June 2021
Cash at Bank 6,930 22,770
Term Deposits 22,000 22,000
4WD Day Trip Equipment (at cost) 7,300 7,300 Merchandise Trading for the year ended 30 June 2021
Accounts payable (merchandise purchases) 6,400 8,200 Sales
Subscriptions in Advance 980 1,120
Subscriptions in A
ears 1,250 1,030 Net Surplus to Accumulated Funds
Merchandise inventory 8,400 9,700
Rent prepaid 1,000 600
Accumulated Funds 39,500 Random Crew Social Clu
Gross Surplus Statement of Assets & Liabilities as at 30 June 2021
Depreciation to be provided: Cu
ent Assets
4WD Day Trip Equipment 1,460 Less Expenses
Surplus to Income and Expenditure
Non-Cu
ent Assets
Total Assets
Cu
ent Liabilities
Total Liabilities
Net Assets
Accumulated Funds
Balance 1/7/2020
Net Surplus for the year