Certificate IV in Accounting Subject/module Financial Reports Assessment method Written or Oral Questions Due date Session 5 Weighting 55 marks (40% of subject) Units of Competency BSBFIA401
Prepare financial reports Instructions
1. Assessments should be completed as per your trainer’s instructions.
2. Assessments must be submitted by the due date to avoid a late
submission penalty.
3. Plagiarism is copying someone else’s work and submitting it as your
own. You must write your answers in your own words or appropriately
reference your sources. A mark of zero will be given for any assessment
or part of an assessment that has been plagiarised.
4. A list of references must be included.
5. You may discuss your assessments with other students, but submitting
identical answers to other students will result in a failing grade. Your
answers must be yours alone.
6. Your trainer will advise whether the assessment should be digitally
uploaded or submitted in hard copy. Assessments that are digitally
uploaded should be saved in pdf format.
7. You must pass both assessments in the subject to pass the subject. ADDENDUM| © 2017 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE
FNS40615 CERTIFICATE IV IN ACCOUNTING | FINANCIAL REPORTS_V2.3 15 Assessment 1 – Written or Oral Questions
1. What is a FAR, why is it maintained and what does it enable you to do? (10 Marks)
2. Explain what a general journal is and describe the process of entering a
correcting entry. (5 Marks)
3. What are the general principles for reconciling balances outstanding and
how would you enter something from the statement that decreases the bank
balance? (5 Marks)
4. What are the two main financial reports generated at the end of a period and
describe their content. (5 Marks)
5. Why do employees need to understand legislative requirements? (5 Marks)
6. What is the principle of double entry accounting? Provide an example that
would illustrate this principle. (5 Marks)
7. Why do organisations have policies regarding the use of assets? Why does
the staff need to be aware of them? (5 Marks)
8. From the following transaction situations, calculate the expense or revenue
to be attributed to the accounting period under accrual accounting, year
ended 30 June 2010 for Cockatoo Ltd (ignore GST). (15 Marks)
a. An insurance premium of $360 was paid on 31 December 2009 to cover
the 12-month period to 31 December 2010, recorded as an asset.
b. On 1st February 2010 received $1,500 in rent, 6 months in advance, to
cover a tenancy until 31st July 2010, recorded as unearned revenue.
c. Cockatoo Ltd lent $150,000 at 16% per annum on 1st August 2009.
Interest receivable is due at the end of each 3-monthly period from the
commencement of the loan.
d. On 17th May 2010, Cockatoo Ltd paid $5,000 for a two-month advertising
campaign, which was due to appear on television in June and July 2010.
The payment was initially recorded as an asset.
e. On 31st March 2010, Cockatoo Ltd acquired a laser printer for use in the
office. The printer cost $5,000 and is to be depreciated at an annual rate
of 33% (no consideration is given to salvage value). Assessment 1 – Total Marks – 55 – END – ADDENDUM