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Assessment-Task-1 .1 .12
Assessment-Task-1 .1 .12
Privacy
“I give my permission for my assessment material to be used in
Release
the auditing, assessment validation & moderation Process”.
Clause:
“I declare that:
The material I have submitted is my own work;
Authenticity
I have given references for all sources of information that
Declaration:
are not my own, including the words, ideas and images of
others”.
Student Signature: Date:
Assessment Outcome
Assessor Name:
Initial attempt
2nd attempt/Re-
assessment
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Re-assessment of Result & Academic Appeal procedures:
If a student is not happy with his/ her results, that student may appeal against their grade via a written letter,
clearly stating the grounds of appeal to the Chief Executive Officer. This should be submitted after
completion of the subject and within fourteen days of commencement of the new term.
Re-assessment Process:
An appeal in writing is made to the Academic Manager providing reasons for re-assessment
/appeal.
Academic Manager will delegate another faculty member to review the assessment.
The student will be advised of the review result done by another assessor.
If the student is still not satisfied and further challenges the decision, then a review panel is formed
comprising the lecturer/trainer in charge and the Academic Manager OR if need be an external
assessor.
The Institute will advise the student within 14 days from the submission date of the appeal. The
decision of the panel will be deemed to be final.
If the student is still not satisfied with the result, the he / she has the right to seek independent
advice or follow external mediation option with nominated mediation agency.
Any student who fails a compulsory subject or appeals unsuccessfully will be required to re-enrol
in that subject.
The cost of reassessment will be borne by the Institute. The external assessor will base his/her judgement
based on principles of assessment. These principles require assessment to be reliable, fair, practical and
valid.
Academic Appeals:
If you are dissatisfied with the outcome of the re-evaluation process, you have a right to appeal
through academic appeals handling protocol.
To appeal a decision, the person is required to complete the WSC- Request for Appeal of a
Decision form with all other supporting documents, if any. This form is available via our website.
The completed Request for Appeal form is to be submitted to the Student Support Officer either in
hard copy or electronically via the following contact details:
Student Support Officer, Western Sydney College (WSC), 55 High St, Parramatta NSW 2150,
Email: Complaints@wsc.nsw.edu.au
The notice of appeal should be in writing addressed to the Chief Executive Officer and submitted
within seven days of notification of the outcome of the re-evaluation process.
If the appeal is not lodged in the specified time, the result will stand and you must re-enrol in the
unit.
In emergency circumstances, such as in cases of serious illness or injury, you must forward a
medical certificate in support of a deferred appeal. The notice of appeal must be made within three
working days of the concluding date shown on the medical certificate.
The decision of Chief Executive Officer will be final.
Student would then have the right to pursue the claim through an independent external body as
detailed in the students’ complaint / grievance policy.
Please note you need to fully complete all tasks included in your assessment booklet
to gain competency in this unit.
Assessment Schedule
Task Due Date Learner Trainer Sign Comments
Sign Off
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Task 1 Week 2
Comments/Feedback to Students
TASK SUMMARY
You are to answer all written questions.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
WHAT DO I NEED TO DO IF I GET SOMETHING WRONG?
If your assessor marks any of your answers as incorrect, they will talk to you about
resubmission. You will need to do one of the following:
Answer the questions that were incorrect in writing.
Answer the questions that were incorrect verbally.
INSTRUCTIONS
This is an open book test – you can use your learning materials as reference.
You must answer all questions in this task correctly.
You must answer the questions by typing your answers in Microsoft Word or a similar
program – your assessor will advise as to whether you must email them your completed
assessment, submit the file on a USB drive or hand in a hard copy.
If there are tables included in your task that you need to fill out, you may choose to
recreate them in a word processing application. If you have been provided with an
electronic version of this booklet, you may prefer to type your answers directly into the
document.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Question 1
Explain the basic principles of double entry bookkeeping
ANSWER:
The basic principle of two-way entry Each charge component should have a
corresponding credit segment, and each credit segment should have a
connecting charge segment, according to accounting. This is the foundation
for bookkeeping.
Some of the basic principles of double entry bookkeeping system are
explained below:
Two gatherings:
Every transaction has two groups: charge and credit. According to the framework's
basic rules, each charge of a certain amount generates a corresponding credit, or
each credit generates a corresponding charge for a similar amount.
Double perspectives:
Every exchange is partitioned into two viewpoints. The left half of the
exchange charge and the right side is credit.
Results:
Under twofold passage framework entirety of charge is equivalent to the
entirety of credit. In its ascertainment of the outcome is simple.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
If a company borrows $5000, its assets are credited $5000 and its liabilities are
deducted $5000.
Question no 2
Explain the three golden rules of accounting and how they apply to double
entry accounting?
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Question no 3
Explain the purpose of a general journal in accounting and give at least two
examples of transactions that may be recorded in this journal.
Answer
A general journal is a well-organized bookkeeping record of a company's
financial transactions. The primary motive for this is to assist in the
compromise of records and the creation of budget reports.
Liabilities and purchase of fixed assets on credit are the example of
transactions that may be recorded in this journal
Question no 4
Explain the purpose of a general ledger in accounting and give at least two
examples of transactions that may be recorded in this journal.
Answer
A general ledger is a book that keeps track of all of a business's
transactions. Transactional data is categorized into assets, liabilities,
income, expenses, and owner's equity in a general ledger. The accountant
prepares the trial balance once each sub-ledger has been closed out.
Inventory and account payable are the examples of transactions that may
be recorded in ths journal .
Question no 5
Describe what is meant by “Fair Value” under AASB 116.
Fair value is the price that would be received to sell an asset or paid to
transfer a gamble in a precise deal between market participants at the
assessment date. (See AASB 13 Fair Value Measurement for more
information.) A weakness debacle is defined as the amount by which an
asset's movement proportion exceeds the amount recovered. Fair regard is
the cost of selling an asset or paying to relocate a commitment in a
systematic deal between market participants at the evaluation date. The
goal of this Standard is to enable the accounting treatment for property,
plant, and equipment so that monetary report customers can view
information about an organization's income in its property, plant, and
hardware, as well as the advancement of the organization's property,
plant, and hardware.
.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Question no 6
When working as an accountant you will spend many hours seated at your
desk and at the computer, possibly doing lots of data entry. List three OHS
issues you might need to consider, ensuring you are working safely and are
not at risk of accident, injury or illness.
Answer
Three ohs issues we might need to consider ,ensuring when we are in
working palce are :
Question no 7
Research the Internet and find out how the Privacy Act 1988 will be
changed in regard to storage of client data on cloud servers. What would an
accounting firm need to do if it stores client data on an online/cloud
accounting system?
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
The Privacy Act of 1988 (Privacy Act) is the primary piece of Australian
legislation governing the handling of personal data. This includes the
collection, use, storage, and disclosure of personal data in both the public
and confidential areas of the government.
Clients use a cloud application expert co-op in distributed computing to
obtain programming programs over the Internet or from another
organization. Cloud accounting software eliminates the requirement for the
organization to install and maintain software on individual workstations.
In its most basic form, cloud computing comprises accessing and storing
data and programs over the Internet rather than on your computer's hard
drive. The cloud is a metaphor for the Internet. It dates back to the days
when flowcharts and PowerPoint presentations were used to show how
things worked..
We just pay for what we use.
Question no 8
Review the APES 110 Code of Ethics for Professional Accountants on the
Internet. Explain what a Member of Business should do if they are not
satisfied that the financial statements of an employing organisation are
presented in line with Australian Accounting Standards.
110 Gorillas The International Code of Ethics for Professional Accountants (Including
International Independence Standards) (the Code) is based on the International
Ethics Standards Board for Accountants' International Code of Ethics for Professional
Accountants (Including International Independence Standards) (IESBA).
The Code of Professional Conduct (Code) is a legally binding document that
establishes the master and moral standards that enrolled charge subject matter
experts and BAS certified professionals are expected to meet. It looks at the
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
responsibilities specialists have to their clients, the Tax Practitioners Board
(Board), and other qualified professionals. This Code is not intended to undermine
any liabilities that may be limited by a course rule's guideline. Under the
Corporations Act 2001, the AUASB has designated evaluating rules as definitive
instruments (the Act). In order to conduct surveys and evaluations under the Act,
Question no 9
Review the APES 110 Code of Ethics for Professional Accountants on the
Internet. Explain how threats to compliance with the fundamental
principles occur.
Individuals may be pressured (either remotely or by chance of individual
addition) to enable themselves to be connected with, posing risks to basic
criteria such as personal circumstance or alarming risks to trustworthiness,
objectivity, professional capacity, and due care. When an expert
bookkeeper discovers risks to key standards compliance and concludes that
those threats are not at an acceptable level based on an assessment of
those threats, the expert bookkeeper will determine if adequate
protections are available and can be implemented to those threats.. Many
threats are classified as follows:
(a) Self-interest; (b) Self-survey; (c) Advocacy; (d) Familiarity;
and (e) Intimidation.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Question no 10
Explain the Australian Securities & Investments Commission’s (ASIC’s)
role in approving
codes of practice for the financial services sector. List their criteria for
approval.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Question 11
Explain whether financial services industry associations have to seek
approval from ASIC regarding their codes of practice. Give examples of at
least two financial services industry codes of practice.
ASIC is in charge of overseeing Australian businesses, financial business
sectors, monetary administrations associations (including banks, life and
general insurance plans, and superannuation assets), and professionals who
deal with and advise on ventures, superannuation, insurance, store
assuming, and praise. maintain, work with, and improve the presentation
of the monetary framework and its components advance in the monetary
system secure and informed interaction between financial supporters and
buyers direct legislation effectively and with minimal procedural
requirements.
The examples of financial services industry codes of practice are ;
Question no 12
List four types of laws that ASIC administers.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Question no 13
Explain two posting methods used in computerised accounting systems.
Batch posting .
When the Save button is selected after placing an exchange, the program
saves it and posts it in a gathering. Everybody can print registers and
thoroughly examine the group of exchanges before presenting them on the
diaries when the employ cluster posting.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Question no 14
You need to prepare end of month financial reports. How would you make
sure you have all the data you need?
We should make sure the following steps to prepare the end of month
financial reports which are listed below:
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
Question no 15
Assume that you have been provided with the data for the end of financial
month report. However, you have found some errors. What should you do in
this situation and whom would you speak to?
Earlier Period Errors should be revised Retrospectively in the fiscal reports.
Review application implies that the amendment influences just earlier
period near figures. Current period sums are unaffected. In this way,
similar measures of every earlier period introduced which contain blunders
are rehashed.
3) we should Correct the error in the fiscal summaries for the period
during which the error occurred.
4) By indicating the revisions, change the claims for the next time frame.
QUESTION NO 16
Explain the difference between balance day adjustments required for accruals and balance
day adjustments required for prepayments. Give an example of each.
Prepaid costs are not the same as accumulated costs. Prepaid costs are
payments made ahead of time for labor and things that will be delivered or
used in the future. Prepaid costs are viewed as resources on the monetary
record, whereas gathered costs address liabilities. Balance day adjustments
are adjustments that should be made to specific records near the end of
the fiscal year so that they accurately reflect the company's position.
Accumulated costs and arrangements are separated in bookkeeping by their
different levels of certainty. All gathered costs have already been incurred,
but they have not yet been paid. Arrangements are paradoxically assigned
to likely, if uncertain, future duties. A modification to your balance day is
one that you genuinely want to make.
QUESTION NO 17
Outline the reasons why an adjustment for depreciation expense is required at the end of
each reporting period.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
The justification behind utilizing deterioration to continuously lessen the
recorded expense of a proper resource is to perceive a part of the
resource's cost while the organization records the income that was created
by the decent resource. Changing passages update bookkeeping records
toward the finish of a period for any exchanges that poor person yet been
recorded. These passages are important to guarantee the pay proclamation
and asset report present the right, modern numbers. Year-end changes will
be changes that should be made to the monetary record and benefit and
misfortune proclamation to guarantee that the year-end reports are an
exact impression of the organization's records. Changes guarantee that the
monetary record reports every one of the financial assets the organization
possesses and each of the commitments the organization owes. Changes
guarantee that the incomes procured and expenses brought about during
the period are reflected in the pay proclamation .
QUESTION NO 18
Distinguish between an allocation approach and a valuation approach to depreciation
according to AASB1021 and AAS4.
An organization uses one of the three ways to determine deterioration cost on a yearly basis.
A company may choose to devalue its assets by using the straight-line, twofold decreasing
equilibrium, or amount-of-the-year's-digits deterioration procedures. A strong devaluation
strategy reduces net gain. A less safe process, on the other hand, spreads the cost of
devaluation over a longer period, resulting in a bigger revealed net gain.
In bookkeeping, deterioration refers to two aspects of the same concept: first, the genuine
reduction in fair value of a resource over time as it is used and worn, such as the decline in
worth of processing plant hardware over time as it is used and worn, and second, the portion
of the first expense of the resources in bookkeeping proclamations for periods when the
resources are used (devaluation with the matching principle).
Devaluation is the approach used to redistribute, or "get on paper," the cost of a significant
resource (like gear) throughout its desirable life expectancy. Long-haul resources are
undervalued by organizations for both accounting and appraisal purposes. The monetary
record of a company is influenced by the decreasing value of a resource.
QUESTION NO 19
Explain why it is important for estimates of the useful lives and expected residual values of
depreciable non-current assets to be reviewed annually.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
An entity should assess useful life at least once a year to verify that the
assets' useful life is appropriately defined across the life of the assets. This
will help to guarantee that depreciation costs are correctly calculated and
reflected in the asset's economic worth to the company. The concept of
useful life is significant in accounting since it is used to calculate
depreciation. Expensing a fixed asset over the number of years it generates
revenue is known as depreciation.
All of the possessions have a limited lifespan and must be replaced from
time to time. We must be able to replace them when they approach the
end of their useful life. we can calculate the amount of money we should
set away if we want to replace them with cash up front by keeping track of
their estimated useful lifetimes and residual values. If we are asked to get
an insurance policy to cover replacement expenses if the item is damaged
early, we can evaluate whether or not this is a good investment.
Are we able to acquire £500 immediately, for example, if a fridge costs
£500 to replace? If that's the case, it's most likely.
WHAT MUST BE SUBMITTED FOR TASK 1:
Your answers to each question.
Yes No
Did the student answer all questions correctly? (Please note which questions were answered
incorrectly, if applicable.)
If ‘no’ to the above, did you identify gaps in the student’s understanding and knowledge?
If ‘yes’ to the above, what arrangements have been made for reassessment?
Please add any feedback to the student about this task on the Assessment Cover Sheet. Keep a copy of the
completed Assessment Task Cover Sheet.
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M
ASSESSMENT TASK 1: WRITTEN QUESTIONS
Yes No
Please note any reasonable adjustments for this task below.
Date: ___________________________________
WSC-ASSBSBFIA401-V1.1-23012020
International College of Australia Pty Ltd T/A Western Sydney College
RTO: 45360 | CRICOS: 03690M