Prepare Financial Reports – BSBFIA401
You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.
- All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.
- Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.
- All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.
- Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.
- You may refer to your student learning resources or any other relevant resources when completing your assessment.
- Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.
- You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.
- Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.
- You must achieve a satisfactory result for all tasks to achieve competency in this unit.
- All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).
Assessment Schedule Task Due Date Task 1 Week 1 Task 2 Week 2
These materials were originally developed by Enhance Your Future Pty Ltd but may now be altered from the original form. Enhance Your Future Pty Ltd does not accept any liability for the Materials, the content and/or any reliance thereon.’ Task 1: Theory Assessment Student Instructions
- Type all the answers in a word document if required.
- You can conduct internet research to answer these questions.
- Provide explanation of 2-3 lines when answering ‘Describe’ questions.
- Provide detailed workings for calculations questions.
- Provide answers in table format wherever possible.
Question 1 – Ture/False
State weather the following statements are True or False.
1. For a trading firm, revenue is recognised when the goods are delivered.
2. In the income statement, insurance would be classified as a financial expense.
3. Allowance for doubtful debts is a negative liability.
4. Accrued expenses are liabilities yet to be paid.
5. The physical stocktake valuation at the end of the accounting period is deducted from ‘Cost of goods available for sale’.
Question 2 – Written Answers
Provide answers to questions below in 1-2 paragraphs.
- What is the difference between the profit and loss account and the income statement?
- What are the two types of balance day adjustments?
- Why are prepayments classified as assets?
- List the double entry bookkeeping principals.
- List three (3) key accounting standards related to preparation of financial reports.
- Provide details regarding two (2) different accounting software’s being used within Australia.
- List and describe policies and procedures related to preparation of financial reports within an organisation.
Question 4 – Cost of Goods Sold