BSBFIN301 Process financial transactions

BSBFIN301 Process financial transactions

Student Assessment Tasks

STUDENT NAME*

STUDENT ID*

STUDENT EMAIL*

example@example.com

Assessment Start Date*

Date

Brisbane CampusSydney Campus

Introduction

The assessment tasks for BSBFIN301 Process financial transactions are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Gamma College Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully.

Assessment for this unit
BSBFIN301 Process financial transactions describes the performance outcomes, skills and knowledge required to prepare, process and maintain financial transactions and to reconcile outstanding accounts.
For you to be assessed as competent, you must successfully complete two assessment tasks:

• Assessment Task 1: Knowledge questions – You must answer all questions correctly.

• Assessment Task 2: Project – You must work through a range of activities and complete a Project Portfolio.

Refer to your learner portal for feedback on your assessment tasks
You are to keep a copy of your assessment answers in case of submission error

Student Assessment Agreement
Make sure you read through the assessments in this booklet before you fill out and sign the agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.

YesNo

If so, explain these in the space below.

YesNo

Assessment Task 1: Knowledge questions
Information for students
Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:

• review the advice to students regarding answering knowledge questions in the Gamma College Student User Guide
• comply with the due date for assessment which your assessor will provide
• adhere with your RTO’s submission guidelines
• answer all questions completely and correctly
• submit work which is original and, where necessary, properly referenced
• submit a completed cover sheet with your work
• avoid sharing your answers with other students.

Assessment information
Information about how you should complete this assessment can be found in Appendix
A of the Gamma College Student User Guide. Refer to the appendix for information on:
• where this task should be completed
• the maximum time allowed for completing this assessment task
• whether or not this task is open-book.
Note: You must complete and submit an assessment cover sheet with your work. A
template is provided in Appendix C of the Student User Guide. However, if your RTO
has provided you with an assessment cover sheet, please ensure that you use that.

Questions
Provide answers to all of the questions below:

1.Write a brief description of the following legislation, regulations and standards affecting a business’s financial operations.

a) The Corporations Act 2001*

b) The AustralianAccounting StandardsBoard (AASB)*

c) Australian AccountingStandards (AAS)*

d) Privacy Act 1988*

e)The Financial Transaction Reports Act1988*

f) Fair Work Act 2009*

g) The Tax Agent ServicesAct 2009*

g) h) International FinancialReporting Standards(IFRS)*

2. Answer the following questions bout codes of practice.

a) What is the aim of a code of practice?
b) Provide an example of a code of practice. Copy in the URL.

3. List four types of transactions in business financial operations.*

4. Briefly explain the following types of financial documentation.

a) Cash journals*

b) General ledger*

5. List three ways you can ensure accuracy when entering information from source documents.*

6. Select whether the following statement is true of false regarding the main sections of accounting systems and procedures within an organisation.

Accounting systems are used by organisations to input, store, manage and report all financial data. It is used to manage the organisations financial health and to provide information of business activities to accountants and to the Australian Tax Department (ATO).

TrueFalse

7. List the five most common journals that make up an accounting system*

8. What actions could be taken to reduce errors and discrepancies?*

9. Mark the correct sequence for reconciliation.

Rows	Sequence for reconciliation
Correct any discrepancies or errors found
Compare all transactions for the set period from the general ledger
Balance records and ensure they are accurate
Identify that all receipts, charges, and other activities are posted to the account

10. Briefly explain credit terms.*

Assessment Task 1 Cover Sheet

Student Declaration
To be filled out and submitted with assessment responses

I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).I understand that if I am found to have plagiarised, cheated or colluded, action will be takenagainst me according to the process explained to me.I have correctly referenced all resources and reference texts throughout these assessment tasks.

Assessment Task 2: Project
Information for students
In this task, you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio.
You will need access to:
• a suitable place to complete activities that replicates a business environment including a meeting space and computer and internet access
• your learning resources and other information for reference
• Project Portfolio template
• Simulation Pack (if you need a case study).
Ensure that you:
• review the advice to students regarding responding to written tasks in the Gamma College Student User Guide
• comply with the due date for assessment which your assessor will provide
• adhere with your RTO’s submission guidelines
• answer all questions completely and correctly
• submit work which is original and, where necessary, properly referenced
• submit a completed cover sheet with your work
• avoid sharing your answers with other students.

Assessment information
Information about how you should complete this assessment can be found in Appendix
A of the Gamma College Student User Guide. Refer to the appendix for information on:
• where this task should be completed
• how your assessment should be submitted.
Note: You must complete and submit an assessment cover sheet with your work. A
template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that

Activities
Complete the following activities:
1. Carefully read the following:

This project requires you to process at least four different financial transactions for
a reporting period.

You will process the transactions in accounting software. It doesn’t matter which
software you use – ask your assessor if you need more information about this. If
completing this assessment in the classroom it will be the accounting software that
you have used for your training, if in the workplace, it will be the accounting
software the business uses.

You may use the case study provided by your assessor or if you are completing this
in the workplace you will use your workplace’s policies and procedures and actual
source documents for the reporting period.

You will be collecting evidence for this unit in your Project Portfolio. Refer to the
Simulation Pack for this unit and start by reading through all the information about
the case study business, the source documentation needed to complete the
assessment and the financial policies and procedures – or if you are in the
workplace your assessor will make sure you have everything you need beforehand
and arrange with your supervisor.

The steps you need to take are outlined below. Before you begin, complete page 4
of your Project Portfolio.

2. Preparation.

As part of this section, you will:
• read through a financial policy and procedures and case study or company
information

• review source documents and identify any errors and refer as needed

• answer questions in your project portfolio related to the business’s credit terms
and outstanding accounts.

Complete Section 1 in your Project Portfolio and attach all relevant documents as
part of your submission.

Submit Section 1 of your Project Portfolio to your assessor before moving onto the
next step.

3. Process financial transactions.

As part of this section, you will:
• enter at least four different transactions into the relevant journals
• identify any discrepancies between the cash journals and bank statements
and refer these as needed
• complete reconciliation procedures.
Complete Section 2 in your Project Portfolio and attach all relevant documents as
part of your submission.
i Make sure you follow the accounting, legislative and organisational requirements
when working as outlined in the policy in the simulation pack or your workplace
policy.
Submit Section 2 of your Project Portfolio to your assessor before moving onto the
next step.

4. Follow up on outstanding accounts.

As part of this section, you will follow procedures for an identified outstanding
account.

Complete Section 3 in your Project Portfolio and attach all relevant documents as
part of your submission.

Make sure you follow the accounting, legislative and organisational requirements
when working as outlined in the policy in the simulation pack or your workplace
policy.

5. Submit your completed Project Portfolio.

Make sure you have completed all sections of your Project Portfolio, answered all
questions, provided enough detail as indicated and proofread for spelling and
grammar as necessary.

Submit to your assessor for marking

Section 1: Preparation

Rows
What reporting period do these transactions form part of?
Describe the source documents you have reviewed.
What errors did you find when reviewing the source documents?
What action did you take? Provide evidence of this and attach below.
What are the credit terms of this business?
Describe the procedure for collecting outstanding accounts.

Section 2: Process financial transactions

Use the relevant accounting software and process the four different transactions. Attach the print outs or screenshots after you process each transaction as indicated below. After you have processed the transactions, complete the reconciliation procedure for all transactions. Print out the reconciliation report and attach as indicated below.*

Rows
If reconciling more than one account – list them here
Error identification Outline any errors between the cash journals and the bank statement when processing the transactions and completing reconciliation. If there are no errors, then intentionally make an error during reconciliation and demonstrate that you can rectify the original journal entry. Print out a copy or take a screenshot of rectifying the error and attach if your assessor did not directly observe this. If you had to escalate the error, write down how you did this or how you would do this if you didn’t need to.

Section 3: Follow up on an outstanding account

Rows
Identify any outstanding accounts (at least one) Explain why this customer’s account is outstanding and the credit terms of their account.
Follow up on this by following the procedure for outstanding accounts. Attach the evidence e.g. email sent
Accounts Receivable How much money is owed to the business right now? Attach a report to show the business’s current debtors’ situation.
Accounts Payable How much money does the business owe to any creditors? Attach a report to show the business’s current creditor’s situation.

Assessment Task 2 Cover Sheet

Student Declaration
To be filled out and submitted with assessment responses

I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).I understand that if I am found to have plagiarised, cheated or colluded, action will be takenagainst me according to the process explained to me.I have correctly referenced all resources and reference texts throughout these assessment tasks.

ASSESSMENT SUMMARY SHEET
After the assessment, the Assessment Summary Sheet should be signed the Assessor, Student and the Academic Manager. If a Not Competent, has been achieved then strategies to address the gaps in the performance should be have been identified and a time for reassessment organised on the attached resubmission / feedback

The Trainer/assessor advised me of the date and time of the assThe Trainer /assessor explained appropriate evidence required to complete assThe Trainer/assessor explained the purpose and the consequence of assI was provided with any special needs required relating to the assessmentThe Trainer/assessor explained my rights regarding the appealsThis assignment is my own work and that I have correctly acknowledged the work ofThis assignment is in accordance with Gamma Education & Training guidance on good academic conduct (and how to avoidplagiarism and other assessment irregula

File Upload

Student signature*