71%(14)10 out of 14 people found this document helpful
This preview shows page 1 - 3 out of 53 pages.
Assessment Task 1BSBFIA412 Report on financial activityBSBFIA412 Report on financial activityPage 1 of 53Record asset valuationsSubmission detailsCandidate’s namePhone no.Assessor’s namePhone no.Assessment siteAssessment date/sTime/sThe assessment task is due on the date specified by your assessor. Any variations to thisarrangement must be approved in writing by your assessor.Submit this document with any required evidence attached. See specifications below fordetails.Performance objectiveYou will demonstrate the ability to collect and code financial information in theorganisational chart of accounts, make, record, and disclose asset and liability valuationsand manage discrepancies.Assessment descriptionUsing the scenario supplied, you will collect asset information, code and correctly recordasset valuations. You will also manage a discrepancy in accordance with organisationalpolicy.Procedure1.Read through the scenario provided.2.Read the Packett Packaging policies and procedures manual, provided with theassessment materials. Familiarise yourself with the organisation’s chart ofaccounts, consolidation policy, authorisation policy and corrections policy.3.Using the General Journal template provided with this assessment, make anappropriate entry to transfer the consolidated raw materials purchases amount to anew, appropriately coded, cost of goods sold (COGS) account.4.Using the information provided, calculate the conversion cost per unit inaccordance with policies and procedures.
Assessment Task 1BSBFIA412 Report on financial activityBSBFIA412 Report on financial activityPage 2 of 535.Using the General Journal template provided, make an appropriate entry to recordan asset acquisition transaction (including any GST liability).a.Use a new asset account name and code compatible with the structure andcoding of the organisation’s chart of accounts.6.Calculate depreciation of the asset for the financial year.7.Using the General Journal template provided, make an appropriate entry to recorddepreciation of the asset for this financial year (including any GST liability).a.Use a new depreciation account name and code compatible with thestructure and coding of the organisation’s chart of accounts.8.Disclose the details of the asset on the asset register. Show depreciation for eightyears. Correctly note credit and debit entries.9.Using the account information provided, prepare draft financial statements fordiscussion with your CFO (assessor):a.Statement of Financial Performanceb.Statement of Financial Position.10. Arrange a time to meet with your CFO (assessor).11. Meet with your CFO to complete the following.a.Discuss the work you have done to prepare accurate financial statements.i.Discuss at least one legal or regulatory requirement that your work maybe relevant to satisfying.ii.Discuss at least one standard or accounting principle that your workhelps satisfy.iii.Direct the CFO’s attention to key features of the financial statements