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Evidence Guide: BSBFIA401 - Prepare financial reports

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBFIA401 - Prepare financial reports

What evidence can you provide to prove your understanding of each of the following citeria?

Maintain asset register

  1. Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures
  2. Determine method of calculating depreciation in accordance with organisational requirements
  3. Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements
Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine method of calculating depreciation in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record general journal entries for balance day adjustments

  1. Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements
  2. Adjust expense accounts and revenue accounts for prepayments and accruals
  3. Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements
  4. Adjust ledger accounts for inventories, if required, and transfer to final accounts
Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust expense accounts and revenue accounts for prepayments and accruals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust ledger accounts for inventories, if required, and transfer to final accounts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare final general ledger accounts

  1. Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements
  2. Post revenue and expense account balances to final general ledger accounts system
  3. Prepare final general ledger accounts to reflect gross and net profits for reporting period
Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Post revenue and expense account balances to final general ledger accounts system

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare final general ledger accounts to reflect gross and net profits for reporting period

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare end of period financial reports

  1. Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period
  2. Prepare balance sheet to reflect financial position of business at end of reporting period
  3. Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures
Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare balance sheet to reflect financial position of business at end of reporting period

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures

1.2 Determine method of calculating depreciation in accordance with organisational requirements

1.3 Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements

2 Record general journal entries for balance day adjustments

2.1 Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements

2.4 Adjust ledger accounts for inventories, if required, and transfer to final accounts

3 Prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements

3.2 Post revenue and expense account balances to final general ledger accounts system

3.3 Prepare final general ledger accounts to reflect gross and net profits for reporting period

4 Prepare end of period financial reports

4.1 Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period

4.2 Prepare balance sheet to reflect financial position of business at end of reporting period

4.3 Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures

1.2 Determine method of calculating depreciation in accordance with organisational requirements

1.3 Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements

2 Record general journal entries for balance day adjustments

2.1 Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements

2.4 Adjust ledger accounts for inventories, if required, and transfer to final accounts

3 Prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements

3.2 Post revenue and expense account balances to final general ledger accounts system

3.3 Prepare final general ledger accounts to reflect gross and net profits for reporting period

4 Prepare end of period financial reports

4.1 Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period

4.2 Prepare balance sheet to reflect financial position of business at end of reporting period

4.3 Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures

Range Statement

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Revenue statement comprises:

cost of goods sold if applicable

gross profit

operating net profit

unclassified adjusted expenses and revenue

Balance sheet comprises:

narrative or T format

unclassified assets and liabilities