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Evidence Guide: FNSACC421 - 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

 

FNSACC421 - Prepare financial reports

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

Prepare and maintain asset register

  1. Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures
  2. Determine method of calculating depreciation according to organisational requirements
  3. Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures
Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine method of calculating depreciation according to organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record general journal entries for balance day adjustments

  1. Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures
  2. Adjust expense accounts and revenue accounts for prepayments and accruals
  3. Record bad and doubtful debts according to accounting requirements and organisational policy and procedures
  4. Adjust ledger accounts for inventories and transfer to final accounts, if required
Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjust expense accounts and revenue accounts for prepayments and accruals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record bad and doubtful debts according to accounting requirements and organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update and prepare final general ledger accounts

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

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 that reflect gross and net profits for reporting period

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare end of period financial reports

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and correct errors or refer for resolution according to 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. Prepare and maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures

1.2 Determine method of calculating depreciation according to organisational requirements

1.3 Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures

2. Record general journal entries for balance day adjustments

2.1 Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts according to accounting requirements and organisational policy and procedures

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

3. Update and prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system according to accounting requirements and organisational policies and procedures

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

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

4. Prepare end of period financial reports

4.1 Prepare revenue statement that reflects operating profit for reporting period according to organisational requirements

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

4.3 Identify and correct errors or refer for resolution according to 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. Prepare and maintain asset register

1.1 Prepare a register of property, plant and equipment from fixed asset transactions according to legislative and organisational policies and procedures

1.2 Determine method of calculating depreciation according to organisational requirements

1.3 Establish process for maintaining asset register and associated depreciation schedule according to accounting requirements and organisational policies and procedures

2. Record general journal entries for balance day adjustments

2.1 Record depreciation of non-current assets and disposal of fixed assets according to accounting requirements and organisational policies and procedures

2.2 Adjust expense accounts and revenue accounts for prepayments and accruals

2.3 Record bad and doubtful debts according to accounting requirements and organisational policy and procedures

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

3. Update and prepare final general ledger accounts

3.1 Make general journal entries for balance day adjustments in general ledger system according to accounting requirements and organisational policies and procedures

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

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

4. Prepare end of period financial reports

4.1 Prepare revenue statement that reflects operating profit for reporting period according to organisational requirements

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

4.3 Identify and correct errors or refer for resolution according to organisational policy and procedures

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

produce at least one complete asset register and depreciation schedule.

In the course of the above, the candidate must:

record entries for balance day adjustments

trace and reconcile errors systematically

apply double-entry bookkeeping principles to prepare and maintain financial reports and ledgers

complete all tasks according to organisational policies and industry standards.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

double-entry bookkeeping principles

processes for making general journal and general ledger entries

key provisions of legislation, regulations, standards and codes of practice relevant to the preparation of financial reports

key features of organisational accounting systems used for preparing financial reports

organisational policies, procedures and accounting standards relevant to own role.