FNSACC426_AT2_POE_TQM_v2
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Date
Apr 27, 2024
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Assessment Task Portfolio of Evidence
c104a32a723765c1dd91a52425ce1ef188265d43.docx
Student Name
Student Number
Unit Code/s & Name/s
FNSACC426 - Set up and operate a computerised accounting system
Cluster Name If applicable N/A
Assessment Name
Assessment 2
Assessment Task No.
2 of 2
Assessment Due Date
Date submitted
/ /
Assessor Name Student Declaration:
I declare that this assessment is my own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules. I understand that by emailing or submitting this assessment electronically, I agree to this Declaration in lieu of a written signature.
Student Signature
Date
/ /
Instructions to Student
This assessment will require you to set-up a computerised accounting system. You will be required to input opening balances, process transactions and generate reports. These tasks will need to be carried out within the organisational policies and procedures guidelines provided and in accordance with legislative requirements.
You will be required to submit the required accurate and complete reports to demonstrate knowledge, skills and understanding.
You will require a computer and internet access.
Materials to be supplied:
Opening balance information required to set up the organisation. Organisational policies and procedures.
Work, Health and Safety: Students should observe the usual office Work, Health and Safety considerations whilst working on this assessment.
123 TMP C v 1.3 (04/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document.
1
c104a32a723765c1dd91a52425ce1ef188265d43.docx
Assessment Criteria:
To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:
To set up a computerised accounting system
To process a wide variety of transactions in the system
To maintain the system
To generate required reports
To comply with legislative and organisational requirements
Submission details
(if relevant)
Insert your details on page 1 and sign the Student Declaration. Include this form with your submission along with a copy of the Marking Criteria form completed with your personal details.
Assessment to be submitted via
TAFE Queensland Learning Management System: Connect url: https://connect.tafeqld.edu.au/d2l/login
Username; 9 digit student number
For Password: Reset password go to https://passwordreset.tafe
-
qld.edu.au/default.aspx
>
You are required to submit once completed:
FNSACC426_AT2_MC_TQM_v1.docx
Compulsory checkpoint 1.pdf
Compulsory checkpoint 2.pdf
End of Quarter Reports.pdf
End of Year Reports.pdf
End of year trial balance comparison.xlsx
Instructions to Assessor
This is an external open book assessment
You will require access to a computer and internet
No time limit applies
Usual WHS requirements apply
Contingencies if conditions cannot be met are at the discretion of the Assessor Note to Student
An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide.
123 TMP C v 1.3 (04/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document.
2
c104a32a723765c1dd91a52425ce1ef188265d43.docx
Assessment Task
In this task you are required to create a computerised accounting system using the software taught at your campus (eg. Xero or MYOB), then use it to process transactions and to produce accounting reports.
Business scenario
The business is a camera retailer named Cameras R Us
. The business makes both cash and credit sales and maintains a perpetual
inventory system. They previously used a manual accounting system but have decided to convert to a computerised accounting system and have asked you to set up the new
file and enter transactions for the period 1 April 2022 to 30 June 2022. There are opening balances to be
posted to the general ledger accounts and subsidiary ledger accounts for accounts receivable, accounts payable and inventory.
Set-up and processing is to be carried out in accordance with the attached Organisational Policies and Procedures supplied at Appendix A
where relevant. In your role as the Administrator
for Cameras R Us, you are required to complete the following steps and submit the required reports as part of your portfolio.
Teacher Access to Xero
Your teacher has access to all student Xero accounts. For ease of finding your file please add your email
address that you use for your Xero log in here: _____________________________
Task 1
Access Xero File 1.
Navigate to your assessment file link in Connect called FNSACC426 Assessment 2 Xero Con-
nector File
– You will find it in the Assessments section in Connect. Click the link – this will redi-
rect you to Learn Now.
2.
Tick the box to acknowledge you have read the terms and conditions, and click create Xero or-
ganisation. This will now invite you to the Xero file. This invitation email may take some time, so ensure you complete this step at least a day before you would like to start your assessment. 3.
Open the invitation email from Xero and click the link to accept the invite, log into your Xero ac-
count to complete the step. You now have access to the assessment file “Cameras R Us”
in your Xero log in.
4.
Edit the Display Name of the Business to Cameras R Us with your student number and the as-
sessment unit and number Eg. Cameras R Us AT2 FNSACC426 – “Student Number”
(click on the arrow beside the business name >settings >organisational details>display name)
123 TMP C v 1.3 (04/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document.
3
c104a32a723765c1dd91a52425ce1ef188265d43.docx
Set up the file:
a)
Review your organisation file and setup as per details below: If the software requests something ad-
ditional, leave it blank or as the default setting (eg. Phone number). Company name
Cameras R Us
ABN
84 111 122 223
Address
120 Main Street, HILLVIEW
Email address
Cameras.r.us@gmail.com
Start recording transactions (year)
2022
Last month in financial year
June
Start recording transactions (month)
April
Additional Notes:
Tax Defaults: For Sales amounts select Tax Exclusive
Tax Defaults: For Purchases amounts select Tax Inclusive
Sales invoices: Payment due 7 days after date of invoice
Purchase invoices: Payment due 30 days after date of bill
123 TMP C v 1.3 (04/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document.
4
c104a32a723765c1dd91a52425ce1ef188265d43.docx
b)
You are required to build your own Accounts List
with the correct GST codes attached to each.
i.
You can use a template Chart of Accounts provided during your software’s set up process
ii.
Create each account using the account number and name provided. You do not need to delete extra accounts, but it is recommended that you archive them.
iii.
Wherever an account already exists under a similar name, you should repurpose (ie. Rename and renumber) the existing account rather than create a new one. EG. If an Accounts Receiv-
able account already exists, you should utilise the existing account rather than create a new one. iv.
Review your software’s available tax codes for suitability. If you are missing required tax codes (per the right-most column), you will need to add them. v.
If in Xero, go to Advanced Settings -> Tax Rates -> Change to advanced tax rates.
vi.
In your Chart of Accounts, update all accounts to have the correct tax code per the column be-
low
Cameras R Us
Accounts List
Account number
(MYOB)
Account num-
ber (Xero / Other)
Account name
(Type)
GST code / Tax Rate
1-1110
010
Common Bank
(refer to policy and procedures)
N-T / BAS Excluded
1-1120
012
Petty Cash
(refer to policy and procedures)
N-T / BAS Excluded
2-1110
014
Business Visa Card
(Refer to policy and procedure)
N-T / BAS Excluded
1-1230
601
Payroll Cheque Account
(Current Asset)
N-T / BAS Excluded
1-1200
603
Undeposited Funds
(Current Asset)
N-T / BAS Excluded
1-1220
604
Electronic Clearing Account
(Current Asset)
N-T / BAS Excluded
1-1310
610
Accounts Receivable
(Current Asset)
N-T / BAS Excluded
1-1320
630
Inventory (Inventory)
N-T / BAS Excluded
1-1340
631
Inventory Adjustment
(Current Asset)
N-T / BAS Excluded
1-1330
632
Deposits to suppliers
(Current Asset)
N-T / BAS Excluded
1-1400
635
Prepaid Insurance
(Current Asset)
N-T / BAS Excluded
1-1500
636
Prepaid Interest
(Current Asset)
N-T / BAS Excluded
123 TMP C v 1.3 (04/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document.
5
c104a32a723765c1dd91a52425ce1ef188265d43.docx
1-1360
640
ABN Withholding Credits
(Current Asset)
N-T / BAS Excluded
1-2610
710
Bldgs. & Imprvmnts at Cost
(Fixed Asset)
CAP / GST on Capital
1-2620
711
Bldgs & Imprvmnts Accum Dep
(Fixed Asset)
N-T / BAS Excluded
1-2210
720
Office Equip at Cost
(Fixed Asset)
CAP / GST on Capital
1-2220
721
Office Equip Accum Dep
(Fixed Asset)
N-T / BAS Excluded
1-2410
730
Store Fittings at Cost
(Fixed Asset)
CAP / GST on Capital
1-2420
731
Store Fittings Accum Dep
(Fixed Asset)
N-T / BAS Excluded
1-2310
740
Motor Vehicles at Cost
(Fixed Asset)
CAP / GST on Capital
1-2320
741
Motor Vehicles Accum Dep
(Fixed Asset)
N-T / BAS Excluded
2-1510
800
Accounts Payable
(Current Liability)
N-T / BAS Excluded
2-1210
820
GST
(Current Liability)
N-T / BAS Excluded
2-1310
821
Voluntary Withholdings Payable
(Current Liability)
N-T / BAS Excluded
2-1320
822
ABN Withholdings Payable
(Current Liability)
N-T / BAS Excluded
2-1360
823
Luxury Car Tax Payable
(Current Liability)
N-T / BAS Excluded
2-1420
824
Superannuation Payable
(Current Liability)
N-T / BAS Excluded
2-1410
825
PAYG Withholding Payable
(Current Liability)
N-T / BAS Excluded
2-1520
802
Customer Deposits
(Current Liability)
N-T / BAS Excluded
2-2100
900
Bank Loans
(Non-Current Liability)
N-T / BAS Excluded
3-1000
965
Owner Capital
(Equity)
N-T / BAS Excluded
3-2000
966
Owner Drawings
(Equity)
N-T / BAS Excluded
3-8000
960
Retained Earnings
(Equity)
N-T / BAS Excluded
4-1100
200
Sales - Cameras & Lenses
(Revenue)
GST / GST on Income
4-1200
201
Sales - Accessories
(Revenue)
GST / GST on Income
123 TMP C v 1.3 (04/11/20)
© TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document.
6
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An allocation base:
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Company XYZ is currently producing AND selling 10,000 units of product A. At this level, the total product cost was $60,000.
This included $10,000 direct materials, $20,000 direct labor and $30,000 manufacturing overhead cost, which included 20%
variable manufacturing overhead cost. The selling and administrative expenses were $100,000, which included $60,000
variable selling and administrative costs. Assume that the selling price per unit $20, how much was the total contribution
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a. $134,000
b. None of the given answers
C. $40,000
d. $104,000
e. $194,000
The correct answer is: $104,000
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please answer this question I need this for my assignment * please prepare general journal entry to record the above transaction . I need full answer please to help me on my assignment and better learning
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N Academic Tools :: Northern Virgi X
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N CHAPTER 08 HW NOVA
learn.vccs.edu/courses/240149/assignments/4704240?module_item_id=17254910
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A Policies
Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
accrue interest except at December 31.
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Tutoring
Nov. 1 Loaned $53,400 cash to C. Bohr on a 12-month, 9% note.
ary Resources
Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 8% note.
16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered.…
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Ch. 18 - Managerial Accounting - x
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2. Prepare On Company's statement of cost of goods manufactured for December.
3. Prepare On Company's income statement for December.
PR 18-5B Statement of cost of goods manufactured and income statement for a
manufacturing company
OBJ. 2, 3
V1. Cost of goods
manufactured,
$367,510
The following information is available for Shanika Company for 2014:
January 1
$ 77,350
December 31
Inventories
$ 95,550
Materials
SPREADSHEET
Work in process
109,200
96,200
9volgm
100,100
1
Finished goods
113,750
o quise nois
$ 68,250
Advertising expense
22,750
Depreciation expense-office equipment…
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The US GAAP provides rules and guidance
for what two primary financial reporting
purposes?
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recognition and measurement
risk assessment and presentation
recognition and presentation
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initial and subsequent measurement
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Jefferson Memorial Hospital is an investment center as a division of Hospitals United. During the past year, Jefferson reported an after-tax income of $7 million. Total interest
expense was $3,000,000, and the hospital tax rate was 30%. Total assets totaled $69.9 million, and non-interest-bearing current liabilities were $22,700,000. The required rate of
return established by Jefferson is equal to 17% of invested capital.
What is the residual income of Jefferson Memorial Hospital? Enter your answer in whole dollar.
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Prepare an income statement for Splish Brothers Inc. for the year ended December 31, 2017.
Splish Brothers Inc.
Income Statement
For the Year Ended December 31, 2017
Net Income / (Loss)
Cost of Goods Sold
2$4
24
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E
Question 2 of 20:
Select the best answer for the question.
2. Accounts are generally grouped and kept together in the
O A. ledger
O B. general journal.
OC. book of original entry
OD. trial balance.
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Question 8 of 20
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No. Account Titles and Explanation
2.
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
the transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
Paid two years' rent in advance, $7,100.
Paid the worker's weekly wage.
Recorded service revenue…
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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