Financial Reports

Student Name Student ID

Term

Year

I declare that all work completed in this assessment is my own Student Signature Class Trainer Name Result

Date

C

NYC

Assessment

Financial Reports

 

BSBFIA!" College Details Bridge Business College

oation

### $ent Street Sydney NS% "!!! Australia T& '() " *"** *** F& '() " *"(" (+

www.bridgebc.edu.au [email protected]

 ABN 98 054 574 819 Provider No. 01107C

 Your  Your %orkplace ,ealth ,ealth and Sa-ety .%,S/ at BBC

1. It is your duty to to inform staff staff at BBC if you you see, hear hear or ome aross aross any iniden inident, t, situation or ha!ard that mi"ht re#uire immediate attention. $. %ire e&its e&its on a'' a'' f'oors f'oors are 'oated 'oated ne&t ne&t to the rest rooms. rooms. (. In ase of an emer"eny emer"eny evauat evauation, ion, you are re#uire re#uired d to fo''o) the instrutio instrutions ns *rovided +y the trainer. hi'e e&itin" the +ui'din", -ee* a'm and )a'- a'on"side the hand rai's.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age " o- +*

BSBFIA!" College Details Bridge Business College

oation

### $ent Street Sydney NS% "!!! Australia T& '() " *"** *** F& '() " *"(" (+

www.bridgebc.edu.au [email protected]

 ABN 98 054 574 819 Provider No. 01107C

 Your  Your %orkplace ,ealth ,ealth and Sa-ety .%,S/ at BBC

1. It is your duty to to inform staff staff at BBC if you you see, hear hear or ome aross aross any iniden inident, t, situation or ha!ard that mi"ht re#uire immediate attention. $. %ire e&its e&its on a'' a'' f'oors f'oors are 'oated 'oated ne&t ne&t to the rest rooms. rooms. (. In ase of an emer"eny emer"eny evauat evauation, ion, you are re#uire re#uired d to fo''o) the instrutio instrutions ns *rovided +y the trainer. hi'e e&itin" the +ui'din", -ee* a'm and )a'- a'on"side the hand rai's.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age " o- +*

Contents  The Assessment Process Process  TASK  TASK 1: Record Record asset valuations Appendices – Tas 1 !aring "uide.................... "uide............................... ..................... ..................... ..................... ..................... ........................ .............#$ #$  TASK  TASK #: Prepare Prepare a %AS statement Appendices & Tas #  TASK  TASK ': Provide (nancial business recommendations Appendices – TASK ' !aring "uide ..................... ............................... ..................... ...................... ..................... ..................... ....................... ............)* )* Record Record o+ Assessment ,utcome........................ ,utcome........................................................... ................................... -1 vidence re/uirements................ re/uirements.......................... ..................... ..................... .................................... .......................... -# 0imensions o+ competenc.................... competenc............................... ..................... ..................... ..........................-' ...............-' Assessment methods me thods and tass .................... ............................... ..................... ..................... .................. .......-) -) Knowledge and per+ormance evidence ..................... ................................ ........................... ................--Assessment mapping summar.................... summar.............................. ..................... .............................. ................... -2 Re+erences 3 Recommended resources

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age # o- +*

 The Assessment Assessment Process Process %hy are assessment acti0ities important8 /o om*'ete your #ua'ifiation, you are re#uired to a**'y the ideas you have +een 'earnin" from this unit of om*etene. /he assessment ativities are an im*ortant *art of your trainin" *ro"ram as they *rovide an o**ortunity to a**'y )hat you have +een 'earnin" and they "ive +oth you and your trainer feed+aon your *ro"ress.

,ow will you 9e assessed8 ou ou )i'' +e re#uired to om*'ete a variety of )ritten and *ratia' e&erises. Instrutions for ho) to om*'ete the assessments are *rovided )ithin eah assessment tas- in this +oo-'et.

%hat is re:uired -or success-ul completion8 P'ease read this setion arefu''y +efore ommenin" the assessment tas-s. ou ou must arefu''y om*'ete 23 tas- in this +oo-'et. ou ou must ahieve a atisfatory6 mar- for a'' assessment ativities to +e deemed Com*etent for the unit. If you are assessed as Not Com*etent, you )i'' +e "iven some su""estions for im*rovement and as-ed to redo your assessment.  At the suessfu' om*'etion of the assessment tas-s, you )i'' have demonstrated your om*etene a"ainst a'' of the re#uirements of the unit. /he unit of om*etene in fu'' an +e found at the +a- of this +oo-'et.

Su9mission o- assessments  4our  4our trainer will advise ou when to commence the assessments in this boolet. The dates o+ submission are identi(ed in the Assessment Timeline table.  4ou  4ou are re/uired to complete the written assessments on a separate document. 4ou have access to computers which are e/uipped with #515 !icroso+t suite o+ products and printing +acilit. 4ou will also have access to the internet at the 6ollege to assist with with resear research ch and resour resources ces.. Ass Assess essmen mentt respon responses ses should should be tped7 tped7 howeve however8 r8 handwritten submissions will be accepted i+ the are clear and legible. ,n the document please include: o  4our  4our name  The date o  The Assessment 9umber and Tas 9umber. 9umber. o or e;ample:  Record our answer?. o

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age  o- +*

P'ease note that some assessments re#uire additiona' doumentation, suh as a form or a *roedure, )hih must +e in'uded )ith your su+mission. a-e sure you he- your materia' +efore su+mission. ou ou must -ee* a o*y of a'' )orsu+mitted.

Access and e:uity  A student6s aess aess to the assessment *roess shou'd not +e affeted + y restritions *'aed on the 'oation or onte&t of assessment +eyond the re#uirements s*eified in the trainin" *a-a"e. 3easona+'e adustments an +e made to ensure e#uity in assessment for *eo*'e )ith disa+i'ities, in'udin" 'an"ua"e and 'iteray. Adustments in'ude any han"es to the th e assessment *roess or onte&t that meet the individua' needs of the *erson )ith a disa+i'ity, +ut do not han"e om*eteny outomes. If you +e'ieve you you have a disa+i'ity that may affet the om*'etion of these assessment tas-s *'ease s*ea- to your trainer.

Assessment outcomes our our assessment su+mission )i'' +e assessed and you )i'' +e "iven feed+a-. ah assessment tas- )i'' +e mar-ed as either atisfatory or nsatisfatory and one a'' assessments have +een mar-ed you )i'' +e "iven an outome of Com*etent or Not Com*etent for the unit of om*etene.

%hat can you do i- you don;t agree with the assessment result8 If you do not thin- the assessment *roess is va'id, disa"ree )ith the assessment outome, or +e'ieve that you have +een treated unfair'y, you an a**ea'. /he first ste* is to disuss the matter )ith your trainer. If you sti'' do not a"ree, you are a+'e to re#uest a re:assessment. It is *ossi+'e to have your assessment su+mission assessed +y a different assessor. If you remain dissatisfied after the re:assessment, you shou'd ontat ontat your trainer. %u'' detai's of the a**ea's *roess are ontained in your tudent ;and+oo-.

Declaration o- Authenticity ou ou are re#uired to t o si"n a Declaration o- Authenticity for every )ritten assessment su+mission. /he
Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age + o- +*

 TASK 1: Record asset valuations 7er-ormance o9
Assessment description sin" the senario su**'ied, the student )i'' o''et asset information, ode and orret'y reord asset va'uations manua''y and in =B. tudents )i'' a'so mana"e a disre*any in aordane )ith or"anisationa' *o'iy.

Assessment Instructions 1. 3ead throu"h the senario *rovided. $. 3ead the Pa-ett Pa-a"in" *o'iies and *roedures manua', *rovided )ith the assessment materia's. %ami'iarise yourse'f )ith the or"anisation6s hart of aounts, onso'idation *o'iy, authorisation *o'iy and orretions *o'iy. (. sin" the >enera' ?ourna' tem*'ate *rovided )ith this assessment, ma-e an a**ro*riate entry to transfer the onso'idated ra) materia's *urhases amount to a ne), a**ro*riate'y oded, ost of "oods so'd @C=> aount. 4. sin" the information *rovided, a'u'ate the onversion ost *er unit in aordane )ith *o'iies and *roedures. 5.

sin" the >enera' ?ourna' tem*'ate *rovided, ma-e an a**ro*riate entry to reord an asset a#uisition transation @in'udin" any >/ 'ia+i'ity.

a.

se a ne) asset aount name and ode om*ati+'e )ith the struture and odin" of the or"anisation6s hart of aounts. . Ca'u'ate de*reiation of the asset for the finania' year. 7. sin" the >enera' ?ourna' tem*'ate *rovided, ma-e an a**ro*riate entry to reord de*reiation of the asset for this finania' year @in'udin" any >/ 'ia+i'ity. a. se a ne) de*reiation aount name and ode om*ati+'e )ith the struture and odin" of the or"anisation6s hart of aounts. 8.
Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age ( o- +*

9. sin" the aount information *rovided, *re*are draft finania' statements for disussion )ith your C%= @assessor a. tatement of %inania' Performane +. tatement of %inania' Position. 10. Arran"e a time to meet )ith your C%= @assessor. 11. eet )ith your C%= to om*'ete the fo''o)in". a.

ii. / o''eted and >/ *aid )ith res*et to the interests and res*onsi+i'ities of the or"anisation. vi.
and manner, +ody 'an"ua"e and 'istenin" s-i''s to interat )ith your C%=. 1$. Corret the disre*any, ma-in" an entry on the >enera' ?ourna' tem*'ate *rovided in aordane )ith instrutions "iven to you +y your assessor. 1(. u+mit a'' douments to your assessor as *er s*eifiations. nsure you -ee* a o*y of a'' )or- su+mitted for your reords.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age = o- +*

 You must su9mit&

ou must su+mit  >enera' ?ourna' entries

 transfer to C=> entry  asset a#uisition entry  de*reiation entry  orretion entry  a om*'eted asset re"ister   finania' statements

 tatement of %inania' Performane  tatement of %inania' Position.

our assessor )i'' +e 'oo-in" for demonstration of  inter*ersona' s-i''s to *rofessiona''y disuss aount +a'anes and finania' *erformane  numeray and aountin" s-i''s to om*'ete finania' re*ortin", >enera' ?ourna' entries and

asset re"ister, in'udin" aountin" for >/.  the asset re"ister must demonstrate that you aurate'y a'u'ated de*reiation usin" the orret method of a'u'ation as out'ined in the *o'iies and *roedures manua'  a)areness of and adherene to or"anisationa' *o'iies and *roedures in re"ard to

authorisation  a)areness of and adherene to 'e"a' and ethia' re#uirements for aountin" and finania'

re*ortin"  @o*tiona' =B fi'e must demonstrate that you fo''o)ed the or"anisation6s *o'iies and

*roedures.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age > o- +*

Appendices – Tas 1 Appendi? )& Scenario Pa-ett Pa-a"in" is a +usiness that manufatures and se''s ard+oard +o&es. @rganisation name

Pa-ett Pa-a"in"

sta9lished

01D07D$007

ABNACN

87 71 495 $$7D71 495 $$7

ABN 9ranch

(47

Address

1(57 'i**ery
7ostal address

P= Bo& 4589, Broo-va'e, N, $100

7hone

@0$ 9905 0$17

Fa?

@0$ 9905 7$10

mail

*a-et:*a-a"in":ns)E+i"*ond.om

ou are em*'oyed +y Pa-ett Pa-a"in" as an aountant. our duties in'ude reatin" and maintainin" asset re"isters for eah of the +usiness6s fi&ed assets, odin" aounts as neessary and enterin" information to the or"anisation6s aountin" system, =B. It is no) (0 ?une. In *re*aration for +a'ane day, the Chief %inania' =ffier @C%= re#uires you to do the fo''o)in". 1. se onversion and onso'idation *roedures. a. Conso'idate the *a*er su**'ies *urhases and transfer the amount to a ne) ost of "oods so'd @C=> aount usin" a >enera' ?ourna' entry. +. Ca'u'ate onversion osts *er unit so'd. $. Perform asset va'uation and de*reiation. a. Identify ne) asset and aumu'ated de*reiation aounts s*eifia''y for the vehi'e asset usin" the hart of aounts as a "uide. +. Ca'u'ate de*reiation on the asset for the urrent year. . Com*'ete the >enera' ?ourna' entries for the asset a#uisition and de*reiation. d.
Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age * o- +*

4. Pre*are finania' statements. a. tatement of %inania' Performane +. tatement of %inania' Position.

) se con0ersion and consolidation procedures ar'y this finania' year, a su+sidiary of Pa-ett Pa-a"in" *urhased *a*er and ard+oard su**'ies. /he detai's are +e'o).

7urchases Eournal .7E!)/ )

"

#



+

(

=

Date

Creditor details

Folio no

In0oice no

Stock purchase

ST paid

Creditors control

1D7D$0FF

ABC Pa*er

1

(1

(000

(00

((00

$D7D$0FF

Ar"o Pa-in"

$

($

4000

400

4400

(D7D$0FF

ABC Pa*er

(

((

5000

500

5500

sin" the a+ove su**'ies, the su+sidiary om*any *rodued and so'd $0,000 +o&es. In addition to the *urhase of the ra) materia's, the su+sidiary om*any e&*ended G$8,000 in 'a+our and overhead e&*enses. Conso'idate the *a*er su**'ies *urhases e&*ense and transfer the amount to ost of "oods so'd usin" a >enera' ?ourna' entry eneral Eournal Date

7ackett 7ackaging Account G

De9it

Credit

/ransfer *urhases to C=> (0DD$0FF

Total

In order to he'* estimate the va'ue of unso'd sto- at the su+sidiary om*any, a'u'ate onversion osts *er unit so'd Conversion ost *er unit GHHHHHHHHHHHHHHH 

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age )! o- +*

" 7er-orm asset 0aluation and depreciation /his finania' year, Pa-ett Pa-a"in" *urhased a motor vehi'e for the *ur*ose of sa'es. /he detai's are +e'o). %i&ed assets 'ist  Asset I<

1

Asset desri*tion

Pa-ett Pa-a"in" >enera' ed"er  aount

a'es vehi'e


Cost in'udin" >/


3esidua' va'ue

Person res*onsi+'e

1D7D$0FF

,000

NDA

NDA

ihae' antos

1. Identify ne) asset and aumu'ated de*reiation aounts s*eifia''y for the vehi'e asset usin" the hart of aounts *rovided as a "uide. $. Ca'u'ate de*reiation on the asset for the urrent year. (. Com*'ete the >enera' ?ourna' entries for the asset a#uisition and de*reiation eneral Eournal Date

7ackett 7ackaging Account G

De9it

Credit

 Asset a#uisition 1D7D$015

1:1150 ash at +an-

,000

1:5111 sa'e 2ehi'e

0,0000

$:(0(0 >/ Paid

,000 ,000

Total eneral Eournal Date

,000

7ackett 7ackaging Account G

De9it

Credit


1:5$11 Aumu'ation
7,500

7500

Total


7ackett 7ackaging Asset register 

 Asset desri*tion a'es vehi'e

>enera' ed"er at

2a'ue 0,000

Person res*onsi+'e ihae' antos



stimated 'ife 8 years

 Authorisation

&

Asset I< 1

&



Asset
1D7

2ehi'e
(0D


0000

Aumu'ated
Credit Ba'ane


Ba'ane

0000

7,500

7,500

&

7,500

15,000

&

7,500

$$,500

7,500

(0,000

7,500

(7,500

7,500

45,000

7,500

5$,500

7,500

0,000

 Authorisation




Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age )" o- +*

# Identi-y and address a discrepancy %ina''y, an em*'oyee has reated the fo''o)in" unauthorised entry for the a#uisition of the sa'es vehi'e. Date

Account G

De9it

1:5111 otor vehi'e

,000

Credit

 Asset a#uisition 1D7D$0FF

1:1150 Cash at +an-

,000

,000

Total

,000

%o''o) *roedures for addressin" disre*anies and orret the unauthorised entry Date

Account G

De9it

Credit

(0DD$0FF

Total

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age )# o- +*

 7repare -inancial statements Com*i'e the aount data +e'o) to *re*are a tatement of %inania' Performane and a tatement of %inania' Position. Trial balance Account 6ash at ban Pett cash Stoc on hand 0eposits  Trade debtors Plant and e/uipment !otor vehicle Account depreciation – Plant and e/uipment %an loans  Trade creditors Provision – emploee ntitlement "ST collected "ST paid Paroll liabilities ,wner capital3issued capital ,wner drawings Retained earnings Sales goods and services ,ther sales Dnterest received 6,"S Accounting and audit +ees Advertising and mareting %an charges 6omputer e;penses 6onsultanc actor rental Eire purchase3lease charges Dnsurance general Fegal +ees !otor vehicle e;penses Postage3courier Printing and stationar Repairs and maintenance – oGce Salaries – oGce3sales StaH uni+orms – ,3S Superannuation – oGce3sales  Telephone e;penses Total:

Debit B2*8$5C.C1 B18555.55 B'28$)#.55 B'15.55 B#'8)'C.55 B2*8)15.55 B228555.55

Credit

B28-)5.55 B258555.55 BC$8555.55 B1-8555.55 B#-8'5'.55 B'C81C1.1* B18C2C.55 B128555.55 B'-81$-.55 BC582*).55 B1$$8*1*.1* B*281*1.*# B-5.55 B1)58555.51 B)8CC#.C' B*8255.55 B#811#.-5 B1#8C#C.#C B$-).-B$85$5.$5 B18$5$.15 B$-).-) B)82'2.'2 B#815).-B*82*-.)BC11.*# B)8-##.C# B$8$#-.C$ B182'2.'C B*1.55 B$8-)-.)-

$560,344.00

$560,344.00

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=r"anisationa' hart of aounts Packett Packaging 1'-C Slipper 0ip Trail Dngleside 9SI #151

Accounts List !u""ar# As o% 30 &une '0((

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Packett Packaging Accounts List !u""ar#

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Appendi; # – Policies and procedures manual

Policies and Procedures )anual Pacett Pacaging Pt Ftd

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Client ser0ice It is our aim to *rovide hi"h #ua'ity *rofessiona' servie and ensure that the onerns of our 'ients are of the hi"hest im*ortane. Pa-ett Pa-a"in" Pty td has a friend'y team foused on *rovidin" their 'ients )ith *ersona'ised servie to meet their individua' needs. =ur staff are hi"h'y trained and *ride themse'ves on effiieny, *rodutivity and stron" ommuniation. In the interest of *rovidin" our 'ients )ith outstandin" servie, )e e&*et a'' our staff to  +e *o'ite and he'*fu'  +ui'd stron" re'ationshi*s )ith 'ients to +etter understand and meet their needs  ommuniate 'ear'y at a'' times.

7ri0acy policy Pa-ett Pa-a"in" Pty td is ommitted to *rotetin" their 'ients6 *rivay. It is +ound +y the nationa' *rivay *rini*'es ontained in the Privacy Act 1988  @C)'th and a'' other a**'ia+'e 'e"is'ation "overnin" *rivay. =ur res*et for our ustomers6 *rivay is *aramount. e have *o'iies and *roedures to ensure that a'' *ersona' information is hand'ed in aordane )ith the Nationa' Privay Prini*'es. /his *rivay *o'iy sets out our *o'iies on the mana"ement of *ersona' information  that is, ho) )e o''et *ersona' information, the *ur*oses for )hih )e use this information, and to )hom this information is dis'osed.

) %hat is personal in-ormation8 Persona' information is information that ou'd identify you. &am*'es of *ersona' information in'ude your name, address, te'e*hone num+er and emai' address, or more om*'e& information 'i-e a rJsumJ.

" ,ow does 7ackett 7ackaging 7ty 4td collect and use your personal in-ormation8 ome of the )ays in )hih Pa-ett Pa-a"in" Pty td o''ets *ersona' information is )hen you send a o+ a**'iation to us or )hen you emai' us. /hese uses are disussed +e'o).

# %hat happens i- you don;t pro0ide personal in-ormation8 >enera''y, you have no o+'i"ation to *rovide any *ersona' information to us. ;o)ever, if you hoose to )ithho'd *ersona' information, )e are un'i-e'y to +e a+'e to res*ond to your a**'iation or #uery.

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 To whom do we disclose personal in-ormation8 e en"a"e third *arty servie *roviders @in'udin" *artners of Pa-ett Pa-a"in" Pty td )hih may +e 'oated outside Austra'ia to *erform funtions for Pa-ett Pa-a"in" Pty td. uh funtions in'ude mai'in", de'ivery of *urhases, redit ard *ayment authorisation, trend ana'ysis, e&terna' audits, mar-et researh, *romotions and the *rovision of statistia' sa'es information to industry +odies. %or our servie *roviders to *erform these funtion, in some irumstanes it may +e neessary for  us to dis'ose your *ersona' information to those su**'iers. here dis'osures ta-e *'ae, )e )or)ith these third *arties to ensure that a'' *ersona' information )e *rovide to them is -e*t seureK is on'y used to *erform the tas- for )hih )e have en"a"ed themK and is hand'ed +y them in aordane )ith the Nationa' Privay Prini*'es.

+ ,ow do we protect personal in-ormation8  At a'' times, )e ta-e "reat are to ensure your *ersona' information is *rote ted from unauthorised aess, use, dis'osure or a'teration. e ensure that our em*'oyees are a)are of, and om*'y )ith, their o+'i"ations in re'ation to the hand'in" of *ersona' information. =n'y *ro*er'y authorised em*'oyees are *ermitted to see or use *ersona' information he'd +y Pa-ett Pa-a"in" Pty td and, even then, on'y to the e&tent that is re'evant to their ro'es and res*onsi+i'ities. our *ersona' information )i'' not +e so'd to any other or"anisation for that or"anisations6 unre'ated inde*endent use. %urther, )e )i'' not share your *ersona' information )ith any or"anisations, other  than those en"a"ed +y us to assist us in the *rovision of our *roduts and servies @as desri+ed a+ove.

( %hat a9out in-ormation pro0ided in
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= Is the personal in-ormation we hold accurate8 e endeavour to maintain your *ersona' information as aurate'y as reasona+'y *ossi+'e. ;o)ever, )e re'y on the auray of *ersona' information as it is *rovided to us +oth diret'y and indiret'y. e enoura"e you to ontat us if the *ersona' information )e ho'd a+out you is inorret or to notify us of a han"e in your *ersona' information.

> ,ow can you access or correct the personal in-ormation we hold a9out you8 herever *ossi+'e and a**ro*riate, )e )i'' 'et you see the *ersona' information )e ho'd a+out you and orret if it is )ron". If )e do not a''o) you aess to any *art of the *ersona' information )e ho'd a+out you, )e )i'' te'' you )hy.

Client records management /his *o'iy out'ines Pa-ett Pa-a"in" Pty td6s a**roah to the o''etion and retention of 'ient information. It is Pa-ett Pa-a"in" Pty td6s duty to *rovide #ua'ity servies to its 'ients. /he a#uisition and retention of re'evant 'ient information is essentia' to fu'fi''in" this ommitment. /he *ur*ose of this *o'iy is to ensure that a hi"h standard of information a#uisition and reordin" is ahieved. C'ient onfidentia'ity and *rivay are ensured and information is *roteted from aess and use +y any unauthorised *ersons. A'' 'ient information and reords )i'' +e hand'ed ethia''y and res*onsi+'y.

Collection o- records Individua' fi'es )i'' +e esta+'ished for eah 'ient, for the stora"e of information and doumentation *rovided +y eah 'ient. It is the 'ient6s res*onsi+i'ity to *rovide aurate information and re'evant reords to the +oo--ee*er. No res*onsi+i'ity )i'' +e ta-en for any onse#uenes inurred as a resu't of non: urrent or inorret information +ein" su**'ied.

Access to records  As a'' 'ient information is onfidentia', a'' 'ient reords )i'' +e stored in a seure environment at a'' times. =n'y authorised staff )i'' have aess to 'ient informationDreords. C'ient reords are their o)n *ro*erty and they may have aess to their o)n reords at any time.

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Disclosure o- client in-ormation Information ontained in a 'ientLs reord )i'' on'y +e dis'osed to a third *arty )ith the )ritten onsent of the 'ient. Pa-ett Pa-a"in" Pty td is o+'i"ed to dis'ose information a+out a 'ient, )ith or )ithout the 'ientLs onsent, )here *resri+ed as a 'e"a' re#uirement.

Record retention period /he retention *eriod of 'ient reords )i'' +e determined aordin" to the 'e"is'ative re"u'atory and statutory re#uirements a**'ia+'e to the entity.

Disclosure o- in-ormation Pa-ett Pa-a"in" Pty td does not dis'ose ustomer information to third *arties )ithout first "ivin" ustomers an o**ortunity to o*t:out of ertain -inds of dis'osures. /here are some dis'osures to third *arties that are not su+et to the o*t:out, suh as dis'osures neessary to effet, administer or enfore a transation re#uested +y you, to om*anies that *erform servies for us or to *revent fraud. %ina''y, Pa-ett Pa-a"in" Pty td may dis'ose information a+out former ustomers to third *arties and om*anies )ith )hih =A is affi'iated, as )e'' as unaffi'iated third *arties. /hose dis'osures may onsist of    

finania' +a-"round information desri+in" a ustomerLs finania' status identifiation information, suh as name and address transation information, suh as aount ativity, de+it ativity or redit ativity other information re'atin" to finania' matters.

Security  At Pa-ett Pa-a"in" Pty td, seurity is a *riority. e em*'oy a**ro*riate measures to *rotet onsumer information a"ainst unauthorised aess, dis'osure, a'teration or destrution. /hese may in'ude enry*tion, *hysia' aess seurity and other a**ro*riate tehno'o"ies. Pa-ett Pa-a"in" Pty td ontinua''y revie)s and enhanes its seurity systems, as neessary.

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Access to in-ormation Pa-ett Pa-a"in" Pty td em*'oys a**ro*riate measures to assure the #ua'ity of information )e o''et diret'y from 'ients. here Pa-ett Pa-a"in" Pty td o''ets information diret'y from 'ients or other soures, )e *ermit them, if *ossi+'e, to dis*ute or orret any erroneous or out:of: date *ersona''y identifia+'e information. Corretion )i'' not +e *ossi+'e if the information is *ro*rietary to one of our +usiness ustomers, ref'ets historia' transation information or if orretion )ou'd vio'ate the *rivay or 'e"a' ri"hts of a third *arty. here a**'ia+'e, )e a+ide +y 'a)s re'ated to suh information. ou an orret fatua' errors in your *ersona''y identifia+'e information +y sendin" us a )ritten re#uest that redi+'y sho)s error. e reserve the ri"ht to inde*endent'y verify 'aims made. /o *rotet your *rivay and seurity, )e a'so )i'' ta-e reasona+'e ste*s to verify your identity +efore ma-in" orretions.

Accounting  Aountin" reords )i'' +e maintained on an arua' +asis usin" u* to dat e =B soft)are. A'' reords of finania' transations )i'' +e -e*t and maintained in aordane )ith the Austra'ian  Aountin" tandards.

De9tors /he or"anisation *rovides a ran"e of "oods and servies )hih are *urhased +y individua's and or"anisations. 3eords sha'' +e maintained for a'' de+tors.
De9t collection /he om*any )i'' a**'y *rudent de+t mana"ement *raties. =utstandin" de+tors +a'anes sha'' +e revie)ed at 'east month'y and a**ro*riate ation initiated to reover de+ts that are overdue. /his )i'' in'ude  (0

7ro0ision -or dou9t-ul de9ts  A *rovision for dou+tfu' de+ts )i'' +e esta+'ished for a"ed de+ts "reater than 90 days, the si!e and nature of the de+t )i'' a'so +e ta-en into onsideration.

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*ad debts+rite o-s 0ebts shall be written oH onl when all reasonable attempts at recover have been taen and +ailed. 0ebts that are considered irrecoverable8 or where the cost o+ recover is uneconomic will be written oH as a bad debt. Iriting oH o+ bad debts needs to be approved b the inance !anager.

Conersion costs 6onversion costs are de(ned as the cost o+ converting raw materials8 such as paper and cardboard8 into saleable items. 6onversion costs ma include8 +or e;ample:  0irect labour  Dndirect costs and overhead  reight  Purchase o+ raw materials

Such conversion costs are to be consolidated as cost o+ goods sold8 where sold in a given accounting period7 otherwise all conversion costs are to be accounted +or as value added to unsold inventor. Dt ma be re/uired to calculate conversion costs per unit o+ inventor. The relevant +ormula is:

 Direct costs + indirect costs Conversioncost perunit = ¿ units Jse the above +ormula +or management reporting purposes.

Conersion and consolidation o% accounts %or t/e rearation o% 1nancial state"ents At the end o+ the accounting period8 account values +rom Pacett Pacaging and subsidiar companies will be converted and consolidated into one set o+ (nancial statements +or Pacett Pacaging. Account values +rom special ournals o+ Pacett Pacaging and subsidiaries will be consolidated +or inclusion in the relevant (nancial statement. Dn addition8 i+ a number o+ identical assets8 bought at the same time >+or e;ample8 15 computers? are to be depreciated8 the ma be consolidated and depreciated as one asset. Laluations are converted to ensure consistenc. or e;ample8 asset valuations8 such as stoc8 will be converted using relevant procedures. 6onversion ma also mean currenc conversion. All purchase costs o+ items8 such as (;ed assets8 +rom +oreign sources will be converted to Australian dollars at the time o+ purchase. Pacett Pacaging uses a periodic inventor sstem in which purchases +or the purpose o+ producing goods +or sale at Pacett Pacaging and subsidiaries must be Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age " o- +*

consolidated and trans+erred to the cost o+ goods account prior to the preparation o+ (nancial statements. 0oing so will give an accurate picture o+ per+ormance in accordance with the matching principle.

Depreciation o- -i?ed assets
Chart o- Accounts  A'' aounts )i'' +e "rou*ed )ithin the five aount "rou*s sho )n +e'o). Assets  ommene )ith

)

4ia9ilities ommene )ith

"

@wners; e:uity ommenes )ith

#

Re0enue ommenes )ith



?penses ommene )ith

+

ah aount must +e a''oated a uni#ue num+er and se#uenin" )i'' +e reated in a hierarhia' manner as sho)n +e'o). Ne) and additiona' aounts )i'' oded )ithin the struture of the "rou*.

Authorising corrections to -inancial reports  A'' orretions or adustments to the finania' statements must +e authorised +y the en ior  Aountant or Chief %inania' =ffier. /hese adustments may in'ude    

asset va'uations de*reiation e&*ense a'u'ations additions to the Chart of Aounts orretions to finania' reords or statements

In or to esta+'ish an audita+'e trai', a'' orretions must +e reversed and then entered orret'y.

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Standard -inancial analysis techni:ues tandard finania' ana'ysis tehni#ues are used +y the or"anisation to assist in inter*retin" the finania' statements. /he fo''o)in" )i'' +e used as *art of this *roess. Category

Ratios a0aila9le

hort:term so'veny or 'i#uidity ratios

Current ratio

ffiieny ratios

Aounts reeiva+'e turnover  

Mui- ratio

 Avera"e o''etion *eriod Inventory turnover Profita+i'ity ratios

Net *rofit mar"in >ross *rofit mar"in 3eturn on assets

on":term so'veny or finanin" ratios


Records and -iling systems eurity  aess to the aountin" information systems is restrited +y 'o-ed -eys for *a*er: +ased data and *ass)ord and enry*tion for e'etroni data. ystem +a-u*  e'etroni data is fu''y +a-ed u* overni"ht. /he system is +a-ed u* ni"ht'y and )ee-'y @+oth to dis- and ta*e. 3eord -ee*in"  A'' reords of finania' transations )i'' +e maintained in aordane )ith re"u'atory re#uirements. 3eords )i'' +e ta-en to in'ude +oth hard o*y reords and reords stored e'etronia''y. 3eords )i'' +e "rou*ed and mana"ed in the fo''o)in" +road ate"ories. 1 1. $. (. 4. 5. .

Ban- Aount 3eords
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Report -ormats 3e*orts must ontain an e&eutive summary. A ta+'e of ontents is o*tiona' for short re*orts. onth'y re*orts to mana"ement must ontain  &eutive summary   Ana'ysis  3eommendations  %inania' re*orts @a**ro*riate format sho)n +e'o)

/he fo''o)in" re*ort formats shou'd +e adhered to )hen *re*arin" finania' re*orts.

Statement o- Financial 7er-ormance Packett Packaging 1'-C Slipper 0ip Trail Dngleside 9SI #151

Pro1t 2 Loss !tate"ent  &ul# '00 to 30 &une '0((

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age "= o- +*

Statement o- Financial 7osition Packett Packaging 1'-C Slipper 0ip Trail Dngleside 9SI #151

*alance !/eet As o% 30 &une '0((

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age "> o- +*

Statement o- cash -low Packett Packaging

Statement o- Financial 7osition 1'-C Slipper 0ip Trail Dngleside 9SI #151

!tate"ent o% Cas/ lo  &ul# '0(( to 30 &une '0((

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age "* o- +*

!aring "uide Assessment Task )& Record asset 0aluations Student;s name

7hone no

Assessor;s name

7hone no

Assessment site Assessment dates

Times

@utcomes Satis-actory Did the student&

 Yes

No

u+mit om*'eted >enera' ?ourna' entries  /ransfer to C=> entry   Asset a#uisition entry 
u+mit a om*'eted asset re"ister u+mit a tatement of %inania' Performane u+mit a tatement of %inania' Position eet )ith the C%= @assessor u+mit a'' materia's in a"reed formats and )ithin a"reed timeframe

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age #! o- +*

7er-ormance indicators !atis%actor# Did t/e student:

 es

o

6reate (nancial statements in accordance with accounting standards organisational re/uirementsM or e;ample:  Statement o+ inancial Per+ormance includes income

in+ormation  Statement o+ inancial Position includes assets8 liabilities and

e/uit  (nancial statements con+orm to e;amples provided in policies

and procedures manual

ote: ;amples o+ (nancial statements have been provided to ou in Assessment Tas ' to distribute to the students.  Trans+er the consolidated raw materials purchases amount to a new8 appropriatel coded8 cost o+ goods sold >6,"S? accountM  Jse appropriatel coded account8  0ebit 6,"S7 credit stocM

6alculate conversion cost per unitM 6orrectl calculate "ST >liabilit? and asset ac/uisition >at cost e;cluding "ST? and record them in the "eneral See e;ample? 6orrectl calculate depreciation and record it in the "eneral
6omplete asset registerM  Show eight ears o+ depreciationM >See e;ample below.?

Jse oral communication to present issues using appropriate language and e;change in+ormation b listening and /uestioningM  Jse pro+essional8 courteous tone to e;plain (nancial

statements and issuesM  Jse active listening sillsM

0iscuss at least one legal or regulator re/uirement that their wor ma be relevant to satis+ingM Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age #) o- +*

!atis%actor# Did t/e student:

 es

o

0iscuss at least one standard or accounting principle that their wor helps satis+M Ddenti+ and discuss a discrepanc and +ollow organisational polic and procedures in order to correct itM  Ddenti+ unauthorised transaction incorrectl accounting +or

"STM  Reverse transaction according to proceduresM  Add notes as per 6, re/uestM

Comments-eed9ack to participant

@utcome&

uessfu'

nsuessfu'

Assessor name& Assessor signature&

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age #" o- +*

 TASK #: Prepare a %AS statement 7er-ormance o9/ redits in aordane )ith statutory re#uirements.

Assessment description sin" the senario information su**'ied, the student )i'' identify soure douments, reord revenue and e&*ense transations, fi'' in and su+mit a BA statement in aordane )ith statutory re#uirements.

7rocedure 1. 3ead the senario *rovided. $. Identify the re'evant information from the t)o invoies *rovided, and reord the finania' data in a**ro*riate ourna's, aountin" for >/ 'ia+i'ities. (. Identify information from the =B re*orts re'evant to *re*arin" a BA statement. 4. Com*'ete the BA )or-sheet *rovided. 5.
Com*'ete the BA statement form @on'y fi'' in fie'ds )here data is re#uired and avai'a+'e, in'udin"

a.

PA> ta& )ithhe'd @%)6 %" and %+

+.

>/ re#uirements @usin" =*tion 1 )6 "6 )! and ))

.

ummary d. Payment or refund 7. u+mit a'' douments to your assessor as *er s*eifiations +e'o). nsure you -ee* a o*y of a'' )or- su+mitted for your reords.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age ## o- +*

Speci-ications ou must su+mit  a'es ?ourna' entries  Purhases ?ourna' entries  BA a'u'ation )or-sheet  BA statement @re#uired fie'ds on'y.

our assessor )i'' +e 'oo-in" for  om*'eted a'es ?ourna' and Purhases ?ourna' )ith >/ aounted for   om*'eted BA statement )ith >/ redits aounted for.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age # o- +*

Appendices & Tas # Appendi? ) H Scenario in-ormation Pa-ett Pa-a"in" Pty td is a +usiness that manufatures and se''s ard+oard +o&es. ou are em*'oyed +y Pa-ett Pa-a"in" as an aountant. our duties in'ude identifyin" soure douments and reordin" sa'es and *urhases in the a**ro*riate ourna's and om*'etin" a BA statement +y the A/= due date @the date set +y your assessor in this senario. It is no) the end of M4 of the $010$011 finania' year. /he BA statement is due to the A/= +efore $8 ?u'y, +ut your C%= @assessor re#uires the statement to +e om*'eted ri"ht a)ay. ou have found $ missin" invoies from this #uarter that )i'' need to ref'et in the BA statement 7noice  TA( 7897C rom: 6omputer Iholesale Pt Ftd A%9: '# 1#' )-2 C*$ 153523#511  To: Technolog Solutions Pt Ftd

;t#

Descrition


=!T

Total

15

Eard drives

B'55

B'5

B'8'55

B'8'55  Total price includes "ST

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age #+ o- +*

7noice ' TA( 7897C rom: Technolog Solutions Pt Ftd A%9: *C 2C1 )$- ##C 153523#511  To: Fuc 6omputers Pt Ftd

;t#

Descrition


=!T

Total

C

Eard drives

B-25

B-2

B)8'1#

B)8'1#  Total price includes "ST

ou )i'' need to reord the transation information ontained in the soure douments in the a**ro*riate ourna'sSales Eournal .SE!)/ )

"

#



+

(

=

Date

De9tor details

Folio no

In0oice no

Sales

ST collected

De9tors control

$( 7urchases Eournal .7E!)/ )

"

#



+

(

=

Date

Creditor details

Folio no

In0oice no

7urchases

ST paid

Creditors control

($

BAS statement our C%= re#uires you to om*'ete a BA statement. se the aount information, ontained in the or"anisation6s aountin" system, =B, to o''et the information neessary and fi'' in the form.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age #( o- +*

ST report -rom 2Y@B Packett Packaging 1'-C Slipper 0ip Trail Dngleside 9SI #151 =!T Detail > Accrual  Aril '0(( to 30 &une '0((

7ayroll register report -rom 2Y@B

Packett Packaging 1'-C Slipper 0ip Trail Dngleside 9SI #151 Pa#roll ?egister !u""ar#  Aril '0(( to 30 &une '0((

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age #= o- +*

Com*'ete the fo''o)in" om*onents of the BA for the #uarter endin" ?une (0.  BA a'u'ation )or-sheet su**'ied  BA sam*'e @usin" information from the )or-sheet

 PA> ta& )ithhe'd @%), %" and %+  >/ re#uirements @usin" =*tion 1 ), ", )! and ))  ummary.

Pa-ett Pa-a"in" BA detai's are summarised +e'o). >/ re*ortin" fre#ueny

Muarter'y

>/ aountin" +asis

Arua's

>/ o*tion

=*tion 1

Ca'u'ation method

Aounts

Insta'ment re*ortin" fre#ueny

Muarter'y

Insta'ment aountin" +asis

Arua's

Insta'ment o*tion

=*tion 1

PA> insta'ment amount

0

ithho'din" re*ortin" fre#ueny

Muarter'y

=ther

No %B/, /, C/, %ue' /a& Credits

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age #> o- +*

BAS worksheet ST amounts you owe the AT@ -rom sales and ser0ices

/ota' sa'es and inome and other su**'ies in'udin" a*ita' @>/: in'usive

)

&*orts

"

=ther >/:free su**'ies

#

In*ut:ta&ed sa'es and inome and other su**'ies



 Add " Q # Q 

+

) H +

(

 Adustments @must +e tota', >/:in'usive

=

 Add ( Q =

>

 +y 11

*

/he amount at * is the >/ *aya+'e and is the amount at )A on the BA statement ST amounts the AT@ owes you -rom purchases

Ca*ita' *urhases @>/:in'usive

)!

=ther *urhases @>/:in'usive

))

 Add )! Q ))

)"

Purhases for ma-in" in*ut:ta&ed sa'es and inome and other su**'ies

)#

Purhases )ithout >/ in the *rie

)

/ota' estimated *rivate use of *urhases Q non:inome ta&:deduti+'e *urhases

)+

 Add )# Q ) Q )+

)(

)" H )(

)=

 Adustments @must +e tota' >/:in'usive

)>

 Add )= Q )>

)*


"!

/he amount at "! is a >/ redit and )i'' +e sho)n at )B on the BA

!aring "uide Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age #* o- +*

Assessment Task "& 7repare a BAS statement Student;s name

7hone no

Assessor;s name

7hone no

Assessment site Assessment dates

Times

@utcomes Satis-actory Did the student&

 Yes

No

u+mit a om*'eted a'es ?ourna' entry u+mit a om*'eted Purhases ?ourna' entry u+mit om*'eted BA )or-sheet u+mit a sam*'e BA statement u+mit a'' materia's in a"reed formats and )ithin a"reed timeframe

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age ! o- +*

7er-ormance indicators Satis-actory Did the student&

 Yes

No

Corret'y reord the sa'e of "oods in the a'es ?ourna' In'udin"  +a'ane de+its and redits  aount for >/.

Corret'y reord the *urhase of "oods in the Purhases ?ourna' In'udin"  +a'ane de+its and redits  aount for >/.

Com*'ete BA )or-sheet as *er e&am*'e +e'o) In BA statement form, orret'y reord the amount of PA> ta& )ithhe'd In BA statement form, orret'y reord >/ re#uirements usin" =*tion 1 Corret'y fi'' out the ummary6 and Payment or refund 6 setions of the BA statement form and determine )hether /ehno'o"y o'utions o)es money to the A/= or is o)ed money +y the A/=

Comments-eed9ack to participant

@utcome&

uessfu'

nsuessfu'

Assessor name& Assessor signature&

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age ) o- +*

 TASK ': Provide (nancial business recommendations 7er-ormance o9
Assessment description sin" the senario information su**'ied, the student )i'' o''et and ana'yse finania' data and *re*are a re*ort to mana"ement on the finania' year. /he re*ort )i'' ontain an e&eutive summary, ana'ysis, *rioritised reommendations and finania' statements. /he re*ort )i'' +e *re*ared in aordane )ith or"anisationa' re#uirements.

Assessment Instructions 1. 3ead the senario *rovided. $. 3ead the Pa-ett Pa-a"in" Po'iies and Proedures anua'. %ami'iarise yourse'f )ith the or"anisation6s hart of aounts, %inania' tatement tem*'ates, et. (. =*en the =B fi'e @Pac"ett Pac"aging Pty t!#A$%.myo *rovided )ith this assessment. 4. 2ie) =B re*orts @for finania' year to (0 ?une $011 a. Ba'ane heet +. Profit and oss . Cash %'o) d. Profit and oss Bud"et ana'ysis 5. se data )ithin re*orts to a'u'ate standard finania' ana'ysis ratios. Ca'u'ate a'' those re#uired +y +usiness *o'iies and *roedures.. . Pre*are a re*ort to mana"ement. In'ude a. an &eutive ummary @a**ro&imate'y five *a"es +. ana'ysis in'udin" +ud"et ana'ysis, ratios, trends, et. @a**ro&imate'y 1$ *a"es and desri*tion of tehni#ues used to ana'yse data . Prioritised reommendations @(4 +rief reommendations onsistent )ith eah other, +ased on data ana'ysis and re#uirements of the or"anisation in the senario. 7. u+mit re*ort to your assessor. nsure you -ee* a o*y of a'' )or- su+mitted for your reords.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age " o- +*

 You must su9mit a report containing&

1. an &eutive ummary @a**ro&imate'y five *a"es $. ana'ysis @in'udin" +ud"et ana'ysis @a**ro&imate'y 1$ *a"es (. Prioritised reommendations @(4 +rief reommendations our assessor )i'' +e 'oo-in" for  a re*ort om*'eted to or"anisationa' re#uirements from the senario *rovided  evidene:+ased reommendations that refer to data and ana'ysis as su**ort  'ear and *ratia' reommendations that are om*ati+'e )ith other reommendations and

the or"anisation6s re#uirementsK measura+'e and )ithin a definite and a**ro*riate time s*anK s*eifiK and onise  finania' re*orts that onform to tem*'ates in or"anisationa' *o'iy.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age # o- +*

Appendices – TASK ' Appendi? ) H Scenario in-ormation Pa-ett Pa-a"in" Pty td is a +usiness that manufatures and se''s ard+oard +o&es. ou are em*'oyed +y Pa-ett Pa-a"in" as a finania' ana'yst. our duties in'ude *rovidin" a year:end re*ort to mana"ement on the finania' *osition of the or"anisation.

It is now the end o- the -inancial yearAppendi? )& Scenario in-ormation Pa-ett Pa-a"in" is a +usiness that manufatures and se''s ard+oard +o&es. ou are em*'oyed +y Pa-ett Pa-a"in" as a finania' ana'yst. our duties in'ude *rovidin" a year:end re*ort to mana"ement on the finania' *osition of the or"anisation. It is no) the end of the finania' year.

Task  A'thou"h the or"anisation has "ro)n over reent years, the +oard of diretors are very onerned a+out the urrent *rofita+i'ity of the +usiness. Pre'iminary "ross *rofit trend for the 'ast four finania' years a**ears +e'o).

=ross Pro1t B1*58555.55 B1258555.55 B1)58555.55 B1#58555.55 "ross Pro(t

B1558555.55 B*58555.55 B258555.55 B)58555.55 B#58555.55 B5.55 #55*

#55$

#515

#511

 A -ey *riority of the +usiness is to inrease *rofit for the ne&t finania' year. ana"ement is onerned a+out the hi"h ost of "oods so'd and )hether urrent *rofit mar"ins on sa'es are sustaina+'e. nforeseen tehno'o"ia' han"e and su+se#uent o+so'esene of urrent sto- has seen the om*any heavi'y disountin" sa'es of *a-a"in", for e&am*'e.  A seondary +ut re'ated onern is 'o) ash f'o) from o*erationa' ativity. Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age  o- +*

/he +usiness urrent'y has a su*er+ and va'ua+'e re'ationshi* )ith its su**'iers, )ho are a+'e to *rovide the om*any )ith sto- very #ui-'y. /he +oard is -een to maintain this re'ationshi* and not to ris- any su**'ier re'ationshi* unneessari'y. /he +oard is a'so enthusiasti a+out ahievin" resu'ts as soon as *ossi+'e )ithin the ne&t finania' year. Any reommendation )ith a 'on"er timeframe shou'd +e set as a 'o)er *riority. In order to address the onerns of the +oard, mana"ement re#uests you to *re*are a re*ort on the year:end finania' *osition of Pa-ett Pa-a"in".

Financial reports =+tain the tatement of %inania' Performane and the tatement of %inania' Positon from your assessor.

Budget analysis Packett Packaging 1'-C Slipper 0ip Trail Dngleside 9SI #151

Pro1t 2 Loss *udget Anal#sis  &ul# '0(( to 30 &une '0((

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age + o- +*

Additional data In addition to the data ontained in the finania' re*orts a+ove, the fo''o)in" data is avai'a+'e Data -or -inancial ratios

 Avera"e inventory at ost

G(,000

 Avera"e aounts reeiva+'e

G$(,000

Credit sa'es

G$0,000

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Data -rom pre0ious -inancial years 4ast -inancial year 

7re0ious -inancial year 

Cash at +an-

55,1$

(8,588

Petty ash

800

50

to- on hand

$9,55(

$0,87


$48

17(

/rade de+tors

18,749

1(,1$4

P'ant and e#ui*ment

54,7$8

(8,(09

otor vehi'e

5$,800

(,90

 Aount de*reiation  P'ant and e#ui*ment

5,$($

(,$

Ban- 'oans

48,000

((,00

/rade reditors

1$,000

8,400

m*'oyee entit'ement *rovision

1$,000

8,400

>/ o''eted

$0,$4$

14,19

>/ *aid

$5,08$

17,557

Payro'' 'ia+i'ities

1,414

990

=)ner a*ita'Dissued a*ita'

1$,800

8,90

=)ner dra)in"s

$8,15

19,709

3etained earnin"s

5,547

(9,58(

a'es "oods and servies

159,854

111,898

=ther sa'es

8,945

48,$$

Interest reeived

40

$8

C=>

5,454

45,818

 Aountin" and audit fees

(,818

$,7$

 Advertisin" and mar-etin"

,880

4,81

Ban- har"es

1,90

1,18(

Com*uter e&*enses

10,18$

7,1$7

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4ast -inancial year 

7re0ious -inancial year 

Consu'tany

7(

5(4

%atory renta'

7,$7$

5,090

;ire *urhaseD'ease har"es

1,5$7

1,070

Insurane "enera'

7(

5(4

e"a' fees

(,709

$,59

otor vehi'e e&*enses

1,8(

1,178

Posta"eDourier

,948

4,84

Printin" and stationary

59

(98

3e*airs and maintenane  =ffie

(,18

$,5($

a'aries  =ffieDsa'es

7,940

5,558

taff uniforms  =D

1,(09

91

u*erannuation  =ffieDsa'es

71

51

/e'e*hone e&*enses

7,(

5,(48

/he *revious finania' year sho)ed $5R "ross *rofit "ro)th from the finania' year *revious to that.

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!aring "uide Assessment Task #& 7ro0ide -inancial 9usiness recommendations Student;s name

7hone no

Assessor;s name

7hone no

Assessment site Assessment dates

Times

@utcomes Satis-actory Did the student&

 Yes

No

u+mit a re*ort ontainin"  an &eutive ummary @a**ro&imate'y one *ara"ra*h  ana'ysis in'udin" +ud"et ana'ysis, ratios, trends, et. @a**ro&imate'y

one to t)o *a"es  *rioritised reommendations @three to four +rief reommendations

u+mit a'' materia's in a"reed formats and )ithin a"reed timeframe

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7er-ormance indicators Satis-actory Did the student&

 Yes

No

 Ana'yse finania' data in aordane )ith or"anisationa' re#uirements se a )ide ran"e of mathematia' a'u'ations to inter*ret, arran"e and om*are numeria' information 3efer to trends re'atin" to *rofita+i'ity and the si"nifiant do)nturn this finania' year Note disre*anies in *rofit and 'oss +ud"et

Provide reommendations that are 'o"ia''y +ased on re*ort data and data ana'ysis /hese may have in'uded  inreasin" *rofit mar"ins +y investin" in hi"h'y sa'ea+'e, hi"h:*rofit

mar"in sto researhin" mar-et needs +y the seond )ee- of the finania' year   avoidin" the *urhase of hi"h:*ried o+so'ete sto rene"otiatin" *ries )ith su**'iers +y start of the first #uarter   reduin" e&*enses to inrease net *rofit  investi"atin" su**'ier osts and a'ternatives  rene"otiatin" *ries +y the first #uarter   im*rovin" ash f'o) in the first #uarter +y

@ee fo''o)in" e&am*'es of *ossi+'e reommendations +ased on ana'ysis of finania' ratios. Provide reommendations that are om*ati+'e )ith eah other and the senario *rovided Prioritise reommendations a**ro*riate'y as *er senario %or e&am*'e 1. nfavoura+'e varianes in urrent *rofita+i'ity $. nfavoura+'e varianes in the 'ar"est do''ar amounts (. nfavoura+'e varianes in hi"h R terms 4. nfavoura+'e trends that have re*eated for the 'ast three months. 5. %avoura+'e hi"h R and hi"h G varianes that an +e used for some )e'':deserved staff *raise. Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age +! o- +*

Comments-eed9ack to participant

@utcome&

uessfu'

nsuessfu'

Assessor name& Assessor signature&

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Record o- Assessment @utcome Student Name Student ID

Date

Student Signature

Satis-actory Assessment

 Yes

No

Date

Num9er  TAS$ ) TAS$ " TAS$ #

Comments&  HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH   HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH   HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH   HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH   HHHHHHHHHHHHHHHHHHHHHHHHHHH 

& have 'een provi!e! with ee!'ac" on the evi!ence & have provi!e!. & have 'een inorme! o the assessment resut an! the reasons or the !ecision. Student Signature&  

$he stu!ent has 'een provi!e! with ee!'ac" an! inorme! o the assessment resut an! the reasons or the !ecision Assessor NameSignature& Date&  

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vidence re/uirements lement

Com*i'e finania' information and data

Pre*are statutory re#uirement re*orts

Provide finania' +usiness reommendations

Through re0iew o- the unit o- competency6 the -ollowing e0idence has 9een identi-ied as appropriate -or this unit

1.1

Co''et, eva'uate and ode urrent financial data to ensure onsisteny, #ua'ity and auray in aordane )ith organisational requirements.

1.$

se conversion and consolidation procedures to om*i'e ana'ysis in aordane )ith or"anisationa' re#uirements.

1.(

a-e, reord and dis'ose asset and 'ia+i'ity va'uations in aordane )ith or"anisationa' re#uirements.

1.4

nsure that discrepancies, unusua' features or #ueries are identified, reso'ved or referred to the a**ro*riate authority.

$.1

Corret'y reord inome and e&*enditure to ensure om*'iane )ith statutory requirements.

$.$

Ca'u'ate 'ia+i'ities for ta& in aordane )ith urrent 'e"is'ation and revenue gathering practices.

$.(

Corret'y identify re'evant reei*ts, revenue documentation and *ayments.

$.4

nsure that statements and 'aims ta-e fu'' advanta"e of  available benefits and allowances in aordane )ith statutory re#uirements.

$.5

u+mit statutory re#uirement re*orts to a**ro*riate authorities )ithin stated deadlines.

(.1

nsure that recommendations are 'o"ia''y derived and su**orted +y evidence in re*ort.

(.$

Provide reommendations to *ro*ose onstrutive ations to enhane the effetiveness and effiay of funtions and servies.

(.(

nsure reommendations are onise and fai'itate diretion and ontro' of or"anisation6s o*erations.

(.4

Identify and *rioritise significant issues in statements in'udin" om*arative finania' *erformanes for revie) and deision ma-in".

(.5

nsure struture and format of reports are 'ear and onform to or"anisationa' and statutory re#uirements.

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0imensions o+ competenc Dimension

/as-

Re:uires the participant to&  identify aounts and va'uations  or"anise and ode aounts aordin" to their 'assifiation  ana'yse finania' statements to identify areas of onern  deve'o* reommendations to address issues or areas of onern

and ommuniate those to +usiness 'eaders and o''ea"ues  om*'ete finania' a'u'ations aurate'y  om*'ete finania' douments to reord and re*ort transations and

meet statutory re*ortin" re#uirements. /as- mana"ement

 o+tain a**rova' to im*'ement *ro*osed orretive ations from

a**ro*riate authority @interna' andDor e&terna'  identify statutory re*ortin" re#uirements su+mission shedu'es and

dates. Contin"eny mana"ement

 throu"h the ana'ysis of finania' statements, identify *otentia' ris-s to

the or"anisations *rofita+i'ity and reommend a**ro*riate orretive ations  identify a**ro*riate orretive ations )here om*'iane )ith

statutory re*ortin" re#uirements is at ris-. ?o+ ro'eDenvironment

 o*erate )ithin or"anisationa' *o'iies and *roedures  om*'y )ith re'evant 'e"is'ation and A/= re#uirements  use a**ro*riate or"anisationa' systems for doumentin" and

re*ortin" finania' information  underta-e their ro'e )ithin or"anisationa' and statutory ru'es,

systems and re#uirements.

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age + o- +*

Assessment methods and tass 2ethods oassessment

Through consultation with industry6 the -ollowing assessment methods ha0e 9een deemed appropriate -or this unit

ritten re*ort

Assessment /as- ( tudent o''ets and ana'yses finania' data and *re*ares a re*ort to mana"ement on the finania' year.


tudents *rovide )ritten re*orts )ith finania' +usiness reommendations +ased on data and ana'ysis of data.

Portfo'io of )or-D simu'ation

•

•

 Assessment /as- 1 tudent o''ets asset informationK odes and orret'y reords asset va'uationsK and mana"es a disre*any in aordane )ith or"anisationa' *o'iy.  Assessment /as- $ tudent identifies soure douments, reords revenue and e&*ense transations, and om*'etes a BA statement in aordane )ith statutory re#uirements..

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age ++ o- +*

Knowledge and per+ormance evidence 7er-ormance e0idence

1. or"anise and *resent finania' data in'udin" +ud"et varianes, +ud"ets and foreasts, ash f'o)D*rofit re*orts, +a'ane sheets, finania' year re*orts, o*eratin" statements, e&*enditure and reei*ts and *rofit and 'oss statements to hi"h'i"ht re'evant features and meet )or-*'ae re#uirements $. use onversion and onso'idation *roedures suh as movin" avera"es, standardised varia+'es, trend ana'ysis and unit osts (. identify, reso've or refer disre*anies suh as a+sene of audita+'e trai', e&*enditure re*ort mismathes, inorret *ayments and unreoni'ed ash f'o)s 4. reord inome and e&*enditure to meet statutory re#uirements 5. a'u'ate 'ia+i'ities for ta& in'udin" om*'etin" Business Ativity tatements . *rovide finania' +usiness reommendations 7. a**'y -no)'ed"e of re'evant 'e"is'ation and re"u'ations 8. *erform dou+'e entry +oo--ee*in" and arua' aountin". $nowledge e0idence

1. identify the -ey *rovisions of 'e"is'ation, re"u'ation and odes of *ratie re'evant to finania' o*erations $. desri+e the tehni#ues used for foreastin" and ana'ysis (. identify the o*tions, methods and *raties for dedutions, +enefits and de*reiations.

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Assessment mapping summar

Assess"ent Task Record asset valuations

Descrition Jsing the scenario supplied8 students collect asset in+ormation8 code and correctl record asset valuations. Students also manage a discrepanc in accordance with organisational polic.

   t    t   s   n  r   n    +   e  e   e    d   "    b   "   o   s  "   s    /   s   s    t   e  u   e  e   s  n   s  "   s   s    A    A

1

Port+olio o+ wor >(nancial statements8 "eneral
   @   e    @    @   g    d  e   e    l   c   n   ,  e   o    d    i   n      .   e

   +   s    t    @   n   e  s    C   "    P   e    l    :

  e    @   c    @   n  e   a  c   n   "   r  e    d   o    i    %   r  .   e  e

1.18 1.#8 1.'8 1.)8 #.18 '.-

18 #8 '8 C8 *

18 '

0iscussion3intervie w. Prepare a %AS statement

Jsing the scenario in+ormation supplied8 the student identi(es source documents8 records revenue and e;pense transactions8 (lls in and submits a %AS statement in accordance with statutor re/uirements.

#

Port+olio o+ wor >completed %AS +orm?.

#.18 #.#8 #.'8 #.)8 #.-8 '.-

18 '8 )8 -8 *

'

Provide (nancial business recommendations

Jsing the scenario in+ormation supplied8 the student collects and analses (nancial data and prepares a report to management on the (nancial ear. The report contains an e;ecutive summar8 analsis8 and prioritised recommendations. The report is prepared in accordance with organisational re/uirements.

'

Iritten report to management

'.18 '.#8 '.'8 '.)8 '.-

18 2

#

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age += o- +*

N lements and Per+ormance 6riteria are numbered using the Jnit o+ 6ompetenc numbering sstem. NN ,btain number +rom p revious table OPer+ormance vidence NNN ,btain number +rom previous table OKnowledge vidence

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age +> o- +*

N lements and Per+ormance 6riteria are numbered using the Jnit o+ 6ompetenc numbering sstem. NN ,btain number +rom p revious table OPer+ormance vidence NNN ,btain number +rom previous table OKnowledge vidence

Report on -inancial acti0ity1 BSBFIA!" 2odi-ied 3 "!)+ Inno0ation and Business Industry Skills Council 4td 5ersion )6 "!)+ 7age +> o- +*

Re+erences 3 Recommended resources 1st

 dition, 2ersion 1, $015, Innovation and Business Industry -i''s Couni' td Austra'ia, ast e'+ourne, 2IC, Austra'ia *eport on inancia activity + BSB,&A0