BSBFIA402 - Financial Activity - Ability to Apply Your Learning - Micro Systems Case Study - Finance Assignment Help

Assignment Task

HOW YOU WILL BE ASSESSED
The process we follow is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit.
The assessment tasks have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence to successfully demonstrate competency at the required standard.
Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to be collected and how it will be collected, for example; a written activity, case study, or demonstration and observation. The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment.

Short Answer Questions
1. In no more than three (3) sentences each, explain the following principles of double- entry system of bookkeeping.

a. Duality principle
b. Separate entity principle
c. The accounting equation

2. Below is a list of the relevant legislation, regulations, standards and codes of practice that may affect the preparation of financial reports.
Outline at least one (1) key provision related to each.

Legislation

Privacy Act

Regulations

ASIC RG 43 Financial reports and audit relief

3. Describe how to use a wide range of mathematical calculations to interpret and arrange/compare numerical information in order to comply with requirements

4. Give at least three (3) examples of where an organisation may obtain financial

5. List two (2) ways an organisation’s reports on financial activities can be used.

CASE STUDY

The Case Study tasks are hypothetical situations which will not require you to have access to a workplace, although, your past and present workplace experiences may help with the responses you provide. You will be expected to encounter similar situations to these in the future as you work in the business sector, particularly in developing and using complex spreadsheets. This assessment will help you demonstrate skill requirements in such situations.

Case Study Overview
Micro Systems is an electronics company located in Cascade Peak. It is currently trading in the 2017 financial year and is operating as a sole trader using an accrual accounting system. Matthew James is the proprietor of this business. You are an administrative assistant for Micro Systems, and you directly report to the business
manager, Lily Furneaux. You have been tasked to prepare financial reports for the company. In preparing the financial reports, you will need to follow Micro Systems’ accounting policies and procedures to guide you through your tasks. This case study will guide you to prepare financial reports. To ensure the successful completion of this task, it has been divided into tasks that make up the following steps:
1) Maintain asset register
2) Record general journal entries for balance day adjustment
3) Prepare final ledger accounts
4) Prepare end of period financial reports

You will be provided with templates throughout this assessment to document the evidence of your completion of the relevant unit requirements addressed in this task. Use the following naming convention to save your documents for submission as shown below. The accounting policies and procedures follow. Review the case study carefully and complete the tasks according to the scenario provided.

1. Accounting System
Micro Systems keeps its books based on an accrual accounting system, recording all debtors and creditors. Inventory is kept on a periodic inventory basis with stocktakes being completed at the end of the year and adjustments being made for opening and closing stock. Payment is made by electronic funds transfer (EFT) to credit suppliers, credit card for cash purchases, and petty cash for small items. All discrepancies should be identified and resolved or referred to your supervisor for clarification.

2. General Ledger
A chart of accounts has been drawn up in consultation with the accountant. Ledger accounts shall not be added, changed, or deleted without consultation with your supervisor. All general ledger accounts need to be appropriately completed, showing a running balance in each line entry. When adding new accounts in MYOB, the account level needs to be set correctly so that the financial reports print correctly. Default GST codes must be set correctly as well. The journal memo must be used when posting ledger entries to assist with transaction linking.

3. General Journal Entries
General Journal tasks should be appropriately structured in accordance with standard accounting practice and should contain:
a) Appropriate supporting documentation should be available for each journal entry;
b) The correct date of the entry;
c) The correct account number provided;
d) The correct name of the general ledger account;
e) Amounts allocated to the correct debit or credit column;
f) A brief memo that describes the transaction; and
g) A double red line must be placed under the journal, not extend across the debit and credit columns to indicate the end of the journal entry.

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