Financial Reports

Student Name
Student ID
Term
Year
I declare that all work completed in this assessment is my own

Student
Date
Signature
Class Trainer
Name
Result
NYC
Assessment
Financial Reports
BSBFIA402College Details
Bridge Business College
Location
333 Kent Street

Sydney NSW 2000
Australia
T: +61 2 9299 4999
F: +61 2 9262 4654
www.bridgebc.edu.au
admin@bridgebc.edu.au
ABN 98 054 574 819

Provider No. 01107C
Your Workplace Health and Safety (WHS) at BBC

1. It is your duty to inform staff at BBC if you see, hear or come across any incident,
situation or hazard that might require immediate attention.
2. Fire exits on all floors are located next to the rest rooms.
3. In case of an emergency evacuation, you are required to follow the instructions
provided by the trainer. While exiting the building, keep calm and walk alongside the
hand rails.
Report on financial activity- BSBFIA402

Modified 2015 Innovation and Business Industry Skills Council Ltd Version 1, 2015
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Contents
The Assessment Process
TASK 1: Record asset valuations
Appendices Task 1
Marking Guide...................................................................................... 29
TASK 2: Prepare a BAS statement
Appendices - Task 2
TASK 3: Provide financial business recommendations
Appendices TASK 3
Marking Guide ...................................................................................... 48
Record of Assessment Outcome...........................................................51
Evidence requirements.........................................................................52
Dimensions of competency...................................................................53
Assessment methods and tasks ...........................................................54
Knowledge and performance evidence ................................................55
Assessment mapping summary............................................................56
References / Recommended resources

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The Assessment Process

Why are assessment activities important?
To complete your qualification, you are required to apply the ideas you have been learning from
this unit of competence.
The assessment activities are an important part of your training program as they provide an
opportunity to apply what you have been learning and they give both you and your trainer feedback
on your progress.
How will you be assessed?

You will be required to complete a variety of written and practical exercises. Instructions for how to
complete the assessments are provided within each assessment task in this booklet.
What is required for successful completion?

Please read this section carefully before commencing the assessment tasks. You must carefully
complete EVERY task in this booklet. You must achieve a Satisfactory mark for all assessment
activities to be deemed Competent for the unit. If you are assessed as Not Competent, you will be
given some suggestions for improvement and asked to redo your assessment.
At the successful completion of the assessment tasks, you will have demonstrated your
competence against all of the requirements of the unit. The unit of competence in full can be found
at the back of this booklet.
Submission of assessments
Your trainer will advise you when to commence the assessments in this booklet. The
dates of submission are identified in the Assessment Timeline table.
You are required to complete the written assessments on a separate document. You
have access to computers which are equipped with 2010 Microsoft suite of products
and printing facility. You will also have access to the internet at the College to assist
with research and resources. Assessment responses should be typed; however,
handwritten submissions will be accepted if they are clear and legible.
On the document please include:
o Your name
o The date
o The Assessment Number and Task Number.
For example:
o John Smith
o 10 August 2015
o Assessment 1 - Question 1 (Record your answer).

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Please note that some assessments require additional documentation, such as a form or a
procedure, which must be included with your submission.
Make sure you check your material before submission. You must keep a copy of all work
submitted.
Access and equity

A students access to the assessment process should not be affected by restrictions placed on the
location or context of assessment beyond the requirements specified in the training package.
Reasonable adjustments can be made to ensure equity in assessment for people with disabilities,
including language and literacy. Adjustments include any changes to the assessment process or
context that meet the individual needs of the person with a disability, but do not change
competency outcomes. If you believe you have a disability that may affect the completion of these
assessment tasks please speak to your trainer.
Assessment outcomes
Your assessment submission will be assessed and you will be given feedback. Each assessment
task will be marked as either Satisfactory or Unsatisfactory and once all assessments have been
marked you will be given an outcome of Competent or Not Competent for the unit of competence.
What can you do if you dont agree with the assessment result?
If you do not think the assessment process is valid, disagree with the assessment outcome, or
believe that you have been treated unfairly, you can appeal.
The first step is to discuss the matter with your trainer. If you still do not agree, you are able to
request a re-assessment. It is possible to have your assessment submission assessed by a
different assessor.
If you remain dissatisfied after the re-assessment, you should contact your trainer. Full details of
the appeals process are contained in your Student Handbook.
Declaration of Authenticity
You are required to sign a Declaration of Authenticity for every written assessment submission.
The Declaration is a signed statement from you stating that the assessment submission is your
own work.
The Declaration forms part of the Results Sheet which follows each written assessment task.
Please make sure you complete your details in the top half of the Results Sheet, sign the
declaration, and attach the Results Sheet to every written assessment before submission.

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TASK 1: Record asset valuations

Performance objective
Students will demonstrate the ability to collect and code financial information in organisational chart
of accounts, make, record, and disclose asset and liability valuations and manage discrepancies.
Assessment description
Using the scenario supplied, the student will collect asset information, code and correctly record
asset valuations manually and in MYOB. Students will also manage a discrepancy in accordance
with organisational policy.
Assessment Instructions
1. Read through the scenario provided.
2. Read the Packett Packaging policies and procedures manual, provided with the assessment
materials. Familiarise yourself with the organisations chart of accounts, consolidation policy,
authorisation policy and corrections policy.
3. Using the General Journal template provided with this assessment, make an appropriate
entry to transfer the consolidated raw materials purchases amount to a new, appropriately
coded, cost of goods sold (COGS) account.
4. Using the information provided, calculate the conversion cost per unit in accordance with
policies and procedures.
5.
Using the General Journal template provided, make an appropriate entry to record an asset
acquisition transaction (including any GST liability).
a.
Use a new asset account name and code compatible with the structure and coding of
the organisations chart of accounts.
6. Calculate depreciation of the asset for the financial year.
7. Using the General Journal template provided, make an appropriate entry to record
depreciation of the asset for this financial year (including any GST liability).
a. Use a new depreciation account name and code compatible with the structure and
coding of the organisations chart of accounts.
8. Disclose the details of the asset on the asset register. Show depreciation for eight years.
Correctly note credit and debit entries.

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9. Using the account information provided, prepare draft financial statements for discussion with
your CFO (assessor):
a. Statement of Financial Performance
b. Statement of Financial Position.
10. Arrange a time to meet with your CFO (assessor).
11. Meet with your CFO to complete the following.
a. Discuss the work you have done to prepare accurate financial statements.
i.
Discuss at least one legal or regulatory requirement that your work may be
relevant to satisfying.
ii. Discuss at least one standard or accounting principle that your work helps satisfy.
iii. Direct the CFOs attention to key features of the financial statements you have
produced: cost of goods, profit, assets, owner equity, and liabilities.
iv. Explain options for depreciation and the method you have chosen to depreciate
the asset.
v. Briefly explain the importance of accounting for depreciation, benefits, GST
collected and GST paid with respect to the interests and responsibilities of the
organisation.
vi. Discuss a discrepancy you have uncovered and seek instructions on specific
ways your CFO would like you to address the issue, and seek authorisation to
correct error in the organisations accounting system (MYOB).
Note: Use oral communication and interpersonal skills, including a businesslike tone
and manner, body language and listening skills to interact with your CFO.
12. Correct the discrepancy, making an entry on the General Journal template provided in
accordance with instructions given to you by your assessor.
13. Submit all documents to your assessor as per specifications. Ensure you keep a copy of all
work submitted for your records.

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You must submit:

You must submit:
General Journal entries:
transfer to COGS entry

asset acquisition entry
depreciation entry
correction entry
a completed asset register
financial statements:
Statement of Financial Performance

Statement of Financial Position.
Your assessor will be looking for demonstration of:
interpersonal skills to professionally discuss account balances and financial performance
numeracy and accounting skills to complete financial reporting, General Journal entries and
asset register, including accounting for GST.

the asset register must demonstrate that you accurately calculated depreciation using
the correct method of calculation as outlined in the policies and procedures manual
awareness of and adherence to organisational policies and procedures in regard to
authorisation
awareness of and adherence to legal and ethical requirements for accounting and financial
reporting
(optional) MYOB file must demonstrate that you followed the organisations policies and
procedures.

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Appendices Task 1
Appendix 1: Scenario
Packett Packaging is a business that manufactures and sells cardboard boxes.
Organisation name
Packett Packaging
Established
01/07/2007
ABN/ACN
87 671 495 227/671 495 227
ABN branch
347
Address
1357 Slippery Dip Trail, Ingleside, NSW, 2101
Postal address
PO Box 4589, Brookvale, NSW, 2100
Phone
(02) 9905 0217
Fax
(02) 9905 7210
Email
packet-packaging-nsw@bigpond.com
You are employed by Packett Packaging as an accountant. Your duties include creating and
maintaining asset registers for each of the businesss fixed assets, coding accounts as necessary
and entering information to the organisations accounting system, MYOB. It is now 30 June. In
preparation for balance day, the Chief Financial Officer (CFO) requires you to do the following.
1. Use conversion and consolidation procedures.
a. Consolidate the paper supplies purchases and transfer the amount to a new cost of
goods sold (COGS) account using a General Journal entry.
b. Calculate conversion costs per unit sold.
2. Perform asset valuation and depreciation.
a. Identify new asset and accumulated depreciation accounts specifically for the vehicle
asset using the chart of accounts as a guide.
b. Calculate depreciation on the asset for the current year.
c. Complete the General Journal entries for the asset acquisition and depreciation.
d. Disclose the asset information on the asset register, showing depreciation over the
course of the life of the asset.
3. Identify discrepancies and follow authorisation policy to address them.

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4. Prepare financial statements.

a. Statement of Financial Performance
b. Statement of Financial Position.
1. Use conversion and consolidation procedures

Early this financial year, a subsidiary of Packett Packaging purchased paper and cardboard
supplies. The details are below.
Purchases Journal (PJ01)

1
Date
Creditor details
Folio
no.
Invoice
no.
Stock
purchase
GST paid
Creditors
control
1/7/20XX
ABC Paper
31
3000
300
3300
2/7/20XX
Argo Packing
32
4000
400
4400
3/7/20XX
ABC Paper
33
5000
500
5500
Using the above supplies, the subsidiary company produced and sold 20,000 boxes. In addition to
the purchase of the raw materials, the subsidiary company expended $28,000 in labour and
overhead expenses.
Consolidate the paper supplies purchases expense and transfer the amount to cost of goods sold
using a General Journal entry:
General Journal
Date
Packett Packaging
Account #
Debit
Credit
Transfer purchases to COGS

30/6/20XX
Total
In order to help estimate the value of unsold stock at the subsidiary company, calculate conversion
costs per unit sold:
Conversion cost per unit: $_______________

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2. Perform asset valuation and depreciation

This financial year, Packett Packaging purchased a motor vehicle for the purpose of sales. The
details are below.
Fixed assets list
Asset ID
Asset
description
Packett Packaging
General
Ledger
account
Sales
vehicle
Date
purchase
d
Cost
including
GST
Disposal
Residual
value
Person
responsible
1/7/20XX
66,000
N/A
N/A
Michael
Santos
1. Identify new asset and accumulated depreciation accounts specifically for the vehicle asset
using the chart of accounts provided as a guide.
2. Calculate depreciation on the asset for the current year.
3. Complete the General Journal entries for the asset acquisition and depreciation:
General Journal
Date
Packett Packaging
Account #
Debit
Credit
Asset acquisition
1/7/2015
1-1150 cash at bank
66,000
1-5111 sale Vehicle
60,0000
2-3030 GST Paid
6,000
Total
66,000
General Journal
Date
66,000
Packett Packaging
Account #
Debit
Credit
Depreciation entry
30/6/2015
1-5211 Accumulation Deprec sales

vehicle
6-0160 dep(M/N)
7,500
7500
Total
Disclose the asset information on the asset register, showing depreciation over the course of the
life of the asset:
Page 11 of 59
Packett Packaging
Asset register
Asset description: Sales vehicle
General Ledger acct:
Value: 60,000
Person responsible: Michael Santos
Depreciation method:
Depreciation rate:
Estimated life: 8 years
Authorisation
Asset
ID
1
Date
Details
Asset
Debit
1/7
Vehicle
Depre
30/6
Depre
60000
Accumulated Depreciation
Credit Balance
Debit Credit
Balance
60000
7,500
7,500
7,500
15,000
7,500
22,500
7,500
30,000
7,500
37,500
7,500
45,000
7,500
52,500
7,500
60,000
Authorisation
Disposal
date
Disposal method
Disposal amount

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3. Identify and address a discrepancy

Finally, an employee has created the following unauthorised entry for the acquisition of the sales
vehicle.
Date
Account #
Debit
1-5111 Motor vehicle
66,000
Credit
Asset acquisition
1/7/20XX
1-1150 Cash at bank
Total
66,000
66,000
66,000
Follow procedures for addressing discrepancies and correct the unauthorised entry:
Date
Account #
Debit
Credit
30/6/20XX
Total

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4. Prepare financial statements

Compile the account data below to prepare a Statement of Financial Performance and a Statement
of Financial Position.
Trial balance
Account
Cash at bank
Petty cash
Stock on hand
Deposits
Trade debtors
Plant and equipment
Motor vehicle
Account depreciation Plant and equipment
Bank loans
Trade creditors
Provision employee Entitlement
GST collected
GST paid
Payroll liabilities
Owner capital/issued capital
Owner drawings
Retained earnings
Sales goods and services
Other sales
Interest received
COGS
Accounting and audit fees
Advertising and marketing
Bank charges
Computer expenses
Consultancy
Factory rental
Hire purchase/lease charges
Insurance general
Legal fees
Motor vehicle expenses
Postage/courier
Printing and stationary
Repairs and maintenance office
Salaries office/sales
Staff uniforms O/S
Superannuation office/sales
Telephone expenses
Total:
Debit
$68,907.71
$1,000.00
$36,942.00
$310.00
$23,437.00
$68,410.00
$66,000.00
Credit
$6,540.00
$60,000.00
$79,000.00
$15,000.00
$25,303.00
$37,171.18
$1,767.00
$16,000.00
$35,195.00
$70,684.00
$199,818.18
$86,181.82
$50.00
$140,000.01
$4,772.73
$8,600.00
$2,112.50
$12,727.27
$954.55
$9,090.90
$1,909.10
$954.54
$4,636.36
$2,104.55
$8,685.45
$711.82
$4,522.72
$9,925.79
$1,636.37
$81.00
$9,545.45
$560,344.00
$560,344.00

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Page 15 of 59
Organisational chart of accounts

Packett Packaging
1357 Slippery Dip Trail
Ingleside NSW 2101
Accounts List [Summary]

As of 30 June 20XX

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Packett Packaging
Accounts List [Summary]

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Appendix 2 Policies and procedures manual
Policies and
Procedures
Manual
Packett Packaging Pty Ltd

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Client service
It is our aim to provide high quality professional service and ensure that the concerns of our clients
are of the highest importance.
Packett Packaging Pty Ltd has a friendly team focused on providing their clients with personalised
service to meet their individual needs. Our staff are highly trained and pride themselves on
efficiency, productivity and strong communication. In the interest of providing our clients with
outstanding service, we expect all our staff to:
be polite and helpful
build strong relationships with clients to better understand and meet their needs
communicate clearly at all times.
Privacy policy
Packett Packaging Pty Ltd is committed to protecting their clients privacy. It is bound by the
national privacy principles contained in the Privacy Act 1988 (Cwlth) and all other applicable
legislation governing privacy. Our respect for our customers privacy is paramount. We have
policies and procedures to ensure that all personal information is handled in accordance with the
National Privacy Principles.
This privacy policy sets out our policies on the management of personal information that is, how
we collect personal information, the purposes for which we use this information, and to whom this
information is disclosed.
1. What is personal information?

Personal information is information that could identify you. Examples of personal information
include your name, address, telephone number and email address, or more complex information
like a rsum.
2. How does Packett Packaging Pty Ltd collect and use your personal
information?
Some of the ways in which Packett Packaging Pty Ltd collects personal information is when you
send a job application to us or when you email us. These uses are discussed below.
3. What happens if you dont provide personal information?

Generally, you have no obligation to provide any personal information to us. However, if you
choose to withhold personal information, we are unlikely to be able to respond to your application
or query.

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4. To whom do we disclose personal information?

We engage third party service providers (including partners of Packett Packaging Pty Ltd which
may be located outside Australia) to perform functions for Packett Packaging Pty Ltd. Such
functions include mailing, delivery of purchases, credit card payment authorisation, trend analysis,
external audits, market research, promotions and the provision of statistical sales information to
industry bodies.
For our service providers to perform these function, in some circumstances it may be necessary for
us to disclose your personal information to those suppliers. Where disclosures take place, we work
with these third parties to ensure that all personal information we provide to them is kept secure; is
only used to perform the task for which we have engaged them; and is handled by them in
accordance with the National Privacy Principles.
5. How do we protect personal information?

At all times, we take great care to ensure your personal information is protected from unauthorised
access, use, disclosure or alteration. We ensure that our employees are aware of, and comply
with, their obligations in relation to the handling of personal information.
Only properly authorised employees are permitted to see or use personal information held by
Packett Packaging Pty Ltd and, even then, only to the extent that is relevant to their roles and
responsibilities.
Your personal information will not be sold to any other organisation for that organisations unrelated
independent use. Further, we will not share your personal information with any organisations, other
than those engaged by us to assist us in the provision of our products and services (as described
above).
6. What about information provided in job applications?

If you submit a job application to Packett Packaging Pty Ltd, we will use the information provided
by you to assess your application. In certain circumstances, Packett Packaging Pty Ltd may
disclose the information contained in your application to contracted service providers for purposes
such as screening, aptitude testing, medical testing and human resources management activities.
As part of the application process, in certain circumstances, you may be required to complete a
pre-employment health questionnaire. You may also be asked to undergo a pre-employment
medical assessment. In that case, you will be asked to give specific consent to Packett Packaging
Pty Ltd to disclose your questionnaire to its service providers for the purposes of arranging the
medical assessment and for the relevant service providers to disclose the results of the
assessment to Packett Packaging Pty Ltd.
If you refuse to provide any of the information requested by Packett Packaging Pty Ltd, or to
consent to the disclosure of the results of your medical assessment to Packett Packaging Pty Ltd,
we may be unable to consider your application.

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7. Is the personal information we hold accurate?

We endeavour to maintain your personal information as accurately as reasonably possible.
However, we rely on the accuracy of personal information as it is provided to us both directly and
indirectly. We encourage you to contact us if the personal information we hold about you is
incorrect or to notify us of a change in your personal information.
8. How can you access or correct the personal information we hold

about you?
Wherever possible and appropriate, we will let you see the personal information we hold about you
and correct if it is wrong. If we do not allow you access to any part of the personal information we
hold about you, we will tell you why.
Client records management

This policy outlines Packett Packaging Pty Ltds approach to the collection and retention of client
information. It is Packett Packaging Pty Ltds duty to provide quality services to its clients. The
acquisition and retention of relevant client information is essential to fulfilling this commitment.
The purpose of this policy is to ensure that a high standard of information acquisition and recording
is achieved. Client confidentiality and privacy are ensured and information is protected from access
and use by any unauthorised persons. All client information and records will be handled ethically
and responsibly.
Collection of records
Individual files will be established for each client, for the storage of information and documentation
provided by each client.
It is the clients responsibility to provide accurate information and relevant records to the
bookkeeper. No responsibility will be taken for any consequences incurred as a result of noncurrent or incorrect information being supplied.
Access to records
As all client information is confidential, all client records will be stored in a secure environment at
all times. Only authorised staff will have access to client information/records.
Client records are their own property and they may have access to their own records at any time.

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Disclosure of client information

Information contained in a client's record will only be disclosed to a third party with the written
consent of the client. Packett Packaging Pty Ltd is obliged to disclose information about a client,
with or without the client's consent, where prescribed as a legal requirement.
Record retention period

The retention period of client records will be determined according to the legislative regulatory and
statutory requirements applicable to the entity.
Disclosure of information
Packett Packaging Pty Ltd does not disclose customer information to third parties without first
giving customers an opportunity to opt-out of certain kinds of disclosures. There are some
disclosures to third parties that are not subject to the opt-out, such as disclosures necessary to
effect, administer or enforce a transaction requested by you, to companies that perform services
for us or to prevent fraud.
Finally, Packett Packaging Pty Ltd may disclose information about former customers to third parties
and companies with which OAS is affiliated, as well as unaffiliated third parties. Those disclosures
may consist of:
financial background information describing a customer's financial status

identification information, such as name and address
transaction information, such as account activity, debit activity or credit activity
other information relating to financial matters.
Security
At Packett Packaging Pty Ltd, security is a priority. We employ appropriate measures to protect
consumer information against unauthorised access, disclosure, alteration or destruction. These
may include encryption, physical access security and other appropriate technologies. Packett
Packaging Pty Ltd continually reviews and enhances its security systems, as necessary.

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Access to information
Packett Packaging Pty Ltd employs appropriate measures to assure the quality of information we
collect directly from clients. Where Packett Packaging Pty Ltd collects information directly from
clients or other sources, we permit them, if possible, to dispute or correct any erroneous or out-ofdate personally identifiable information. Correction will not be possible if the information is
proprietary to one of our business customers, reflects historical transaction information or if
correction would violate the privacy or legal rights of a third party. Where applicable, we abide by
laws related to such information. You can correct factual errors in your personally identifiable
information by sending us a written request that credibly shows error. We reserve the right to
independently verify claims made. To protect your privacy and security, we also will take
reasonable steps to verify your identity before making corrections.
Accounting
Accounting records will be maintained on an accrual basis using up to date MYOB software. All
records of financial transactions will be kept and maintained in accordance with the Australian
Accounting Standards.
Debtors
The organisation provides a range of goods and services which are purchased by individuals and
organisations. Records shall be maintained for all debtors. Debtors will have 30 days from the date
of invoice to make the payment before it is considered overdue.
Debt collection
The company will apply prudent debt management practices.
Outstanding debtors balances shall be reviewed at least monthly and appropriate action initiated to
recover debts that are overdue. This will include:
30 Days: First reminder letter
60 days: Final notice requesting payment within 14 days
90 days: Debtors that fail to respond will be referred to a commercial agent for further action.
Debts will be managed in a way which is fair and equitable.

At all times consideration will be given to the amount overdue and the circumstances of the debtor
and all contact with debtors is to be recorded on file (including copies of invoices, correspondence
and log of phone calls).
Provision for doubtful debts

A provision for doubtful debts will be established for aged debts greater than 90 days, the size and
nature of the debt will also be taken into consideration.

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Bad debts/write offs

Debts shall be written off only when all reasonable attempts at recovery have been
taken and failed.
Debts that are considered irrecoverable, or where the cost of recovery is uneconomic
will be written off as a bad debt. Writing off of bad debts needs to be approved by the
Finance Manager.
Conversion costs
Conversion costs are defined as the cost of converting raw materials, such as paper
and cardboard, into saleable items. Conversion costs may include, for example:
Direct labour
Indirect costs and overhead
Freight
Purchase of raw materials
Such conversion costs are to be consolidated as cost of goods sold, where sold in a
given accounting period; otherwise all conversion costs are to be accounted for as
value added to unsold inventory.
It may be required to calculate conversion costs per unit of inventory. The relevant
formula is:
Conversioncost per unit =
Direct costs+ indirect costs

units
Use the above formula for management reporting purposes.
Conversion and consolidation of accounts for the

preparation of financial statements
At the end of the accounting period, account values from Packett Packaging and
subsidiary companies will be converted and consolidated into one set of financial
statements for Packett Packaging. Account values from special journals of Packett
Packaging and subsidiaries will be consolidated for inclusion in the relevant financial
statement. In addition, if a number of identical assets, bought at the same time (for
example, 10 computers) are to be depreciated, they may be consolidated and
depreciated as one asset.
Valuations are converted to ensure consistency. For example, asset valuations, such as
stock, will be converted using relevant procedures. Conversion may also mean
currency conversion. All purchase costs of items, such as fixed assets, from foreign
sources will be converted to Australian dollars at the time of purchase.
Packett Packaging uses a periodic inventory system in which purchases for the
purpose of producing goods for sale at Packett Packaging and subsidiaries must be
Page 24 of 59
consolidated and transferred to the cost of goods account prior to the preparation of
financial statements. Doing so will give an accurate picture of performance in
accordance with the matching principle.
Depreciation of fixed assets

Depreciation will be calculated utilising the prime cost method and noted on the Depreciation
Schedule prior to the end of each reporting period.
Chart of Accounts
All accounts will be grouped within the five account groups shown below.
Assets commence with
Liabilities commence with
Owners equity commences with
Revenue commences with
Expenses commence with
Each account must be allocated a unique number and sequencing will be created in a hierarchical
manner as shown below.
New and additional accounts will coded within the structure of the group.
Authorising corrections to financial reports

All corrections or adjustments to the financial statements must be authorised by the Senior
Accountant or Chief Financial Officer.
These adjustments may include:
asset valuations
depreciation expense calculations
additions to the Chart of Accounts
corrections to financial records or statements
In or to establish an auditable trail, all corrections must be reversed and then entered correctly.

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Standard financial analysis techniques

Standard financial analysis techniques are used by the organisation to assist in interpreting the
financial statements. The following will be used as part of this process.
Category
Ratios available
Short-term solvency or
liquidity ratios
Current ratio
Efficiency ratios
Accounts receivable turnover
Quick ratio
Average collection period

Inventory turnover
Profitability ratios
Net profit margin

Gross profit margin
Return on assets
Long-term solvency or
financing ratios
Debt to equity
Leverage (equity) ratio
Interest coverage
Records and filing systems

Security access to the accounting information systems is restricted by locked keys for paperbased data and password and encryption for electronic data.
System backup electronic data is fully backed up overnight. The system is backed up nightly and
weekly (both to disk and tape).
Record keeping All records of financial transactions will be maintained in accordance with
regulatory requirements. Records will be taken to include both hard copy records and records
stored electronically.
Records will be grouped and managed in the following broad categories.
1
1.
2.
3.
4.
5.
6.
Bank Account Records

Debtors
Ledgers and Journals
Creditors
Financial Statements
Payroll
Rates

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Report formats
Reports must contain an executive summary. A table of contents is optional for short reports.
Monthly reports to management must contain:
Executive summary
Analysis
Recommendations
Financial reports (appropriate format shown below)
The following report formats should be adhered to when preparing financial reports.
Statement of Financial Performance

Packett Packaging
Ingleside NSW 2101
Profit & Loss Statement

1 July 2010 to 30 June 20XX

Page 27 of 59
Statement of Financial Position

Packett Packaging
Ingleside NSW 2101
Balance Sheet
As of 30 June 20XX

Page 28 of 59
Statement of cash flow

Packett Packaging
Statement of Financial Position

Ingleside NSW 2101
Statement of Cash Flow

1 July 20XX to 30 June 20XX

Page 29 of 59
Marking Guide
Assessment Task 1: Record asset valuations
Students name
Phone no.
Assessors name
Phone no.
Assessment site
Assessment date/s
Time/s
Outcomes
Satisfactory
Did the student:
Yes
No
Submit completed General Journal entries:

Transfer to COGS entry
Asset acquisition entry
Depreciation entry
Correction entry?
Submit a completed asset register?

Submit a Statement of Financial Performance?
Submit a Statement of Financial Position?
Meet with the CFO (assessor)?
Submit all materials in agreed formats and within agreed timeframe?

Page 30 of 59
Performance indicators
Satisfactory
Did the student:
Yes
No
Create financial statements in accordance with accounting

standards organisational requirements?
For example:
Statement of Financial Performance includes income
information
Statement of Financial Position includes assets, liabilities and
equity
financial statements conform to examples provided in policies
and procedures manual

Note: Examples of financial statements have been provided to you
in Assessment Task 3 to distribute to the students.
Transfer the consolidated raw materials purchases amount to a new,
appropriately coded, cost of goods sold (COGS) account?
Use appropriately coded account,
Debit COGS; credit stock?
Calculate conversion cost per unit?

Correctly calculate GST (liability) and asset acquisition (at cost
excluding GST) and record them in the General Journal? (See
example)
Correctly calculate depreciation and record it in the General Journal?
Use prime cost method as per organisational requirements?
Use appropriately coded account,
Complete asset register?

Show eight years of depreciation? (See example below.)
Use oral communication to present issues using appropriate

language and exchange information by listening and questioning?
Use professional, courteous tone to explain financial
statements and issues?

Use active listening skills?
Discuss at least one legal or regulatory requirement that their work

may be relevant to satisfying?
Page 31 of 59
Satisfactory
Did the student:
Yes
No
Discuss at least one standard or accounting principle that their work

helps satisfy?
Identify and discuss a discrepancy and follow organisational policy
and procedures in order to correct it?
Identify unauthorised transaction incorrectly accounting for
GST?
Reverse transaction according to procedures?
Add notes as per CFO request?
Comments/feedback to participant
Outcome:
Successful
Unsuccessful
Assessor name:
Assessor signature:

Page 32 of 59
TASK 2: Prepare a BAS statement

The student will demonstrate the ability to record revenue and expenses and complete a BAS
statement, taking advantage of GST credits in accordance with statutory requirements.
Using the scenario information supplied, the student will identify source documents, record
revenue and expense transactions, fill in and submit a BAS statement in accordance with statutory
requirements.
Procedure
1. Read the scenario provided.
2. Identify the relevant information from the two invoices provided, and record the financial data
in appropriate journals, accounting for GST liabilities.
3. Identify information from the MYOB reports relevant to preparing a BAS statement.
4. Complete the BAS worksheet provided.
5. Download the appropriate BAS sample form from the ATO showing quarterly options for
payment at <https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Lodgingand-paying-your-BAS>.
6.
Complete the BAS statement form (only fill in fields where data is required and available),
including:
a.
PAYG tax withheld (W1, W2 and W5)
b.
GST requirements (using Option 1) G1, G2, G10 and G11
c.
Summary
d. Payment or refund?
7. Submit all documents to your assessor as per specifications below. Ensure you keep a copy
of all work submitted for your records.

Page 33 of 59
Specifications
You must submit:
Sales Journal entries
Purchases Journal entries
BAS calculation worksheet
BAS statement (required fields only).
Your assessor will be looking for:

completed Sales Journal and Purchases Journal with GST accounted for
completed BAS statement with GST credits accounted for.

Page 34 of 59
Appendices - Task 2
Appendix 1 Scenario information
Packett Packaging Pty Ltd is a business that manufactures and sells cardboard boxes.
You are employed by Packett Packaging as an accountant. Your duties include identifying source
documents and recording sales and purchases in the appropriate journals and completing a BAS
statement by the ATO due date (the date set by your assessor in this scenario).
It is now the end of Q4 of the 20102011 financial year. The BAS statement is due to the ATO
before 28 July, but your CFO (assessor) requires the statement to be completed right away.
You have found 2 missing invoices from this quarter that will need to reflect in the BAS statement:
Invoice 1
TAX INVOICE
From: Computer Wholesale Pty Ltd
ABN: 32 123 456 789
10/06/2011
To: Technology Solutions Pty Ltd
Qty
Description
Unit price
GST
Total
10
Hard drives
$300
$30
$3,300
$3,300
Total price includes GST

Page 35 of 59
Invoice 2
TAX INVOICE
From: Technology Solutions Pty Ltd
ABN: 87 671 495 227
10/06/2011
To: Lucky Computers Pty Ltd
Qty
Description
Unit price
GST
Total
Hard drives
$560
$56
$4,312
$4,312
Total price includes GST
You will need to record the transaction information contained in the source documents in the
appropriate journals::Sales Journal (SJ01)
1
Date
Debtor
details
Folio no.
Invoice no.
Sales
GST
collected
Debtors
control
23
Purchases Journal (PJ01)
1
Date
Creditor
details
Folio no.
Invoice no.
Purchases
GST paid
Creditors
control
32
BAS statement
Your CFO requires you to complete a BAS statement. Use the account information, contained in
the organisations accounting system, MYOB, to collect the information necessary and fill in the
form.

Page 36 of 59
GST report from MYOB

Packett Packaging
Ingleside NSW 2101
GST [Detail - Accrual]
1 April 20XX to 30 June 20XX
Payroll register report from MYOB

Packett Packaging
Ingleside NSW 2101
Payroll Register [Summary]
1 April 20XX to 30 June 20XX

Page 37 of 59
Complete the following components of the BAS for the quarter ending June 30.
BAS calculation worksheet supplied
BAS sample (using information from the worksheet):
PAYG tax withheld (W1, W2 and W5)

GST requirements (using Option 1) G1, G2, G10 and G11
Summary.
Packett Packaging BAS details are summarised below.
GST reporting frequency
Quarterly
GST accounting basis
Accruals
GST option
Option 1
Calculation method
Accounts
Instalment reporting frequency
Quarterly
Instalment accounting basis
Accruals
Instalment option
Option 1
PAYG instalment amount
Withholding reporting frequency
Quarterly
Other
No FBT, WET, LCT, Fuel Tax Credits

Page 38 of 59
BAS worksheet
GST amounts you owe the ATO from sales and services
Total sales and income and other supplies including capital (GSTinclusive)
G1
Exports
G2
Other GST-free supplies
G3
Input-taxed sales and income and other supplies
G4
Add G2 + G3 + G4
G5
G1 G5
G6
Adjustments (must be total, GST-inclusive)
G7
Add G6 + G7
G8
Divide G8 by 11
G9
The amount at G9 is the GST payable and is the amount at 1A on the BAS statement
GST amounts the ATO owes you from purchases
Capital purchases (GST-inclusive)
G10
Other purchases (GST-inclusive)
G11
Add G10 + G11
G12
Purchases for making input-taxed sales and income and other supplies
G13
Purchases without GST in the price
G14
Total estimated private use of purchases + non-income tax-deductible

purchases
G15
Add G13 + G14 + G15
G16
G12 G16
G17
Adjustments (must be total GST-inclusive)
G18
Add G17 + G18
G19
Divide G19 by 11
G20
The amount at G20 is a GST credit and will be shown at 1B on the BAS
Marking Guide
Page 39 of 59
Assessment Task 2: Prepare a BAS statement

Students name
Phone no.
Assessors name
Phone no.
Assessment site
Assessment date/s
Time/s
Outcomes
Satisfactory
Did the student:
Yes
No
Submit a completed Sales Journal entry?

Submit a completed Purchases Journal entry?
Submit completed BAS worksheet?
Submit a sample BAS statement?

Page 40 of 59
Satisfactory
Did the student:
Yes
No
Correctly record the sale of goods in the Sales Journal?

Including:
balance debits and credits
account for GST.
Correctly record the purchase of goods in the Purchases Journal?

Including:
balance debits and credits
account for GST.
Complete BAS worksheet as per example below?

In BAS statement form, correctly record the amount of PAYG tax withheld?
In BAS statement form, correctly record GST requirements using Option 1?
Correctly fill out the Summary and Payment or refund sections of the BAS
statement form and determine whether Technology Solutions owes money to
the ATO or is owed money by the ATO?
Outcome:
Successful
Unsuccessful
Assessor name:
Assessor
signature:

Page 41 of 59
TASK 3: Provide financial business recommendations

Students are required to demonstrate the ability to collect and analyse financial data to make
practical financial business recommendations as well as identify budget discrepancies.
Using the scenario information supplied, the student will collect and analyse financial data and
prepare a report to management on the financial year. The report will contain an executive
summary, analysis, prioritised recommendations and financial statements. The report will be
prepared in accordance with organisational requirements.
Assessment Instructions
1. Read the scenario provided.
2. Read the Packett Packaging Policies and Procedures Manual. Familiarise yourself with the
organisations chart of accounts, Financial Statement templates, etc.
3. Open the MYOB file (Packett Packaging Pty Ltd_AT3.myo) provided with this assessment.
4. View MYOB reports (for financial year to 30 June 2011):
a. Balance Sheet
b. Profit and Loss
c. Cash Flow
d. Profit and Loss Budget analysis
5. Use data within reports to calculate standard financial analysis ratios. Calculate all those
required by business policies and procedures..
6. Prepare a report to management. Include:
a. an Executive Summary (approximately five pages)
b. analysis including budget analysis, ratios, trends, etc. (approximately 12 pages) and
description of techniques used to analyse data
c. Prioritised recommendations (34 brief recommendations) consistent with each other,
based on data analysis and requirements of the organisation in the scenario.
7. Submit report to your assessor. Ensure you keep a copy of all work submitted for your
records.

Page 42 of 59
You must submit a report containing:

1. an Executive Summary (approximately five pages)
2. analysis (including budget analysis) (approximately 12 pages)
3. Prioritised recommendations (34 brief recommendations)
Your assessor will be looking for:
a report completed to organisational requirements from the scenario provided
evidence-based recommendations that refer to data and analysis as support
clear and practical recommendations that are compatible with other recommendations and
the organisations requirements; measurable and within a definite and appropriate time span;
specific; and concise
financial reports that conform to templates in organisational policy.

Page 43 of 59
Appendices TASK 3
Appendix 1 Scenario information
Packett Packaging Pty Ltd is a business that manufactures and sells cardboard boxes.
You are employed by Packett Packaging as a financial analyst. Your duties include providing a
year-end report to management on the financial position of the organisation.
It is now the end of the financial yearAppendix 1: Scenario information

Packett Packaging is a business that manufactures and sells cardboard boxes.
You are employed by Packett Packaging as a financial analyst. Your duties include providing a
year-end report to management on the financial position of the organisation.
It is now the end of the financial year.
Task
Although the organisation has grown over recent years, the board of directors are very concerned
about the current profitability of the business. Preliminary gross profit trend for the last four
financial years appears below.
Gross Profit
$180,000.00
$160,000.00
$140,000.00
$120,000.00
Gross Profit
$100,000.00
$80,000.00
$60,000.00
$40,000.00
$20,000.00
$0.00
2008
2009
2010
2011
A key priority of the business is to increase profit for the next financial year. Management is
concerned about the high cost of goods sold and whether current profit margins on sales are
sustainable. Unforeseen technological change and subsequent obsolescence of current stock has
seen the company heavily discounting sales of packaging, for example.
A secondary but related concern is low cash flow from operational activity.
Page 44 of 59
The business currently has a superb and valuable relationship with its suppliers, who are able to
provide the company with stock very quickly. The board is keen to maintain this relationship and
not to risk any supplier relationship unnecessarily.
The board is also enthusiastic about achieving results as soon as possible within the next financial
year. Any recommendation with a longer timeframe should be set as a lower priority.
In order to address the concerns of the board, management requests you to prepare a report on
the year-end financial position of Packett Packaging.
Financial reports
Obtain the Statement of Financial Performance and the Statement of Financial Positon from your
assessor.
Budget analysis
Packett Packaging
Ingleside NSW 2101
Profit & Loss [Budget Analysis]

1 July 20XX to 30 June 20XX

Page 45 of 59
Additional data
In addition to the data contained in the financial reports above, the following data is available:
Data for financial ratios
Average inventory at cost
$36,000
Average accounts receivable
$23,000
Credit sales
$260,000

Page 46 of 59
Data from previous financial years

Last financial
year
Previous financial
year
Cash at bank
55,126
38,588
Petty cash
800
560
Stock on hand
29,553
20,687
Deposits
248
173
Trade debtors
18,749
13,124
Plant and equipment
54,728
38,309
Motor vehicle
52,800
36,960
Account depreciation Plant and equipment
5,232
3,662
Bank loans
48,000
33,600
Trade creditors
12,000
8,400
Employee entitlement provision
12,000
8,400
GST collected
20,242
14,169
GST paid
25,082
17,557
Payroll liabilities
1,414
990
Owner capital/issued capital
12,800
8,960
Owner drawings
28,156
19,709
Retained earnings
56,547
39,583
Sales goods and services
159,854
111,898
Other sales
68,945
48,262
Interest received
40
28
COGS
65,454
45,818
Accounting and audit fees
3,818
2,672
Advertising and marketing
6,880
4,816
Bank charges
1,690
1,183
Computer expenses
10,182
7,127

Page 47 of 59
Last financial
year
Previous financial
year
Consultancy
763
534
Factory rental
7,272
5,090
Hire purchase/lease charges
1,527
1,070
Insurance general
763
534
Legal fees
3,709
2,596
Motor vehicle expenses
1,683
1,178
Postage/courier
6,948
4,864
Printing and stationary
569
398
Repairs and maintenance Office
3,618
2,532
Salaries Office/sales
7,940
5,558
Staff uniforms O/S
1,309
916
Superannuation Office/sales
71
51
Telephone expenses
7,636
5,348
The previous financial year showed 25% gross profit growth from the financial year previous to
that.

Page 48 of 59
Marking Guide
Assessment Task 3: Provide financial business recommendations
Students name
Phone no.
Assessors name
Phone no.
Assessment site
Assessment date/s
Time/s
Outcomes
Satisfactory
Did the student:
Yes
No
Submit a report containing:

an Executive Summary (approximately one paragraph)
analysis including budget analysis, ratios, trends, etc. (approximately
one to two pages)

prioritised recommendations (three to four brief recommendations)?

Page 49 of 59
Satisfactory
Did the student:
Yes
No
Analyse financial data in accordance with organisational requirements?

Use a wide range of mathematical calculations to interpret, arrange and
compare numerical information?
Refer to trends relating to profitability and the significant downturn this
financial year?
Note discrepancies in profit and loss budget?
Provide recommendations that are logically based on report data and data
analysis?
These may have included:
increasing profit margins by investing in highly saleable, high-profit
margin stock
researching market needs by the second week of the financial year
avoiding the purchase of high-priced obsolete stock
renegotiating prices with suppliers by start of the first quarter
reducing expenses to increase net profit
investigating supplier costs and alternatives
renegotiating prices by the first quarter
improving cash flow in the first quarter by:
(See following examples of possible recommendations based on analysis of

financial ratios.)
Provide recommendations that are compatible with each other and the
scenario provided?
Prioritise recommendations appropriately as per scenario?
For example:
1. Unfavourable variances in current profitability:
2. Unfavourable variances in the largest dollar amounts:
3. Unfavourable variances in high % terms:
4. Unfavourable trends that have repeated for the last three months.
5. Favourable high % and high $ variances that can be used for some
well-deserved staff praise.
Page 50 of 59
Outcome:
Successful
Unsuccessful
Assessor name:
Assessor signature:

Page 51 of 59
Record of Assessment Outcome

Student Name
Student ID
Date
Student Signature
Satisfactory
Assessment
Yes
No
Date
Number
TASK 1
TASK 2
TASK 3
Comments:
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
___________________________
I have been provided with feedback on the evidence I have provided. I have been informed
of the assessment result and the reasons for the decision.
Student Signature: _______________________________________________________
The student has been provided with feedback and informed of the assessment result and the
reasons for the decision
Assessor Name/Signature: _______________________________Date: ___________

Page 52 of 59
Evidence requirements
Element
Compile financial
information and data
Prepare statutory
requirement reports
Provide financial
business
recommendations
Through review of the unit of competency, the following

evidence has been identified as appropriate for this unit
1.1
Collect, evaluate and code current financial data to ensure

consistency, quality and accuracy in accordance with
organisational requirements.
1.2
Use conversion and consolidation procedures to compile

analysis in accordance with organisational requirements.
1.3
Make, record and disclose asset and liability valuations in

accordance with organisational requirements.
1.4
Ensure that discrepancies, unusual features or queries are

identified, resolved or referred to the appropriate authority.
2.1
Correctly record income and expenditure to ensure compliance

with statutory requirements.
2.2
Calculate liabilities for tax in accordance with current

legislation and revenue gathering practices.
2.3
Correctly identify relevant receipts, revenue documentation

and payments.
2.4
Ensure that statements and claims take full advantage of

available benefits and allowances in accordance with statutory
requirements.
2.5
Submit statutory requirement reports to appropriate authorities

within stated deadlines.
3.1
Ensure that recommendations are logically derived and

supported by evidence in report.
3.2
Provide recommendations to propose constructive actions to

enhance the effectiveness and efficacy of functions and
services.
3.3
Ensure recommendations are concise and facilitate direction

and control of organisations operations.
3.4
Identify and prioritise significant issues in statements

including comparative financial performances for review and
decision making.
3.5
Ensure structure and format of reports are clear and conform

to organisational and statutory requirements.

Page 53 of 59
Dimensions of competency
Dimension
Task
Requires the participant to:

identify accounts and valuations
organise and code accounts according to their classification
analyse financial statements to identify areas of concern
develop recommendations to address issues or areas of concern
and communicate those to business leaders and colleagues

complete financial calculations accurately
complete financial documents to record and report transactions and
meet statutory reporting requirements.

Task management
obtain approval to implement proposed corrective actions from
appropriate authority (internal and/or external)

identify statutory reporting requirements submission schedules and
dates.
Contingency
management
through the analysis of financial statements, identify potential risks to
the organisations profitability and recommend appropriate corrective

actions
identify appropriate corrective actions where compliance with
statutory reporting requirements is at risk.

Job
role/environment
operate within organisational policies and procedures

comply with relevant legislation and ATO requirements
use appropriate organisational systems for documenting and
reporting financial information

undertake their role within organisational and statutory rules,
systems and requirements.

Page 54 of 59
Assessment methods and tasks

Methods of
assessment
Through consultation with industry, the following assessment

methods have been deemed appropriate for this unit.
Written report
Assessment Task 3: Student collects and analyses financial data and

prepares a report to management on the financial year.
Discussion/intervi
ew
Students provide written reports with financial business recommendations

based on data and analysis of data.
Portfolio of work/
simulation
Assessment Task 1: Student collects asset information; codes and

correctly records asset valuations; and manages a discrepancy in
accordance with organisational policy.
Assessment Task 2: Student identifies source documents, records

revenue and expense transactions, and completes a BAS statement
in accordance with statutory requirements..

Page 55 of 59
Knowledge and performance evidence

Performance evidence
1. organise and present financial data including budget variances, budgets and forecasts,
cash flow/profit reports, balance sheets, financial year reports, operating statements,
expenditure and receipts and profit and loss statements to highlight relevant features and
meet workplace requirements
2. use conversion and consolidation procedures such as moving averages, standardised
variables, trend analysis and unit costs
3. identify, resolve or refer discrepancies such as absence of auditable trail, expenditure
report mismatches, incorrect payments and unreconciled cash flows
4. record income and expenditure to meet statutory requirements
5. calculate liabilities for tax including completing Business Activity Statements
6. provide financial business recommendations
7. apply knowledge of relevant legislation and regulations
8. perform double entry bookkeeping and accrual accounting.
Knowledge evidence
1. identify the key provisions of legislation, regulation and codes of practice relevant to
financial operations
2. describe the techniques used for forecasting and analysis
3. identify the options, methods and practices for deductions, benefits and depreciations.

Page 56 of 59
Knowledge
evidence***
Performance
evidence**
Using the scenario supplied, students collect

asset information, code and correctly record asset
valuations. Students also manage a discrepancy
in accordance with organisational policy.
Elements/
PCs*
Record asset
valuations
Description
Assessment
method/s
Assessment
Task
Assessment
number
Assessment mapping summary
Portfolio of work
(financial
statements,
General Journal
entries, asset
register)
1.1, 1.2,
1.3, 1.4,
2.1, 3.5
1, 2,
3, 7, 8
1, 3
Discussion/intervie
w.
Prepare a BAS
statement
Using the scenario information supplied, the

student identifies source documents, records
revenue and expense transactions, fills in and
submits a BAS statement in accordance with
statutory requirements.
Portfolio of work
(completed BAS
form).
2.1, 2.2,
2.3, 2.4,
2.5, 3.5
1, 3,
4, 5, 8
Provide financial
business
recommendations
Using the scenario information supplied, the

student collects and analyses financial data and
prepares a report to management on the financial
year. The report contains an executive summary,
analysis, and prioritised recommendations. The
report is prepared in accordance with
organisational requirements.
Written report to
management
3.1, 3.2,
3.3, 3.4,
3.5
1, 6

Page 57 of 59
* Elements and Performance Criteria are numbered using the Unit of Competency numbering system.
** Obtain number from previous table Performance Evidence
*** Obtain number from previous table Knowledge Evidence

Page 58 of 59
References / Recommended resources

Report on financial activity BSBFIA402, 1st Edition, Version 1, 2015, Innovation and Business
Industry Skills Council Ltd Australia, East Melbourne, VIC, Australia

Page 59 of 59

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Student Name

I declare that all work completed in this assessment is my own

333 Kent Street

ABN 98 054 574 819

Your Workplace Health and Safety (WHS) at BBC

Report on financial activity- BSBFIA402

Report on financial activity- BSBFIA402

The Assessment Process

How will you be assessed?

What is required for successful completion?

Report on financial activity- BSBFIA402

Access and equity

Report on financial activity- BSBFIA402

TASK 1: Record asset valuations

Report on financial activity- BSBFIA402

Report on financial activity- BSBFIA402

You must submit:

transfer to COGS entry

Statement of Financial Performance

asset register, including accounting for GST.

Report on financial activity- BSBFIA402

87 671 495 227/671 495 227

1357 Slippery Dip Trail, Ingleside, NSW, 2101

PO Box 4589, Brookvale, NSW, 2100

(02) 9905 0217

(02) 9905 7210

Report on financial activity- BSBFIA402

4. Prepare financial statements.

1. Use conversion and consolidation procedures

Purchases Journal (PJ01)

Transfer purchases to COGS

Report on financial activity- BSBFIA402

2. Perform asset valuation and depreciation

1-1150 cash at bank

1-5111 sale Vehicle

2-3030 GST Paid

1-5211 Accumulation Deprec sales

General Ledger acct:

Person responsible: Michael Santos

Estimated life: 8 years

Report on financial activity- BSBFIA402

3. Identify and address a discrepancy

1-5111 Motor vehicle

1-1150 Cash at bank

Report on financial activity- BSBFIA402

4. Prepare financial statements

Report on financial activity- BSBFIA402

Report on financial activity- BSBFIA402

Organisational chart of accounts

Accounts List [Summary]

Report on financial activity- BSBFIA402

Report on financial activity- BSBFIA402

Appendix 2 Policies and procedures manual

Report on financial activity- BSBFIA402

1. What is personal information?

3. What happens if you dont provide personal information?

Report on financial activity- BSBFIA402

4. To whom do we disclose personal information?

5. How do we protect personal information?

6. What about information provided in job applications?

Report on financial activity- BSBFIA402

7. Is the personal information we hold accurate?

8. How can you access or correct the personal information we hold

Client records management