STUDENT ASSESSMENT
PROVIDE FINANCIAL AND BUSINESS PERFORMANCE INFORMATION – FNSACC501
Instructions
You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.
All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.
Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.
All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.
Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.
You may refer to your student learning resources or any other relevant resources when completing your assessment.
Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.
You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.
Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.
You must achieve a satisfactory result for all tasks to achieve competency in this unit.
All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).
Assessment Schedule
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Task |
Due Date |
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Task 1 |
Week 1 |
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Task 2 |
Week 2 |
Task 1: Theory Assessment
Student Instructions
Type all the answers in a word document if required.
You can conduct internet research to answer these questions.
Provide explanation of 2-3 lines when answering ‘Describe’ questions.
Provide detailed workings for calculations questions.
Provide answers in table format wherever possible.
Question 1 – Question and Answers
Answer the following questions in writing.
You have a client who has not reported their company car expenses. They had forgotten to get a couple of receipts and decided not to worry about it. You are to write a statement for the client that outlines what types of expenses are allowable under taxation law and what receipts should be collected.
How can you control expenditure on wages, vehicles and telephone?
How should an accountant ensure they are clear in their recommendations?
Prepare a financial plan extract that summarises the scope of a client’s objectives.
What key areas can cause significant taxation issues?
What risk management options could you suggest to a client?
What are some short term finance options available to a client?
What would you include in a proposal to overcome shortfalls in customer service?
List and briefly describe five aspects of legislation that protects a client’s rights and responsibilities?
What are the main sources of information when considering financing and investing?
In what section of the financial plan are compliance obligations found? List the common forms that have resulted from government financial policies.
Where can financial management instructions are found in meeting compliance obligations and for identifying changes in legislation?
How can clients’ liabilities to state government charges be calculated?
List the five common taxes or charges levied by state or territory governments.
List and describe the benefits and application of the methods for presenting and formatting financial data.
How are business expenses treated in regards to taxation legislation?
What allowance is there for a business that manages on behalf of a trust?
Discuss the term “forecast returns” and what they are used for?
What is a not for profit organisation and how do they abide by financial policies where they are required to prepare statutory returns?
What methods can you use to present a client’s performance objectives?
Discuss the two methods of cash flow control?
When preparing a business’s performance information what legislative acts do you need to consider?
Who would you refer to if you needed information on financing and to seek advice?
What information do you need to consider when analysing data and reviewing a business finances?
What would you find at the point of review in financial management?
You have received advice from your client that they have restructured and you are no longer required to prepare their BAS or preparing annual financial reports. They have requested that you continue to assist the financial officer currently employed. Your task is to prepare a questionnaire to show the current and new objectives. From this questionnaire what file note would you make?
What ratio is used to measure financial stability? Discuss.
What are the consequences for a client not meeting reporting deadlines for the ATO?
Compare and contrast two forecasting techniques.
Identify and explain the key features of secretary’s financial management instructions.
Identify and categorise sources of information on financial products and markets.
Outline a range of risks and contingencies and risk management options relating to financial and business performance.
Question 2 – Information Analysis
Review the information provided in appendix ‘Case Study – Anthony Bowman’ and answer the following questions.
What are the client objectives?
What are the business assets?
What is the size of the business?
What type of business is it?
What information is included as extra?
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Task 2: Case Study and Practical Assessment
Student Instructions
Type all the answers in a word document if required.
You can conduct internet research to answer these questions.
Provide explanation of 2-3 lines when answering ‘Describe’ questions.
Provide detailed workings for calculations questions.
Provide answers in table format wherever possible.
Question 1 – Molly Smith
Review the information provided in appendix ‘Case Study – Molly Smith’ and undertake the following steps.
Write a draft email with a list of three to five questions that you are going to ask Molly. Draft email should have the following points.
Appropriate greeting
Introduce yourself
Email purpose statement
Confirm details of the client
Three to five questions you would like to ask Molly that will help you get an even better understanding
Search online and identify specific legal and financial requirements when establishing, structuring and financing a business.
Set out an action plan for Molly Smith detailing the actions to be taken to meet her objectives. Consider any statutory obligations to be adhered. Include a timeframe where applicable.
In your meeting with the client, you have identified that Molly Smith has changed her business address. Who does she need to inform? Conduct a role-play with your assessor. Your assessor will be acting as Molly Smith. She doesn’t know what to do now.
The role-play should take five minutes. You should demonstrate the following:
Guide Ms Molly Smith through clear communication and advise what to do
Answer any questions that she may have
If you are unable to answer, refer her to appropriate sources
Communication strategies should include the following:
Use active listening and questioning techniques to elicit the views and opinions of your client and to confirm understandings
Uses appropriate formats, language, tone and pace when providing advice and conveying information to clients
Assessor will access the following during the role play:
Demonstrated ability to clear communicate clearly and provide accurate and valid advice to meet client’s need.
Where appropriate, referred clients to appropriate sources
Used active listening and questioning techniques to elicit the views and opinions of your client and to confirm understandings
Used appropriate formats, language, tone and pace when providing advice and conveying information to clients
What actions would you take to monitor client objectives to identify changes in client needs?
Question 2 – LMB Motors
Analyse the financial information provided in appendix ‘Case Study – LMB Motors’ and undertake the following.
Detail what authorities / personnel / sources you would have to consult with to ensure the financial data provided is accurate and complete. How would you reconcile the financial data to confirm accuracy?
Undertake a vertical analysis of the LMB income statements for the years ending December 31, 2014 and 2015.
Based on the above analyses, calculate following ratios and comment on the financial performance of LMB in the last financial year:
Debt-to-equity ratio
Return-on-investment ratio,
Current ratio
Using the financial data provided in the 2015 financial report, comment on what funding requirements would be required in the future to continue the same rate of growth over the last financial year.
List the various statutory obligations of the company.
Based on the analyses completed above prepare a detailed written advice (at least 500 words) for the Management of LMB regarding the following:
Summary of financial performance for the year ending December 31, 2015.
List of financial risks that should be considered – e.g. Debtor default, stability of global economy, operating costs etc.
For the above risks, outline options for contingencies – e.g. Insurance options, investment options etc.
Give advice or recommendations on how LMB can ensure they do not have another similar loss of cash at the end of the next financial year.
Details regarding the rights and obligations of LMB management. Ensure you include all relevant laws such as corporation law, legislative protection, contract law, privacy law, taxation legislation etc.
List of alternative sources of short and long term investment, giving a brief description of each as per there current circumstances and future needs.
Appendix
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Case Study – Molly Smith |
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References / recommended resources
Provide financial and business performance information – FNSACC501, Enhance Your Future.
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