i have 2 assignmentAssessment T-1.8.1 Finance 1 Assessment Task 1, v1.0 Last updated on...

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i have 2 assignmentAssessment  T-1.8.1  Finance 1 Assessment Task 1, v1.0  Last updated on 15/05/2017 Page 1  Details of Assessment  Term and Year  Time allowed 2 weeks  Assessment No Assessment 1 Assessment Weighting 50%  Assessment Type Written Assessment  Date 6th March 2018 Room 105 Details of Subject  Qualification SIT40116 Certificate IV in Travel and Tourism  Subject Name Finance   Details of Unit(s) of competency  Unit Code SITXFIN002 Interpret financial information Details of Student  Student Name      College      Student ID   Student Declaration:  I declare that the work  submitted is my own, and has not been copied or  plagiarised from any person or source.  Signature: ___________________________  Date: _______/________/_______________   Details of Assessor  Assessor’s  Name Assessment Outcome  Results     Competent            Not Yet Competent   Marks /50 FEEDBACK TO STUDENT  Progressive feedback to students, identifying gaps in competency and comments on positive improvements: Student Declaration:  I declare that I have been  assessed in this subject, and I have been advised of  my result.  I also am aware of my appeal rights and  reassessment procedure.          Signature:    Date:  ____/_____/_____  Assessor Declaration:  I declare that I have  conducted a fair, valid, reliable and flexible  assessment with this student, and I have provided  appropriate feedback             Student did not attend the feedback session.              Feedback provided on assessment.     Signature:     Date:  ____/_____/_____          T-1.8.1  Finance 1 Assessment Task 1, v1.0  Last updated on 15/05/2017 Page 2 Purpose of the Assessment  The purpose of this assessment is to assess  the student in the following learning  outcomes:  Competent (C) Not Yet Competent (NYC)  SITXFIN002 Interpret financial information    1.1.Identify and interpret the range of financial  information and reports required to monitor  business performance. 1.2.Interpret financial information and reports  applicable to operational or departmental activities.     2.1.Review financial information for impacts on  operational activities and resolve discrepancies  according to own level of responsibility. 2.2.Routinely provide information on operational or  departmental financial activities within required  timelines. Assessment/evidence gathering conditions    Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can  only achieve competence when all assessment components listed under “Purpose of the assessment” section  are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A  student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.  Resources required for this Assessment  • Computer with relevant software applications and access to internet  • Weekly eLearning notes relevant to the tasks/questions  Instructions for Students  Please read the following instructions carefully  • This assessment has to be completed    In class     At home  • The assessment is to be completed according to the instructions given by your assessor.  • Feedback on each task will be provided to enable you to determine how your work could be improved. You  will be provided with feedback on your work within two weeks of the assessment due date. All other  feedback will be provided by the end of the term.  • Should you not answer the questions correctly, you will be given feedback on the results and your gaps in  knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed  competent for this unit of competency.   • If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.  • Please refer to the College re-assessment and policy for more information (Student handbook).   T-1.8.1  Finance 1 Assessment Task 1, v1.0  Last updated on 15/05/2017 Page 3  Assessment Matrix – your lecturer will use this matrix to assess your satisfactory competence.   Answer questions  appropriately  Insufficient  information  provided  Satisfactory  information  provided  Sufficient  information  provided with a clear  understanding of  content  High level of information  provided demonstrating a  clear understanding of  content.  Exceptional level of  information provided  demonstrating a thorough  understanding of content.  9 /10  Profit & Loss  Statement  Insufficient  information  provided  Satisfactory  information  provided  Sufficient  information  provided with a clear  understanding of  content  High level of information  provided demonstrating a  clear understanding of  content.  Exceptional level of  information provided  demonstrating a thorough  understanding of content.  1.75 /2  Business Activity  Statement  Insufficient  information  provided  Satisfactory  information  provided  Sufficient  information  provided with a clear  understanding of  content  High level of information  provided demonstrating a  clear understanding of  content.  Exceptional level of  information provided  demonstrating a thorough  understanding of content.  2.5 /3  Cash Budget 1 Insufficient  information  provided  Satisfactory  information  provided  Sufficient  information  provided with a  clear  understanding of the  content  High level of  information provided  demonstrating a clear  understanding of the  content.  Exceptional level of  information provided  demonstrating a thorough  understanding of the  content.  9 /7.5  Financial Position Insufficient  information  provided  Satisfactory  information  provided  Sufficient  information  provided with a  clear  understanding of the  content  High level of  information provided  demonstrating a clear  understanding of the  content.  Exceptional level of  information provided  demonstrating a thorough  understanding of the  content.

Pulkit · Accepted Answer

Task 1
Answer 1.
An asset is anything that can provide future economic benefit to the business and which is owned by the business whereas a liability is an obligation on the business which has to be settled by the business in cash or otherwise.
Answer 2.
Bank statement is a statement issued by the bank with which a business maintains its account. Bank statement contains all the details of deposits and with-drawls which have been done from the bank account by the business. The banking transactions as recorded in the books of accounts of the company are compared to that as stated in bank statement and the discrepancies if any can be find out.
Answer 3.
GST stands for Goods and Services Tax. This is a tax levied by the government on supply of goods and services. This tax is collected by the seller of goods or services from the customer and deposited to the government. This incidence of this is borne by the end customer ultimately. 
Calculation of GST:
When Price is exclusive of GST:
Suppose Selling Price (Exclusive) is $100
GST rate is 5%
GST is then calculated by multiplying the GST rate to the GST Exclusive selling price.
Here, GST = $100 * 5% = $5
When Price is inclusive of GST:
Suppose Selling Price (Inclusive) is $105
GST rate is 5%
GST is then calculated by grossing up the GST Inclusive selling price. 
Thus, GST = ($105 / (100+5)) * 5 = $5
Answer 4.
The difference between cash and accrual basis of accounting is majorly of the timing when the revenues and expenditures in both these are recognized. Cash accounting is based on the inflows and outflows of cash. As and when the actual inflow or outflow of cash takes place, the expenditures or the revenues are recognized. Whereas in accrual method revenues are recognized when they are earned and expenditures are booked when they are incurred irrespective of the actual flow.
Answer 5.
a. General Ledger: The set of numbered accounts that a business maintain to keep record of its transactions is called General Ledger.
b. Chart of Accounts: The chart showing list of all the accounts which are there is general ledger is Chart of accounts.
c. Journals: These are the books of original entry that keep record of transactions in a chronological order.
d. Double entry accounting: This is a system of accounting where each transaction affects two accounts. One of them is credited and the other is debited.
Task 2
Part 1
	CASH RECEIPTS OF THE RESORT 
	
	
	
	
	Day
	Description
	Bank
	Bank Date
	Reconclied
	 
	 
	 
	 
	 
	1
	Days takings - food
	$764.00 
	2
	Yes
	 
	 
	 
	 
	 
	 
	Days takings - beverage
	$1,375.00 
	2
	Yes
	 
	 
	 
	 
	 
	3
	Days takings - beverage
	$5,000.00 
	6
	Yes
	 
	 
	 
	 
	 
	7
	Days takings - food
	$6,400.00 
	8
	Yes
	 
	 
	 
	 
	 
	10
	Takings - Accommodation
	$10,125.00 
	18
	Yes
	 
	 
	 
	 
	 
	17
	Takings - Accommodation
	$3,775.00 
	10
	Yes
	 
	 
	 
	 
	 
	 
	Days takings - beverage
	$1,045.00 
	15
	Yes
	 
	 
	 
	 
	 
	21
	Days takings - food
	$4,675.00 
	27
	Yes
	 
	 
	 
	 
	 
	25
	Days takings - food
	$4,880.00 
	30
	Yes
	 
	 
	 
	 
	 
	31
	Days takings - beverage
	$6,500.00 
	 
	No
	 
	 
	 
	 
	 
	31
	Balance b/d
	$5,544.00 
	 
	 
	 
	 
	 
	 
	 
	 
	TTOTAL
	$50,083.00 
	 
	 
	 
	 
	 
	 
	 
	CASH PAYMENTS OF THE RESORT 
	
	
	
	
	
	
	Date
	Chq
	Payee
	Details
	Bank
	Bank Date
	Reconclied
	 
	No
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	1/7/XX
	1101
	No Spots
	Laundry
	$1,000.00 
	6
	Yes
	 
	 
	 
	 
	 
	 
	 
	 
	1102
	One Stop
	Purchases
	$4,150.00 
	11
	Yes
	 
	 
	Food
	- Food
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	3/7/XX
	1103
	Cash
	Wages
	$2,625.00 
	3
	Yes
	 
	 
	Wages
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	7/7/XX
	1104
	Integra
	Electricity
	$315.00 
	19
	Yes
	 
	 
	Energy
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	10/7/XX
	1105
	Cash
	Weekly
	$2,625.00 
	30
	Yes
	 
	 
	Wages
	Wages
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	14/7/XX
	1106
	Cowan
	Purchase
	$1,750.00 
	30
	Yes
	 
	 
	Comps
	of new
	 
	 
	 
	 
	 
	 
	computer
	 
	 
	 
	17/7/XX
	1107
	Cash
	Weekly
	$2,625.00 
	10
	Yes
	 
	 
	Wages
	Wages
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	22/7/XX
	1108
	Finley
	Purchases
	$4,750.

Assessment T-1.8.1 Finance 1 Assessment Task 1, v1.0 Last updated on 15/05/2017 Page 1 Details of Assessment Term and Year Time allowed 2 weeks Assessment No Assessment 1 Assessment Weighting 50%...

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