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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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% 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.<2 2-2.5="" 2.5-3="" 3-4="" 4-5="" 5="" bank="" reconciliation="" cash="" balance="" summary="" 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.=""><5 5.5-6.5="" 6.5-7.5="" 7.5-8.5="">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.<2 2-2.5="" 2.5-3="" 3-4="" 4-5="" 5="" bank="" deposit="" 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.=""><0.5 0.75="" 1="" 1.5="">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 2-2.5="" 2.5-3="" 3-4="" 4-5="" 5="" t-1.8.1="" finance="" 1="" assessment="" task="" 1,="" v1.0="" last="" updated="" on="" 15/05/2017="" page="" 4="" manipulation="" 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.=""><1.5 1.5="" 2="" 2.5="">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.<2 2-2.5="" 2.5-3="" 3-4="" 4-5="" 7.5="" cash="" budget="" 2="" 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.=""><5 5.5-6.5="" 6.5-7.5="" 7.5-8.5="">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.<2 2-2.5 2.5-3 3-4 4-5 /5 total t-1.8.1 finance 1 assessment task 1, v1.0 last updated on 15/05/2017 page 5 task 1 answer the following questions: 1. what are meant by the terms assets and liabilities? 2. what is a bank statement and how does it assist in identifying discrepancies? 3. what is the gst, who pays it and how is it calculated when shown as a gst exclusive price and as a gst inclusive price? 4. describe the differences between accrual accounting and cash accounting? 5. explain the following: a. general ledger b. chart of accounts c. journals d. double entry accounting task 2 using the following ledgers and bank statement answer the following questions. cash receipts journal cash receipts journal of the resort – students lodge – july 20xx day description bank food beverage accommodation 1 days takings - food $ 764.00 $ 764.00 days takings - beverage $1375.00 $1375.00 3 days takings - beverage $5000.00 $5000.00 7 days takings - food $6400.00 $6400.00 10 takings - accommodation $10125.00 $10125.00 17 takings - accommodation $3775.00 $3775.00 days takings - beverage $1045.00 $1045.00 21 days takings - food $4675.00 $4675.00 25 days takings - food $4880.00 $4880.00 31 days takings - beverage $6500.00 $6500.00 31 balance b/d $5544.00 total $50083.00 $11839.00 $13920.00 $18780.00 t-1.8.1 finance 1 assessment task 1, v1.0 last updated on 15/05/2017 page 6 cash payment journal cash payments journal for the resort – students lodge – july 20xx date chq no payee details bank purchase food purchase beverage wages advertising insurance misc 1/7/xx 1101 no spots laundry $1000.00 $1000.00 1102 one stop food purchases - food $4150.00 $4150.00 3/7/xx 1103 cash wages wages $2625.00 $2625.00 7/7/xx 1104 integra energy electricity $315.00 $315.00 10/7/xx 1105 cash wages weekly wages $2625.00 $2625.00 14/7/xx 1106 cowan comps 2-2.5="" 2.5-3="" 3-4="" 4-5="" 5="" total="" t-1.8.1="" finance="" 1="" assessment="" task="" 1,="" v1.0="" last="" updated="" on="" 15/05/2017="" page="" 5="" task="" 1="" answer="" the="" following="" questions:="" 1.="" what="" are="" meant="" by="" the="" terms="" assets="" and="" liabilities?="" 2.="" what="" is="" a="" bank="" statement="" and="" how="" does="" it="" assist="" in="" identifying="" discrepancies?="" 3.="" what="" is="" the="" gst,="" who="" pays="" it="" and="" how="" is="" it="" calculated="" when="" shown="" as="" a="" gst="" exclusive="" price="" and="" as="" a="" gst="" inclusive="" price?="" 4.="" describe="" the="" differences="" between="" accrual="" accounting="" and="" cash="" accounting?="" 5.="" explain="" the="" following:="" a.="" general="" ledger="" b.="" chart="" of="" accounts="" c.="" journals="" d.="" double="" entry="" accounting="" task="" 2="" using="" the="" following="" ledgers="" and="" bank="" statement="" answer="" the="" following="" questions.="" cash="" receipts="" journal="" cash="" receipts="" journal="" of="" the="" resort="" –="" students="" lodge="" –="" july="" 20xx="" day="" description="" bank="" food="" beverage="" accommodation="" 1="" days="" takings="" -="" food="" $="" 764.00="" $="" 764.00="" days="" takings="" -="" beverage="" $1375.00="" $1375.00="" 3="" days="" takings="" -="" beverage="" $5000.00="" $5000.00="" 7="" days="" takings="" -="" food="" $6400.00="" $6400.00="" 10="" takings="" -="" accommodation="" $10125.00="" $10125.00="" 17="" takings="" -="" accommodation="" $3775.00="" $3775.00="" days="" takings="" -="" beverage="" $1045.00="" $1045.00="" 21="" days="" takings="" -="" food="" $4675.00="" $4675.00="" 25="" days="" takings="" -="" food="" $4880.00="" $4880.00="" 31="" days="" takings="" -="" beverage="" $6500.00="" $6500.00="" 31="" balance="" b/d="" $5544.00="" total="" $50083.00="" $11839.00="" $13920.00="" $18780.00="" t-1.8.1="" finance="" 1="" assessment="" task="" 1,="" v1.0="" last="" updated="" on="" 15/05/2017="" page="" 6="" cash="" payment="" journal="" cash="" payments="" journal="" for="" the="" resort="" –="" students="" lodge="" –="" july="" 20xx="" date="" chq="" no="" payee="" details="" bank="" purchase="" food="" purchase="" beverage="" wages="" advertising="" insurance="" misc="" 1/7/xx="" 1101="" no="" spots="" laundry="" $1000.00="" $1000.00="" 1102="" one="" stop="" food="" purchases="" -="" food="" $4150.00="" $4150.00="" 3/7/xx="" 1103="" cash="" wages="" wages="" $2625.00="" $2625.00="" 7/7/xx="" 1104="" integra="" energy="" electricity="" $315.00="" $315.00="" 10/7/xx="" 1105="" cash="" wages="" weekly="" wages="" $2625.00="" $2625.00="" 14/7/xx="" 1106="" cowan="">
Answered Same DayMar 02, 2020SITXFIN002Training.Gov.Au

Answer To: Assessment T-1.8.1 Finance 1 Assessment Task 1, v1.0 Last updated on 15/05/2017 Page 1 Details of...

Pulkit answered on Mar 04 2020
95 Votes
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 incu
ed i
espective 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.
. 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
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
     
     
     
     
     
     
    compute
     
     
     
    17/7/XX
    1107
    Cash
    Weekly
    $2,625.00
    10
    Yes
     
     
    Wages
    Wages
     
     
     
     
     
     
     
     
     
     
    22/7/XX
    1108
    Finley
    Purchases
    $4,750.00...
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