please make sure you give the correct price no extra pay in the future, also please check all instruction and supporting document attached
Exam Poultry and Game FNSBKG404 Carry out business activity and instalment activity statement tasks Assessment Qualification Code / Name: FNS50215 - Diploma of Accounting Competency Code / Unit(s): FNSBKG404 - Carry out business activity and instalment activity statement tasks Student’s full legal name: name name: Student ID: Assessor’s name: Structured Activities: Assessment Task 1 - Activities 1 to 5 Assessors must explain the assessments to the students prior to the students commencing their assessment tasks. Assessment Instructions Prior to commencing the assessments your assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult your assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions and address fully each assessment task. If any assessment task is not fully addressed, then your assessment task will be returned to you for re-submission. Your assessor will remain available to support you throughout the assessment process. Written work Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria: · address each question including any sub-points · demonstrate that you have researched the topic thoroughly · cover the topic in a logical, structured manner · your assessment tasks are well presented, well referenced and word processed · your assessment tasks includes your full legal name on each and every page. Active Participation It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time. If you do not participate in your studies, you will be required to report to the Student Services. Plagiarism: Plagiarism is taking and using someone else's thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a student’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a student can be accused of plagiarism: · Presenting any work by another individual as one's own unintentionally. · Handing in assessments markedly similar to or copied from another student. · Presenting the work of another individual or group as their own work. · Handing up assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet. If it is identified that you have plagiarised within your assessment, then we will organise a meeting to discuss this with you. What about Copyright? You must be careful when copying the work of others. The owner of the material may take legal action against you if the owner's copyright has been infringed. You are allowed to do a certain amount of copying for research or study purposes. Generally, 10% or one chapter of a book is acceptable, where the participant is studying with, or employed by, an educational institution. Assessment Outcomes You must submit a project report to your assessor by the due date. Your assessor may not accept your work after the due date unless prior permission was granted to you by your assessor. Your submitted work will be assessed against the set performance indicators (Refer to performance indicators in marking guide section) your assessor will record your performance as “Satisfactory” or “Not Satisfactory” against each performance indicator. Your result for this assessment will be “Satisfactory” if your performance is satisfactory against all indicators Your result for this assessment will be “Not Satisfactory” if your performance is not satisfactory against any one or all indicators. If you are deemed “Not Satisfactory” you will be provided with feedback from your assessor and will be given another chance to resubmit your assessment task. Assessment Appeals process: If you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and you are unhappy about the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal to the Course Coordinator, in writing, outlining the reason(s) for the appeal. Resources: You are allowed to use Internet. Recommended websites; www.ato.gov.au, www.tpb.gov.au, www.asic.gov.au, www.aasb.gov.au, www.auasb.gov.au Also, you are allowed to refer to journals, newspapers, books that are relevant to your course in the Library, which is situated in level 3, Room Number 308. Also, you might use information uploaded by your Trainer to the Moodle and “SmallPrint” information available through the Moodle if available. Your student ID care must be presented for verification. Application of the unit: This unit describes skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports. It applies to individuals employed in a range of work environments who are responsible for preparing financial reports. They may be individuals providing administrative support within an enterprise, or they might have responsibility for these tasks in relation to their own workgroup or role. Context Purpose of this assessment is to assess skills and knowledge required to record general journal adjustment entries and to prepare end of period financial reports. This assessment takes place in International Institute of Business and Information Technology (IIBIT) computer lab. The following factors must be observed during assessment – please follow WHS instructions given by your trainer and ones put on the wall. This assessment is due when you are instructed by your trainer. Procedure 1. Read all questions carefully 2. Provide answer to all questions 3. Attach evidence documents to this tool 4. Ensure your assessor has acknowledged the receipt of the evidence by signing next to “assessor acknowledgement of receipt” section of marking guide. 5. Please ensure to keep electronic copies of evidence submitted until you complete your qualification. Activity 1 Using available resources and Internet give answer to the following questions: 1. Describe the difference between cash accounting and accrual accounting. 2. Explain in what circumstances you will use cash accounting or accrual accounting. 3. Under what circumstances would you advise to your client who trading under more than one trading business to trade under a single ABN umbrella? 4. Who in the organization is responsible for complying with the legislation and regulatory requirements? 5. What is the “GST” threshold? 6. What is PAYG? 7. What is “Fringe Benefit Tax” (FBT)? 8. What are Fuel Tax Credits? 9. What is Wine Equalisation Tax (WET)? 10. Describe Luxury Car Tax (LCT). 11. Define “Capital Gain Tax” (CGT) and explain its concept. 12. Define “Fringe Benefit Tax”. Is the FBT reporting year the same as the income tax year? 13. Explain what is the role of the “Tax Practitioner’s Board”? 14. You have sought advice from a tax agent who has failed to correctly provide you with advice. You have had to pay penalties as a consequence and have made a complaint to the TPB. What options are available to the TPB when responding to your complaint about the agent? 15. You have been asked to assess the organisation’s compliance with statutory requirements. You have identified that it is outside of your scope of operation but there is no one else who can undertake the task. The requirements are that you examine current policies and practice, assess compliance and make recommendations for improvement. 16. Explain how will you ensure that sufficient and current records are maintained to comply with lodgement requirements? 17. Describe how a business can obtain the lodgement dates for the following fiscal year. 18. Explain what does the term internal control mean and why is it important in terms of taxation reporting? 19. How will a business determine the correct lodgement requirements for its particular circumstances? 20. Describe the main purpose of cash flow statement. 21. Describe three parts of cash flow statement. 22. How could a business improve its cash flow to ensure sufficient funds are available to meet taxation obligations? 23. Describe positive and negative cash flows. Activity 2 1. Why is the principle of supply critical to the enforcement of GST legislation? 2. If you are registered for GST, when should GST be included in supplies? 3. Are there any sales that might not include GST? Give example. 4. How should government grants be treated for GST purposes? 5. Describe a Tax Invoice and list the information that must be included on a tax invoice. 6. For what purposes is a Business Activity Statement (BAS) used? 7. Conduct the research and determine what information the tax office might pre-print on an activity statement. Provide five examples. 8. The activity statement allows a business to calculate obligations, allowing a single payment or refund for each reporting/ payment period, across the taxes. 9. Why is it necessary to maintain adequate records to support the taxation accounting system? 10. Identify the codes that are allocated to each of these transactions when completing a BAS. 11. Explain what taxable sales are and provide two examples. 12. Do you pay GST on taxable supplies and can you claim GST credits for purchases associated with taxable supplies? 13. What is a mixed supply? 14. What are input taxed supplies and do you charge GST on them? 15. What are the two most common input taxed supplies for small businesses? 16. Identify the codes that are allocated to each of these transactions and whether or not it is a taxable supply. 17. A business purchases 10 digital televisions for use in its offices. When the televisions arrive at the workplace the owner of the business decides that one will be taken home. The total cost of the acquisition was $26,500 (GST inclusive). Describe how you would process this to comply with taxation reporting requirements. How much input tax credit could be claimed and what would be the BAS code for the acquisition and why would you code it there? Activity 3 1. Assuming no other personal deductions, complete the Payroll Activity Report for Peter Smith (fortnightly gross pay $6,530), Jane Brown (fortnightly gross pay $7,200) and Brian Jones (fortnightly gross pay $5,500) using the current tax rates provided by ATO (https://www.ato.gov.au/rates/fortnightly-tax-table/). Payroll Activity Report Fortnight ending 15/07/2015 Employee Wages PAYG Net Pay Peter Smith Jane Brown Brian Jones Total 2. What are the general ledger transactions relating to the payroll activity report? Opening balance for ledger accounts is $0.00. General Ledger Fortnight ending 15/07/2015 Acc. Acct Name Beginning Balance Debit Credit Net Activity