STUDENT STUDENT STUDENT STUDENT - KNOWLEDGE ASSESSMENT TASK Task Number 1 of 3 Task Name AT 1 National unit/s code BSBSMB405 National unit/s title Monitor and manage small business operations...

The assessment is short need to do question 5 to question 28


STUDENT STUDENT STUDENT STUDENT - KNOWLEDGE ASSESSMENT TASK Task Number 1 of 3 Task Name AT 1 National unit/s code BSBSMB405 National unit/s title Monitor and manage small business operations FNSACC408 Work effectively in the accounting and bookkeeping industry National qualification code FNS40217 National qualification title Certificate IV in Accounting and Bookkeeping RMIT Program code RMIT Course code Section A - Assessment Information Duration and/or due date: This assessment opens in Week 1 and is to be submitted as following: PART - A in Week 5 and PART - B in Week 9, Sunday 11:59pm. Task Instructions Summary and Purpose of Assessment This short-answer assessment task is one of three assessment tasks you need to complete satisfactorily, in order to be deemed competent for this unit. This assessment task allows you to demonstrate your knowledge required to: · Work autonomously to complete work activities relating to the provision of accounting and bookkeeping services · Implement a business plan and modify operations as required. Assessment Instructions What · You must satisfactorily answer all 28 questions. Part - A comprises Q 1 - Q 16 and Part - B contains Q17 - Q 28. · You should answer all questions on a WORD document separate and upload on CANVAS by the due date. Be careful of the word count and dot points when requested. · All work must be your original. No similarity to online content on with the fellow students will be allowed. Where This is an online assessment task. You will need to answer all questions given on CANVAS. How The knowledge assessment is accessed through the Canvas shell and you must complete and submit your responses within the allocated assessment timeframe. Upload completed PART - A in or before WEEK - 5 of the semester. Upload PART - B by WEEK 9. If you are not able to attend the scheduled assessment timeframe you need to advise your teacher so that an alternative assessment arrangement can be made. This knowledge assessment is an individual assessment task that must be completed with minimal support from your supervisor (allowed support includes further explanation of the task requirements or explanation of assessment criteria etc). Instructions on submitting Knowledge Assessment This is an online assessment task. You will need to answer all questions given on CANVAS. Conditions for assessment · You must complete the task within the maximum allowed duration · This is an individual task that you must complete with minimal support from others (allowed support would be questions related to the location of equipment needed) · Please make arrangements with your assessor at least one week prior to the assessment due date if you feel you require special allowance or allowable adjustment to this task · Please ensure your full and correct name is written on the student version of this assessment task (do not use nicknames or abbreviations) · You will be assessed as satisfactory or not satisfactory · You can appeal the assessment decision according to the RMIT Assessment Processes Equipment/resources students must supply: Equipment/resources to be provided by RMIT or the workplace: • Computer and relevant software · Computer and internet access · Canvas Portal · Appropriate space to complete the assessment Section B – Student Answer Sheet Student Name Student ID Students provide your responses in the boxes below each question Questions PART A from Q 1 - Q 16 Satisfactory Y N Q1: Outline 6 roles / responsibilities of the bookkeeper. A: · Payroll · Producing various financial reports · Calculating GST · Managing sales and purchases · Conducting daily banking activities · Producing various financial reports Q2: Explain the rationale of the ICB Code of Professional Conduct. A: The purpose of these rules is to provide standards of conduct for members of the Institute of Certified Bookkeepers which are appropriate to their conduct in their employment and practice and the preservation of the dignity of their profession. The rules apply to all members of the Institute. The rules apply to the conduct of members in all jurisdictions. A member must comply with the requirements of these rules and any failure to do so shall constitute misconduct. The Board of the Institute shall have the power to waive the requirements of the rules in whole or in part and on such terms as it shall deem fit in respect of any of its members Q3: List the 4 core areas of the CBK Members Code of Professional Conduct. A: Honesty and Integrity- Members of the Association of Certified Bookkeepers Inc will not engage in any illegal or unethical conduct, or any activity which would constitute a conflict of interest. Independence- Members of the Association of Certified Bookkeepers Inc must be independent with their dealings with their clients and must act lawfully in the best interests of their clients. Confidentiality- Members of the Association of Certified Bookkeepers Inc will respect the privacy of their clients in accordance with privacy laws and unless there is a legal duty to do so not reveal any information relating to a client’s affairs to a third party without proper client authorisation. Competence- All members of the Association of Certified Bookkeepers Inc will, at all times, demonstrate a commitment to professionalism and diligence in the performance of their work. Q4: Discuss 6 fundamental components of a bookkeeping service that is compliance with all aspects of legislation. A: · Processing Purchases, sales, receipts, payments · Processing Payroll and maintaining entitlements and employee records · Bank reconciliation · Providing reporting for preparation of a BAS · Producing reports for both management and accountant · Record keeping Q5: List 10 services conducted by a professional bookkeeper. A: Q6: Further to the duties of a bookkeeper, what additional services are conducted by accountants? List 8. A: Q7: Accountants must be aware of the compliance issues relevant to bookkeepers. What other compliance issues should an accountant be across? Provide 6 examples. A: Q8: Who will bookkeepers need to communicate with? Provide 6 examples. A: Q9: What is the potential consequence of poor communication as a bookkeeper? A: Q10: Describe 4 communication barriers that a bookkeeper may face. A: Q11: What piece of legislation established professional ethics on bookkeepers and accountants? A: Q12: What are 5 essential principles of professional ethics? A. · Transparency · Diligence · Professional conduct · Confidentiality · Honesty Q13: Under the Tax Agent Services Act, how are breaches of the Code of Professional Conduct by a registered bookkeeper dealt with? Provide 4 examples. A: Q14: How can you ensure that you are always abreast of current product knowledge and changing legislative requirements? A: Q15: What are the responsibilities of a bookkeeper under the Superannuation Guarantee (Administration) Act? A: Q16: What information should be contained within an organisation’s policies regarding retention of financial records? Provide 4 examples. A: PART - B from Q 17 - Q 28 Q17: Provide a brief overview of industry codes of practice. A: Q18: Explain the difference between prescribed mandatory codes and non-prescribed voluntary codes. A: Q19: Discuss 4 ways in which you can monitor and control your business plan. (300 – 350 words) A: Q20: Explain how benchmarking is a great way to monitor business performance. A: Q21: Explain the difference between critical success factors and key performance indicators. A: Q22: What are 5 categories of business risk areas? A: Q23: What are the 4 steps in developing a risk management plan? A: Q24: Discuss 4 ways to manage external risks. A: Q25: Why is a quality management system important in small business? A: Q26: What are the 7 quality principles as outlined in ISO 9001:2015? A: Q27: Why is innovation important? A: Q28: How can you foster innovation in a small business? Provide 4 examples. A: STUDENT STUDENT STUDENT Knowledge Assessment AT1 22.11.19 Student knowledge assessment task © Content is subject to copyright, RMIT University This template is current as of June 2019. Page 1 of 8 Knowledge Assessment AT1 22.11.19 Student knowledge assessment task © Content is subject to copyright, RMIT University This template is current as of June 2019. Page 1 of 8 Knowledge Assessment AT1 22.11.19 Student knowledge assessment task © Content is subject to copyright, RMIT University This template is current as of June 2019. Page 1 of 8 Section C – Feedback to Student Has the student successfully completed the task? Yes No Feedback to student: Assessor Name Date AT1 © Content is subject to copyright, RMIT University