Student Guide and Assessment: FNSACC408 Work Effectively in The Accounting and Bookkeeping Industry

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The document outlines the assessment requirements and structure for the FNSACC408 Work Effectively in the Accounting and Bookkeeping Industry unit, including short answer questions, practical activities and a role play assessment. Students are expected to demonstrate their bookkeeping knowledge and skills.

Six standard bookkeeping duties that would be required in all businesses include: recording and processing financial transactions, preparing payroll, managing accounts receivable and payable, reconciling bank statements, preparing BAS statements, and maintaining asset registers.

Additional duties a bookkeeper may undertake for a small hairdresser employing two staff include: handling human resource tasks like payroll processing and leave management, and assisting with marketing and business administration tasks.

FNSACC408 Work Effectively in the Accounting and

Bookkeeping Industry

Student Guide and Assessment

Overview
Competency-based assessment: Evidence will be gathered which is mapped to the
requirements of the unit of competency.
The link between the unit and assessment tools can be found in the Assessment
Outline & Mapping document.

Assessment Scenario
All assessment is based on simulated businesses. Unless otherwise specified, for
each assessment item you will be working as an Accounts Assistant for a small
bookkeeping firm. In your role as an Accounts Assistant, you are required to:
1. Build and maintain professional relationships
2. Demonstrate knowledge of accounting processes
3. Follow legislative requirements
4. Liaise with clients
5. Develop bookkeeping policies and processes
6. Maintain own competence

Assessment Items
To successfully complete this assessment, you are required to complete and submit
the following:
1. Part A Short Answer Questions relating to:
 Bookkeepers duties and responsibilities
 Legislative requirements and codes of practice
 Professional development
 Ethics
 Problem solving
 Client services
2. Part B Activities, relating to:
 Developing bookkeeping policies and procedures
 Developing professional development plan
 Expectations of a bookkeeper
 Client and customer service
 Ethics
3. Part C Role play, relating to:
 Building client relationships

FNSACC408 Student guide and assessment Page 1 of 10 Ver.2.0 Version Date: 24/10/2018
Global Business College of Australia Pty Ltd trading as Global Business College of Australia
ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
Instructions to Student
 Each assessment item will include instructions on how to complete and
submit the assessment
 Submit completed assessment items to your trainer by the agreed date.
 All assessment items submitted must include: student name; unit code/name;
 All assessment items submitted must be word processed, unless otherwise
stated, and clearly labelled and identify question, printout or task number
 Clarify any questions regarding this assessment with your trainer

Requirements
 Access to internet
 Access to business equipment and technology
Refer to your course materials to assist you in completion of all assessment items

Conditions
 Assessment will take place during class time and in your own time as required
 No marks or grades are allocated for the assessment. The task will be
assessed as Satisfactory or Not Satisfactory
 Students will be assessed according to the criteria listed in the Marking
Summary_Completion Record.
 The Marking Summary_Completion Record will also be used to provide
feedback and record unit outcome/completion.

Submission
Attach all documents/printouts to completed Assessment Cover Sheet:
1. Part A Short Answer Questions
 Word document with responses to all 13 questions.
2. Part B Practical Activities
 Word document with responses to all 5 activities
3. Part C Role Play
 Your supervisor will record and retain the observation checklist for the
role play.

FNSACC408 Student guide and assessment Page 2 of 10 Ver.2.0 Version Date: 24/10/2018
Global Business College of Australia Pty Ltd trading as Global Business College of Australia
ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
Assessment
PART A: Short Answer Questions
1. Business needs are dependent on the type of business. Bookkeepers have
duties to perform that would be required in all businesses. Identify 6 six (6)
standard bookkeeping duties.

2. You have started work at an organisation that manufactures car batteries. You
have noticed that the metal required to make the batteries is continually going
missing. What duty might you need to undertake to prevent this stock loss?

3. You are working for a hairdresser who employs only 2 staff including themselves.
They have no knowledge of bookkeeping. Identify 2 additional duties that you
may be required to undertake in relation to employees?

4. You have a Certificate IV in Accounting and Bookkeeping and you are work as
an Accounts Assistant and provide services to a number of clients on a contract
basis. One of your clients who is seeking advice regarding BAS returns and
taxation matters approaches you. You are not a registered BAS agent or a
registered tax agent.
a. Can you provide this advice?
b. To whom might you refer your client?
c. You want to provide tax agent and BAS services; what body will you
need to register with?
d. If you provide tax agent and BAS services for a fee, but you are not
registered, what consequences might you face?

5. You have decided to undertake continuing professional development in order to


become a registered BAS agent. (refer to https://www.tpb.gov.au/qualifications-and-
experience-bas-agents)
a. What are the qualifications and experience requirements?
b. What type of insurance cover will you require?
c. What is the required number of CPE hours for BAS tax agent within a
standard three year registration period? (refer to
https://www.tpb.gov.au/cpe-bas-agents)
d. Identify at least 3 types of CPE activities recommended by the Tax
Practitioners board: (refer to https://www.tpb.gov.au/cpe-activities)
e. Based on the recommended CPE activities in (d), do a research and
identify one (1) specific PD activity that you may want to attend after
completing this course: you must include the name and organiser of the
activity
.
6. Research the APES 110 Code of Ethics for Professional Accountants
(http://www.publicaccountants.org.au/media/101686/1-apes-110-code-of-ethics-
for-professional-accountants-december-2010-final.pdf) answer the following
questions:
a. True/False: According to the code, accountants accept the responsibility
to act in the public interest.
b. Briefly outline the 5 fundamental principles of the code
c. When dealing with ethical conflict resolution what five factors should be
considered

FNSACC408 Student guide and assessment Page 3 of 10 Ver.2.0 Version Date: 24/10/2018
Global Business College of Australia Pty Ltd trading as Global Business College of Australia
ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
7. You have received a stationery order, but have noticed that the invoice
incorrectly shows that you ordered and received three boxes of paper instead
of only two. Your business does not have a system for dealing with incorrect
invoices. Develop and write instructions on how to deal with this issue.

8. What professional body can you use to locate registered tax agents?

9. What is the main purpose of the following codes of practice?


a. Code of Banking Practice
b. General Insurance Code of Practice

10. How would you inform staff about changes made to the bookkeeping systems
and processes? Identify 1 strategy.

11. You provide bookkeeping services to a number of clients. How can you gather
feedback to ensure that you are offering a quality service? Identify 1 method.

12. Access the ATO legal database at http://law.ato.gov.au/ and identify two (2)
pieces of legislation that are relevant to Australia Financial Industry.

13. Go to the website for Consumer Affairs in your State. What policy and procedure
is recommended to ensure your customer issues are dealt with in an open and
transparent manner?

14. Identify 2 accounting software that are widely used in Australian small and
medium business?

PART B: Practical Activities


1. Record keeping requirements.
a. Research compliance requirements and development a guide to record
keeping include:
i. Legal requirements
ii. Income tax and GST records
iii. Employee records
b. Prepare a policy document for record keeping for a small business,
include:
i. Commencement date
ii. Policy statement/preamble
iii. Purpose/objective
iv. Definitions
v. Related legislation
vi. Procedures
vii. Approval
viii. Review date

2. After 3 years working at New Software Solutions Pty Limited as an assistant


accountant, you have been given the chance to update your skills by
FNSACC408 Student guide and assessment Page 4 of 10 Ver.2.0 Version Date: 24/10/2018
Global Business College of Australia Pty Ltd trading as Global Business College of Australia
ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
commencing a Certificate IV in Bookkeeping. You goal is to become a Senior
Accounts Manager after completing your Certificate IV in Bookkeeping and also
work towards your CPA keeping a track of your professional qualifications for
career development. You are working in a bookkeeper who is new to the
industry, you are responsible to coach this person. (refer to the reference reading
and the personal development plan template)

a. Identify four (4) ways to give valuable and constructive feedback to


staff?

b. Identify two (2) ways to motivate the new team member?

c. Create a Personal development plan with goals, objectives and action


plans with timeframes using the attached format or you can create your
own format using software such as MS word or excel.

3) A person who wants to start up his or her own business has contacted you to find
out what bookkeeping services you offer. You are a bookkeeper and a registered
BAS agent. You do not offer tax services
a) Identify at least five (5) bookkeeping services you can provide to the client.
b) Identify at least three (3) BAS Agent services you can provide to the client.
c) Identify two (2) activities that fall outside of your role
d) Offer advice on how/where to access professionals who offer Tax Agent
services
e) Identify 3 other types of businesses, networks or associations that might be
able to assist your client in the operation of their business.
f) Provide 2 questions you will use to find out if you have provided the information
the client was after and what other needs they may have.

4) You have been working as a bookkeeper for a number of clients and have become
overworked. You therefore hired a junior bookkeeper, David, to help you with the
data entry requirements of the job. A long-term client has contacted you to make a
complaint about the lack of service they received from David when they rang to ask
about the progress of their accounts. They have stated that David said he did not
have a clue and they should call back later as he was swamped with work and did
not have time to check.

(a) What issue has occurred?


(b) What can you do to solve the issue and rebuild your relationship
with your client?
5) You are employed as an Accounts Administrative Assistant; one of your duties is to
enter expenses into the accounting system. You have become aware that staff
members are purchasing personal expenses and claiming them through petty
cash. You are friendly with all the staff members and are not sure how to handle
the situation. Respond to the following ethical issues:
a) Integrity: is this practice dishonest?
b) Objectivity: How will you maintain your objectivity in deciding on a course of
action?

FNSACC408 Student guide and assessment Page 5 of 10 Ver.2.0 Version Date: 24/10/2018
Global Business College of Australia Pty Ltd trading as Global Business College of Australia
ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
c) Professional competence: If you process these claims, are you ensuring that
the financial information is accurate?
d) Professional behaviour: How should you act in order to protect your
professional behaviour?

FNSACC408 Student guide and assessment Page 6 of 10 Ver.2.0 Version Date: 24/10/2018
Global Business College of Australia Pty Ltd trading as Global Business College of Australia
ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
PART C: Role Play
1) Meeting with client (your supervisor will take on the role of the client)
You are meeting with a new client and need to determine their needs and
expectations.
You will need to:
- clearly articulate information
- use effective questioning techniques
- use active listening
- clarify understanding of client requirements
- elicit client feedback
In your discussion with your client ensure you include
- Introduce yourself and summarise what you do, your qualifications, and what
services you provide, including:
o Whether you are a registered BAS or Tax agent and what this means
regarding the services you can provide
- Questions to clarify client needs and expectations
 Type of business
 Expected turnover and the need to register for GST
 Your role – what will you be doing for the business,
 Record and process accounts in computerised accounting
system
 what system they would prefer to use, eg: MYOB, Xero; cloud
based etc
 Processing payroll
 Other
 Roles that fall outside your duties eg: tax returns, provide an alternative
for this service
 Feedback on service client wishes to access and what you can offer

FNSACC408 Student guide and assessment Page 7 of 10 Ver.2.0 Version Date: 24/10/2018
Global Business College of Australia Pty Ltd trading as Global Business College of Australia
ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
Role Play Observation Record

Student has completed Part C: Role play Satisfactory Comments/ Resubmission


assessment: Yes No details

Student has taken on the role of bookkeeper who is meeting with a new client and has:

Provided information clearly, including:

 Summary of services offered

 Qualifications held

 Whether they have BAS or Tax


Agent registration and what this
means regarding the services they
can provide

Used appropriate questioning and listening


techniques to clarify understanding and
provide information, including:

 Type of business

 Needs of the business

 Provided information on roles that


fall outside duties and provided an
alternative service

 Solicited feedback on services being


offered

Used appropriate language – professional,


business-like and culturally sensitive

FNSACC408 Student guide and assessment Page 8 of 10 Ver.2.0 Version Date: 24/10/2018
Global Business College of Australia Pty Ltd trading as Global Business College of Australia
ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
1 = high; 2= medium; Priority
3=low

(e.g. payroll, legislative Professional development


requirements, tax obligations, needs
etc) Provide full details

FNSACC408 Student guide and assessment


Date Prepared ____________________

ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
Preferred/agreed dates or timeframe

Global Business College of Australia Pty Ltd trading as Global Business College of Australia
Page 9 of 10
Level of competency/ Expected impact on area to be
developed

Resources required (e.g. time from work; cost, involvement


from staff, peers, professionals, industry, etc.)
Professional development plan for: _____________________________

Required licencing Yes/No


Ver.1.0 Version Date: 24/10/2018
1 = high; 2= medium; Priority
3=low

(e.g. payroll, legislative Professional development


requirements, tax obligations, needs
etc) Provide full details

FNSACC408 Student guide and assessment

ABN 96 600 373 859 RTO no. 41292 CRICOS Provider no. 03443D
Preferred/agreed dates or timeframe

Global Business College of Australia Pty Ltd trading as Global Business College of Australia
Page 10 of 10
Level of competency/ Expected impact on area to be
developed

Resources required (e.g. time from work; cost, involvement


from staff, peers, professionals, industry, etc.)

Required licencing Yes/No


Ver.1.0 Version Date: 24/10/2018

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