FNSACC405

Maintain Inventory Records

Student Unit Instructions and Assessment Pack St

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TABLE OF CONTENTS

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TABLE OF CONTENTS...........................................................................2HOW TO USE THIS DOCUMENT...............................................................3ABOUT THE UNIT.................................................................................3LEARNING RESOURCES........................................................................4ASSESSMENT METHODS.......................................................................6ASSESSMENT......................................................................................6RESOURCES REQUIRED FOR ASSESSMENT...............................................6STUDENT ASSESSMENT CHECKLISTS.....................................................7MARKING AND SUBMISSION.................................................................7ASSESSMENT CHECKLIST- FNSACC405................................................8

FNSACC405 Unit Pack Version No. 1Australian College of Business and Accounting Page 2

HOW TO USE THIS DOCUMENT

Welcome to your FNSACC405 Maintain Inventory Records into Business Operations

The Student Unit Instructions and Assessment pack outlines;

The Resources and Materials required for study and assessment of the unit

The Assessment Methods Required documents/readings Assessment Checklists

The Student Unit Instructions and Assessment Pack is to be used to prepare for study in the unit, and in conjunction with your assessment.

ABOUT THE UNIT

The unit FNSACC405 Maintain Inventory Records covers the following:

1. Processing inventory purchases2. Recording inventory flows3. Reconciling of inventory records to general ledgers4. Preparing inventory schedules and ad hoc reports

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LEARNING RESOURCES

Below are the learning resources required to effectively gain the required knowledge and skills to complete your unit of study.

Learner Guide (supplied) AASB102 AASB108

Study steps for this unit; Read the learner guide for FNSACC405 and complete the activities

in the learner guide. Read the listed required readings above. Use the additional resources links and materials to further develop

your knowledge of inventory systems and processes. Conduct further independent research into cloud computing in

accounting. Once you have absorbed and completed all learning and are

confident in the material you can start undertaking your assessment tasks.

Additional Resource Links and MaterialsThe below are great and useful videos, websites and other resources to use as part of your studies in this unit. The below list of links have been reviewed for content, accuracy and direct linking to your specific unit of study.

ACOBA acknowledges that everyone learns differently and therefore provide materials that allow for various learning styles and flexibility in obtaining learning.

These videos are continually reviewed to ensure you get accurate, current and sound materials as part of the course materials (beyond just reading a book) for the unit of study.

Enjoy- FNSACC405 Maintain Inventory Records

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Creating, Editing and Deleting Items in MYOB Inventory http://help.myob.com/wiki/display/ar/Creating%2C+editing+and+deleting+items Setting Up Inventory in MYOB to Measure KPI’s

https://www.youtube.com/watch?v=K4wxNWGAHq4

Getting Started on MYOB

https://www.youtube.com/watch?v=VcYbgIfxx8M

MYOB Training Inventory – Full Setup of Inventory in MYOBhttps://www.youtube.com/watch?v=dZWdZuTuSNc

MYOB Setup and Inventory

https://www.youtube.com/watch?v=6fW1D5mfrMg

Financial Accounting – Inventory

https://www.youtube.com/watch?v=9bo12RbWhm8Accounting – Inventory and Cost of Goods Sold Part 1 https://www.youtube.com/watch?v=MeRusrAouA4 Accounting Inventory and Cost of Goods Sold Part 2

https://www.youtube.com/watch?v=-YdXrFUl_3k Cost Flow Assumption FIFO, LIFO and Weighted Average https://www.youtube.com/watch?v=FvcUs23g7mw Managerial Accounting: Introduction to Inventory Terminology https://www.youtube.com/watch?v=yL6rHfl3k2o Components of Inventory https://www.principlesofaccounting.com/chapter-8/components-of-inventory/ Inventory Costing Methodshttps://www.principlesofaccounting.com/chapter-8/inventory-costing-methods/

Inventory Control (4 Major Inventory Management Formulas) Stock Valuationhttps://www.youtube.com/watch?v=PESfQZiv5KQ

Inventory management Economic Order Quality

https://www.youtube.com/watch?v=vMSARPybFxg

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Cost + Margin = Selling Price

https://www.youtube.com/watch?v=bOpjE42tKVk

How to Calculate inventory Turnover

https://www.youtube.com/watch?v=Ophz0_bkUAg

How to create simple In and Out Inventory System in Excel

https://www.youtube.com/watch?v=Hlj4iENANnQ

Min- Max Inventory Supply Chain Strategies

https://www.youtube.com/watch?v=s9Tw5O9yRAE

MS Excel – FIFO Inventory Valuation Methods

https://www.youtube.com/watch?v=RzgDR68b-k8

Inventory Turnover Ratio Formulas

https://www.youtube.com/watch?v=zL7rFZQuuVQ

Calculating Safety Stock: Protecting Against Stock Outs

https://www.youtube.com/watch?v=gTkFpDR--qI

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ASSESSMENT METHODS

Your assessment uses the following assessment methods:

1. Knowledge Assessment – A set of short answer questions which tests your general knowledge and understanding of the required theory and concepts behind the unit and application in the workplace.

2. Case Study – Includes detailed scenarios and simulated environment providing all necessary information required to complete relevant tasks and activities close as possible to real world situations.

Your case study for this unit requires you to undertake:

Written Tasks Practical tasks Computerised Practical tasks in MYOB Video recorded roleplays

ASSESSMENT

The Assessment for FNSACC405 Maintain Inventory Records is comprised of two assessment workbooks which have been provided to you;

Part A: Knowledge Assessment Part B: Case Study

RESOURCES REQUIRED FOR ASSESSMENT

You will need access to: Computer with Internet and email access and a working web

browser

Installed software:

o MS Word

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o Adobe Acrobat Reader

o MYOB AccountRight Enterprise V19 for Windows

o Zoom Account and Software or App

safe place to conduct the roleplaying activities

STUDENT ASSESSMENT CHECKLISTS

To assist in tracking your progress and in compiling your assessment evidence you are provided with Student Assessment Checklists for each of the Assessment workbooks.

While all of the workbooks clearly outline the required evidence (print outs, workbooks etc), we have supplied the checklists to make the assessment submission process easy for you.

MARKING AND SUBMISSION

You are to submit all assessment requirements/evidence as per the assessment checklist and assessment instructions to your assessor as required.

An incomplete submission or mislabelled/misnamed submissions may be sent back without being marked or reviewed by your assessor. Please double check at requirements.

If you are asking for advice, for example you email Print Out 2 in an email with some questions to ask your trainer (let’s say the print out is perfect), you will still need to provide Print Out 2 at the time of submission with all your documents complied in one place.

Upon your complete submission your assessment will be reviewed and assessed by your trainer.

Your trainer will provide you feedback to assist in your skill and knowledge development.

Please refer to Marking and Submission Student Guide for further advice or ask your trainer.

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ASSESSMENT CHECKLIST- FNSACC405

You may use the following checklist to assist you in keeping track of your progress in the unit, and in compiling your all your evidence (assessment) files.

Submission Evidence Submitted

Marked

Workbooks

Part A: Knowledge Assessment Workbook (10 questions) ☐ ☐

Signed Student Declaration of Authenticity – Part A ☐ ☐

Part B: Case Study ☐ ☐

Signed Student Declaration of Authenticity – Part B Case Study ☐ ☐

Part B: case Study- Submission evidence -Individual task break down those in light blue/green are workplace only task aspects to be submitted

FNSACC405 – Task 6 – Audio Recording ☐ ☐

FNSACC405 – Task 11 - Johnson Office Cleaners Sale ☐ ☐

FNSACC405 – Task 15 - Bank Deposit ☐ ☐

Task 16 - Johnson Replacement Vacuum Invoice. ☐ ☐

Task 10 – Written Question ☐ ☐

FNSACC405 – Task 11 - Johnson Office Cleaners Sale ☐ ☐

FNSACC405 – Task 13 - Johnson Credit Invoice. ☐ ☐

FNSACC405 – Task 15 - Bank Deposit ☐ ☐

Task 16 - Johnson Replacement Vacuum Invoice. ☐ ☐

Task 17 Screenshot ☐ ☐

FNSACC405 – Task 18 – Morgan’s Credit ☐ ☐

FNSACC405 – Task 19 - Inventory Reconciliation ☐ ☐

FNSACC405 – Task 21 - Error Correction ☐ ☐

Task 20 – Written Tasks ☐ ☐

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FNSACC405 – Task 21 - Error Correction ☐ ☐

FNSACC405 – Task 21 – Inventory Reconciliation Report ☐ ☐

FNSACC405 – Task 23 - Inventory Value Reconciliation ☐ ☐

FNSACC405 - Task 23 - General Journal [All Journals] ☐ ☐

FNSACC405 - Task 23 - Balance Sheet ☐ ☐

FNSACC405 - Task 23 - Profit and Loss Statement ☐ ☐

FNSACC405 - Task 23 - Item Transactions ☐ ☐

FNSACC405 - Task 23 - Open Bills and Orders ☐ ☐

Task 24 – Back up Zip Files ☐ ☐

Task 25 FIFO Card ☐ ☐

Task 26 - Written Questions ☐ ☐

Task 27 – Written Questions ☐ ☐

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