Task 1: Theory Assessment - files.transtutors.com file · Web viewAll written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions

STUDENT ASSESSMENT

EVALUATE AND AUTHORISE PAYMENT REQUESTS - FNSACM401

Evaluate and authorise payment requests - FNSACM401Issue Date: 05/09/2017 Page 1 of 7

ABN: 57 169 281 501E: [email protected]

W: www.sydneymetrocollege.edu.auSydney (Head Office): Level 2, 16-22 Wentworth Avenue

Surry Hills NSW 2010T: 02 8937 0991

Melbourne: Level 1 &2, 213-215 Lonsdale StreetMelbourne VIC 3000

T: 03 0 9077 0758

InstructionsYou are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.

1. All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.

2. Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.

3. All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.

4. Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.

5. You may refer to your student learning resources or any other relevant resources when completing your assessment.

6. Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.

7. You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.

8. Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.

9. You must achieve a satisfactory result for all tasks to achieve competency in this unit.10.All assessment answers should be submitted to the trainer in required format (soft or

hard copy) as per trainer instructions with completed assessment cover sheet (if required).

Assessment ScheduleTask Due Date

Task 1 Week 1Task 2 – Q1 Week 2Task 2 – Q2 Week 3






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Task 1: Theory AssessmentStudent Instructions

1. Type all the answers in a word document if required.2. You can conduct internet research to answer these questions.3. Provide explanation of 2-3 lines when answering ‘Describe’ questions.4. Provide detailed workings for calculations questions.5. Provide answers in table format wherever possible.

Question 1 – Written Answers

Your task is to choose an organisation and based on this organisation, answer the following questions. You may also choose to use the information in case study provided in the link https://www.flatworldsolutions.com/financial-services/success-stories/case-study-accounts-payables.php

1. Identify the legislation and industry codes of practice relevant to the payment systems in the organisation.

2. List and describe the organisational procedures for evaluating and authorising payment requests.

3. Describe the types of payment requests and associated documentation handled by the organisation.

4. Describe how payments are coded and allocated in the organisational system.5. Do a reconciliation of payments with Accounts payable register?6. Check whether we have claimed the discounts available for prompt payment allowed by

the suppliers if we are entitled for a 5% discount for cash payments if we have paid 33250 in month 1 and 48936 in month 2?

7. Prepare sample Creditors list based on due date of payments with 30 days 60 days and 90 days? Select the letter you consider to be the nearest correct alternative.






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https://www.flatworldsolutions.com/financial-services/success-stories/case-study-accounts-payables.php

https://www.flatworldsolutions.com/financial-services/success-stories/case-study-accounts-payables.php

Ta

sk 2: Case Study and Practical AssessmentStudent Instructions

1. Type all the answers in a word document if required.2. You can conduct internet research to answer these questions.3. Provide explanation of 2-3 lines when answering ‘Describe’ questions.4. Provide detailed workings for calculations questions.5. Provide answers in table format wherever possible.

Question 1 – Jacob Lee Pty Ltd

Using the information provided in case study ‘Jacob Lee Pty Ltd’ in appendix, undertake the following tasks. Use all relevant computer and software’s such as excel to complete this task.

Additional Information

a) Accounting Standards: http://www.aasb.gov.au/Pronouncements/Current-standards.aspxb) Organisational policies and procedures: http://startupjunkies.com/extras/acct-policies.pdf

1. Create templates of various payment documents that need to be created within the organisation

2. List some ways for the organisation to verify and validate accuracy of payment requests3. Create all required payment documents for transactions listed by using required

templates4. List some ways for organisation to check and authorise the payment request received5. Get authorisation for payment request documents created previously from your manager

(assessor) during a role play before processing them for payment.

Assessor will be looking for following during the role play:

Student followed all the requirements of organisation policies and procedures during the roleplay

Used active listening and communication skills Used questions to confirm requirements and authorisations

6. Provide all authorisation evidence.






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http://startupjunkies.com/extras/acct-policies.pdf

http://www.aasb.gov.au/Pronouncements/Current-standards.aspx

Question 2 – ABC Restaurant

Using the information provided in case study ‘ABC Restaurant’ in appendix, answer the following questions for the organisation.

1. What types of documentation would you need to match payment requests to?2. What might payment requests relate to?3. What supporting documentation might you check to ensure it is correct?4. What is the purpose of a check requisition form?5. What should you check to ensure goods and services were supplied?6. What should you check on each invoice before obtaining or providing authorisation for

payment?7. What do you need to do after a vendor invoice has been approved?8. What are payment codes and accounts?9. What organisational policies and procedure relate to payments and documentation?10.What is payment authorisation and how can you confirm it authenticity?11.When can you release funds for payment?






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Appendix

Case study – Jacob Lee Pty Ltd Case study – ABC Restaurant






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Ref

erences / recommended resourcesEvaluate and authorise payment requests - FNSACM401, Enhance Your Future.






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Documents

Task 1: Theory Assessment - files.transtutors.com file · Web viewAll written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions