Practical assessment: CS3 Integrated accounting package

Transcription

1 Accounting 2010 Sample assessment instrument Practical assessment: CS3 Integrated package This sample has been compiled by the QSA to help teachers plan and develop assessment instruments for individual school settings. Dimension assessed Applied practical processes This sample contains annotated extracts of an instrument that effectively provides opportunities to demonstrate the general objectives of the Applied practical processes dimension. The general objectives state that by the conclusion of the course, students should: solve complex problems in practical situations through analysing, selecting, combining, calculating and synthesising data apply complex concepts and related reasoning and skills to organise, process and report information. Assessment instrument This instrument could be adapted to provide opportunities for students to demonstrate the range of general objectives of the Dimension: Knowledge and procedural practices including, e.g. setting up the data file, recording routine transactions using source documents familiar to students, balance day adjustments requiring little or minimal calculation. Creation of data files using an package provides opportunities for students to apply fundamental concepts to record and process data and transactions in routine situations (Dimension: Knowledge and procedural practices dimension). Background to task While exploring the functions and capabilities of a commercial package, students have had the opportunity through learning experiences to create data files for a variety of businesses and to record a broad range of fundamental transactions. This task focuses on providing students with the opportunity to deal with a complex practical situation. This involves synthesising details provided on a range of source documents, together with additional information in order to organise and process information using a commercial package. Context You have taken up a position at [company name].com.au, the number one bookkeeping firm in the city. Your first task is to use the MYOB Accounting package to process transactions for a new client, [Client name]. Students may have access to Accounting package resource books (Syllabus, Section 5.5.3, p. 19). The Practical assessment technique may be conducted under supervised and/or unsupervised conditions.

2 In terms of Dimension: Applied practical processes, this task provides the opportunity for students to: solve complex problems in practical situation through analysing, selecting, combining, calculating and synthesising data apply complex concepts and related reasoning and skills to organise, process and report information. Task Using the data file provided, you are required to: 1. analyse and synthesise the information contained in the source documents provided for March 20 XX to determine their relevance and treatment in relation to the context. Record your findings in the table provided. Document type Focus of task: analysing, selecting, combining, calculating and synthesising data organising, processing and reporting information through the application of complex concepts and reasoning. Document identifier Treatment in MYOB Practical assessment may include written discussion of the processes (Syllabus, Section 5.5.3, p. 18). This task could be adapted for alternative commercial packages. 2. apply complex concepts and reasoning to process relevant transactions using MYOB. Background information about XXXX XXXXX XXXXXX ABN xxxxx registered address: xxxxx phone number: xxxxx a new retail organisation, owned and operated by xxxxx commenced 1 March 20XX; balance day 31 March 20XX banking details: XXXX XXXXX XXXXXX BSB XXXXX Account no. XXXXX all goods and services purchased and sold are subject to GST unless indicated otherwise. All prices are inclusive of GST, unless indicated otherwise. 2 Accounting 2010: Sample assessment instrument Practical assessment: CS3 Integrated package

3 MYOB data file has been set up for students. Preparing bank deposit slips requires synthesis of data and information. MYOB reports to be printed should provide evidence of the processing of transactions through application of complex concepts. The MYOB data file has already been created which contains some basic information, but XXXXXXXX XXXX has also provided paperwork to assist with this process. To complete the required transactions, stock information, customers and suppliers will have to be entered, together with any additional information relating to the transactions. The transactions still to be entered are displayed in bold. Enter the inventory items that the business sells and the customer and supplier details for those listed in bold (and any not listed). Prepare bank deposit slips for 1 and 31 March and reconcile the bank account. Print the following: Items list summary (showing cost and selling prices and amounts for each item on hand) at the end of the month Card list summary (of all customers and suppliers) Bank deposit slips for 1 and 31 March Reconciliation report at 31 March Trial balance for March, 20XX Account list summary after the additions have been made to the chart of accounts Transaction journal listing showing all transactions entered from the 1/3/ XX to 31/3/XX The firm sells the following stock. The items in bold have not yet been entered into the system. Item no. Description Unit Selling price 1 Beanies Each $ Football jerseys Each $ Hair clips Box 200 $40.00 but sold separately 4 Under shirts Box 5 $ Polo shirts Each $ Shorts Each $ Scarfs Each $9.90 When entering these inventory items, the appropriate accounts to use are: Cost of Goods Sold Cost of Sales Account Sales Income Account for Tracking Sales Inventory Asset Account for Item Inventory Queensland Studies Authority March

4 The customer and supplier details are available in the card file below. Those in bold require entry into the system. Customer Name: [Client name 1] Initial data entry is limited to one customer and one supplier to ensure focus is on the challenging practical aspects of the task. Address: Phone: Contact: ABN: Customer X XXXXXXXX XXXXX Name: [Client name 2] XX XXXX XXXX Customer Address: X XXXXXX XX XXXXXXXX Name: [Client name 3] Phone: XX XXXX XXXX Address: XXXX XXXX XX XXXXXX XX Contact: XXXXXXXX Phone: XX XXXX XXXX ABN: XX XXXX XXXX Contact: XXX ABN: XX XXX XXX XXX Note: All customers have a credit limit of $1000 and operate under 30-day terms. Supplier Name: [Supplier name 1] Address: Phone: Contact: ABN: Supplier X XXXXXX XXXX Name: [Supplier name 2] XX XXXX XXXX Address: X XXXXXXXXX XX Supplier XXXXXX Phone: Name: XX XXXX XXXX XX XXXX XXXX [Supplier name 3] Supplier Contact: Address: XXXXXXXX ABN: XX XXXX XXXX XXXXXX Name: [Supplier name 4] Address: Phone: Contact: xxxxx XXXX Phone: XX XXXX XXXX X XXXXXXXXX XXXX Contact: XXXXX XX XXXX XXXX ABN: xxxxx XX XXXX XXXX ABN: XX XXXX XXXX Note: As you work through the transactions, additional customers and suppliers may need to be added into the system. 4 Accounting 2010: Sample assessment instrument Practical assessment: CS3 Integrated package

5 This sample includes an extract of the source documents provided to students. Queensland Studies Authority March

6 The importance of source documents to support all transactions is highlighted through this task. A variety of source documents was presented, including: cheque tax invoice cheque butt . 6 Accounting 2010: Sample assessment instrument Practical assessment: CS3 Integrated package

7 Analysis of the documents will require students to determine: the transaction that has occurred the relationship between documents. Queensland Studies Authority March

8 A variety of transactions are incorporated in the task. 8 Accounting 2010: Sample assessment instrument Practical assessment: CS3 Integrated package

9 Real-life transactions are incorporated in task. Queensland Studies Authority March

10 Inclusion of balance day adjustments and the bank reconciliation process provides opportunities to: revisit aspects of areas of study addressed earlier in the course of study reinforce the complete process. Determining the treatment of balance day adjustments requires analysis, calculations and synthesis of data. To do list To match the expenses incurred with the revenues received in the month of March, the following information has been supplied: A stocktake at the end of March revealed 2 pairs of shorts and 5 beanies were missing from the shelves. Consultancy Fees of $49.50 including GST paid for on 16 March refers to work that will be carried out in April 20XX. Furniture (formally referred to as Office Equipment) will need to be depreciated for 1 month using the straight line method with an expected residual value of $400 and a life expectancy of 5 years. One week s Rent of $450 is still owing to [client name] from the tenant using the bottom floor of the building before it was sold on the 9th. 10 Accounting 2010: Sample assessment instrument Practical assessment: CS3 Integrated package

11 Instrument-specific criteria and standards Standard A Standard B Standard C Standard D Standard E The student work has the following characteristics: The student work has the following characteristics: The student work has the following characteristics: The student work has the following characteristics: The student work has the following characteristics: Applied practical processes thorough synthesis of situations to effectively solve integrated package problems using complex reasoning consistent and efficient application of complex concepts and related reasoning and skills to accurately organise, process and report information using MYOB. systematic synthesis of situations to logically solve integrated package problems using complex reasoning effective application of complex concepts and related reasoning and skills to accurately organise, process and report most information using MYOB. synthesis of situations to solve integrated package problems using complex reasoning application of complex concepts and related reasoning and skills to organise, process and report information with varying degrees of accuracy using MYOB. identification of features relevant to integrated package situations application of concepts and related skills to present information with minimal accuracy using MYOB. identification of some features related to integrated package topic minimal application of concepts using MYOB. Acknowledgments The QSA acknowledges the contribution of St Peter s Lutheran College in the preparation of this document. Queensland Studies Authority March