ACCOUNTING
FAMILY NAME: STUDENT CODE: ASSESSOR’S NAME:
ASSESSMENT ACTIVITY C – FINANCIAL REPORTING
GIVEN NAME: CLASS NAME: DATE:
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(B4) 2.2 4.3
(B4) 2.4 4.3
(B4) 2.1 4.3
Bills paid Drawings entry
Bad Debts entry BDA – Doubtful debts
Relevant part of the activity related to the criteria
General Journal contains entries for:
Above Satisfactory
Satisfactory
Not Yet Satisfactory
Cash Payments Journal contains entries for:
Double entry accounting and GST have been applied correctly with no errors or omission to display accurate cash payment balance.
Double entry accounting and GST have been applied satisfactorily with minor errors or omission to display correct cash payment balance.
Double entry accounting and GST have not been applied satisfactorily or there were major omission, which resulted in inaccurate cash payment balance.
Double entry accounting and GST have been applied correctly with no errors or omission to record bad and doubtful debts.
Double entry accounting and GST have been applied satisfactorily with minor errors or omission to record bad and doubtful debts.
Double entry accounting and GST have not been applied satisfactorily or there were major omission, which resulted in inaccurate recording of bad and doubtful debts.
Double entry accounting has been applied correctly with no errors or omission to adjust expense and revenue accounts for prepayments and accruals.
Double entry accounting and GST have been applied correctly with minor errors or omission to adjust expense and revenue accounts for prepayments and accruals.
Double entry accounting have not been applied satisfactorily or there were major omission, which resulted in inaccurate recording to adjust expense and revenue accounts for prepayments and accruals.
4 – 1 marks
Double entry accounting has been applied correctly with no errors or omission to identify and adjust inventories.
Double entry accounting have not been applied satisfactorily or there were major omission, which resulted in inaccurate recording to identify and adjust inventories.
Double entry accounting has been applied correctly with no errors or omission to record depreciation of non-current assets.
Double entry accounting and GST have been applied correctly with minor errors or omission to record depreciation of non-current assets.
Double entry accounting have not been applied satisfactorily or there were major omission, which resulted in inaccurate recording of depreciation of non-current assets.
Double entry accounting has been applied correctly with no errors or omission to close to Profit & Loss Summary.
Double entry accounting and GST have been applied satisfactorily with minor errors or omission to close to Profit & Loss Summary.
Double entry accounting have not been applied satisfactorily or there were major omission, which resulted in inaccurate to closing to Profit & Loss Summary.
(f) BDA – Interest on loan (g) BDA – Commission
BDA – Telephone a/c BDA – Insurance premium BDA – Training expense
(h) BDA – Inventory adjustment
(i) BDA – Depreciation (Straight-line)
(j) BDA – Depreciation (Diminishing
Journals entries for at least ten (10) account balances closed to Profit & Loss Summary
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Relevant part of the activity related to the criteria
Above Satisfactory
Satisfactory
Not Yet Satisfactory
Double entry accounting has been applied correctly with no errors or omission to transfer profit.
Double entry accounting and GST have been applied satisfactorily with minor errors or omission to transfer profit.
Double entry accounting have not been applied satisfactorily or there were major omission, which resulted in inaccurate to transfer profit.
Double entry accounting has been applied correctly with no errors or omission to transfer drawings.
Double entry accounting and GST have been applied applied satisfactorily with minor errors or omission to transfer drawings.
Double entry accounting have not been applied satisfactorily or there were major omission, which resulted in inaccurate to transfer drawings.
Depreciation Schedule
Depreciation Schedules are presented with minor errors or omission.
General Ledger
The general ledger balances are satisfactorily presented with minor errors or omission.
The cash payments journal has been satisfactorily posted to the general ledger with minor errors or omission.
The balance day adjustment entries has been satisfactorily posted to the general ledger with no errors or omission.
The balance day adjustment entries has been satisfactorily posted to the general ledger with minor errors or omission.
The balance day adjustment entries has not been satisfactorily posted to the general ledger or there were major omission.
The closing entries has been satisfactorily posted to the general ledger with minor errors or omission.
The profit & loss summary account shows correct net profit.
Trial Balance
The Trial Balance is presented to show balances and contains a period statement but with minor errors or omission
Journal entry to transfer profit
Journal entry to transfer drawings
Completed for 1 year
Satisfactory = 1 Asset correct
Entries to date: Satisfactory = at least ten
(10) correct
Cash payments journal postings:
Satisfactory = At least five (5) correct
Balance day adjustment
Depreciation Schedules are presented correctly with no errors or omission.
The general ledger balances are satisfactorily presented with no errors or omission.
The cash payments journal has been satisfactorily posted to the general ledger with no errors or omission.
The closing entries has been satisfactorily posted to the general ledger with no errors or omission.
Depreciation Schedules have not been presented satisfactorily or there were major omission.
The general ledger balances have not been presented satisfactorily or there were major omission.
The cash payments journal has not been satisfactorily posted to the general ledger or there were major omission.
The closing entries has not been satisfactorily posted to the general ledger or there were major omission.
The profit & loss summary account does not show correct net profit.
The Trial Balance contains major errors and omission
Satisfactory = At least five (5) correct
(B4) 3.1 3.2 3.3
Closing entries:
Satisfactory = At least five (5)
Profit & Loss Summary a/c:
Satisfactory = Shows Correct Net Profit
Data taken from the student’s general ledger.
Contains a period statement and totals
Sub Total:
The Trial Balance is balanced and reconciles to the ledger and contains a correct period statement.
/ 31 marks
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Gross profit: Net profit:
Selling & Distribution section:
Satisfactory = correctly labelled and with some correct accounts allocated (all for above satisfactory)
General & Administrative section:
Satisfactory = correctly labelled and with some correct accounts allocated (all for above satisfactory)
Finance section:
Satisfactory = correctly labelled and with some correct accounts allocated (all for above satisfactory)
Net Assets:
correctly calculated &
INCOME STATEMENT
Relevant part of the activity related to the criteria
Above Satisfactory
Satisfactory
Not Yet Satisfactory
The financial report to reflect profit contains revenue and expenses and correctly calculates and labels gross and net profit.
The financial report to reflect profit contains revenue and expenses and calculates gross and/or net profit but contains minor errors or omission.
The financial report to reflect profit does not correctly calculate gross and net profit and contains major errors and omission.
The financial report to reflect profit correctly labels and allocates all accounts into all three sections of the expenses.
The financial report to reflect profit is not correctly labelled and contains major errors and omission when allocating accounts into the sections of the expenses
/ 20 marks
4 – 1 marks
The financial report to reflect
profit is labelled but contains minor errors or omission when allocating accounts into the sections of the expenses
5 – 1 marks
Balance Sheet:
labelled (B4)
Total Equity:
correctly calculated & labelled
Working Capital: correctly calculated &
Non-Current assets Sections:
Satisfactory = some correct accounts allocated (all for above satisfactory)
Sub Total:
The balance sheet contains assets, liabilities and owner’s equity and correctly calculates and labels net assets and total equity.
The balance sheet calculates and labels net assets and total equity but contains minor errors or omission.
The balance sheet does not correctly calculate net assets and total equity and contains major errors and omission.
4 – 1 marks
The balance sheet correctly calculates working capital and allocates non-current assets into sections with no errors or omission.
The balance sheet correctly calculates working capital and allocates non-current assets into sections but contains minor errors or omission.
The balance sheet does not correctly calculate working capital and non-current assets sections contains major errors and omission.
3 – 1 marks
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(F) 2.1 2.3
PDF: Transaction Journal
• Shows at least five (5) GJ entries for above satisfactory, all correct
PDF: Transaction Journal
• Shows the bad debt entry PDF: Bank Recon Report
• for the month of June
• for the month of July
• shows at least one (1)
Reports show balance day adjustments with no errors or omission.
Reports show balance day adjustments contains major errors and omission.
Reports show the bad debt entry with major errors and omission.
Reports show bank reconciliation but contains major errors and omission.
Reports for general ledger contains major errors and omission.
Inventory list “printscreen” has not been printed to show inventory items. Or registered items does not include GST.
Reports for financial performance and financial position contains major errors and omission.
Report does not show proof of rollover as a retained earnings transaction
Back-up file (MYOB) has not been uploaded to Moodle.
Relevant part of the activity related to the criteria
Above Satisfactory
Satisfactory
Not Yet Satisfactory
Reports show balance day adjustments but contains minor errors.
Reports show the bad debt entry with no errors or omission.
Reports show bank reconciliation but contains minor errors.
discrepancy
(F) PDF: General ledger for date
2.4 range.
(F) PDF: Inventory list 1.2 “printscreen”
(F) 1.1 2.1 3.1 3.2 3.3
(F) PDF: Income Statement 4.1 PDF: Balance Sheet
PDF: Transaction Journal (F) (1/7/__)
2.5 Shows Proof of Rollover (retained earnings transaction)
(F) 4.4 4.5
Reports show bank reconciliation with no errors or omission.
Reports for general ledger are generated for the correct period.
Inventory list “printscreen” printed to show two (2) inventory items. Both items include GST.
Reports for financial performance and financial position are generated for the correct period.
Back-up file (MYOB) in .zip has been uploaded to Moodle.
2 – 1 marks
Reports for general ledger are generated but contains minor errors.
1.2 Payable summary or aged
1.3 analysis printed to show
PDF: A/C Receivable & balances.
Reports for A/C Receivable & Payable summary are printed for the correct period and show correct balances.
Reports for A/C Receivable & Payable summary are printed for the correct period and show correct balances with minor errors in the details.
Reports for general ledger contains major errors in the details and omission of accounts.
Inventory list “printscreen” printed to show at least one (1) inventory item. The item include GST.
PDF: Accounts list
Accounts list printed shows all of the following features:
– all required accounts added.
– all required accounts
– all required accounts show
correct GST application.
Accounts list printed shows all of the following features:
– at least one (1) account added.
– at least one (1) account
– at least one (1) account
shows GST application.
Accounts list printed does not show all of the following features:
– at least one (1) account added.
– at least one (1) account
– at least one (1) account
shows GST application.
Reports for financial performance and/or financial position are generated but contains minor errors.
Report shows proof of rollover as a retained earnings transaction
Back-up file in Assessment drive
Sub Total:
/ 19 marks
Back-up file (MYOB) has been uploaded to Moodle but not in .zip form
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Ratio Analysis Presentation
Relevant part of the activity related to the criteria
Above Satisfactory
Satisfactory
Not Yet Satisfactory
Visual Aids
10 – 7 marks
4 – 0 marks
Visual aids were original and creative and were used effectively to enhance the presentation; no grammar, spelling or punctuation errors.
Visual aids were generally used effectively to enhance the presentation; a few grammar, spelling or punctuation errors.
Visual aids were not used effectively and/or there were too many/ they were unclear/irrelevant. Many grammar, spelling and or punctuation errors.
6 – 5 marks
Ratio Analysis
Sub Total:
Total Marks:
10 – 7 marks
4 – 0 marks
/ 20 marks
/ 90 marks
The student presented the ratio analysis of the chosen business which effectively evaluated the business profitability and financial stability. The justification is clear and logical with consideration of all the specific and significant data presented on the financial statements.
The student presented the ratio
analysis of the chosen business which satisfactorily evaluated the business profitability and financial stability.The justification provided is brief with some consistency with the key data presented on the financial statement.
The student did not present the ratio analysis of the chosen business or if the presentation was given, it does not satisfactorily evaluate the business profitability and financial stability. The student did not present a recommendation, or if one was presented it was not supported with relevant data from the profitability of financial stability analysis.
6 – 5 marks
Assessor’s Comments (Strengths/Areas of Improvement)
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