文档搜索 > Level 1 Accounting internal assessment resource
NZQA Approved
Internal assessment resource Accounting 1.2B v3 for Achievement Standard 90977
PAGE FOR TEACHER USE
Internal assessment resource Accounting 1.2B v3 for Achievement Standard 90977
PAGE FOR TEACHER USE
Internal assessment resource – Accounting 1.2B
PAGE FOR TEACHER USE
Internal assessment resource Accounting 1.2B v3 for Achievement Standard 90977
PAGE FOR STUDENT USE
Internal assessment resource Accounting 1.2B v3 for Achievement Standard 90977
PAGE FOR STUDENT USE
Internal assessment resource Accounting 1.2B v3 for Achievement Standard 90977
PAGE FOR TEACHER USE
Internal Assessment Resource
Accounting
Level 1
This resource supports assessment against:
Achievement Standard 90977 version 3 Process financial transactions for a small entity |
Resource title: Process Transactions for an Entity That Uses Cash Based Accounting |
5 credits |
This
resource:
|
Date version published by Ministry of Education | February 2015 Version 3
To support internal assessment from 2015 |
Quality assurance status | These materials have been
quality assured by NZQA.
NZQA Approved number A-A-02-2015-90977-02-4347 |
Authenticity of evidence | Teachers must manage authenticity
for any assessment from a public source, because students may have access
to the assessment schedule or student exemplar material.
Using this assessment resource without modification may mean that students?? work is not authentic. The teacher may need to change figures, measurements or data sources or set a different context or topic to be investigated or a different text to read or perform. |
Internal Assessment Resource
Achievement Standard Accounting 90977: Process financial transactions for a small entity
Resource reference: Accounting 1.2B v3
Resource title: Process Transactions for an Entity That Uses Cash Based Accounting
Credits: 5
Teacher guidelines
The following guidelines are supplied to enable teachers to carry out valid and consistent assessment using this internal assessment resource.
Teachers need to be very familiar with the outcome being assessed by Achievement Standard Accounting 90977. The achievement criteria and the explanatory notes contain information, definitions, and requirements that are crucial when interpreting the standard and assessing students against it.
Context/setting
This activity provides a clearly structured framework for assessing whether a student??s skills and understanding meet the specified standard, suggestions for contexts, and an assessment schedule. Select a context that will engage your students and adapt the task as necessary.
The example used is a small business called Cassie??s Crafts. It can be easily adapted for any small business or farm, or a community or iwi organisation provided that the entity is registered for GST on the payments basis. If the entity chosen is a trading business, a periodic inventory system should be used.
In this activity students prepare cash journals, complete a bank reconciliation statement, and complete a set of general ledger accounts classified according to a chart of accounts, a trial balance, and source documents.
Transactions need to include:
All parts of the assessment must be undertaken without the use of extracts. Ensure that the accounting records include source documents (a tax invoice plus two others), cash receipts and cash payments journals (23 transactions across the two journals that include GST and non-GST transactions), a complete set of ledger accounts (minimum 18), a trial balance (minimum 18), and a bank reconciliation. If the bank reconciliation requires updating of journals, these entries may form part of the 23 entries.
Conditions
Students complete the task individually.
Formatting of spreadsheet cells to 2 decimal places must be done by the student.
Resource requirements
Students should have access to appropriate technology, for example, computer spreadsheets or calculators. Note that the use of accounting software is not permitted.
Additional information
None.
Internal Assessment Resource
Achievement Standard Accounting 90977: Process financial transactions for a small entity
Resource reference: Accounting 1.2B v3
Resource title: Process Transactions for an Entity That Uses Cash Based Accounting
Credits: 5
Achievement | Achievement with Merit | Achievement with Excellence |
Process financial transactions for a small entity. | Process financial transactions in depth for a small entity. | Comprehensively process financial transactions for a small entity. |
Student instructions
Introduction
This activity requires you to process financial transactions for a small cash-based business called Cassie??s Crafts. This shop sells craft supplies and provides night classes in scrapbooking. It is registered for GST on the payments basis and uses a periodic inventory system.
The thoroughness with which you process the financial transactions and the extent to which you adhere to good accounting practice will determine the overall grade.
You have <teacher to insert time frame here> in which to independently complete this assessment.
Note that the use of accounting software is not permitted.
Task
Process the following financial transactions for Cassie??s Crafts.
Teacher note: You will need to create and provide resources for the students to use. This includes creating a list of suitable transactions for the entity chosen.
Submit these documents to your teacher.
Resource A
Cassie looks at her online bank statement
on <teacher to
insert date>.
She discovers:
– bank fees $XX
– at least one electronic payment
– at least one electronic receipt.>
– at least one receipt
– at least one payment item
– another item.>
Resource B
Teacher note: The source documents provided (tax invoice, credit note, and receipt) are samples. Update the student instructions as required and provide the transaction information necessary to enable students to complete these.
TAX INVOICE | |||||
<teacher to insert entity name and address/contact details> | |||||
GST Reg. Number 68 - 643 - 376 | TAX INVOICE | ||||
Date | 8191 | ||||
To | |||||
Description | QTY | RATE | AMOUNT | ||
Terms: Payment due on 20th of month following invoice date | SUBTOTAL | ||||
Bank details for direct credit: | PLUS GST | ||||
Kiwibank 38-8712-0876251.00 | TOTAL |
Teacher note: The tax invoice should show a credit transaction for at least two different items, with one being a multiple (such as 3 of X, 2.5 hours of X) purchased with GST-exclusive unit costs provided.
CREDIT NOTE
<teacher to insert contact details of entity>
Credit Note No. <teacher to insert> GST No. <teacher to insert>
Date: __________________
Name: _______________________________________
Address: _____________________________________
_____________________________________
Reason for Return:
____________________________________________________________________________
____________________________________________________________________________
Original Invoice No. ____________
Subtotal
GST
Total Credit $
Teacher note: The credit note could show the return of one of the multiple items from the invoice.
RECEIPT
<teacher to insert contact details of entity>
GST No. <teacher to insert> Receipt No. <teacher to insert>
Date: _________________
Received from: ___________________________________________________
the sum of: ____________________________________________________
$ :
for:
Signed by:
Teacher note: This could be a receipt for cash or a direct credit or a cheque for an appropriate transaction.
Assessment schedule: Accounting 90977 Process Transactions for an Entity That Uses Cash Based Accounting
Evidence/Judgements for Achievement | Evidence/Judgements for Achievement with Merit | Evidence/Judgements for Achievement with Excellence |
The student has processed
financial information. This means that the student has:
The student may not have adhered to good accounting practice in any or all of these components and is not required to do so. For the award of Achievement, students do not need to complete the trial balance. |
The student has processed
financial information in depth. This means that the student has:
In addition:
In the bank reconciliation process most items have been entered correctly in the cash journals, bank account, and bank reconciliation statement. Items recorded on the bank reconciliation statement have been correctly treated. The student has generally followed good accounting practice. For example, the cash journals have been totalled, dates are consistent, and either the bank column of the cash receipts journal reflects line items on the bank statement OR the account names in the particulars or folio references for items extend to the sundry columns. |
The student has processed
comprehensive financial information. This means that the student has:
Note: Evidence must include a tax invoice (with the following areas to focus upon) and two other source documents.
In addition, the transactions, including the bank statement items from the bank reconciliation process, have been correctly entered as line items in the cash journals with GST treatment as consistent. In the bank reconciliation process all items have been entered correctly in the cash journals, bank account, and bank reconciliation statement (allowing for follow-through errors). The bank reconciliation statement bank account balance agrees with the general ledger bank account balance. The student has followed good accounting practice throughout. For example:
Occasional minor errors or inconsistencies are acceptable throughout. |
Final grades will be decided using professional judgement based on a holistic examination of the evidence provided against the criteria in the Achievement Standard.
All Rights Reserved Powered by 文档下载网
Copyright © 2011