FNSACC521 Student Assessment Tasks

Stanford College Australia
RTO Number: 40514 CRICOS Number: 03752B

Ground Floor/123 Lonsdale St, Melbourne, VIC 3000
Ph. (03) 8080 9820
Email: admin@stanford.edu.au
RTO No. 40514 CRICOS No. 03752B
FNS50222 Diploma of Accounting
FNSACC521 Provide financial and business

performance information
Student Assessment Tasks
Student Name Jing Zi Lee
Student ID S1385
Date 12/08/2023
FNSACC521 Provide financial and business performance information V1.0 | 1

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CONTENTS
Introduction........................................................................................................................................ 4
Assessment Task 1: Knowledge questions.......................................................................................5
Assessment Task 1: Checklist......................................................................................................... 11
Assessment Task 2: Project Portfolio.............................................................................................. 12
Assessment Task 2: Checklist......................................................................................................... 16
Final results record.......................................................................................................................... 17

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INTRODUCTION
Welcome to the Student Assessment Tasks for FNSACC521 Provide financial and business
performance information. These tasks have been designed to help you demonstrate the skills and
knowledge that you have learnt during your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also
follow the advice provided in the Accounting and Finance Works Student User Guide. The Student
User Guide provides important information for you relating to completing assessment successfully.
ASSESSMENT FOR THIS UNIT

For you to be assessed as competent, you must successfully complete these assessment tasks:
 Assessment Task 1: Knowledge Questions – You must answer all questions correctly.
 Assessment Task 2: Project Portfolio – You must work through a range of activities and
complete a Project Portfolio.

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ASSESSMENT TASK 1:
KNOWLEDGE QUESTIONS
INFORMATION FOR STUDENTS
Knowledge questions are designed to help you demonstrate the knowledge which you have
acquired during the learning phase of this unit. Ensure that you:
 review the advice to students regarding answering knowledge questions in the Accounting
and Finance Works Student User Guide
 comply with the due date for assessment which your assessor will provide
 adhere with your RTO’s submission guidelines
 answer all questions completely and correctly
 submit work which is original and, where necessary, properly referenced
 submit a completed cover sheet with your work
 avoid sharing your answers with other students.
i ASSESSMENT INFORMATION
Information about how you should complete this assessment can be found in Appendix A of the
Accounting and Finance Works Student User Guide. Refer to the appendix for information on:
 where this task should be completed
 the maximum time allowed for completing this assessment task
 whether or not this task is open-book.
Note: You must complete and submit an assessment cover sheet with your work. A template is
provided in Appendix B of the Student User Guide. However, if your RTO has provided you with
an assessment cover sheet, please ensure that you use that.

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QUESTIONS
Provide answers to all of the questions below.
1. Complete the following table about the function and features of policies and processes relating
to financial and business performance information.
Outline the key function of policies The key function of policies and processes relating
and processes relating to financial to financial and business performance information
and business performance is to guide decision-making, ensure compliance,
information. and promote efficiency and effectiveness in the
organization.
List three key features of policies and 1. Standardization: They provide a standardized
processes relating to financial and approach to managing financial and business
business performance information. performance information. 2. Compliance: They
ensure compliance with legal, regulatory, and
organizational requirements. 3. Accountability: They
establish clear roles and responsibilities for
managing financial and business performance
information.
2. Outline five common techniques that can be used to assess and forecast financial and
business performance.
Ratio Analysis:

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Ratio analysis involves the examination of various financial ratios derived from the company's
financial statements (such as balance sheet and income statement). These ratios can
include liquidity ratios (e.g., current ratio), profitability ratios (e.g., return on investment),
leverage ratios (e.g., debt-to-equity ratio), and efficiency ratios (e.g., inventory turnover
ratio). By analyzing these ratios over time and comparing them to industry benchmarks,
analysts can assess the financial health and performance of a company and forecast its
future performance.
Financial Modeling:
Financial modeling involves creating mathematical representations of a company's financial

performance, typically using spreadsheets or specialized software. These models can
range from simple projections to complex simulations and incorporate various financial
and operational variables. Financial modeling allows analysts to forecast future financial
performance under different scenarios, such as changes in revenue growth, cost
structures, and market conditions.
Trend Analysis:
Trend analysis involves examining historical data to identify patterns and trends in key
performance metrics such as revenue, expenses, profitability, and market share. By
identifying historical trends, analysts can extrapolate future performance and forecast
potential outcomes. Trend analysis can help identify seasonality, cyclical patterns, and
long-term growth or decline trends that may impact future performance.
Scenario Analysis:
Scenario analysis involves evaluating how changes in key variables or assumptions could
impact a company's financial performance. Analysts develop multiple scenarios based on
different assumptions about factors such as market demand, pricing, competition, and
regulatory changes. By analyzing the potential outcomes of different scenarios, analysts
can assess the range of possible future performance and develop strategies to mitigate
risks or capitalize on opportunities.
Market Research and Economic Analysis:
Market research and economic analysis involve gathering data and insights about industry
trends, market dynamics, consumer behavior, and macroeconomic factors that may
influence a company's performance. By understanding the broader economic and market
environment, analysts can assess the potential impact on a company's operations, sales,
and profitability. Market research and economic analysis help inform financial forecasts
by providing context and insights into external factors that may affect the company's
performance.

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3. Outline two methods that can be used to assess client needs.

Surveys and Questionnaires:
Surveys and questionnaires are widely used methods to gather information directly from
clients. These can be conducted through various channels such as email, online forms, or
even in-person interviews. Surveys can be designed to ask specific questions related to
product preferences, satisfaction levels, problems faced, or desired improvements. Closed-
ended questions (e.g., multiple-choice) can provide quantitative data, while open-ended
questions allow clients to provide detailed feedback and insights. Analyzing survey responses
enables businesses to identify common themes, preferences, and areas for improvement,
helping tailor products or services to better meet client needs.
Focus Groups:
Focus groups involve bringing together a small group of clients or potential clients to discuss
specific topics related to a product or service. A skilled moderator leads the discussion, asking
questions and encouraging participants to share their opinions, experiences, and suggestions.
Focus groups provide qualitative insights into client needs, preferences, and perceptions that
may not be captured through quantitative methods alone. Participants can interact with each
other, sparking new ideas and uncovering insights that may not emerge in individual
interviews. Businesses can use the feedback gathered from focus groups to refine their
offerings, develop new features, or address any concerns raised by clients.
4. Complete the table below about methods of compiling data.
Data type Data compilation method
Revenue Revenue can be compiled by recording all the sales invoices

and receipts from customers.
Expenses Expenses can be compiled by recording all the purchase

invoices and payment receipts.

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Assets Assets can be compiled by recording all the purchase invoices

for assets and depreciation schedules.
Liabilities Liabilities can be compiled by recording all the loan

agreements, interest payment schedules, and supplier
invoices.
Equity Equity can be compiled by recording all the owner's capital

contributions and withdrawals, and retained earnings.
Cash inflows and outflows Cash inflows and outflows depict the movement of cash in and
out of an entity's financial resources, essential for financial
stability and planning. The following outlines the key
components:
5. Complete the table below about methods of reconciling data.
Reconciliation type Method
Bank reconciliation This method involves comparing the bank statement (provided
by the bank) with the cash account records (maintained by the
company) to identify any discrepancies or differences. The aim
is to ensure that the two sets of records match.
Accounts receivable This method involves comparing the detailed list of customers'
reconciliation accounts (maintained by the company) with the total accounts

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receivable balance (recorded in the general ledger). The aim is

to ensure that the total of individual customer balances
matches the total accounts receivable balance.
Accounts payable Accounts Payable Reconciliation: This method involves

reconciliation comparing the detailed list of supplier accounts (maintained by
the company) with the total accounts payable balance
(recorded in the general ledger). The aim is to ensure that the
total of individual supplier balances matches the total accounts
payable balance.
General ledger This method involves reviewing all the accounts in the general
reconciliation ledger to ensure that the balances are correct. This is done by
comparing the balances with supporting documents, such as
invoices, receipts, and bank statements. The aim is to ensure
that all transactions have been recorded correctly.
6. Complete the following table about complex taxation issues.
Issue 1 Issue 2
Complex taxation issue International Taxation Transfer Pricing
Key features (2) This involves tax on Transfer pricing involves the
businesses and individuals costs charged between
who earn income in foreign related organizations for
countries. It includes goods, services, or use of
understanding various tax property. It is complex due to
treaties, foreign tax laws, and the need for proper
tax credits. documentation and
compliance with laws to avoid

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double taxation.
How to escalate If a complex issue arises in If a complex issue arises in

international taxation, it transfer pricing, it should be
should be escalated to a tax escalated to a tax expert or
expert or consultant who consultant who specializes in
specializes in international tax transfer pricing regulations
laws. and documentation.
7. Complete the following table about short-term and long-term finance types and alternative
finance sources.
Finance type Definition Short and/or long Example source of

term? finance
Debt finance Debt finance refers It is a common source bank loans, bonds, and
to borrowing money of funding for lines of credit.
that must be repaid businesses and can be
over a specific short-term (less than a
period of time with year) or long-term
interest (more than a year).
Equity finance selling a portion of This type of financing Common sources of

ownership in the does not require equity finance include
business in repayment like debt venture capital, angel
exchange for finance but instead investors, and initial
capital. gives investors a share public offerings (IPOs).
in the company's
profits and losses.
8. Complete the following table about financial risks, contingencies, and risk management
options.
List three financial risks Outline one contingency/risk management

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option
Credit Risk Implementing a strict credit policy,

conducting credit checks before extending
credit to customers.
Liquidity Risk Maintaining a sufficient cash reserve, having

a good cash flow management system.
Market Risk Diversifying investments, keeping up-to-date

with market trends and economic indicators.
9. Review the table below and indicate whether the items should be part of a recommendation
report.
Recommendations report Indicate yes or no as to whether this should be included in a

element recommendations report.
Summary of client needs, Yes

objectives and
expectations
This is crucial information to understand the context and basis
for the recommendations.
Cost of the report No

provided
The cost of the report is not typically included within the

recommendation report itself.
Overview of the data Yes

analysis conducted and
the financial potential of
the business Providing insights into the data analysis conducted helps
support the recommendations and demonstrates their validity.
Overall recommendations Yes

for improving financial

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performance, as well as
compliance as relevant
This is the core content of the recommendation report.
Advice on alternative Yes

finance sources and
features of short-term and
long-term finance Including advice on alternative finance sources and features
provides comprehensive guidance to the client.
Risk management options Yes

and contingencies
Risk management options and contingencies are important

considerations for implementing recommendations effectively.
Rights and obligations No
This information may not be directly relevant to the

recommendations and may be covered in separate legal
documents or agreements.
Details of staff members No

who are employed by the
accountant’s workplace
The details of staff members are typically not relevant to the
content of a recommendation report.

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ASSESSMENT TASK 1:
CHECKLIST
Student’s name:
Did the student provide a Completed

sufficient and clear answer successfully?
that addresses the
suggested answer for the
Yes No
following? Comments
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Task outcome:  Satisfactory  Not satisfactory
Assessor signature:
Assessor name:
Date:

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ASSESSMENT TASK 2:
PROJECT PORTFOLIO
INFORMATION FOR STUDENTS
In this task, you are required to demonstrate your skills and knowledge by working through a
number of activities and completing and submitting a Project Portfolio.
You will need access to:

 a suitable place to complete activities that replicates an accounting environment including
accounting software, a computer and internet access
 your learning resources and other information for reference
 your Project Portfolio template
 the Simulation Pack.
Ensure that you:

 review the advice to students regarding responding to written tasks in the Accounting and
Finance Works Student User Guide
 comply with the due date for assessment which your assessor will provide
 adhere with your RTO’s submission guidelines
 answer all questions completely and correctly
 submit work which is original and, where necessary, properly referenced
 submit a completed cover sheet with your work
 avoid sharing your answers with other students.
i ASSESSMENT INFORMATION
Information about how you should complete this assessment can be found in Appendix A of the
Accounting and Finance Works Student User Guide. Refer to the appendix for information on:
 where this task should be completed
 how your assessment should be submitted.
Note: You must complete and submit an assessment cover sheet with your work. A template is
provided in Appendix B of the Student User Guide. However, if your RTO has provided you with
an assessment cover sheet, please ensure that you use that.

Ph. (03) 8080 9820

Ph. (03) 8080 9820
ACTIVITIES
Complete the following activities.
1. Carefully read the following:
This project requires you prepare and document financial and business
performance advice for a client. This includes:
 assessing the client’s needs, as well as general taxation, compliance, and
business viability issues relevant to the client and risk management options
and practices
 analysing data to evaluate the financial performance of the business
 preparing and providing financial and business performance advice
 complying with financial legislation and accounting standards, practices and
principles.
Vocational education and training is all about gaining and developing practical skills
that are industry relevant and that can help you to succeed in your chosen career.
For this reason, basing your project on a realistic scenario will mean that you are
applying your knowledge and skills in a relevant, practical and meaningful way!
You will be collecting evidence for this unit in a Project Portfolio.

All the information required to complete this project can be found in the Simulation
Pack.
The steps you need to take are outlined below. Before you begin, complete page 4
of your Project Portfolio.
2. Assess client needs.
This activity step requires you to prepare for a meeting to assess a client’s needs.
Review the Simulation Pack for the information you need for this activity step.
At the meeting you will need to:
 clarify and confirm the client’s needs, objectives and expectations,
including specific legal and financial requirements.
 discuss suitable options and processes for establishing, structuring and
financing the business.
Therefore, you will need to prepare a short presentation (of approximately 5

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minutes) to address the areas above, as well as develop at least 2 questions to ask
the client.
Work on Section 1 of your Portfolio to prepare for the meeting with the client in the
next activity.
Your assessor will advise you of the time and date of the meeting. There will also
be time following your presentation to ask the client your questions and to discuss
options and processes (a further 5 minutes).
Following the meeting, you will also need to come up with a plan for ensuring that
the financial and business performance information is provided to meet the client
needs. Further information is provided in activity 2.3.
3. Meet with client and provide presentation.
You are to provide your presentation to the client and then following the
meeting, discuss the most suitable options and processes for establishing,
structuring and financing the business. This will include asking the questions
you have prepared.
At the meeting you also need to demonstrate oral communication skills
including:
 Using active listening and questioning techniques to elicit the
views and opinions of your client and to confirm understanding of
their needs.
 Using standard conventions and protocols to seek information
from the client, as well as provide information to the client.
Make sure you note down any further information that you receive from the
client that is relevant and the options that the client is comfortable with.
Following the meeting, you are to develop an email to your client
summarising the meeting outcomes and the plan you have agreed on for
providing financial and business performance.
Complete Section 1 of your Portfolio.
4. Analyse data and provide advice.
Based on the information in your Simulation Pack you are required to analyse data
which will involve:

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 compiling and reconciling data in the form of preparing an income

statement and balance sheet
 checking the reliability and accuracy of the data provided
 confirming statements are accurate and meet requirements
 completing a range of calculations to assess the profitability, efficiency
and stability of the business.
Based on the above, you are required to prepare a report that includes your
evaluation, as well as recommendations to improve financial performance and
compliance.
You are also required to review complex taxation issues and identify experts who
can assist with these complex issues and then escalate these issues to the
identified experts. This will also ensure you have monitored your client’s objectives
and responded to their needs.
Complete Section 2 of your Portfolio.
5. Submit your completed Project Portfolio.
Make sure you have completed all sections of your Project Portfolio, answered all
questions, provided enough detail as indicated and proofread for spelling and
grammar as necessary.
Submit to your assessor for marking.

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ASSESSMENT TASK 2:
CHECKLIST
Student’s name:
Completed
successfully?
Did the student: Yes No Comments
Complete the Project Portfolio Section 1

– Assessing client needs?
Demonstrate oral communication skills

during the meeting with the client
including:
 Using active listening
techniques to confirm
understanding.
 Using questioning techniques
to elicit views and opinions.
 Using standard conventions
and protocols to seek and
provide information?
Complete the Project Portfolio Section 2

– Data analysis and reporting?
Task outcome:  Satisfactory  Not satisfactory
Assessor signature:
Assessor name:
Date:

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FINAL RESULTS RECORD

Student name: Jing Zi Lee
Assessor name:
Date: 12/08/2023
Unit name: FNSACC521 Provide financial and business performance information
Qualification name:
FINAL ASSESSMENT RESULTS

Result
Task Type Satisfactory Unsatisfactory Did not submit
Assessment Task 1 Knowledge Questions S U DNS
Assessment Task 2 Project Portfolio S U DNS
Overall unit results C NYC
FEEDBACK
 My performance in this unit has been discussed and explained to me.

 I would like to appeal this assessment decision.
Student signature: _________________________________________ Date: 12/08/2023________
 I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.

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Assessor signature: _______________________________________ Date: _________________

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Stanford College Australia

RTO Number: 40514 CRICOS Number: 03752B

Stanford College Australia

RTO No. 40514 CRICOS No. 03752B

FNS50222 Diploma of Accounting

FNSACC521 Provide financial and business

Student Assessment Tasks

Student Name Jing Zi Lee

FNSACC521 Provide financial and business performance information V1.0 | 1

FNSACC521 Provide financial and business performance information V1.0 | 2

ASSESSMENT FOR THIS UNIT

FNSACC521 Provide financial and business performance information V1.0 | 3

FNSACC521 Provide financial and business performance information V1.0 | 4

FNSACC521 Provide financial and business performance information V1.0 | 5

Financial modeling involves creating mathematical representations of a company's financial

FNSACC521 Provide financial and business performance information V1.0 | 6

3. Outline two methods that can be used to assess client needs.

4. Complete the table below about methods of compiling data.

Data type Data compilation method

Revenue Revenue can be compiled by recording all the sales invoices

Expenses Expenses can be compiled by recording all the purchase

FNSACC521 Provide financial and business performance information V1.0 | 7

Assets Assets can be compiled by recording all the purchase invoices

Liabilities Liabilities can be compiled by recording all the loan

Equity Equity can be compiled by recording all the owner's capital

5. Complete the table below about methods of reconciling data.

Reconciliation type Method

FNSACC521 Provide financial and business performance information V1.0 | 8

receivable balance (recorded in the general ledger). The aim is

Accounts payable Accounts Payable Reconciliation: This method involves

6. Complete the following table about complex taxation issues.

Complex taxation issue International Taxation Transfer Pricing

FNSACC521 Provide financial and business performance information V1.0 | 9

How to escalate If a complex issue arises in If a complex issue arises in

Finance type Definition Short and/or long Example source of

Equity finance selling a portion of This type of financing Common sources of

List three financial risks Outline one contingency/risk management

FNSACC521 Provide financial and business performance information V1.0 | 10

Credit Risk Implementing a strict credit policy,

Liquidity Risk Maintaining a sufficient cash reserve, having

Market Risk Diversifying investments, keeping up-to-date

Recommendations report Indicate yes or no as to whether this should be included in a

Summary of client needs, Yes

Cost of the report No

The cost of the report is not typically included within the

Overview of the data Yes

Overall recommendations Yes

FNSACC521 Provide financial and business performance information V1.0 | 11

Advice on alternative Yes

Risk management options Yes

Risk management options and contingencies are important

Rights and obligations No

This information may not be directly relevant to the

Details of staff members No

FNSACC521 Provide financial and business performance information V1.0 | 12

Did the student provide a Completed

Task outcome:  Satisfactory  Not satisfactory

FNSACC521 Provide financial and business performance information V1.0 | 13

You will need access to:

Ensure that you:

Student signature: _________________________________ Date: 12/08/2023

Assessor signature: _______________________ Date: _