Reference no: EM132985473

PART A: Skills Activity

Objective: To provide you with an opportunity to show you have the required skills for this unit. Answer the activity in 400-500 words, considering your organisational requirements.

1. As a workplace project (or a simulated workplace activity) compile interim financial statements for the last year to show the financial position of the organisation including profit and loss, comprehensive income, cash flows and changes in equity. You should use appropriate software to aid in calculations and your presentation. Documents should be produced and attached to your workbook to show evidence of your work. Please refer to the following link for simulated case study Australian Hardware

You should include the following in your work:

• The requirements of legislation, relevant codes of practice and accounting standards
• Any deductions, benefits and depreciations that have been made
• Conversion and consolidation procedures
• Discrepancies that may have been found
• Liabilities for tax
• Double-entry bookkeeping and accrual accounting practices
• Clear presentation and format of information.

Demonstrate that you can compare and analyse information from a range of sources, record numerical and textual information using financial language, and present financial issues and requirements clearly. Also, demonstrate using a wide range of mathematical calculations to interpret and arrange/compare numerical information.

2. From assessing your statements, analyse and forecast how the organisation's financial activities may transpire for the next year, you should include:

• Techniques to conduct analysis and to make forecasts
• Financial business recommendations that may help the organisation in the next quarter.

Submit your analysis, forecasting and recommendations in the form of a report.

PART B : Performance Activity

Objective: To provide you with an opportunity to demonstrate the required performance elements for this unit.
You are required to participate in a role play with your trainer for this activity.

In your own work environment or a simulated workplace environment (Please refer to the following link for simulated case study Australian Hardware),

Instructions for this activity:

• Organise and present financial data to highlight relevant features and meet workplace requirements including:
o budget variances
o budgets and forecasts
o cash flow/profit reports
o balance sheets
o financial year reports
o operating statements
o expenditure and receipts
o profit and loss statements
• Use conversion and consolidation procedures such as moving averages, standardised variables, trend analysis and unit costs
• Identify, resolve or refer discrepancies such as:
o absence of auditable trail
o expenditure report mismatches
o incorrect payments and unreconciled cash flows
• Record income and expenditure to meet statutory requirements
• Calculate liabilities for tax including completing Business Activity Statements, where applicable
• Provide financial business recommendations
• Apply knowledge of relevant legislation and regulations
• Perform double entry bookkeeping and accrual accounting.

Answer the above points considering your organisational requirements and submit a report in atleast 500 words.

Trainer will assess whether the student is able to demonstrate the following:

• Compile financial information and data for preparing an annual financial report to highlight relevant features and meet workplace requirements
• Use conversion and consolidation procedures such as moving averages, standardised variables, trend analysis and unit costs
• Identify, resolve or refer discrepancies in data such as incorrect payments and unreconciled cash flows
• Prepare the report to statutory and organisational requirements, including adherence to workplace financial policies and procedures
• Calculate liabilities for tax including completing Business Activity Statements (as applicable)
• From your report, provide financial recommendations to assist the organisation in the next year's financial performance and discuss these with your trainer/assessor.

Throughout this activity, you will need to demonstrate that you can perform double-entry bookkeeping and accrual accounting in the tasks listed above. You will also need to demonstrate and apply knowledge of relevant legislation and regulations.

PART C: Financial Activity Reporting

Using the accounts and Complete the GST Worksheet for BAS. Complete the attached BAS.

Attachment:- Report on financial activity.rar