T-1.8.1 Finance 1 Assessment Task 1, v1.0 Last updated .docx

T-1.8.1
Finance 1 Assessment Task 1, v1.0
Last updated on 15/05/2017 Page 1
Details of Assessment
Term and Year Time allowed 2 weeks
Assessment No Assessment 1 Assessment Weighting 50%
Assessment Type Written Assessment
Date 6th March 2018 Room 105
Details of Subject
Qualification SIT40116 Certificate IV in Travel and Tourism
Subject Name Finance
Details of Unit(s) of competency
Unit Code SITXFIN002 Interpret financial information
Details of Student
Student Name

College
Student ID
Student Declaration: I declare that the work
submitted is my own, and has not been copied or
plagiarised from any person or source.
Signature: ___________________________
Date: _______/________/_______________
Details of Assessor
Assessor’s
Name
Assessment Outcome
Results Competent Not Yet Competent Marks /50
FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in
competency and comments on positive improvements:

Student Declaration: I declare that I have been
assessed in this subject, and I have been advised of
my result. I also am aware of my appeal rights and
reassessment procedure.
Signature:
Date: ____/_____/_____
Assessor Declaration: I declare that I have
conducted a fair, valid, reliable and flexible
assessment with this student, and I have provided
appropriate feedback
Student did not attend the feedback session.
Feedback provided on assessment.
Signature:
Date: ____/_____/_____
T-1.8.1

Purpose of the Assessment
The purpose of this assessment is to assess
the student in the following learning
outcomes:
Competent (C) Not Yet Competent (NYC)
SITXFIN002 Interpret financial information
1.1.Identify and interpret the range of financial
information and reports required to monitor
business performance.
1.2.Interpret financial information and reports
applicable to operational or departmental activities.
2.1.Review financial information for impacts on
operational activities and resolve discrepancies
according to own level of responsibility.
2.2.Routinely provide information on operational or
departmental financial activities within required

timelines.
Assessment/evidence gathering conditions
Each assessment component is recorded as either Competent (C)
or Not Yet Competent (NYC). A student can
only achieve competence when all assessment components listed
under “Purpose of the assessment” section
are recorded as competent. Your trainer will give you feedback
after the completion of each assessment. A
student who is assessed as NYC (Not Yet Competent) is eligible
for re-assessment.
Resources required for this Assessment
• Computer with relevant software applications and access to
internet
• Weekly eLearning notes relevant to the tasks/questions
Instructions for Students
Please read the following instructions carefully
• This assessment has to be completed In class At home
• The assessment is to be completed according to the
instructions given by your assessor.
• Feedback on each task will be provided to enable you to
determine how your work could be improved. You

will be provided with feedback on your work within two weeks
of the assessment due date. All other
feedback will be provided by the end of the term.
• Should you not answer the questions correctly, you will be
given feedback on the results and your gaps in
knowledge. You will be given another opportunity to
demonstrate your knowledge and skills to be deemed
competent for this unit of competency.
• If you are not sure about any aspect of this assessment, please
ask for clarification from your assessor.
• Please refer to the College re-assessment and policy for more
information (Student handbook).
T-1.8.1
Assessment Matrix – your lecturer will use this matrix to assess
your satisfactory competence.
Answer questions
appropriately
Insufficient

information
provided
Satisfactory
information
provided
Sufficient
information
provided with a clear
understanding of
content
High level of information
provided demonstrating a
clear understanding of
content.
Exceptional level of
information provided
demonstrating a thorough
understanding of content.

<2 2-2.5 2.5-3 3-4 4-5 /5
Bank Reconciliation
Cash Balance
Summary
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
understanding of
content
content.

<5 5.5-6.5 6.5-7.5 7.5-8.5 >9 /10
Profit & Loss
Statement
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
understanding of
content

content.
<2 2-2.5 2.5-3 3-4 4-5 /5
Bank Deposit Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information

understanding of
content
content.
<0.5 0.75 1 1.5 >1.75 /2
Business Activity
Statement
Insufficient
information
provided
Satisfactory
information

provided
Sufficient
information
understanding of
content
content.
<2 2-2.5 2.5-3 3-4 4-5 /5
T-1.8.1

Manipulation Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a
clear
understanding of the
content
High level of
demonstrating a clear

content.
content.
<1.5 1.5 2 2.5 >2.5 /3
Cash Budget 1 Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a
clear

content
High level of
content.
content.
<2 2-2.5 2.5-3 3-4 4-5 /7.5
Cash Budget 2 Insufficient
information
provided
Satisfactory
information

provided
Sufficient
information
provided with a
clear
content
High level of
content.
content.

<5 5.5-6.5 6.5-7.5 7.5-8.5 >9 /7.5
Financial Position Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with a
clear
content
High level of
content.

content.
<2 2-2.5 2.5-3 3-4 4-5 /5
TOTAL
T-1.8.1
Task 1
Answer the following questions:
1. What are meant by the terms assets and liabilities?
2. What is a bank statement and how does it assist in identifying
discrepancies?
3. What is the GST, who pays it and how is it calculated when
shown as a GST exclusive price and

as a GST inclusive price?
4. Describe the differences between accrual accounting and cash
accounting?
5. Explain the following:
a. General ledger
b. Chart of accounts
c. Journals
d. Double entry accounting
Task 2
Using the following ledgers and bank statement answer the
following questions.
Cash Receipts Journal
CASH RECEIPTS JOURNAL OF THE RESORT – STUDENTS
LODGE – JULY 20XX
Day Description Bank Food Beverage Accommodation
1 Days takings - food $ 764.00 $ 764.00
Days takings - beverage $1375.00 $1375.00
3 Days takings - beverage $5000.00 $5000.00
7 Days takings - food $6400.00 $6400.00

10 Takings - Accommodation $10125.00 $10125.00
17 Takings - Accommodation $3775.00 $3775.00
Days takings - beverage $1045.00 $1045.00
31 Days takings - beverage $6500.00 $6500.00
31 Balance b/d $5544.00
TOTAL $50083.00 $11839.00 $13920.00 $18780.00
T-1.8.1
Cash Payment Journal
CASH PAYMENTS JOURNAL FOR THE RESORT –
STUDENTS LODGE – JULY 20XX

Date Chq
No
Payee Details Bank Purchase
Food
Purchase
Beverage
Wages Advertising Insurance Misc
1/7/XX 1101 No Spots Laundry $1000.00 $1000.00
1102 One Stop
Food
Purchases
- Food
$4150.00 $4150.00
3/7/XX 1103 Cash
Wages
Wages $2625.00 $2625.00
7/7/XX 1104 Integra
Energy
Electricity $315.00 $315.00
10/7/XX 1105 Cash
Wages
Weekly
Wages

$2625.00 $2625.00
14/7/XX 1106 Cowan
Comps
Purchase
of new
computer
$1750.00 $1750.00
17/7/XX 1107 Cash
Wages
Weekly
Wages
$2625.00 $2625.00
22/7/XX 1108 Finley
Gellars
Purchases
– liquor
$4750.00 $4750.00
24/7/XX 1109 Cash
Wages
Weekly
Wages
$2625.00 $2625.00

1110 Cash Purchases
Beverages
$2000.00 $2000.00
26/7/XX 1111 Office
Supplies
Stationery $995.00 $995.00
29/7/XX 1112 News Ltd July’s
advertising
$325.00 $325.00
1113 ITT
Insurance
Insurance
premium
$4145.00 $4145.00
31/7/XX 1114 Cash
Wages
Weekly
Wages
$2625.00 $2625.00
1115 ANZ Bank Interest on
mortgage
$1458.00 $1458.00

1116 Cash-
Food
Purchase
Food
$4875.00 $4875.00
1117 ABC
Office
July’s
stationery
$107.00 $107.00
Total $38995.00 $9025.00 $6750.00 $13125.00 $325.00
$4145.00 $5625.00
T-1.8.1
Bank Statement
ACADEMIES BANK
THE RESORT – STUDENTS LODGE
STATEMENT FOR THE MONTH OF: JULY 20XX
JUL- XX Debit Credit Balance

1 Balance brought forward
2 Deposit $2139.00 $2139.00 Cr
3 Cheque 103 $2625.00 $486.00 Dr
6 Deposit $5000.00 $4514.00 Cr
Cheque 1101 $1000.00 $3514.00 Cr
8 Deposit $6400.00 9914.00 Cr
10 Deposit $3775.00 13689.00 Cr
Cheque 1107 $2625.00 11064.00 Cr
11 Cheque 1102 $4150.00 6914.00 Cr
15 Deposit $1045.00 7959.00 Cr
17 Cheque 1110 $2000.00 5959.00 Cr
18 Cheque 1109 $2625.00 3334.00 Cr
Deposit $10125.00 13459.00 Cr
19 Cheque 1104 $315.00 13144.00 Cr
Cheque 1108 $4750.00 8394.00 Cr
26 Cheque 1111 $995.00 7399.00 Cr
27 Deposit $4675.00 12074.00 Cr
29 Cheque 1112 $325.00 11749.00 Cr

Cheque 1113 $4145.00 7604.00 Cr
30 Deposit $4880.00 12484.00 Cr
Cheque 1105 $2625.00 9859.00 Cr
Cheque 1106 $1750.00 8109.00 Cr
31 Cheque 1114 $2625.00 5484.00 Cr
Cheque 1115 $1458.00 4026.00 Cr
B/Fees $8.00 4018.00 Cr
1. Complete a bank reconciliation, the balance in the general
ledger account as at 30 June 20XX
was $0 as this is the first month the profit centre of the
Backpackers Lodge has commenced.
(Excel file)
2. Complete a Cash Balance Summary (Excel file)
3. Complete a Bank deposit slip for the cheque deposited on the
18th July 20XX (at the bottom off
assessment)
4. Complete a Profit and Loss Statement for the month of July
20XX (Excel file)

T-1.8.1
5. Business Activity Statement Locate the BAS form by visiting
the Australian Tax Office (ATO)
website (https://www.ato.gov.au/Forms/BAS-A---quarterly-
BAS/). Print, complete and submit the
form with this assessment
Task 3
Complete and answer the following table
Complete the following – don’t round off calculations
Budget as a model Regular Queen size Total
Rooms 40 20 60
Occupancy 60% 60%
Rooms sold per day
by 30 days Room nights
Nightly tariff $ 85 $ 100
Revenue
Manipulating the model (1) Regular Queen size Total
Rooms 40
75%
15
20 60
Occupancy 75% 75%

Rooms sold per day
Revenue
Rooms 40 20 60
Occupancy 55% 55%
Rooms sold per day
Revenue
Rooms 40
63%
13
20 60
Occupancy 50%
50%
Rooms sold per day
Revenue
The best outcome model for maximum sales is?

T-1.8.1
Task 4A
Iain Hew owns The French Travel Agency, at Cape Drayton,
Queensland and is thinking of buying new office
furniture in three months’ time (December, 20XX) at a cost of
$65,000. The old furniture will be sold at that time for
$3,000. Assume an opening bank balance of $50,000 at the
beginning of October. Other details include:
1. Iain estimates $70,000 sales for each month. Half these sales
are received in cash and half are received in
the next month as they are credit sales. Octobers credit sales
from September, amount to $35,000.
2. Purchases amount to 25% of sales (excluding scrap) and are
paid for in cash.
3. Labour costs are $20,000 each month.
4. Superannuation ($3,000), rent (3,000), energy bills ($2,000),
miscellaneous ($2,500) are all paid
monthly.
5. Transport costs to the dock, town accommodation areas, and
general couriering work amount
to $1,000 per month.
6. Rates are paid once in October of $5,000.

Requirements:
1. Prepare a cash budget for each month for The French Travel
Agency, with the view to advising Iain whether he
is in a position to pay $65,000 cash for the furniture at the end
of the third month (December). Include also an
accurate heading for this cash budget.
2. Suppose your balance at end was negative, what (new
approaches) actions to rectify the
problem would you consider?
3. Who would you consult and inform in relation to resource
decisions?
Cash budget for the three months ending 31/12/08
October November December Quarter
Cash receipts
Cash sales
Debtors
Scrap
Total cash receipts
Cash payments
Purchases
Labour cost

Superannuation
Rent
Energy bills
Miscellaneous
Transport and couriers
Rates
New bread oven
Total cash payments
Surplus / Deficit
Cash balance at start
Cash balance at end
T-1.8.1
Task 4B
Recalculate The French Travel Agency’s cash budget for the

same period if:
1. sales still averaged $70,000 per month,
2. with sales averaging 90% cash and 10%, debtors for
September were $ 6,000
3. purchases averaging 30% of sales
4. bank balance to start was $4,000
5. all else remains the same.
6. is there a problem with resource decisions?
Cash budget for the three months ending 31/12/08
October November December Quarter
Cash receipts
Cash sales
Debtors
Scrap
Total cash receipts
Cash payments
Purchases
Labour cost
Superannuation
Rent

Energy bills
Miscellaneous
Transport and couriers
Rates
New bread oven
Total cash payments
Surplus / Deficit
Cash balance at start
Cash balance at end
T-1.8.1
Task 5
Please calculate the Increase/decrease in both dollar amount and
percentage.
STATEMENT OF FINANCIAL POSITION
THE RESORT – STUDENTS LODGE

2012 2013 $ Increase/
decrease
% Increase/
decrease
Current Assets
Bank $8500 $12560
Accounts receivable $9000 $5000
GST input tax credit
control
$2700 $2650
Total Current Assets $20200 $20210
Non-current Assets
Office Equipment $15000 $15000
Motor vehicle $56000 $56000
Total non-current assets $71000 $71000
Total Assets $91200 $91210
Current Liabilities
Accounts payable $5000 $6000
GST payable control $2450 $2800
Total current liabilities $7450 $8800
Non-current liabilities
Loan from MT Bank $10000 $10000

Total non-current
liabilities
$10000 $10000
Less total liabilities $17450 $18800
Net assets $73750 $72410
Owner’s equity
Capital $20000 $20000
Add net profit $6500 $12500
Less drawings $2500
Total owner’s equity $26500 $30000
T-1.8.1
Bank Deposit Slip
T-1.8.1

REQUIREMENTS AND DELIVERABLES
1. What To Submit:
• Hard copy of the complete Written Assessment with cover
pages.
2. When To Submit:
• Assessment is due on the 6th March 2018.
3. Performance/Submission Standards:
• Assessment Cover Page
1. Task 1 Answer all questions (5 marks)
2. Task 2
a. Bank Reconciliation & Cash Balance (10 marks)
b. Profit & Loss Statement (5 marks)
c. Bank Deposit (2 marks)
d. Business Activity Statement (5 marks)

3. Task 3 Manipulation (3 marks)
4. Task 4A Cash Budget 1 (7.5 marks)
5. Task 4B Cash Budget 2 (7.5 marks)
6. Task 5 Financial Position (5 marks)
Formatting:
• Number all pages at the bottom of the page
• Use 1.5 line spacing
• Use Arial font, size 12
• Have a line space between paragraphs
• Stapled
Week 7 Literature Review
As the culminating project for the course, you will complete a
comprehensive literature review on topic of your choice related
to the concepts, theories, or evidence-based practices of crisis,
trauma, emergency, and disaster intervention. Using the articles
reviewed in the Week 4 annotated bibliography assignment,
among other available research and course materials, present the
findings of your literature review through a cohesive, critically
analyzed, and integrated work on the selected topic. In your
work, be sure to address and/or include the following elements:
· Identify the specific literature review topic, explicitly
articulating a unifying, overarching theme that will guide the
project.

· Define the major concepts, theories, and/or practices related to
the selected topic.
· Ground these definitions in the information identified in the
available research literature, clearly identifying the source.
· Determine how the topic has been addressed in the available
research literature.
· Summarize the reviewed articles with detail, including the
findings, how they were obtained, and any biases and
limitations affecting the findings.
· Highlight significant or noteworthy similarities and
differences among and between the various reviewed articles
and the overarching topic of the literature review.
· Provide critical analyses of reviewed research literature.
· Articulate the importance of the findings of the literature
reviewed.
· Explain why these findings are important to the understanding
and practice of crisis and emergency intervention and the larger
field of psychology.
· Extend knowledge through the integration of the literature
review findings.
· Make recommendations for future research based on the
literature reviewed and explain the rationale for the
recommendations.
· Synthesize the research literature, redevelop existing models,
or propose new models.
Include a minimum 15 to 17 pages, not including APA
formatted requiredtitle, abstract, and reference pages; submit
APA style in-text citations throughout the work as well.
The basic parts of a paper should also be included; these are the
opening, introduction section, with a precise thesis statement,
the body of the paper with clear, discernable headings formatted
to APA style levels of heading where appropriate, and a
conclusion that restates the thesis and summarizes the major
points of the entire paper.
See the Grading Rubric Below
Component

Excellent
Satisfactory
Needs Improvement
Unsatisfactory
Points Earned
Identify and Define Primary Topic
40 Points Possible
Student identifies an overarching topic that unites the elements
of the literature review and provides clear, substantiated
definitions of foundational concepts and theories of the topic.
Student identifies an overarching topic that unites the elements
of the literature review; foundational concepts and theories of
the topic may not be defined clearly or at all.
Student does not identify or define an overarching topic or
related concepts and theories that unite the elements of the
literature review. However, a loose theme is observed in the
work.
An overarching topic is not identified, the work lacks a sense of
cohesiveness linking elements together.
Review of Literature
65 Points Possible
Student provides an accurate, thorough, critical review of the
research literature related to the selected topic.
Student provides an adequate review of the research literature
related to the selected topic.
Student provides a marginal review of the research literature
related to the selected topic.
A review of the research literature is not presented.
Analysis of Findings
65 Points Possible
Student provides a thorough, evaluative analysis of the findings,

articulating the value to the specific topic and larger field of
psychology.
Student provides a discussion of the findings, highlighting the
importance of the information uncovered through the literature
review.
Student provides a marginal discussion of the findings.
Sufficient details and supporting evidence of the value of the
findings are not represented.
An analysis of the findings of the literature review are not
presented.
Future Research
40 Points Possible
Student provides critically developed and insightful research
recommendations aligned with the overall findings of the
literature review.
Student provides adequately developed research
recommendations aligned with the overall findings of the
literature review.
Student provides marginal research recommendations, which are
not fully aligned with the overall findings of the literature
review.
Future research recommendations are not included.
Formatting and Writing
25 Points Possible
Work is presented in a logical and coherent way. Writing is
clear, articulate, and error free. Formatting is complete, with all
required elements, containing few or no errors.
Work is grammatically sound with a few minor errors.
Formatting is complete, with all required elements, containing
errors, which do not significantly detract from the work’s
quality.
Work contains frequent grammatical errors. Formatting is

incomplete, lacking several required elements, and/or
containing significant errors.
Work does not demonstrate appropriate graduate level writing
and/or utilization of the expected formatting style.
Summary Comments:
Total Points: /230

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