FNSACC504 Prepare Financial Reports For Corporate Entities: Assessment Task 2

Assessment Task 2 Instructions 

Carefully read the following: 

You are an accountant for an accountancy company that has the following organisational procedures for preparing financial statements:

• All financial statements are to be prepared using Microsoft Excel with a Worksheet for each statement. 
• Financial statements must be prepared within 3 working days of receipt of information from client. 
• Financial statements must be prepared as General Purpose Financial Statements according to AASB 101 Presentation of financial statements.  
• Valuations must be according to the AASB 116 Property, plant and equipment.

One of your clients is Hanks Tanks.

Complete the following activities:

1. Prepare financial statements 

Completing this assessment will demonstrate your ability to prepare the required financial statements according to your company’s organisational procedures, as well as AASB Standards. 

It will also demonstrate your ability to use your problem-solving skills by reviewing the additional information and making adjustments as required to ensure there is no negative impact for reporting. 

Enter the information in Hanks Tanks Information into the Hanks Tanks Workbook Template, preparing the following:

• An updated trial balance statement based on the trial balance and adjustments provided
• An income statement
• A balance sheet 
• A statement of changes of equity

1. Upload report in to Moodle and send email to your Manager (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should introduce and summarise the contents of the attachment and ask the Manager for a meeting at their convenience.

Attach your Hanks Tanks Worksheet in to the moodle submit 

Your assessor will reply to the email with the time and date of a meeting to discuss your statements.

1. Participate in a meeting to discuss financial statements 

You are required to meet with your Manager and through each of the financial statements with them to check your coding, classifications, and calculations. 

You will also be asked to explain the adjustments you made and the rationale for these. 

During the meeting, you are required to demonstrate effective interpersonal and communication skills including:

• Speaking clearly and concisely
• Using effective non-verbal communication skills to encourage audience interest
• Responding to questions 
• Asking questions to seek feedback
• Use of active listening techniques to confirm and clarify understanding.

1. Revise your financial statements.

Update your statements to reflect any changes discussed with your Manager.

Save this file as Hanks Tanks Workbook Revised.

Once you revise Hanks Tanks workbook, please change file name: yourname_unitcode_document namev2

1. Upload revised workbook in the moodle. Type a note to your assessor. The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

It should mention the meeting that you had and summarise any changes that you have made to your Hanks Tanks Workbook.

Attach your Hanks Tanks Revised Worksheet in to moodle 

You can send it in the email. Ensure that this email is sent within the time limit given in your accounting company’s organisational procedures.