12 Mar What happens if you are deemed Not Yet Competent’
What happens if you are deemed Not Yet Competent’?In the event you do not achieve competency by your assessor on this assessment, you will be given one more opportunity to re-submit the assessment after consultation with your Trainer/ Assessor. You will know your assessment is deemed Not Yet Competent’ if your grade book in the Monarch LMS says NYC after you have received an email from your assessor advising your assessment has been graded.Important: It is your responsibility to ensure your assessment re-submission addresses all areas deemed unsatisfactory by your assessor. Please note, if you are still unsuccessful in meeting competency after resubmitting your assessment, you will be required to repeat those units.In the event that you have concerns about the assessment decision then you can refer to our Complaints & Appeals process also contained within the Student Information Guide.Expectations from your assessor when answering different types of assessment questionsKnowledge based questions:A knowledge based question requires you to clearly identify and cover the key subject matter areas raised in the question in full as part of the response.Performance based questions:A performance based question requires you to clearly demonstrate your ability to complete certain tasks, that is, to perform these tasks.Good luckFinally, good luck with your learning and assessments and remember your trainers are here to assist you J Assessment ActivitiesShort answer, preparation and calculationIdentify, describe, analyse and prepare reportingActivity instructions to candidates This is an open book assessment activity. Students should use a hand held calculator and/or software to perform calculations. You are required to read this assessment and answer all questions that follow. Please type your answers into the spaces provided. Please ensure you have read Important assessment information at the front of this assessment document Estimated time for completion of this assessment activity: 2-3 hoursThe following questions are based on the material in the textbook ‘Prepare Financial Statements for Non-Reporting Entities’ by Gavin Dumbrell & Rex Walsh, 5th Edition (January 2015), ISBN: 978-1-876124-50-2 or 6th Edition (July 2017), ISBN: 978-1-925433-84-5The following questions are based on the material in Chapter 1:Question 1.Ben and Jerry have formed a partnership to operate a small cleaning business which trades under the name of Super Clean’.The partnership accounts are prepared on an accrual basis with the financial year from 1 July to 30 June.They expect to have business income in excess of $75,000 (excludes GST) for the year.The partnership holds a small inventory of cleaning materials and products.They employ three employees and, as employers, the partnership meets all its obligations in regard to superannuation, withholding of tax, etc. Does the partnership need to apply for a Tax File Number? (Explain your answer with reasons). Does the partnership need to register for GST? (Explain your answer with reasons). Does the partnership need to apply for an Australian Business Number (ABN)? (Explain your answer with reasons). Is Super Clean a reporting entity or a non-reporting entity? (Explain your answer with reasons). Explain what information would be provided in each of the following reports for Super Clean: i. Income Statementii. Balance Sheetiii. Statement of Cash FlowsThe following questions are based on the material in Chapter 2:Question 2.The following information applies to the business of D. Benches, for the year ended 30 June 2017. GST is collected on all sales and GST is paid on all purchases.Required:Using the information provided, reconstruct the following, providing any missing information and prepare the:Accounts Receivable account,Accounts Payable account,Purchases account andTrading Account to determine Gross Profit (Loss).Information available to you:Account 1/7/2016 30/6/2017
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