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FNSACC505 Establish and maintain accounting information systems

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FNSACC505 Establish and maintain accounting information systems

FNSACC505 Establish and maintain accounting information systems

Instructions

You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.

1.    All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.

2.    Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.

3.    All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.

4.    Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.

5.    You may refer to your student learning resources or any other relevant resources when completing your assessment.

6.    Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.

7.    You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.

8.    Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.

9.    You must achieve a satisfactory result for all tasks to achieve competency in this unit.

10. All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).

 

Assessment Schedule

Task

Due Date

Learning Activity Only

Week 1

Task 1

Week 2

Learning Activity Only

Week 3

Learning Activity Only

Week 4

Task 2

Week 5

 

These materials were originally developed by Enhance Your Future Pty Ltd but may now be altered from the original form. Enhance Your Future Pty Ltd does not accept any liability for the Materials, the content and/or any reliance thereon.’

Task 1: Theory Assessment

Student Instructions

 

1.    Type all the answers in a word document if required.

2.    You can conduct internet research to answer these questions.

3.    Provide explanation of 2-3 lines when answering ‘Describe’ questions.

4.    Provide detailed workings for calculations questions.

5.    Provide answers in table format wherever possible.

 

FNSACC505 Establish and maintain accounting information systems

 

Answer the following questions in writing.

 

1.    What information is it essential to use to prepare comprehensive specifications for accounting information systems? (100-120 words)

2.    Why is it important to review the features of any existing systems and records? (120-150 words)

3.    What considerations do you need to identify for developing accounting system specifications? (100-120 words)

4.    What are the 5 accepted practices that recording processes will need to be established according to?

5.    Provide at least 5 examples of features that would need to be compared and measured against user requirements to enable the identification of alternative systems and solutions.

6.    What information should be included in a documented cost-benefit analysis of alternative systems and solutions?  (80-120 words)

7.    You will need to test the system in its operational environment to ensure compliance with what 4 requirements?

8.    What information should be included in formal written confirmations from users about the new systems? (80-100 words)

9.    What will you need to consider when thoroughly and accurately preparing your system supporting documentation? (100-120 words)

10. What will you need to consult with users about in regards to the system documentation? (100-120 words)

11. Where can you store your system documentation to ensure it is easily accessible by all staff?

12. Why is it important to constantly review and update tour system document? (100-130 words)

13. Briefly identify the 5 critical steps that are required for the implementation of the system, in accordance with specified guidelines and timelines. 

14. What will you need to develop to deal with any potential delays or problems? (60-80 words)

15. Briefly discuss 2 different types of training that can be used to support the implementation of the accounting information system.

16. How can you transfer data to the new or modified systems and records without error or loss? (80-100 words)

17. Why is it beneficial to regularly update your systems and records to identify ongoing benefits and threats to the organisation, rather than only update once a year?  (100-120 words)

18. Identify and briefly discuss at least 3 examples of discrepancies that would be identified ad remedied throughout the maintenance of files within organisational and statutory requirements. (100-120 words)

19. At what times should you run an integrity report to ensure the integrity of systems and records complies with all organisational and statutory requirements?

20. What are 4 of the transactions that will need to be monitored to identify taxation and other liabilities?

21. What information is required for analysing and accounting for transactions relating to a specific accounting period? (50-70 words)

22. What methods could be used to communicate and promote the processes for recording and classifying transactions, to support the internal verification of records?

23. Why is it important to standardise and use structured formats for the sources of input data and documentation? (100-120 words)

24. What are 2 methods that can be used to maintain back-ups in an accessible location to safeguard the data in accordance with the requirements of the organisation and auditors?

25. Identify at least 6 sources of input data and/or documentation records that will need to be checked for accuracy and reliability systematically.

26. Once you have established the reporting requirements, why is it important to analyse them regularly? (80-100 words)

27. What information will you need to maintain to support your source documentation? (60-70 words)

28. Identify and briefly discuss the 2 main ethical considerations that apply to the handling of financial reconstruction.

29. Briefly explain the key principles and practices of budgetary control and the associated implications for accounting systems. (100-120 words)

 



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