FNSACC507 Student Assessment V2.0 January 2017 Page 1 of 13
Assessment Task 1
FNSACC507 Provide management accounting information
Assessment Task 2
This unit describes the performance outcomes, skills and knowledge required to gather, record and
analyse operating and cost data, prepare budget reports and review costing systems integrity to calculate and record the costs of products and services.
This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
The unit can be applied across the financial services sector and applies to job roles that are responsible for accounting reports.
There are no recommended pre-requisite units for this competency.
Possible Co-requisite Units
Competence in this unit may be assessed in conjunction with other units which together form part of
a holistic work role.
All products purchased remain the intellectual property of St Peter Institute. All rights reserved; no part of any
publication provided by St Peter Institute may be reproduced by any means for use outside the purchasing
organisation, without the prior written permission of St Peter Institute.
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Summative Assessment - Assessor Instructions
It is important that prior to conducting this assessment, the assessor undertakes the following:
Prior to conducting the assessment
• Read the assessment task as detailed on the previous page
• If undertaking this assessment in a simulated environment, set up the environment to reflect a vocational workplace within the boundaries of the instructions outlined in each assessment task
• Contextualise the task (and checklist) to ensure it reflects the students working environment (real or simulated). Be sure to check with the mapping document to ensure any contextualisation still covers the unit requirements
• Read the assessor instructions and checklist prior to commencing the assessment
• Ensure the workplace (real or simulated) is suitable for the parameters of the task, to ensure the students will have an appropriate opportunity to demonstrates their skills
• Make suitable modifications to the workplace (real or simulated) if required to allow all tasks to be observed
• Discuss the assessment with the workplace supervisor, to so they are aware of what will happen throughout the process (On The Job Assessments Only)
• Ensure the student is allocated the appropriate time and resources for the task
• Determine and agree with the supervisor an acceptable time frame for each assessment. (On The Job Assessments Only)
• All observations that include working with others and that are technical in nature should be undertaken for at least 30 minutes per observation.
• Advise the student prior to conducting the assessment of:
o what will occur throughout the assessment process
o when the assessment will occur
o the level of competency expected
o NB: You should not tell the student how to undertake the task, as it would lead the student and render the assessment process invalid. The student should have been taught -How- to perform each task during the training stage, and is expected to know this prior to commencing the assessment
o DO NOT give the student a copy of the checklist prior to the assessment
Conducting the assessment
• Establish and oversee the evidence gathering process to ensure remains valid, reliable, fair and flexible
• Advise the student when to commence the assessment
• Observe the student undertake the tasks as outlined
• Record your observations in the assessor checklist
• Where a checklist point is not observed due to an inappropriate environment, or for a reason outside the students control, modify the scenario to allow the student an opportunity to perform the associated task
• Where a checklist point is not appropriate, write -N/A- in the space provided
• Gather supporting documentation where available and appropriate (as evidence)
• Incorporate allowable adjustments to the assessment procedure without compromising the integrity of the assessment
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• Do not interfere with the assessment unless the students actions impose a risk to themselves or anyone else
• If a student performs an action incorrectly, mark it as such. Record what you see, not what you want
• Once the assessment is complete, advise the student that the assessment has ceased, and record
your comments in the sections provided
Making and recording the decision
• The student needs to be deemed satisfactory in the full unit to gain competency.
• If you are in doubt, gather further evidence to help guide your decision.
• Assess the students on what you see during the assessment period, not on actions before or after the assessment.
• Use both the checklist and your professional competency to determine the final outcome for the student.
• If you are marking the student NYC, ensure you outline why you have made this decision, and provide advice on how the student can improve their skills / knowledge prior to reassessment.
• Provide constructive feedback to the student on their performance during the assessment period. Do not make any comments on actions undertaken prior or after the assessment period.
• Provide the student with:
o Clear and constructive feedback based on the assessment decision
o Information on ways of overcoming any identified gaps in competency revealed by the assessment the opportunity to discuss the assessment process and outcome information on reassessment and the appeals processes.
o An opportunity for reassessment if appropriate or requested by the candidate
o Information on appeal process as applicable to your organisation
• Where the students' performance is deemed satisfactory, provide the student with a copy of the completed checklist, ensuring the comments section is completed.
• Where the students' performance is deemed not-satisfactory - provide a copy of the comments / feedback, but not the checklist. This is to ensure the assessment remains valid on re-assessment.
• Record and report the assessment outcome as per your RTO's procedures
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ASSESSMENT SUMMARY / COVER SHEET
This form is to be completed by the assessor and used as a final record of student competency.
All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet
before placing on the students file. Student results are not to be entered onto the Student Database unless all relevant
paperwork is completed and attached to this form.
Student ID No:
Final Completion Date:
Unit Code & Title FNSACC507 - Provide management accounting information
Please attach the following documentation to this form Result Reassessment
S = Satisfactory S = Satisfactory
NS = Not Satisfactory NS = Not Satisfactory
NA = Not Assessed NA = Not Assessed
Assessment Task 1 l:1 Case study S I NS I NA S I NS I NA
Assessment Task 2 0 Written answers to questions S I NS I NA S I NS I NA
Final Assessment Result for this unit C / NYC
Assessor Notes: (inclusive of reassessment, reasonable adjustment, further opportunities for gap training etc):
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Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights. Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
Date: / I Date: / I
Administrative use only
Entered onto Student Management Database
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ASSESSMENT 1 STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements.
Instructions for Students:
Whilst researching and writing your project it is important to:
• Read the Assessment description carefully.
• Assessment should be in a Word format.
• Assemble and analyze a set of sources that you have determined are relevant to the issues you are investigating.
• Acknowledge clearly when and how you are drawing on the ideas or phrases of others;
• Consult your instructors when you are unsure about how to acknowledge the contributions of others to your thought and writing.
• Read the Plagiarism policy and procedure carefully to understand the consequences that you could face if your work is plagiarized.
• Student can seek clarification regarding the assessment required to be done.
• Students can ask for reasonable time from Assessor for preparation of project or Assessment.
• Students can seek information on additional reading material and reference for completion of the assessments.
• Students with special needs can seek assistance from Assessors depending upon the nature of the need.
• Submit this document
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Assessment —1 Case study
For this assessment, you are required to go through the case study and answer the questions that follow each case study.
Fine Asian Royal Taste is a restaurant specialised in Asian cuisine. The owner Steve Chen has been in business for quite a while and would like to take his business to the next level. He has approached you to assist him in cost analysis in the aim to set up a system for management accounting purpose.
Steve Chen has provided you with three dishes that sell the best: Thai Curry Beef, Calamari with blackbean sauce, Satay Chicken with cashew nuts. The restaurant has a policy saying that purchase cost of beef, calamari and chicken must be kept separately. The policy also states that cost in electricity, heating and cooling, rent, staff wages, depreciation of kitchenware, telephone and delivery are all indirect (overhead) so they should be grouped together.
Steve wants to set up a coding system for direct cost and asks for your advice. Which of those cost from
the above paragraph should be classified as direct cost?
In regards to coding each direct cost, Steve wants a four-digit sequence for chicken, beef and calamari. He suggests that the first digit can represent which type of meat and the second digit can represent the cut of the meat. For example, 12 could mean chicken breast. How do you suggest Steve should use the remaining two digits?
According to one business policy, cost in electricity, heating and cooling, rent, staff wages, depreciation of kitchenware, telephone and delivery are all indirect cost. Steve is suspicious that the classification may not be accurate. Which one of the above do you think could be classified as direct cost?
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After careful consideration of the menu, Steve has provided you with the cost of producing one dish from those best-selling dishes.
Thai Curry Beef Calamari with black Satay Chicken with
bean sauce cashew nuts
Direct material $2.50 $3.50 $4.00
Direct labour $5.00 $6.00 $7.00
Overhead $2.00 $2.00 $2.00
The restaurant has received a call from a local business who is interested in hosting a staff party. They only need the bestselling dishes to be served on the party. The estimates based on experience are 30 Thai Curry Beef, 20 Calamari with black bean sauce and 40 Satay Chicken with cashew nuts. As the business owner, Steve needs to work out the total cost and give a quote to the local business in three days. The pricing policy for this kind of special order is cost plus 30% margin.
Ql. How much should Steve quote to the local business for the catering?
Q2. The duty manager has raised a question regarding the overhead allocation. -Chefs spend different time on cooking three dishes and kitchen hands also spend different time on cleaning and preparing. Is it fair that we charge $2.00 for all the three dishes?- Steve thought over it and called up the system from the computer.
Thai Curry Beef Calamari with black Satay Chicken with cashew nuts
Number of dishes 4000 5000 6000
Total Overhead $ $ $
allocated to each dish 12,000.00 10,000.00 8,000.00
Steve wants you to use the data to work out overhead allocated to each one dish for reconciliation purposes. Is it still $2.00 for all dishes?
Q3. Steve wants to advertise his restaurant in an attempt to increase revenue. How do you know if the business should go ahead with advertising or simply focus on existing customers?
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ASSESSMENT 2 — WRITTEN QUESTIONS
Student Instructions: (Written Assessment Only)
This is a closed book written assessment. In allocated time of 2 hours, you are to answer all of the following
questions. Make sure you:
• Print Clearly
• Answer all questions
• Use a pen. Assessments written in pencil will not be accepted.
• Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you
• Do not talk to your classmates. If you are caught talking, you will be asked to leave and your assessment will not be marked.
• Do not cheat. Anyone caught cheating will automatically be marked Not Yet Competent for this unit. There are NO EXCEPTIONS to this rule.
1. When formulating a budget, what types of cost information can be used and which department of the organisation should be consulted?
2. In order to prepare a manufacturing overhead budget for a clothing department, what variable and fixed items should be disclosed for management requirements?
3. As a door manufacturer, you have noticed a 10% variance in purchase cost of door hinges. After discussing with the purchase department, it is concluded that there is has been a short supply of door hinges due to a new design. What could you do to reduce or eliminate the possible variance for the next period?
4. List a few things you would do to make sure the budgets are error free, comprehensive of costing information and in compliance with management requirements and organisational practices?
5. Use the formula to work out variable overhead spending variance.
Actual variable overhead — (AH x SVR)
AH = actual direct labour hours
SVR = Standard variable overhead rate
Actual variable overhead $14300
Actual direct labour hours $4600
Standard direct labour hours $4200
Standard variable overhead rate$3.00
What could be the reason for the spending variance? Is that favourable or unfavourable?
6. There is an argument between the production manager and general manager regarding wages of the supervisors who travel between shops and factory. Currently, the wages are assigned to overhead which causes a constant variance. Please explain your understanding in cost assignment of wages of the supervisors.
7. Give examples of the methods of data protection including back-ups & security procedures which you would employ in your organization?
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