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Commercial Education Society of Australia

SYLLABUS FOR STUDENT-GRADE EXAMINATIONS IN
BUSINESS FINANCIAL

Issued 2011

The Society offers assessments in this area at two levels. They are:

The Society offers competency assessments from the Business Services Training Package BSB07 from Levels 2 to 4. Candidates at all levels may use a computer, a calculator, calendar and an English language dictionary. They will be expected to be accurate in their solutions, and must write acceptable narrative, where narrative is required. Examination questions will include the Australian Goods and Services Tax (GST) requirements.

Assessment will be by realistic bookkeeping tasks.

In answering Business Financial questions, candidates may use pre-printed bookkeeping paper or forms. Forms may be printed by computer. Candidates must return for marking any pre-printed forms that they have completed. The form of presenting ledger accounts is optional. Candidates may use either the T-bar or 3-column method.

BUSINESS FINANCIAL 2

Time allowed: 2 hours, plus 10 minutes for reading

COMPETENCIES TO BE ASSESSED IN BUSINESS FINANCIAL 2:
from the Business Services Training Package BSB07
FNSICGEN305B — Maintain daily financial/business records

The elements of this competency are:

The range of skills and knowledge required involves processing source documents such as petty cash vouchers, receipts, deposit books, purchases orders, delivery dockets, invoices, credit notes, statements, remittance advices and credit card vouchers.

Assessment will be by practical exercises, problem solving and short-answer questions. Papers will be marked Credit, Pass or Fail.

BUSINESS FINANCIAL 3

Time allowed: 2 hours, plus 10 minutes for reading

COMPETENCIES TO BE ASSESSED IN BUSINESS FINANCIAL 3:
from the Business Services Training Package BSB07
BSBFIA301A — Maintain financial records
BSBFIA303A — Process accounts payable and receivable
BSBFIA304A — Maintain a general ledger

BSBFIA301A — Maintain financial records
The elements of this competency are:

Skills required: Prepare bank reconciliations; enter credit transactions into journals; maintain creditors' and debtors' systems; enter transactions into individual debtor and creditor accounts; prepare schedule of debtors and creditors and reconcile with control accounts in general ledger; post transactions to general ledger and prepare a trial balance.

BSBFIA303A — Process accounts payable and receivable
The elements of this competency are:

Skills required: Maintain financial journal systems; prepare bank reconciliation statements; maintain accounts payable and accounts receivable systems; process payments for accounts payable; prepare statements for accounts receivable and follow up outstanding accounts.

Source documents may include: invoices received, tax invoices issued, credit notes received and issued, adjustment notes, cheque butts and receipts. Transactions may include: credit purchases and sales, returns, day-to-day expenses, purchases paid by cheque, withdrawal of cash by owner, payments to creditors, interest charges and bank fees, capital contributions in cash by owner, payments received by debtors, cash sales and purchases, commission and interest revenue. Journals may include: purchases and purchases returns, cash payments and receipts, sales and sales returns. Discrepancies may include bank charges, interest, dishonoured cheques, direct payments and deposits.

BSBFIA304A — Maintain a general ledger
The elements of this competency are:

Skills required: Prepare general journal entries, post journal entries to the general ledger and prepare a trial balance. The range of skills and knowledge required are: purchase of a fixed asset on credit, sale of a fixed asset on credit, correction of posting errors, writing off a bad debt, interest expenses and interest received, commencing business entries, withdrawal of stock/assets by owner, non-cash transactions (eg, writing off depreciation, stock losses, etc).

Assessment will be by practical exercises, problem solving and short-answer questions. Papers will be marked Credit, Pass or Fail.


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