Complete the following questions from Learner Guide.
This unit requires you to complete two assessment tasks. You must satisfactorily complete all tasks to achieve competency for this unit.
Assessment Task | Assessment Method | Task Summary |
Assessment Task 1: Written Questions | Questions and Answers | Students must correctly answer all questions in this task to show that they understand the knowledge required of this unit/topic. |
Assessment Task 2: Trust Account Management | Project | In this task, students will be managing transactions in a simulated property trust account including documenting receipts, updating journals and ledgers, reconciling the account, and reporting statements. |
TASK SUMMARY | ▶ This is an open book written assessment. ▶ There are 24 questions and some questions have sub-parts. ▶ You must answer all questions and their parts correctly to achieve a satisfactory outcome for this task. |
RESOURCES AND EQUIPMENT REQUIRED | ➤ Access to your learning materials ➤ Access to a computer, printer and internet ➤ Access to Microsoft Word (or a similar program) |
WHERE AND WHEN THIS TASK WILL BE COMPLETED |
◉You will complete this task in your own time, or you may be provided with time in class to complete it (where applicable) ◉ You will be advised of the due date for this task |
WHAT HAPPENS IF YOU GET SOMETHING WRONG | If your assessor marks any of your answers as incorrect or insufficient, they will make arrangements with you for resubmission. Your assessor may ask you some questions verbally to check your understanding, or you may need to provide new written responses to the questions that were answered incorrectly. Your assessor will give you a due date by which this must be provided. |
TASK INSTRUCTIONS | ◉ This is an open book written assessment – you can use your learning materials as reference ◉ You must answer all questions and their parts correctly to achieve a satisfactory outcome for this task ◉ Refer to the Glossary of Instructional Task Words for descriptions of instructional words to guide you in the level of response required in each question |
TASK SUMMARY | ▶ In this task you will be managing the Your Home Real Estate’s trust account. |
RESOURCES AND EQUIPMENT REQUIRED | ➤ Access to your learning materials ➤ Access to Microsoft Excel, Xero, Google Sheets or an appropriate accounting software system ➤ SD Project Templates ➤ Access to Microsoft Word (or a similar program) |
WHERE AND WHEN THIS TASK WILL BE COMPLETED | ◉ You will be advised of the due date for this task |
WHAT HAPPENS IF YOU GET SOMETHING WRONG | If your assessor marks any of your answers as incorrect or insufficient, they will make arrangements with you for resubmission. Your assessor may ask you some questions verbally to check your understanding, or you may need to provide new written responses to the questions that were answered incorrectly. Your assessor will give you a due date by which this must be provided. |
TASK INSTRUCTIONS | ◉ The project is made up of five tasks that need to be completed. You should use the information given in the scenario and either use the Excel templates provided and/or Xero, Google Sheets or an appropriate accounting software system. 1. Fill out the receipts for all incoming moneys for two months of accounts. 2. Enter all the transactions to the Cash Receipts, Cash Payments, and Transfer journals from the source documents to facilitate the processing of payments. You must ensure that there is adequate funds in the trust account at all times. 3. Write up the ledger. 4. Reconcile the account at the end of each month. 5. Issue monthly statements for all rental property management accounts. You will include in the statements a fee for $5 for the statement fee. The commission fee for rentals is 7% of the rental each month. |
Please access attached activity and template to guide you with this activity