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TKI Accounting Assessment Resources

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For Excellence, the student needs to comprehensively process financial transactions for a small entity.

This means correctly entering financial transactions impacting on all financial elements in the accounting records of the entity, including the consistently correct treatment of GST, non-GST, cash and electronic transactions and consistently following good accounting practice.

The student has completed three source documents.

The bank reconciliation process has been completed accurately.

The student entered transactions in the cash receipts journal (1) and cash payments journal (2). Good accounting practice has consistently been followed in the cash journals.

Column totals and sundry column items have been accurately posted from the journals to ledger accounts. All ledger accounts have been correctly balanced. A chart of accounts has been applied to ledger accounts. Good accounting practice has been consistently followed in the ledger accounts (3).

The trial balance was completed accurately.

For a more secure Excellence, the student could:

• correct the single GST calculation error in the cash receipts journal (1)
• use the account names provided in the resource material in the particulars columns of the journals (1) (2).

For Merit, the student needs to process financial transactions in depth for a small entity.

This means correctly entering financial transactions in the accounting records of the entity, including the correct treatment of GST, non-GST, and cash and electronic transactions, following good accounting practice.

The student has completed three source documents.

The student entered transactions in the cash receipts journal (1) and cash payments journal (2). Good accounting practice has consistently been followed in the cash journals.

The bank reconciliation process has been completed (3).

Column totals and sundry column items have been posted from the journals to ledger accounts. All ledger accounts have been correctly balanced. A chart of accounts has been applied to ledger accounts. Good accounting practice has been consistently followed in the ledger accounts (4).

The trial balance was completed accurately.

To reach Excellence, the student could:

• record the electronic transfer of capital in the bank column (1)
• in the reconciliation process, enter interest received in the cash receipts journal rather than the cash payments journal (3)
• use the GST-exclusive figure for the entry in the water account (4).

For Merit, the student needs to process financial transactions in depth for a small entity.

This means correctly entering financial transactions in the accounting records of the entity, including the correct treatment of GST, non-GST, and cash and electronic transactions, following good accounting practice.

The student has completed three source documents.

The student entered transactions in the cash receipts journal (1) and cash payments journal (2). Good accounting practice has been followed in the cash journals.

The bank reconciliation process has been accurately completed.

Column totals and sundry column items have been posted from the journals to ledger accounts. All ledger accounts have been correctly balanced. A chart of accounts has been applied to ledger accounts. Good accounting practice has been followed in the ledger accounts (3).

The trial balance was completed accurately.

For a more secure Merit, the student could:

• use the account names provided in the resource material in the particulars column of the cash journals and record transactions for May rather than June (1) (2)
• use the correct account code for the shop equipment account and credit the $13,500 of new equity in the capital account (3).

For Achieved, the student needs to process financial transactions for a small entity.

This means correctly entering transactions in the accounting records of the entity.

The student has completed source documents that can be accurately recorded. 

The student has entered transactions into the cash receipts journal (1) and cash payments journal (2). Good accounting practice has been followed.

The student has reconciled the bank statement with journals and their bank account balance is correct on follow through (3).

All ledger accounts have been balanced and the chart of account codes has been applied (4).

Balances have been transferred to a trial balance.

To reach Merit, the student could:

• use the account names provided in the resource material in the particulars columns of the cash receipts journal (1)
• accurately identify non-GST items in both journals (1) (2)
• accurately update the journals with items from the bank statement and enter the bank fee in the cash payments journal rather than on the bank reconciliation (3)
• credit the sale of equipment and debit the purchase in the shop equipment account (4).

For Achieved, the student needs to process financial transactions for a small entity.

This means correctly entering transactions in the accounting records of the entity.

The student has completed three source documents.

The student has entered transactions into the cash receipts journal (1) and cash payments journal (2).

The student has updated cash journals with items from the bank statement and has updated the bank account balance. Parts of the reconciliation statement have been completed accurately (3).

All ledger accounts have been balanced and chart of account codes have been applied (4).

For a more secure Achieved the student could:

• use the account names provided in the resource material in the particulars columns of the cash journals (1) (2)
• use the receipts and bank columns in the cash receipts journal to distinguish between cash and electronic receipts (1)
• avoid entering insurance and bank fees in the reconciliation statement as well as the cash payments journal extract (3)
• increase the drawings balance, correctly treat entries in the GST account, and enter debit entries in the water and bank fees accounts (4).

For Achieved, the student needs to process financial transactions for a small entity.

This means correctly entering transactions in the accounting records of the entity.

The student has accurately completed the source documents.

The student has entered transactions into the cash receipts journal (1) and cash payments journal (2).

The student has updated the cash payments journal with items from the bank statement and has updated the bank account balance. The bank reconciliation statement has been processed correctly (3).

All ledger accounts have been balanced and chart of account codes have been applied (4).

To reach Achieved the student could demonstrate understanding of financial elements by:

• crediting the commission account and debiting the purchases and rates accounts
• entering figures in the debit column in the other expense accounts (4).