Accounting - annotated exemplars level 1 AS90982

Demonstrate understanding of cash management for a small entity (1.7)

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This annotated exemplar is intended for teacher use only. The student work shown does not always represent a complete sample of what is required. Selected extracts are used, focused on the grade boundaries, in order to assist assessors to make judgements at the national standard.

Low Excellence

Commentary
Student work extract

Student 1 (PDF, 354KB)

For Excellence, the student needs to demonstrate comprehensive understanding of cash management for a small entity.

This means:

  • explaining key information for the entity on financial documents
  • explaining how and why the entity’s key cash control procedures safeguard cash.

The student has demonstrated comprehensive understanding of cash management for their household. Using a transcript of an interview, the student explains their household’s methods of receiving and spending funds, and how these methods safeguard funds (1).

The importance of retaining financial documents and monitoring the bank balance has also been explained (2).

The key pieces of information on four source documents are explained from the viewpoint of members of the household. The student has engaged with the documents, referring only to information that is actually used (3).

For a more secure Excellence, the student could:

  • base explanations only on the interview responses, for example, the report refers to the use of a Visa card that is not referenced in the interview.
  • explain the significance of EFTPOS cards having pin numbers in terms of how this safeguards cash
  • explain how all of the key pieces of information on the source documents are significant to the user, for example, for the brother who has received a pay slip.

High Merit

Commentary
Student work extract

Student 2 (PDF, 452KB)

For Merit, the student needs to demonstrate in-depth understanding of cash management for a small entity.

This means:

  • describing key information for the entity on financial documents
  • describing how the entity’s key cash control procedures safeguard cash.

The student has demonstrated in-depth understanding of cash management for their household. Using a transcript of an interview with their mother, the student describes methods of receiving and spending funds, and describes how these methods safeguard funds. For example, the student has transcribed their mother’s reference to ‘direct debit’ instead of ‘direct credit’, while conveying a clear understanding of the method (1).

The key pieces of information on four source documents are described or explained from the viewpoint of the household members. The student has engaged with the documents, referring only to information that is actually used (2).

To reach Excellence, the student could:

  • provide explanations containing reasons why the cash control methods are of benefit to the household
  • ensure that explanations are consistent with the interview transcript, for example, the transcript does not refer to a maximum of $100 cash being held in the mother’s wallet.

Low Merit

Commentary
Student work extract

Student 3 (PDF, 352KB)

For Merit, the student needs to demonstrate in-depth understanding of cash management for a small entity.

This means:

  • describing how the entity’s key cash control procedures safeguard cash.
  • describing key information for the entity on financial documents.

The student has demonstrated in-depth understanding of cash management for their household. The student provides descriptions (1) and an explanation (2), of cash control methods and how these safeguard the household’s cash. These represent a small proportion of the information gathered from the interviewee.

The student has described most parts of each of the four source documents (3).

For a more secure Merit, the student could:

  • ensure that the cash control methods referred to in the interview transcript are referenced in the report; for example, reference to EFTPOS and direct debit could be deleted and other information, consistent with the transcript, could be included
  • identify only key aspects of each document and describe them in terms of their actual relevance and usage (3).

High Achieved

Commentary
Student work extract

Student 4 (PDF, 329KB)

For Achieved, the student needs to demonstrate understanding of cash management for a small entity.

This means:

  • identifying key information on financial documents
  • identifying the entity’s key cash control procedures to safeguard cash.

The student has demonstrated understanding of cash management for their household. The student has identified income and payment methods (1), and cash control procedures (2).

Descriptions of how the methods and procedures safeguard cash have been provided (3).

Key information for the household on four source documents has been identified (4).

To reach Merit, the student could:

  • describe in greater detail the cash control methods and how they specifically safeguard cash, for example by saying why having six weeks to pay a credit card account safeguards cash
  • be more accurate in their responses, for example by avoiding reference to cheques as cash.

Low Achieved

Commentary
Student work extract

Student 5 (PDF, 342KB)

For Achieved, the student needs to demonstrate understanding of cash management for a small entity.

This means:

  • identifying key information on financial documents
  • identifying the entity’s key cash control procedures to safeguard cash.

The student has demonstrated understanding of cash management for their household. The student has accurately identified cash control measures that are consistent with interview responses (1).

Some measures that safeguard cash are identified (2).

The student has identified the information from four source documents that is likely to be of most use to household members (3).

For a more secure Achieved, the student could:

  • ensure that responses are consistent with information gathered from the interview
  • provide further evidence to state why or how cash is safeguarded by each control measure
  • explain key aspects from source documents, using the context of the household rather than using generic terms (3).

High Not Achieved

Commentary
Student work extract

Student 6 (PDF, 340KB)

For Achieved, the student needs to demonstrate understanding of cash management for a small entity.

This means:

  • identifying key information on financial documents
  • identifying the entity’s key cash control procedures to safeguard cash.

The student has used a transcript of an interview that produced responses for both a farming entity and the household (1).

The student has listed direct credit as an income method, and three payment methods (2).

The student has identified how cash control methods safeguard cash (3).

The student has provided information about three relevant source documents, and generic statements have been used to describe their use (4).

To reach Achieved the student could:

  • demonstrate understanding that all responses should relate to one entity - references to the farm entity are not relevant (1)
  • ensure that details are provided for how methods and information are used, for example the amount that was spent for the petrol and newspaper at Mobil (4).
 
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