Events, Tourism, Hospitality and Languages Portfolio

SIT30713 Certificate III and SIT40713 Certificate IV in Hospitality

SITXFIN201 Process financial transactions

Assessment 2
Assessment Method / Conditions:
Please provide short answers to the questions in this assessment.
Assessment Venue:
Online, Blackboard assignment
Due Date: Monday 27 July 2015
Which part of the unit is being assessed?
All elements
Assessment Instructions:
Download and save a copy of this assessment. As you work through the required knowledge
theory, answer the questions appropriately
All questions must be answered correctly in order to meet assessment requirements;
Results and Appeals:
Please refer to the Central Institute of Technology website for information about the
assessment process. The information can be found at www.central.wa.edu.au. The path is;
Current Students - Student Portal: Your Student Handbook - Your Studies, Assessments
page 19.

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Assessment 2 Short Answer Questions

1. List the checking and documentation requirements when receiving a cash
float:

Requirements

Count each denomination of cash and tally

Check that the float equals the correct total that should be there
Report any discrepancies to your manager or supervisor
Make sure theres enough small change to meet expected trading levels
Place the money in the till drawer, with larger denominations to the left,
extending down to the right (with bills & coins)
Make sure to lock the till drawer for security
Keep track of the level of cash in the till throughout trade. If its too much, take
the surplus cash to the safe, according to your security procedures

2. Describe the procedures for taking a cash payment and giving change to a
customer:

Procedures

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3. Describe the procedures for processing the following payments:

Method of Payment

Procedural Steps (What needs to be done)

Credit Card (using Electronic

Facility)

Credit Card (Manual

Processing)

Cash Card

Refund on a Credit or Cash

Card

4. A supplier delivers two bags of coffee beans for which he requires a cash
payment as your establishment holds a Cash On Delivery (COD) account with
the supplier. What would be the correct procedure for processing this
transaction?
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Explanation

5. List the details which must be shown on a tax invoice issued to a customer
and explain how you would verify a manual (written) invoice:

Details required on a Tax Invoice

6. You have finished the evening shift at Futura restaurant. Describe the
procedures for a reconciliation of takings.

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Reconciliation Procedures

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7. You have reconciled all takings and counted all payments at the end of your
shift. In the table below, establish the Total Amount of Sales, Total Amount of
Takings and determine the amount for Under or Over:

Date:

Cashier: YOU

Register #: 3

Shift: AM/PM/BFAST/LUNCH/DINNER
Takings

$ Amount

Food
Beverage
Other

2678.50
934.20

Denomination
$100

Items

$ Amount

$50

22

$20

22

$10

13

Entrees

$5

Main Courses

$2

26

Desserts

$1

33

Beverages

$0.50

Other

$0.20

23

$0.10

47

$0.05

18

Visa

778.50

MasterCard

187.10

American
Express

132.00

Diners Club
Internal
Account
Room Charge

499.50

Less Payments from Till

Total Sales

Total Takings
Under/Over

Signed by Cashier:
Signed by Supervisor:

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8. Suggest three security procedures for the safe transport of monies during or
at the end of a shift:
Security Procedures

9. Explain the procedural steps for posting charges to a guest account

a. manually
b. using a computerised system
Procedures

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10.Calculate the GST amount for the following transactions:

1. The total amount of a bill incl. GST is $ 275.33. What is the GST amount?

2. A bill comes to $ 175.50 excluding GST. What amount needs to be added

for GST?

3. The total for a customers purchase adds to $ 355.50 including GST and
includes an item for
$ 36.50 which is GST free. What is the actual GST amount for this
purchase?

11. Calculate the following foreign exchange transactions based on the given
exchange rates:
1 AUD =

0.49

1 AUD = $US 0.78

1 AUD =

0.58

1. A customer would like to exchange 245.00. The commission is 8%. How

many AUD will you pay to the customer?

2. A customer would like to exchange $US 390.00. The commission is 7%.

How many AUD will you pay to the customer?

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3. A customer would like to exchange 435.00. The commission is 9%. How

many AUD will you pay to the customer?

Academic Quality Assured May, 2015

F04A25
Central Institute of
Technology 2015 This document complies with Standard 1 Standards for RTOs 2015