Financial Services 2023 HSC exam pack

Students should:

• read the question carefully to ensure important components of the question are not missed
• answer with more than one example where the question asks for more than one
• have a clear understanding of key words in the question and recognise the intent of the question and its requirements
• engage with what the question is asking rather than presenting a pre-prepared response
• relate to the question throughout the response rather than just at the beginning
• demonstrate knowledge and understanding of HSC content  from the syllabus
• communicate ideas and information using relevant workplace examples and industry terms
• be prepared to address a range of industry issues
• demonstrate knowledge of employability skills relevant to various situations
• review their response to ensure that it addresses question requirements
• present a logical and cohesive response that answers the question.

Question 16(a)

In better responses, students were able to:

• clearly distinguish between accounts payable and accounts receivable by providing details of ONE difference.

Areas for students to improve include:

• understanding the difference between an asset and a liability account.

Question 16(b)

In better responses, students were able to:

• describe TWO types of harassment such as verbal and psychological harassment
• clearly communicate ONE recourse available to the person being harassed, for example, mediation.

Areas for students to improve include:

• focusing on types of harassment and not discrimination
• using relevant workplace examples of harassment to support the response
• developing an understanding of the term ‘recourse’.

Question 17(a)

In better responses, students were able to:

• identify and explain questioning techniques to provide assistance to the worker. For example, open/closed questions, direct/indirect questions and active listening techniques.

Areas for students to improve include:

• understanding the types of questioning techniques common in a workplace
• giving examples of questions to illustrate the questioning techniques that are useful in assisting the worker to find solutions.  

Question 17(b)

In better responses, students were able to:

• demonstrate understanding of the role and responsibilities of an elected workplace health and safety (HSR) representative, for example, consulting with all staff regarding safety issues.  

Areas for students to improve include:

• understanding the difference between the HSR and the work health and safety expectations of all workers
• understanding the specific role of a work health and safety representative rather than providing duty of care examples for all workers.  

Question 18(a)

In better responses, students were able to:

• refer to a relevant source document relating to credit transactions such as credit notes and delivery dockets.

Areas for students to improve include:

• understanding the purpose of source documents regarding credit transactions.  

Question 18(b)

In better responses, students were able to:

• apply the mathematical formula for a break-even calculation, including the profit target
• show working with clearly labelled units.  

Areas for students to improve include:

• applying the correct break-even formula including the profit target.  

Question 18(c)

In better responses, students were able to:

• format a balance sheet categorised under assets, liabilities and owner’s equity
• correctly calculate owner’s equity.  

Areas for students to improve include:

• preparing a simplified balance sheet using account classifications of assets and liabilities
• recording of total amounts for assets and liabilities
• using the accounting equation to accurately calculate owner’ equity.  

Question 19(a)

In better responses, students were able to:

• show understanding of an appropriate response by an employee to constructive negative feedback in a financial services workplace, for example, clarifying areas needing improvement
• link the employee response to an action for improvement. For example, engaging in activities to improve performance and seeking additional training.  

Areas for students to improve include:

• understanding the purpose of constructive feedback in improving work performance.  

Question 19(b)

In better responses, students were able to:

• provide TWO distinct strategies to ensure employees keep up-to-date with the changes in the financial services industry, for example, joining professional associations and completing new training courses.  

Areas for students to improve include:

• developing an understanding of the term ‘industry currency’.  

Question 20(a)

In better responses, students were able to:

• correctly construct a bank reconciliation using the information provided.

Areas for students to improve include:

• understanding the process of reconciling a bank statement with the general ledger
• recognising the difference between the use of debits and credits on a bank statement in comparison to the general ledger.  

Question 20(b)

In better responses, students were able to:

• apply the double entry accounting method to record transactions
• use the correct account name, for example, interest received rather than interest.

Areas for students to improve include:

• understanding the principles of double entry accounting using correct account names.

In better responses, students were able to:

• demonstrate understanding of the difference between a policy and a procedure
• link relevant workplace procedures to sustainable work practices and ethical and legal responsibilities. For example, recycling in the workplace, ethical investments, office energy use
• use correct industry terminology when referring to specific legislation, accounting standards and regulations.

Areas for students to improve include:

• demonstrating knowledge of the role of regulatory bodies within the financial services industry
• understanding the purpose of workplace procedures in addressing workplace issues relevant to the question
• clearly linking workplace procedures to sustainable workplace practices and ethical and legal responsibilities.

Question 22(a)

In better responses, students were able to:

• correctly construct a disposal account using the information provided
• understand the steps of the disposal process, including the calculation of accumulated depreciation and calculation of gain or loss.

Areas for students to improve include:

• calculating part year depreciation
• understanding the concept of accumulated depreciation
• applying the steps for disposal of an asset in an appropriate format.

Question 22(b)

In better responses, students were able to:

• prepare a general journal entry to write off bad debts
• accurately interpret an aged debtors’ report
• provide detailed collection strategies that demonstrated a progression of severity based on time.

Areas for students to improve include:

• understanding the difference between bad debts and doubtful debts
• understanding the principles of double entry accounting in writing off bad debts
• using industry terminology for collection procedures based on the aged debtors report, for example, a payment plan.

Question 22(c)

In better responses, students were able to:

• correctly construct an income statement using appropriate account classifications
• calculate gross and net profit correctly
• process the balance day adjustments correctly.

Areas for students to improve include:

• understanding account classifications, for example, revenue and expense accounts
• processing of balance day adjustments and their impact on the income statement
• recognising which accounts are recorded on the income statement in comparison to the balance sheet.

Question 23(a)

In better responses, students were able to:

• provide detailed procedures to process TWO non-cash transactions, for example, EFTPOS payments and cheques.

Areas for students to improve include:

• improving an understanding of non-cash payment processes within a financial services institution
• ensuring examples used are distinctly different from each other.

Question 23(b)

In better responses, students were able to:

• provide examples of complaints directly related to agencies, for example, discrepancies in transactions
• communicate an understanding of the role of the agency operating as a representative for a range of financial services institutions
• recognise the need to refer customer complaints back to the policies and procedures of the financial institution the agency was representing.

Areas for students to improve include:

• developing a more detailed understanding of the role of an agency
• understanding the relationship between an agency and financial services institutions
• using financial service industry examples rather than retail industry examples
• linking the role of the agency in resolving customer complaints.

Question 23(c)

In better responses, students were able to:

• identify the regulatory bodies of Australian Securites and Investment Commission (ASIC), Australian Prudential Regulation Authority (APRA), Australian Competition and Consumer Commission (ACCC), Australian Taxation Office (ATO), Reserve Bank of Australia (RBA) and/or AUSTRAC (Australian Transaction Reports and Analysis Centre) and the laws that these bodies enforce
• explain the relationship between the purpose of the law and who they protect
• explain the legal/illegal aspects of the financial services industry with reference to customer service, business records, payments and taxation.

Areas for students to improve include:

• increasing knowledge of legislation and regulatory requirements in the financial services industry relating to customer service, business records, payments and taxation
• developing a response that addresses the key word and shows a link between legislation and processes relating to the areas stated in the question.