FNSACC311-Process Financial Transactions Report Writing – Accounting and Finance Assignment Help

Task

Assessment Requirements:

You are required to complete and pass every task in the assessment in order to be deemed competent.

Assessment Task 1: Written Questionnaire

The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.

Question 1.

Describe the imprest system of petty cash, including the accounts to which the transactions and the petty cash replenishment will be attributed to.

Question 2.

Explain the concept of accrual accounting.

Question 3.

Explain the concept of cash accounting.

Question 4.

Explain why a company may elect to use accrual accounting rather than cash accounting method?

Question 5.

Explain the difference between an asset and an expense and include an example of each.

Question 6.

Explain, in your own words, the procedure of Electronic Funds Transfer at Point of Sale (EFTPOS).

Question 7.

When placing a deposit at a bank, identify the proof of lodgement that you need to obtain in order to ensure you are able to trace the deposit if required?

Question 8.

What additional security measures could a company use when banking a cheque made out to cash, as opposed to a general cheque?

Question 9.

Outline three examples of errors that can be made when processing financial transactions.

Question 10.

In your own words, briefly explain the five fundamental principles of the Code of Ethics for Professional Accountants.

Question 11.

Briefly describe the purpose of the Tax Agent Services Act 2009 and why it is important for a BAS agent to be aware of this Act.

QUESTION 12.

Briefly explain the purpose of the Fair Work Act 2009 and the importance of understanding this Act for an individual working in accounts or bookkeeping.

Question 13.

Provide three examples of actions that should be taken at work to meet the requirements of the Privacy Act 1988.

Question 14.

List 4 safety/security measures that should be implemented when transporting cash.

Question 15.

Describe, in your own words, three important features of a chart of accounts, and list the five categories (excluding contra-accounts) under which all accounts are usually organised.

Question 16.

Explain the key principles and applications of double-entry accounting. Give examples in your explanation.

Question 17.

What does a Trial Balance check?

Question 18.

What are interim reports and what information do they provide?

Question 19.

What does a bank account reconciliation report show?

Your assessor will be looking for:

1. Reading skills to identify and interpret information from organisational documentation

2. Writing skills to address context, purpose and audience when creating documents and communications

3. Numeracy skills to recognise and interpret numerical information related to processing transactions and preparing reports

4. Navigate the world of work skills to follow organisational policies, procedures, protocols and industry and legislative requirements

5. Technological skills

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