Subject Code : FNSSS00014
Country : Australia

TASK

1a. Explain the concept of the ‘accounting entity’.

1b. List and describe the 6 legislative requirements that must be complied with by accountants and bookkeepers.

1c. Define the accounting function. What 3 accounting practices are carried out under the accounting function?

Surveying Consultants provides surveying services and are registered for GST in accordance with the legislative and regulatory requirements relating to financial transactions for businesses of their size.
Their services are mainly surveying services: revenue accounts are set up as Surveying Fees (A/C 410) and Other Fees (A/C 411).
20190725043145AM-1932894742-537199069.png

Required:
i) What type of documents are these?

ii) What information should be included in such a document, and has this been done?

iii) Please record the information from these documents, per the firm’s organisational procedures, in the Cash Receipts Journal for August using the following template.

 

20190725043502AM-1704598541-1460896593.png

1. List 3 key details you need to look for on a cheque to ensure the cheque is valid?

2. What checks does the EFTPOS system perform before processing an EFTPOS transaction?

3. From the information provided below, you are required to complete a receipt. Chemco Pty Ltd received a cheque from AC Cleaning on 1 June 2018 for the amount of $240 being payment for their account.

4. Describe the banking procedures that could be used for depositing batch cheques and cash using a deposit slip. Include the details that should be included in the deposit form.

5. Identify some industry-accepted security and safety precautions when transporting cash from a workplace to a bank.

6. What documentation is provided to a business as ‘proof of lodgement’ for banking monies? How would you file these?

7. According to it’s organisational procedures, enter the transactions of Salt Works into the Cash Payments Journal and the totals at 17 May.

 

20190725044906AM-315519472-1774975214.png

 

 

20190725045028AM-614380861-1558953906.png

Please list the controls / procedures that you could adopt in a business for the handling of Electronic payments, Cheques and Cash.

5(a) Required: For the following transactions, complete the Transaction Analysis Chart.

 

20190725045415AM-833060729-1097373497.png

Also required: Using the templates provided:
(b) Prepare General Journal entries for the transactions.
(c) Post the General Journal entries to the ledgers and include ‘DR’ or ‘CR’ to each running Balance for each ledger account.
(d) Prepare a Trial Balance as at 10 June.

This Accounting and Finance has been solved by our Accounting experts at UniLearnO. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.

  • Uploaded By : Keith
  • Posted on : July 25th, 2018
  • Downloads : 416

Whatsapp Tap to ChatGet instant assistance