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FNSACC301 Process financial transactions and extract interim reports: Assessment Task 1

Assessment Task 1 Instructions

Provide answers to all of the questions below: 

  1. Describe the imprest system of petty cash., including the accounts to which the transactions and the petty cash replenishment will be attributed to.
  2. Explain the concept of accrual accounting.
  3. Explain the concept of cash accounting.
  4. Explain why a company may elect to use accrual accounting rather than cash accounting method? 
  5. Explain the difference between an asset and an expense and include an example of each. 
  6. Explain, in your own words, the procedure of Electronic Funds Transfer at Point of Sale (EFTPOS).
  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? 
  8. What additional security measures could a company use when banking a cheque made out to cash, as opposed to a general cheque? 
  9. Outline three examples of errors that can be made when processing financial transactions.
  10. In your own words, briefly explain the five fundamental principles of the Code of Ethics for Professional Accountants.
  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. 

  1. 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. 
  2. Provide three examples of actions that should be taken at work to meet the requirements of the Privacy Act 1988.
  3. List 4 safety/security measures that should be implemented when transporting cash.
  4. 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.

Answer

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