Assessment Task 1 Instructions
Provide answers to all of the questions below:
- Describe the imprest system of petty cash., including the accounts to which the transactions and the petty cash replenishment will be attributed to.
- Explain the concept of accrual accounting.
- Explain the concept of cash accounting.
- Explain why a company may elect to use accrual accounting rather than cash accounting method?
- Explain the difference between an asset and an expense and include an example of each.
- Explain, in your own words, the procedure of Electronic Funds Transfer at Point of Sale (EFTPOS).
- 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?
- What additional security measures could a company use when banking a cheque made out to cash, as opposed to a general cheque?
- Outline three examples of errors that can be made when processing financial transactions.
- In your own words, briefly explain the five fundamental principles of the Code of Ethics for Professional Accountants.
- 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.
- 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.
- Provide three examples of actions that should be taken at work to meet the requirements of the Privacy Act 1988.
- List 4 safety/security measures that should be implemented when transporting cash.
- 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.