FNSACC504 Prepare Financial Reports For Corporate Entities: Assessment Task 3

Assessment Task 3 Instructions

Carefully read the following: 

You are an accountant for an accountancy company that has the following organisational procedures for preparing financial statements:

• All financial statements are to be prepared using Microsoft Excel with a worksheet for each type of statement. 
• Cash flow statements must be prepared in accordance with AASB107 Statement of Cash Flows
• Cash flow statements must be prepared within 3 working days of receipt of information from client. 

One of your clients is Bob’s Machinery, and another is Azar Trading.

Complete the following activities:

1. Prepare a cash flow statement

This task requires you to prepare a cash flow statement for Bob’s Machinery for the year ended 2017. 

Create a new Excel Workbook for Bob’s Machinery.

Review the AASB107 Statement of Cash Flows document, as well as the balance sheet and income statement provided to you in Bob’s Machinery Information. 

Save this document as Bob’s Machinery Cash Flow Workbook

1. Reconstruct cash flow statement

Azar Trading Pty Ltd, who has advised you that they do not have some of the information required to prepare the cash flow statement. 

Create a new Excel Workbook for Bob’s Machinery.

You are required to use your problem-solving skills to reconstruct the cash flow account for operating activities from Azar Trading Student to determine the following:

• Purchases
• Payment to accounts payable 
• Receipts from accounts receivable
• Wage expenses paid
• Cash flow from operating activities 

Show all of your working for purchases, accounts payable, accounts receivable and wages expenses. 

Save this document as Azar Trading Cash Flow Workbook.

1. Write an email to your assessor.

The text of the email should be in correct and appropriate English. 

It should give a brief summary of the contents of the attachment.

Attach the following to the email:

• Bob’s Machinery Cash Flow Workbook
• Azar Trading Cash Flow Workbook

Ensure that this email is sent within the time limit given in your accounting company’s organisational procedures.