Unit/s Assessed:

FNSACC311 Process financial transactions and extract interim reports

FNSACC312 Administer subsidiary accounts and ledgers

BSBFIA401 Prepare financial reports

Assessment Name:

FNSACC311_FNSACC312_BSBFIA401 Assignment

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1. The following questions are based on the material in Chapter 1:

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?

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2. The following questions are based on the material in Chapter 2:

2a. For the following accounts, show the Account Type (Asset, Liability, Owner’s Equity, Revenue or Expense) and the Report (Balance Sheet or Income Statement) to which it belongs

	Account Type	Report
Inventory
Mortgage
Accounts Receivable
Wages
Sales
Cost of Goods Sold
Advertising
Accounts Payable
Furniture and Fittings
Fees Received
Capital
Telephone Expense
Drawings
Electricity Expense
Loan
Motor Vehicle
Cleaning Fees paid
Interest Received

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3. The following questions are based on the material in Chapter 3:

3a. 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).

The following cash receipt documents are for the first week in August. The firm banks daily.

Required:

1. What type of documents are these?
2. What information should be included in such a document, and has this been done?
3. Please record the information from these documents, per the firm’s organisational procedures, in the Cash Receipts Journal for August using the following template.

Cash Receipts Journal
Date	Receipt No.	Details	A/C No.	Survey Fees	Other Fees	GST Collected	Amount Banked
			N/A
			N/A
			N/A
			N/A
			N/A
			N/A
			N/A
			N/A
TOTAL			N/A

 

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

3bii. What checks does the EFTPOS system perform before processing an EFTPOS transaction?

3biii. 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.

Chemco Pty Ltd                                                                                        Date …………………………… RECEIPT Received from: …………………………………………………………………………. The sum of: ……………………………………………………………………………….             $……………………… Cash/Cheque For: ………………………………………………………….………………………………..             …………………….…………………………. Signature

3c. 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.

3d. Identify some industry-accepted security and safety precautions when transporting cash from a workplace to a bank.

3e. What documentation is provided to a business as ‘proof of lodgement’ for banking monies? How would you file these?

Tip: Think about whether you would file these with other records/documents and if in any specific order.

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