BSBFIA401 Prepare Financial Reports-Investments Commission

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BSBFIA401 Prepare Financial Reports

Task:

Provide answers to all of the questions below:

1.Explain the basic principles of double entry bookkeeping.

2.Explain the three golden rules of accounting and how they apply to double entry accounting?

3.Explain the purpose of a general journal in accounting and give at least two examples of transactions that may be recorded in this journal. 

4.Explain the purpose of a general ledger in accounting and give at least two examples of transactions that may be recorded in this journal. 

5.Describe what is meant by “Fair Value” under AASB 116.

6. When working as an accountant you will spend many hours seated at your desk and at the computer, possibly doing lots of data entry. List three OHS issues you might need to consider, ensuring you are working safely and are not at risk of accident, injury or illness.

7. Research the Internet and find out how the Privacy Act 1988 will be changed in regard to storage of client data on cloud servers. What would an accounting firm need to do if it stores client data on an online/cloud accounting system?

8. Review the APES 110 Code of Ethics for Professional Accountants on the Internet. Explain what a Member of Business should do if they are not satisfied that the financial statements of an employing organisation are presented in line with Australian Accounting Standards.

9. Review the APES 110 Code of Ethics for Professional Accountants on the Internet. Explain how threats to compliance with the fundamental principles occur.

10. Explain the Australian Securities & Investments Commission’s (ASIC’s) role in approving codes of practice for the financial services sector. List their criteria for approval.

11. Explain whether financial services industry associations have to seek approval from ASIC regarding their codes of practice. Give examples of at least two financial services industry codes of practice. 

12. List four types of laws that ASIC administers.

13. Explain two posting methods used in computerised accounting systems. 

14. You need to prepare end of month financial reports. How would you make sure you have all the data you need?

15. Assume that you have been provided with the data for the end of financial month report. However, you have found some errors. What should you do in this situation and whom would you speak to?

16. Explain the difference between balance day adjustments required for accruals and balance day adjustments required for prepayments. Give an example of each.

17. Outline the reasons why an adjustment for depreciation expense is required at the end of each reporting period.

18. Distinguish between an allocation approach and a valuation approach to depreciation according to AASB1021 and AAS4.

19. Explain why it is important for estimates of the useful lives and expected residual values of depreciable non-current assets to be reviewed annually.

Complete the following activities in the Asset Register Worksheet:

1.Prepare journal entries according to standard practice to record the purchase of assets, depreciation expense and accumulated depreciation for the years ended 30 June 2016 and 2017. Show your workings for the depreciation calculation. 

2.Prepare asset registers for the two items. 

3.Prepare the correcting journal entries for the following:

a) Sold goods on credit to Lennox Furniture for $3,300 (including GST of $300) and incorrectly posted the item from the Credit Sales Journal by debiting Kingscliff Kitchens.

b) Timber worth $880 (including GST) purchased on credit from Shady Timber Mill was incorrectly debited to Purchases. 

c) A cheque for $1,210 received for a kitchen bench slab was incorrectly posted from the cash receipts journal as a credit to the Sales account.

d) The bank column of the cash receipts journal was over added by $30, but the individual receipts were correctly entered and posted.

4. Calculate the following, taking into consideration the relevant procedures set out in the company’s Financial Policy and Procedures:

BSBFIA401 Prepare Financial Reports

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