Accounting for a GST Business - Management Effectiveness Report Writing - Management Accounting Assignment Help

Assignment Task:

Context
Hannah owns Hooked on Hockey, a small retail store sellinghockey sticks from a rented space in Ipswich.  Hannah started the business from scratchand has been pleased by its steady growth.  Recently Hannah’s landlord offered her the opportunity to purchase the shop for $100 000 (paid in 4 instalments over 2 years).  Hannah only has until 31 July to make a decision and pay the first instalment. Hannah normally keeps the accounting records herself but has been too busy to update them inthe last 3 months.

Task
You work as a small business advisor for Carter Howard Chartered Accountants.  Your supervisor has instructed you to assist Hannah and create a business report assessing the business’s management effectiveness relating to inventories, accounts payable and accounts receivable. They requireregular progress reports and will review the draft business report.

To complete this task, you must:
1. Apply transaction analysis, double entry principles and accounting processes (handwritten using a calculator and/or spreadsheet) for a trading GST business to: 
a) record journal transactions incorporating GST;
b) process general journal transactions to the general ledger
c) report the general ledger accounts in a trial balance

2. Synthesise and solve goal-oriented problems to determine the end-of-month cash at bank balance and GST liability/refund.
3. Analyse and interpret reports and accounting processes relating to accounts receivable, accounts payable and inventories.
4. Evaluate proposed changes to accounting practices to make decisions and propose recommendations to improve management effectiveness relating to control of accounts receivable, accounts payable and inventories.
5. Create sentence and paragraph responses in a business report to communicate :
a) descriptions and explanations to business managers and owners of a trading GST business
b) analysis, interpretations, conclusions to business managers of a trading GST business
c) evaluation, decisions and recommendations to business managers and owners of a trading GST business

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