Balance Day Adjustments - Accounting Reports - Finance Assignment Help

Assignment Task :

TASK 1: Knowledge Questions Template
Please provide answers to the following 17 questions.
1. Describe each of the six (6) steps of the accounting process required to record all of the transactions that take place, and to organise and collate this information before finally producing financial reports that are analysed and used in decision making.
Provide a description of each of the 6 steps:
• Transactions
• Journals
• General ledger
• Trial balance
• Balance day adjustments
• Accounting reports

2. In 50 words or more, explain how a revenue-received transaction with a credit balance has a corresponding debit against an asset or liability account.

3. In 50 words or more, describe the difference between cash basis and accrual basis accounting when recording transactions, producing financial reports.

4. Explain in 50 words or more the difference between the profit calculated in the trading account compared with the profit calculated in the profit and loss account.

5. List at least four (4) of the financial regulatory requirements including the relevant legislation that businesses must comply with.

6. Describe at least four (4) functions of the Australian Taxation Office in terms of the financial management requirements of a business and in 50 words or more explain the Good and Services Tax.
 

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