Big Insurance Co. - Destruction of Motor Vehicle - Financial Reports - Golden Steer - General Ledger - Accounting Assessment Answer

Assessment Task:

Big Insurance Co. Accounting Assessment Answer

Questions

1.    With regards to the destruction of the motor vehicle, you have been requested to contact the insurer, Big Insurance Co.,  and request claim forms to start the claim process. State how you would contact them, eg letter, email, phone call, and then give an outline of what you would say during this contact.

2.    What are the benefits of using charts and ratios in the presentation of financial reports?  Do you consider charts or ratios to be more useful to the business owner? Why?

3.    Create a chart to display the breakdown of expenses for Golden Steer using the information from the Income Statement (refer to Part B once complete).  Write a brief analysis of the expenses for the year using your chart.

4.    

A)    S. Golden is considering creating a Provision for Doubtful Debts. He thinks it should be 2% of the balance in Accounts Receivable and would like you to advise how much this would be for this year (estimate to the nearest $100).
B)    If the Accounts Receivable balance was to increase in the next year by 10%, how much would the Provision for Doubtful Debts now have to be (estimate to the nearest $100).

5.    What effect does creating the Provision for Doubtful Debts have on profit? 

Part B

Complete the following tasks using the excel templates provided in BSBFIA401_AT2_TMP_V1 and the information and data provided in Appendix A for Golden Steer, including their procedural guidelines.

Make sure all information is entered correctly into all column’s ex folio numbers for appropriate transactions dates and descriptions.

Excel has 6 tabs each with areas to be completed, do not modify the template use what is provided and fill in areas necessary.

Before sending back please make sure all is completed.

1. Prepare all journals for the transactions listed and post to General Ledger as per organizational Policies and Procedures. 

2. Identify and correct errors - Check the opening balances in General Ledger are the same as the balances provided by the external Accountant – Business to Business Accounting Pty Ltd. If there are any differences, the balances from the external Accountant are considered to be correct, so you are to change the General Ledger opening balances to be the same as those from Business to Business Accounting Pty Ltd. 

3. Prepare the Asset Register and Depreciation Schedule for 30 June 2018 (Excel templates provided – tab called Asset Reg & Depn Sch)

4. Prepare balance day adjustments, including depreciation

5. Prepare a Detailed Income Statement and Balance Sheet for 30 June 2018

6. Prepare closing entries as required and post to the general ledger

7. Prepare a post-closing Trial Balance as at 30/6/18

Do not change the excel sheet provided

Part C

1.    What legislation relating to privacy is relevant when dealing with computerized accounting systems?

2.    What are the key requirements of this legislation that relate to using computerized accounting systems?

3.    What organizational policies and procedures relating to the operation of computerized accounting systems can be put in place to enhance security and privacy?

4.    List 3 places you could go to for technical help in relation to an issue with your MYOB software.

5.    Source documents used for financial data typically have a number of common characteristics and features without which they could not be used. What are some of these?

6.    What backup procedures would you recommend to ensure your MYOB data file is securely maintained?

7.    What tasks should you undertake before rolling over a financial year?

8.    List the processes that can protect the integrity of the file in an office where there are multiple users.

9.    What action could you take if your MYOB file became corrupt as the result of a computer virus?

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