BSBFIA301 : Maintain Financial Records - Employment Records - Finance Assignment Help

Assignment Task :

Objective To provide you with an opportunity to correctly maintain daily financial records and in accordance with organisational and legislative requirements for accounting purposes
 

Assessment 
Question 1:  What are the basic records that need to be kept?

• cash book or financial accounting program;
•  Employment records 
•  Bank accounts 
•  Sales records 
•  Proof or purchases 
• Workplace training records

Question 2: Define debtors/creditors.

Debtors are those who owe money to any person / company. There are obligations to be paid to someone.
Creditors are people or companies that have granted credit or money to third parties. If a company owes someone money, the recipient is the creditor.

Question 3: What is gained by reconciling the debtors’ and creditors’ systems?

When we manage to reconcile the accounts, we find the financial balance because debtors pay what they owe and creditors receive, all of them executing their rights and duties.

Question 4: What are three legal requirements as outlined by the ATO?

The obligations are: 
• The date the Pay as you go (PAYG) withholding must be paid;
• The date by which Payment Summaries must be completed and issued;
• Superannuation reporting and lodgement dates;

Question 5: Match the following terms with their definition by drawing a connecting line

• Term    Definition
• Creditors
• Double entry system
• Debtors
• Day to day costs of running the business

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