FNSACC405 - Maintain Inventory System - Profit and Loss Statement - Accounting and Finance Assignment Help

Assignment Task :

TASK 1 – submit the following reports from the processing of Camera’s R Us MYOB activity after completing this activity in MYOB.

• Profit and loss Statement
• Balance Sheet
• Inventory Reconciliation
• Convert/export the “Inventory Price Analysis report” into Excel (Inventory – Price Analysis) 

TASK 2 - Theory Questions 

1. Explain both the periodic inventory method and the perpetual inventory method and include the differences.  What method does the organisation Camera’s R Us use?  
2. Outline the process for maintaining the inventory management system for the organisation for Camera’s R Us.
3. Referring to the policies and procedures, what is the procedure when entering transactions into the accounting system for this business Camera’s R Us.
4. What is the objective of AASB102?
5. According to AASB102, when calculating the actual cost of purchases of inventories, what should be included?
6. Explain what is meant by the “lower of cost and net realisable value” rule for inventory. Give an   example of a situation where it might be used.
7. At the end of year stocktake you have counted the large bags and realised one is missing. Do the adjustment in the file and take snip of the recap transaction. DO NOT RECORD THE TRANSACTION. Explain which two accounts will be impacted and how?
8. What are two types of perpetual inventory systems you can use?

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