Process Financial Transactions and Extract Interim Reports - Finance Assignment Help

Assignment Task :

Task 1

(a) Processed the transactions in accordance with the policies and procedures of the organisations.  This includes:                

• Prepare all journals and cashbooks    
• Prepare the source documents    
• Prepare the bank summary    

(b) Prepare the Accounts Receivable and Accounts Payable Subsidiary Ledgers and complete the appropriate reconciliations    
(c) Detail the actions required for the outstanding Debtors and Creditors
 

Task 2 – Theory Questions                
1. Identify three typical errors that could occur while processing financial transactions?    
2. Explain the difference between bad and doubtful debts.    
3. Explain the advantages of using computer software eg. Excel, when preparing Aged Debtors and Aged Creditors reports.  What are the features that assist in the preparation of these Reports?    
4. What are three advantages in using a computerised accounting system?
5.Research the Australian Competition and Consumer Commission’s “Debt Collection Guideline”. When making contact with a Debtor, what are an organisation’s obligations under Privacy Law?    
6. What system of organisation would you recommend to a business for filing supplier invoices?    Give reasons for your choice.
7. List five pieces of office equipment, software or consumables might you use in preparing financial records?
8. a) Identify the 3 errors
b) correct the 3 errors
c) Who should they be reported to?    

9. Outline the Filing Procedures for Bank Statements and invoices per the Extract from Golden Steer Accounting Policies and Procedures Manual, to meet audit requirements. 
10. What type of Accounting System does Gold Catering use? (Refer to Extract from Gold Catering Accounting Policies and Procedures Manual)     
11. Reconciled statement to the subsidiary ledger account, and identified any discrepancies    
12. Identified who discrepancies should be reported to.    
 

Task 3 – Role Plays                
3. (a) Role Play 1
Video evidence is supplied of a role play discussion with the debtor.  
During this discussion the student needs to:
• Obtain and convey information by questioning and active listening    
• Introduction – role and responsibilites    
• Identification of Manager of First Class Functions and invoice details    
• Indentify debt collection procedures    
• Discussion of long term payment option, clearly negotiate the plan and reference to Gold Catering Manager’s approval     
 

(b) Role Play 2
Video evidence is supplied of a role play discussion with the Accountant.
During this discussion the student needs to:
• Obtain and convey information by questioning and active listening     
• summarise the conversation with the debtor
• identify one legal procedure
• identify one industry standard    
• identify one organisational procedure    

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