Task 1 - Theory Questions
1. Explained the key components of the accounting equation.
2. Explained the accounting entity concept within the accounting convention framework.
3. Explained the double-entry accounting system in terms of debit and credits
4. a) Explained Accounting standards as a regulation and the regulatory body responsible for them.
b. Researched AASB101 and demonstrated their understanding of a key component of the standard.
5. a) Identified legislation which requires compliance with Accounting Standards
b. Identified the Accounting standard recognised within legislation for recording company income tax.
6. a) Identified a proof of lodgement for banking funds at a bank.
b. Explained 2 alternative methods for banking funds.
c. Identified proof of lodgement for the 2 alternative methods in Q5 b).
d. Explained the filing of documents using company policies and procedures
7. a) Identified 3 industry accepted security and safety precautions appropriate for ensuring correct recording and banking.
b. Identified 3 security methods for deposting money
c. Identified 3 industry accepted methods of reducing cash received by the organisation
8. a) Checked and verified financial transactions to ensure they are correct to supporting documentation.
b. Identified 3 errors or missing information as per industry and legislative requirements
9. Using policies and procedures identified how to act upon errors found.
Task 2 - Double Entry Accounting
Demonstrated knowledge of key principles of debit and credit within accounting systems.
Task 3 - Petty Cash
a. Record petty cash vouchers and claims, checking for validity
b. Identified invalid petty cash payments and how to act upon these issues in accordance with organisational policies and procedures.
c. Processed and balanced petty cash transactions.
d. Balanced petty cash book according to organisational procedures
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