Reference no: EM132975762

FNSACC416 Set Up And Operate A Computerised Accounting System

Task 1: Theory Assessment

Question 1 - Question and Answers

Answer the following questions in writing.

1. Identify two (2) key principles of accrual accounting and, in your own words, describe each.
2. Identify and describe three (3) key practices of accrual accounting.
3. Identify three (3) key principles of double-entry accounting. In your own words, describe each.
4. Identify the four (4) key practices of keeping accounts in double-entry accounting. In your own words, describe each.
5. What is charts of accounts? Explain the key features of Chart of Accounts in terms of the following: (Approx. 20 words for each)
a) Assets
b) Liabilities
c) Equity
d) Explain Balance Sheet
e) Profit and Loss Statement
6. Identify and explain the key features and characteristics of information included in the tax invoice.
7. List the four (4) details that must be included in any receipt or proof of purchase provided to customers. In your own words, explain why these details are essential in accounting.
8. Identify two (2) key features of organisational policies and procedures relevant to operating computerised accounting systems. In your own words, describe each key feature.
9. Explain the key requirement that computerised accounting systems must comply with under each of the following pieces of financial legislation.
a) A New Tax System (Goods and Services) ACT 1999
b) PAYG withholding System
Superannuation Guarantee (administration) act 1992

Task 2: Case Study and Practical Assessment
Question 1 - Acme Framing

You are a contract bookkeeper for Contract Bookkeeping Services (CBS). You have been asked by your manager to implement a computerised accounting system for a client, Acme Framing.

Your manager has provided you with the following revised list of duties and responsibilities for this assignment.

Duties and responsibilities while on assignment at Acme Framing will include:

• implementing an integrated accounting system
• organising appropriate technical help to solve operational problems
• processing transactions within the system
• setting up an inventory system
• maintaining customer and supplier records and ledgers
• maintaining the chart of accounts
• producing financial reports
• preparing income statements and balance sheets
• various types of reporting in relation to accounts, banking, sales, purchases, and payroll
• completing reconciliations
• ensuring the integrity of the financial system

Bearing the above duties in mind, as well as the following responsibilities:

• abiding by all CBS policies and procedures
• adherence of CBS's Code of Conduct in ethical behaviour/practices and service standards
• compliance to all Acts and legislation (as applicable), and
• compliance to the Financial Industry Standards.
In order to complete this assessment, you are required to complete the following sections
consecutively. Details and specific instructions are provided within each section and on the form/templates provided.

Section 1 - Set up a Computerised Accounting System

Requirements

You are now required to set up a computerised accounting system for Acme Framing for the period ending June 201X. Complete case study information is provided in Appendix. The organisations chart of account has been provided in Appendix. Organisations complete bank statement has been provided in Appendix.

Instructions

1. Review the Acme Framing Case Study located in Appendix
2. Set up the Acme Framing Case Study in the computerised accounting system of your choice (e.g. MYOB, Quickbooks, Xero etc)
3. Print Group 1 reports from Page 10 of the Acme Framing Case Study Supporting documents in Appendix
4. Save the Reports with the following file names: Unitcode_Section1_Report Name_YourName. E.g. FNSACC406_Section1_Group1Reports_AnneSmith
5. Once you have saved ALL your Reports, follow the instructions provided below to complete the next section.

Section 2 - Perform an End-of-Year Rollover

Requirements

You are required to perform an end-of-financial year rollover for Acme Framing.

Instructions

1. Perform the end-of-financial year rollover for Acme Framing
2. Print the Group 2 reports from Page 10 of the Acme Framing case study in Appendix
3. Save the Reports with the following file names: Unitcode_Section2_Report Name_YourName. E.g. FNSACC406_Section2_Group2Reports_AnneSmith

Question 2 - Accessing and using technical help to solve any operational problems

a) Describe two (2) operational problems you encountered while completing Question 1.
b) Identify the technical help you accessed and used to solve these problems.
c) Indicate their contact details, including their name, title/designation, phone number and email address.
d) Describe how these problems were resolved.
e) Submit evidence demonstrating you used oral communication to access and use technical help to resolve these operational problems.

Attachment:- Computerised Accounting System.rar