Explain the purpose of a general ledger in accounting

Reference no: EM133082677

BSBFIA401 Prepare financial reports - Sydney Metro College

Assessment Task 1: Written Questions

Question 1. Explain the basic principles of double entry bookkeeping.

Question 2. Explain the three golden rules of accounting and how they apply to double entry accounting?

Question 3. Explain the purpose of a general journal in accounting and give at least two examples of transactions that may be recorded in this journal.

Question 4. Explain the purpose of a general ledger in accounting and give at least two examples of transactions that may be recorded in this journal.

Question 5. Describe what is meant by "Fair Value" under AASB 116.

Question 6. When working as an accountant you will spend many hours seated at your desk and at the computer, possibly doing lots of data entry. List three OHS issues you might need to consider, ensuring you are working safely and are not at risk of accident, injury or illness.

Question 7. Research the Internet and find out how the Privacy Act 1988 will be changed in regard to storage of client data on cloud servers. What would an accounting firm need to do if it stores client data on an online/cloud accounting system?

Question 8. Review the APES 110 Code of Ethics for Professional Accountants on the Internet. Explain what a Member of Business should do if they are not satisfied that the financial statements of an employing organisation are presented in line with Australian Accounting Standards.

Question 9. Review the APES 110 Code of Ethics for Professional Accountants on the Internet. Explain how threats to compliance with the fundamental principles occur.

Question 10. Explain the Australian Securities & Investments Commission's (ASIC's) role in approving codes of practice for the financial services sector. List their criteria for approval.

Question 11. Explain whether financial services industry associations have to seek approval from ASIC regarding their codes of practice. Give examples of at least two financial services industry codes of practice.

Question 12. List four types of laws that ASIC administers.

Question 13. Explain two posting methods used in computerised accounting systems.

Question 14. You need to prepare end of month financial reports. How would you make sure you have all the data you need?

Question 15. Assume that you have been provided with the data for the end of financial month report. However, you have found some errors. What should you do in this situation and whom would you speak to?

Question 16. Explain the difference between balance day adjustments required for accruals and balance day adjustments required for prepayments. Give an example of each.

Question 17. Outline the reasons why an adjustment for depreciation expense is required at the end of each reporting period.

Question 18. Distinguish between an allocation approach and a valuation approach to depreciation according to AASB1021 and AAS4.

Question 19. Explain why it is important for estimates of the useful lives and expected residual values of depreciable non-current assets to be reviewed annually.

Attachment:- Prepare financial reports.rar

Reference no: EM133082677

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