Proof of lodgement when reconciling transactions

ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 1 &2, 213-215 Lonsdale Street Melbourne VIC 3000 T: 03 0 9077 0758 STUDENT ASSESSMENT - FNSACC301 Process financial transactions and extract interim reports - FNSACC301 Issue Date: 10/10/2017 Page 1 of 9 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 1 &2, 213-215 Lonsdale Street Melbourne VIC 3000 T: 03 0 9077 0758 Instructions You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided. 1. All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer. 2. Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment. 3. All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment. 4. Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation. 5. You may refer to your student learning resources or any other relevant resources when completing your assessment. 6. Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission. 7. You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility. 8. Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence. 9. You must achieve a satisfactory result for all tasks to achieve competency in this unit. 10. All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required). Assessment Schedule Task Task 1 Task 2 Due Date Week 1 Week 2 Process financial transactions and extract interim reports - FNSACC301 Issue Date: 10/10/2017 Page 2 of 9 ABN: 57 169 281 501 E: admissions@sydneymetrocollege.edu.au W: www.sydneymetrocollege.edu.au Sydney (Head Office): Level 2, 16-22 Wentworth Avenue Surry Hills NSW 2010 T: 02 8937 0991 Melbourne: Level 1 &2, 213-215 Lonsdale Street Melbourne VIC 3000 T: 03 0 9077 0758 Task 1: Theory Assessment Student Instructions 1. 2. 3. 4. 5. Type all the answers in a word document if required. You can conduct internet research to answer these questions. Provide explanation of 2-3 lines when answering ‘Describe’ questions. Provide detailed workings for calculations questions. Provide answers in table format wherever possible. Question 1 – Question and Answers Answer the following questions in writing. 1. Explain what source document is. Give some examples. 2. What are different procedures employees can follow when they go to the bank to deposit money for their business to ensure security and safety while banking? 3. When you are filing documents, what factors should be considered when deciding the filing order? 4. How do you ensure that the clerical officer deposited the money to the bank? What would be the possible proof of lodgements? 5. Name the popular accounting software that are in use in Australia. How do you ensure that the data is entered into the accounting software accurately? How do you ensure the currency of the accounting software? Describe the key purposes of Accounting reporting. 6. Money transfer via internet is a popular practice these days. To ensure that there is no fraudulent activity in place, authorising the transfer is a common practice. This authorisation process also ensures sound internal control system of a business. Explain an authorisation process that a business can follow to ensure that the internal control system is working properly. 7. When a staff member presents you with a petty cash voucher,