Process Financial Transactions And Extract Interim Reports



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).

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, what supporting documentation must be attached? Who is required to approve their petty cash claim?
8.A colleague has had a busy day.  Even though it is against organisational policy the colleague has decided to leave the banking until the next day and leaves the money in the cash register overnight. The next morning, when the colleague checks the takings, $100 is missing. Describe two actions the colleague should have taken to help ensure the money was not ‘at risk’.
9.Under GST legislation, what details must be included on a TAX Invoice received from a creditor before you can process it?
10.If the supplier has not provided their ABN, what procedures must Accounts Payable follow?
11.What security safeguards should you consider when you are handling cash?
12.List any acts, regulations, legal procedures and codes of practice that are relevant to the banking industry. Briefly explain why these are necessary?
13.Explain the relationship between a “batch total” for banking purposes and “receipts issued”.
14.Describe the banking facilities you should use when performing the business banking procedure.
15.Explain the banking procedures that would be followed when customers pay by credit card or debit card.
16.What items and documentation must be taken to the bank when banking the day’s takings?
17.What procedure should be followed by the person who performed the daily banking, after the deposit has been made at the bank?
18.What steps would you take if you found a discrepancy between the bank deposit form signed by the bank and the cash records maintained by the business?
19.Provide at least three reasons why it is important to check financial documents before they are processed?
20.Identify the details you would need to check on an invoice received from a supplier before payment is processed.
21.Outline typical errors that can be made in processing financial transactions.
22.Describe different forms of ‘proof of lodgement’.
23.Describe different types of ‘special transactions’.
24.Explain the security procedures for handling cheques, vouchers and cash.
25.Describe the key features of two end of financial year reports.

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