FNS40217 Accounting and Bookkeeping

FNS40217: Certificate IV in Accounting and Bookkeeping Online Tutoring

The FNS40217 Certificate IV in Accounting and Bookkeeping prepares an individual for a role in accounting industry, also to meet requirements with the tax practitioner board.

 

FNS40217: Certificate IV in Accounting and Bookkeeping (Module Online Tutoring)

1a. Explain the concept of the ‘accounting entity’.

 

1b. List and describe the 6 legislative requirements that must be complied with by accountants and bookkeepers.

1c. Define the accounting function. What 3 accounting practices are carried out under the accounting function?

2. For the following accounts, show the Account Type (Asset, Liability, Owner’s Equity, Revenue or Expense) and the Report (Balance Sheet or Income Statement) to which it belongs:

 

3a. Surveying Consultants provides surveying services and are registered for GST in accordance with the legislative and regulatory requirements relating to financial transactions for businesses of their size.

Their services are mainly surveying services: revenue accounts are set up as Surveying Fees (A/C 410) and Other Fees (A/C 411).

 

The following cash receipt documents are for the first week in August. The firm banks daily.

 

Required:

1. What type of documents are these?
2. What information should be included in such a document, and has this been done?

• Please record the information from these documents, per the firm’s organisational procedures, in the Cash Receipts Journal for August using the following template.

 

3bi). List 3 key details you need to look for on a cheque to ensure the cheque is valid?

3bii). What checks does the EFTPOS system perform before processing an EFTPOS transaction?

3biii). From the information provided below, you are required to complete a receipt.  Chemco Pty Ltd received a cheque from AC Cleaning on 1 June 2018 for the amount of $240 being payment for their account.

Chemco Pty Ltd                                                                                        Date …………………………… RECEIPT Received from: …………………………………………………………………………. The sum of: ……………………………………………………………………………….             $……………………… Cash/Cheque For: ………………………………………………………….………………………………..             …………………….…………………………. Signature

 

3d. Identify some industry-accepted security and safety precautions when transporting cash from a workplace to a bank.

3e. What documentation is provided to a business as ‘proof of lodgement’ for banking monies? How would you file these?

Tip: Think about whether you would file these with other records/documents and if in any specific order.

 

 

What is Accounting and Bookkeeping?

Accounting and bookkeeping are two functions that are extremely significant for every business organization. In simplest terms, accounting is responsible for classifying, interpreting, reporting, analyzing and summarizing the financial data whereas bookkeeping is related to identifying and recording financial transactions. For management, it is not easy to take decision only on the data provided by bookkeeping; the data provided by accountants is of great help to make critical business decision. Certificate IV (Accounting and bookkeeping) is a mid-level qualification – a step to the career ladder in Accounting and Bookkeeping. Along with accounting theory, the practical bookkeeping skills lead to range of career options. Product calculation, business operation budget, service cost, business documents, tax calculation, every day transactions, lodging and preparing business activity statements (BAS) to Australia Tax Office (ATO), payroll using MYOB (AccountRight software) and accounting principles are all important elements to learn and practice under this subject.

It’s easier to enter and find a qualified profession in the financial service industry studying this course. Just as it helps to build solid foundation to start with financial career, the accounting principles and practice also develop skills to perform various range of functions and duties in financial sector. This subject requires students to;

• Prepare financial reports
• Learn the process of financial transactions and interim reporting
• To administer subsidiary ledgers and accounts
• To hold grip on cloud-based systems and computer accounting systems
• To develop knowledge on installment activity and business activity systems
• To understand and work on payroll systems

 

To formulate assignments for this course, it is necessary to prepare and lodge installment and business activity statements, operation budgets and financial report, also create and maintain a computerized accounting system or a payroll. It involves basics of cloud computing and strategies to deal with authorities on behalf of tax payer. To address each question specifically, it is crucial to have robust organizational and record keeping skills. Analytical, math skill, methodical and logical approach is a must to solve accounting problems.

This course requires understanding and applying numerical skills for accounting and bookkeeping. It further explains and comprehends the relationship between double entry-bookkeeping and accounting equations. Not only this, it enables to record transactions in apt ledger accounts via double-entry bookkeeping system. Crucial to the accounting world, it becomes easier to prepare a balance sheet, trial balance, and profit and loss account.

Wondering Why You Should Take Accounting and Bookkeeping Online Tutoring Tutoring Service from Experts at myassignmenthelp?

Accounting was never meant to be easy. With technological advancements and digitization, accountancy and bookkeeping has undergone major transformation in current years. Cloud computing has brought advantages in this field, making accountants more responsive to the need of the customers. Myassignmenthelp has been in this industry for years and serving their clients for FNS40217 Certificate IV in Accounting and Bookkeeping Online Tutoring with their team of professional and certified accountants. The experts are skilled at processing financial transactions and to extract interim reports. They know how to establish and maintain payroll system; prepare financial statements, reports and operational budget. To bring accuracy and grip over practical problems, they operate computerized accounting system. The accountants are updated with market changing scenarios and are skilled to use emerging technologies and tools. By outsourcing the requirements to us, it becomes easier for students to concentrate on their core competencies.

 

[citationic]