![]() The services provided by accountants include: business establishment services corporate reporting and compliance services audit services management accounting services financial management advisory services taxation advice and planning services insolvency and reconstruction services systems design services trust account and superannuation fund services. ![]() Accountants also provide specific reports as required by any of the interested parties. 1 LIA ST RA AU bookkeeping & accounting essentials PR OP ER T Y OF CE NG SA A M GE PL L E EA PA R GE NI S NG workbook ISBN: For learning solutions, visit RODGERS CVR FINAL ART.indd 1 9/06/11 3:16 PMĢ CONTENTS Part 1 Preface Resources guide Acknowledgements About the authors Competency grid FNSBKG401A: Develop and implement policies and practices relevant to bookkeeping activities 1 CHAPTER 1 BOOKKEEPING POLICIES, FUNDAMENTALS AND PRACTICES 2 Part The duties and responsibilities of a bookkeeper and an accountant Bookkeeping contractors Activities beyond the bookkeeper s responsibility The bookkeeping professional The bookkeeper and compliance requirements Setting up and maintaining the accounting system to meet compliance requirements Support for bookkeepers 27 Assessment checklist 29 FNSBKG402A: Establish and maintain a cash accounting system 30 CHAPTER 2 ACCOUNTING SYSTEMS AND THE CHART OF ACCOUNTS 31 Introduction Reporting from the accounting system The chart of accounts Opening account balances 42 Assessment checklist 49 CHAPTER 3 ACCOUNTING FOR CASH TRANSACTIONS 50 Introduction The manual accounting process Business documents and internal control GST and business documents Cash receipts 55 viii ix xi xii xiii vģ BOOKKEEPING & ACCOUNTING ESSENTIALS 3.5 Reconciling the cash drawer Banking receipts Cash payments 76 Assessment checklist 91 CHAPTER 4 MAINTAINING A PETTY CASH SYSTEM 92 Introduction The need for petty cash Internal control over petty cash Petty cash and the accounting system Journalising petty cash transactions 101 Assessment checklist 108 CHAPTER 5 MANAGING BANK RECONCILIATIONS 109 Part 3 Introduction Reconciliation of a cheque account Reconciliation of a credit card 129 Assessment checklist 141 FNSBKG403A: Establish and maintain an accrual accounting system 142 CHAPTER 6 ACCOUNTING FOR CREDIT TRANSACTIONS 143 Introduction Establishing an accrual accounting system for credit sales Accrual accounting systems for credit purchases 154 Assessment checklist 168 CHAPTER 7 MAINTAINING A GENERAL LEDGER 169 Introduction The General ledger and the accounting system Recording opening account balances Posting credit sales transactions Posting credit purchases transactions Posting cash transactions Posting from the General journal Summary of postings from journals to General ledger Identifying errors in the General ledger 223 Assessment checklist 232 viĤ CONTENTS CHAPTER 8 MAINTAINING SUBSIDIARY LEDGERS 233 Part 4 Introduction The General ledger and Subsidiary ledgers The accounting process Maintaining a Debtors Subsidiary ledger Maintaining a Creditors Subsidiary ledger Subsidiary ledgers and internal control 262 Assessment checklist 271 FNSBKG405A: Establish and maintain a payroll system 272 CHAPTER 9 MAINTAINING A PAYROLL ACCOUNTING SYSTEM 273 Part 5 Introduction Payroll and the accounting system Establishing a payroll system Calculating employee pays Processing and reporting a weekly payroll Employee leave entitlements Statutory obligations Payroll maintenance Handling payroll inquiries 313 Assessment checklist 317 FNSBKG404A: Carry out business activity and instalment activity statement tasks 318 CHAPTER 10 THE BOOKKEEPER AND ACTIVITY STATEMENTS 319 Introduction Registering an organisation with the ATO The Business Activity Statement Completing an Activity Statement Lodging the Activity Statement 356 Assessment checklist 360 Appendix 1: PAYG withholding weekly tax table 361 Index 373 viiĥ CHAPTER 1: BOOKKEEPING POLICIES, FUNDAMENTALS AND PRACTICES The roles and responsibilities of the accountant An accountant s role, in addition to being capable of performing the duties and responsibilities of a bookkeeper, is to oversee the work performed by the bookkeeper and to provide interested parties with analysis and interpretation of an organisation s past and future financial performance.
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