Question 1 In the table below are a number of business needs/activities. Determine the roles and responsibilities of the following members of the accounting and bookkeeping profession by placing an “x” in the box representing who would be responsible for carrying out each task. Note that for some roles there may be more than one correct response. Business Needs/Activities The business’ Accountant The business’ Bookkeeper/Accounts clerk Registered BAS Agent Registered Tax Agent Other Perform petty cash and bank functions Prepare depreciation schedule Audit of the company annual financial reports Accounts receivable and payable functions Provide financial planning advice to the organisation Prepare and lodge ASIC forms Payroll functions Advise on complex IT solutions for the organisation Prepare and lodge business activity statements Prepare accounts to trial balance Prepare and analyse financial reports Approval of Business Loan application Prepare and lodge Company Tax Return Maintain records of transactions Question 2 Some tasks in a business are outside the role of the business’ own team. For the business needs/activities, you identified in Question 1 as ‘Other’, you are now required to identify a business or individual (including website details) to whom you could refer to complete the activity. Include how you would effectively refer the business owner to networks for advice and services (including email addresses). Activities identified as “Other” Business name or Individual Contact including website How would you effectively refer the business owner to networks for advice and services

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 1

In the table below are a number of business needs/activities. Determine the roles and responsibilities of the following members of the accounting and bookkeeping profession by placing an “x” in the box representing who would be responsible for carrying out each task. Note that for some roles there may be more than one correct response.

Business Needs/Activities	The business’ Accountant	The business’ Bookkeeper/Accounts clerk	Registered BAS Agent	Registered Tax Agent	Other
Perform petty cash and bank functions
Prepare depreciation schedule
Audit of the company annual financial reports
Accounts receivable and payable functions
Provide financial planning advice to the organisation
Prepare and lodge ASIC forms
Payroll functions
Advise on complex IT solutions for the organisation
Prepare and lodge business activity statements
Prepare accounts to trial balance
Prepare and analyse financial reports
Approval of Business Loan application
Prepare and lodge Company Tax Return
Maintain records of transactions

Question 2

Some tasks in a business are outside the role of the business’ own team. For the business needs/activities, you identified in Question 1 as ‘Other’, you are now required to identify a business or individual (including website details) to whom you could refer to complete the activity. Include how you would effectively refer the business owner to networks for advice and services (including email addresses).

Activities identified as “Other”	Business name or Individual Contact including website	How would you effectively refer the business owner to networks for advice and services

Process of recording, summarizing, and analyzing financial information to prepare financial statements, and making them available to stakeholders, thereby enabling them to make an informed decision about the company. Financial reporting is an extension of financial accounting that deals with the presentation of financial information in accordance with the requirements of prescribed accounting standards.

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