Book Keeping and Accounting Review 2022

Running Head: BOOK-KEEPING AND ACCOUNTING
BOOK-KEEPING AND ACCOUNTING
Name of the Student
Name of the University
Author Note

1
BOOK-KEEPING AND ACCOUNTING
Part 1
1. a. Policies related to payroll processing of book keeping says that, the timesheets
should be prepared on daily basis by all the staffs and must be reviewed by
operational manager. Other policy is related to accruals that the book-keeping on
accrual should be done by considering recurring expenses, monthly interest that is
earned on money market. Procedure of book-keeping starts from analysing of
financial transactions to adjusting the entries.
b. The principles of code of conduct for bookkeeping says that, a member engaged in book-
keeping process should not be engaged in any type dishonest or any such activities that is
beyond their expertise (Kimberg, Reed and Sims Mastercard 2019). Other code of conduct
principles says that the book-keeping process should be done within the interest of client and
employer.
2. a. The most popular avenues to identify the professionals is the internet. This can be done
by using a search engine in the internet, then the outcome should be refined in the keywords
& filters.
b. Industry code of practice provides guidelines for fair practices. The first requirement is to
promote safety standards for employee benefits and improve consumer confidence.
c. Policies for book-keeper profession is to strictly follow the guidance for recording the
elements in financial reports. This should be done by following the procedure related starting
from timely recording of the transactions to the preparation of financial reports.
d. Statutory- The statutory requirements- This requirement is to follow the corporation Act
2001 in order to document the accounting process (Paulinus, Oluchukwu and Somtochukwu
2017).