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Financial Transactions Process Assignment
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Added on 2021-02-21
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Financial Transactions
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................19. Explaining the meaning of Imprest system under petty cash..................................................110. Explaining concept of the accrual accounting......................................................................111. Explaining cash accounting system .....................................................................................112. Explaining the reasons for using the accrual accounting system by the company instead ofthe cash accounting technique.....................................................................................................113. Explaining the contrast in between the asset and the expense with example.......................114. Explaining the steps or the process of Electronic Fund Transfer at the Point of sale...........215. Identifying proof of the lodgement that is to be obtained for ensuring the tracing of thedeposit.........................................................................................................................................216. Explaining which kind of the additional security measures that the company could use atthe time of banking the cheque for the amount received in cash rather than the general cheque .....................................................................................................................................................217. Outlining mainly three examples relating to the errors that could be made at the time ofprocessing the financial transactions...........................................................................................218. Briefly explaining five principles of code of ethics for the professional accounts ..............319. Briefly explaining purpose of tax agent service act 2009 and its importance for the BASagent ...........................................................................................................................................320. Explaining purpose of Fair Work Act 2009 and its importance ..........................................321. Stating 3 examples of the actions which should be include at the work in order to meet therequirements of Privacy Act 1988..............................................................................................322. Listing down the 4 safety measures which is to be executed at the time of transportingcash .............................................................................................................................................423. Describing three significant measures of the charts of accounts and 5 categories underwhich the accounts are organized. .............................................................................................4REFERENCES................................................................................................................................5
INTRODUCTIONFinancial transaction can be defined as an agreement made between two or more partiesregarding exchange of assets and getting consideration as an exchange of assets. Financialtransactions results in change in the financial position of the business. The present study includessome theoretical questions based on financial transaction of business. In addition, it also showspreparation of some ledger accounts relating to petty cash transaction of the company.9. Explaining the meaning of Imprest system under petty cashImprest system of the petty cash refers to system of accounting that is been used in orderto pay out and or replenishing the petty cash. It is the system that helps out in tracking the waysin which the cash is been spend (Mironov and Zhuravskaya, 2016). It means the general ledgeraccounts in which the petty cash will be remaining dormant at the constant amount. 10. Explaining concept of the accrual accountingAccrual accounting called as the accounting method that is been applied for measuringperformance of the organization by recognizing the economic events with ignorance of theoccurrence of the cash transactions. 11. Explaining cash accounting system Cash accounting is referred as the accounting method under which the payment and thereceipts are been recorded at the time when they are been received and the expenses are beenrecorded during the period when they are actually been paid. 12. Explaining the reasons for using the accrual accounting system by the company instead of thecash accounting techniqueAccrual accounting method provides for the appropriate auditing of the financialstatements as the if the financial statements of the company are prepared by using the cashaccounting method, auditing can not be done (Goel, 2016). Accrual basis of accounting methodis better than the cash accounting as it matches the revenue and the expenses in same reportingperiod, which in turn results in evaluating true profitability. 13. Explaining the contrast in between the asset and the expense with exampleAssetExpenseAny of the resource which is been controlledor owned by the enterprise and in turn providesthe value either in respect of the productionOn the other state, expense are considered asthe cash outflows of an organization in respectof obtaining the asset or settling down the1
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