Environmental Impact of Business Operations in Australia

This assignment requires a comprehensive analysis of the impact that Australian business operations have on the environment. Students are expected to investigate the extent to which industrial activities, particularly in sectors like manufacturing and mining, contribute to greenhouse gas emissions and global warming. The task involves evaluating existing data on environmental degradation linked to these businesses, such as changes in land use, deforestation rates, and water pollution levels. Additionally, students must reflect on current government policies aimed at mitigating these impacts, including regulations and incentives for reducing carbon footprints. Critical thinking is encouraged to propose innovative solutions or improvements to existing strategies that could enhance environmental sustainability within the Australian business context.

Running head: ACCOUNTING STATEMENT ANALYSIS
Accounting Statement Analysis
Student’s Name:
University Name:
Author Note

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ACCOUNTING STATEMENT ANALYSIS
Table of Contents
Activity 1....................................................................................................................................4
Activity 2....................................................................................................................................5
Activity 3....................................................................................................................................5
Answer to part a.....................................................................................................................5
Answer to part b.....................................................................................................................6
Answer to part c.....................................................................................................................6
Answer to part d.....................................................................................................................6
Answer to part e.....................................................................................................................6
Activity 4....................................................................................................................................7
Answer to part a.....................................................................................................................7
Answer to part b.....................................................................................................................7
Answer to part c.....................................................................................................................8
Activity 5....................................................................................................................................8
Activity 6..................................................................................................................................12
Answer to Part a...................................................................................................................12
Answer to Part b...................................................................................................................12
Answer to Part c...................................................................................................................12
Activity 7..................................................................................................................................13
Answer to part i....................................................................................................................13
Answer to part ii...................................................................................................................14

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ACCOUNTING STATEMENT ANALYSIS
Answer to part iii..................................................................................................................14
Answer to part iv..................................................................................................................15
Answer to part v...................................................................................................................15
Answer to part b...................................................................................................................15
Activity 8..................................................................................................................................16
Activity 9..................................................................................................................................17
Activity 10................................................................................................................................18
Activity 11................................................................................................................................19
Activity 12................................................................................................................................20
Answer to part a...................................................................................................................20
Answer to part b...................................................................................................................20
Answer to part c...................................................................................................................21
Answer to part d...................................................................................................................21
Answer to part e...................................................................................................................21
Activity 13................................................................................................................................21
Answer to part a...................................................................................................................21
Answer to part b...................................................................................................................22
Answer to part c...................................................................................................................22
Activity 14................................................................................................................................22
Activity 16................................................................................................................................24
Activity 17................................................................................................................................24

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ACCOUNTING STATEMENT ANALYSIS
Answer to part a...................................................................................................................24
Answer to part b...................................................................................................................24
Answer to part c...................................................................................................................24
Answer to part d...................................................................................................................25
References................................................................................................................................26

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ACCOUNTING STATEMENT ANALYSIS
Activity 1
Australia is slowly rising as a global market player in today’s world economy.
Though it is a relatively small open economy but the recent trends have shown much
improvement in the growth curve of Australia’s economy. But still there are certain factors
that have impacted the economy of Australia in the long run.
More specifically the rise in the global market price of the commodities led by the
Chinese market has affected the Australian economy. This is because the sudden price rise
has hit the two major exportable commodities of Australia that is coal and iron ore. This has
hugely boosted the export prices of Australia. This though apparently looks like a good start
for the Australian economy but as it is known these expansionary effects may result in an
inflationary boom which is totally not healthy for a rising economy.
But thankfully this has not been the case with the Australian economy as the domestic
demand has slowed down eventually and resorted to a sustainable pace. However there have
been certain indications that the inflationary pressures are not bringing about the results as
quickly as expected. This is majorly because of the housing sector in Australia. The rapid
increase in the house prices and mortgage lending has led to an increase in house building
activity. This effectively has slowed down the pace of the inflationary pressures.
Secondly another issue that affects the Australian economy is the labor markets.
Flexibility of the labor markets can help in the growth of a healthy economy. Highly
regulated labor markets often hamper the flow of work of the organizations thus affecting the
economy in a negative way (Butlin 2013).

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ACCOUNTING STATEMENT ANALYSIS
Activity 2
The three financial sectors that will be discussed below are commercial banks,
investment banks and insurance companies.
Commercial banks play a major role in the financial sector. They accept deposits from
the customers and in return provide financial security to them. They also serve their
customers by providing them loans. Business holders can borrow loans from banks in order
to expand or support their business. Commercial banks play an important role of channelizing
the economic finance and controlling the flow of money in an economy.
Investment banks on the other hand though are called banks, act as a financial
intermediary and perform a number of services for business and the government. These
services namely are making markets, performing the role of an intermediary between the
institution issuing securities and the investors and underwriting debt. They also provide
advisory services to companies. Investment banks generally are less subjected to regulation in
comparison to commercial banks.
Lastly insurance companies largely deal with the general public. This is because they
provide services to individuals by collecting regular premiums from them for the purpose of
protecting the individual himself or the near and dear ones against illness, death, or any other
kind of issue. Insurance companies thus also play a major role in channelizing the inflow and
outflow of cash in an economy (Joshi et al., 2013).
Activity 3
Answer to part a
Banks or authorized deposit taking institutions play an important role as a financial
intermediary in the financial system of the economy. The major services provided by banks

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ACCOUNTING STATEMENT ANALYSIS
are that they act as a transferor of funds from savers to borrowers; they also provide financial
security to its customers by safeguarding their money and paying an interest on them as well
(Lodhia 2015).
Answer to part b
The role of insurance companies lies in the fact that they generate financial resources
and provide them to the government and invest them in government securities and stock. The
service provided by the particular sector is that they create funds by collecting funds from
individuals or entities against protecting them from specified risks.
Answer to part c
A mortgage broker essentially plays the role of an intermediary by the process of
brokering loans against mortgage on behalf of his clients. The services provided by a
mortgage broker may be retail banking, corporate banking, land mortgage banking and
investment banking.
Answer to part d
A person having enough knowledge about stocks or other securities may be hired by a
company or an individual to buy or sell securities, such a person is known as a share broker.
He may also be associated with a brokerage firm. He receives a fee or commission from his
client and provides advisory and brokering services to his client (Lodhia 2015).
Answer to part e
Credit unions are essentially non-profit institutions that are especially created for the
purpose of supporting the financially challenged group. They provide loans at a meager
interest rate and even provide a competitively high rate of interest on the savings accounts of
their customers. The services provided by a credit union revolve around providing loans and
taking in deposits from its customers (Lodhia 2015).

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ACCOUNTING STATEMENT ANALYSIS
Activity 4
Answer to part a
For the purpose of discussion the financial service provider that has been chosen is the
public sector bank.
Answer to part b
The major responsibility of a public sector bank primarily revolves around the welfare
of the public. Public sector banks are generally controlled by the Government as it holds the
majority of shares of the entity. The rights and responsibilities of a public sector bank ranges
from public welfare to providing the Government with an effective tool to control the cash
flow in the economy.
The financial reporting in a public sector bank is done accurately in order to fulfill the
gap between the bank and its external stakeholders. In other words the financial reporting is
done in such a way that the external stakeholders get a clear view of the financial conditions
of the entity so as to enable the stakeholders in taking decisions. For this purpose, the banks
in Australia strictly follow the International Financial Reporting Standards as well as the
standards set by the Australian accounting board. The consumer credit policies of the banks
are also monitored and controlled by the regulations set by Australian Securities and
Investments Commission (ASIC). In case of any consumer credit related issues or issues in
relation to customer complaints, the matter is handled by the Australian Competition and
Consumer Commission (ACCC). The Anti-Money Laundering and Counter-Terrorism
Financing Act 2006 also regulates the operations of a bank accordingly.
The banks maintain the privacy policy by adhering to certain acts and principles laid
down for this purpose. These are the privacy act, 1988 and the Australian privacy principles

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ACCOUNTING STATEMENT ANALYSIS
(APPs). The banks also have an established code of conduct which is referred by each and
every employee and constitutes of ethical principles strictly followed by the bank.
The public banks as mentioned by Government play a crucial role in performing their
corporate social responsibility. The management of the banking body also take an initiative in
picking up major environmental issues like global warming and invest a part of the collected
funds in order to research and minimize the effect of such global calamities (Bronitt 2013).
Answer to part c
Yes the policies and practices followed by the banks are appropriate and seem very
relevant. This is because the primary focus of a public sector bank is welfare of the common
mass and all the laid down principles and guidelines seem to lead the bank towards that same
goal.
They are sufficient but the only area where improvements can be made is that there
should be a clear set of guidelines regarding the sustainability policies that has to be adopted
by every bank so that this particular matter is handled by the management with utmost care
and sincerity (Bronitt 2013).
Activity 5
Financial
Regulator
Role Financial
information
provided
This particular
regulator
addresses:
Recent decision
taken
The Reserve
Bank
It is the central
bank of Australia.
It structures the
financial policies
in order to build a
The information
that it provides
that would be
useful for an
accountant is that
Financial Services The recent
decision that has
been taken by the
Reserve bank is
that it along with

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ACCOUNTING STATEMENT ANALYSIS
strong financial
system and issues
currency.
the Reserve Bank
regulates the
financial policies
of an economy
thus sets a revised
guideline of
accounting
according to the
need of the nation
(Stevens 2016).
ASIC have
welcomed the
publication of
ASX BBSW
Trade and Trade
Reporting
Guideline.
Australian
Securities and
Investment
Commission
It plays the role of
regulating and
establishing
corporate policies
and regulations in
order to safeguard
the consumers,
creditors or
investors of
Australia.
The information
that it provides
that would be
useful for an
accountant is that
it lays well
researched
methods in order
to minimize errors
in the financial
statements
(Schwartz 2013).
Consumer Credit The recent
decision that has
been taken by
ASIC is to
cooperate with
Swiss Financial
Markets Authority
in order to
innovate the
financial sector.
Australian
Prudential
Regulation
Authority
It monitors a huge
number of
financial
institutions like
credit unions,
banks, insurance
The information
that it provides
that would be
useful for an
accountant is that
APRA acts a
Financial
Transaction
Reporting
The recent action
that has been
undertaken by
APRA is that it
has discussed
further on the role

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ACCOUNTING STATEMENT ANALYSIS
companies and
most members of
the
superannuation
industry.
national statistical
agency for the
financial sector
thus providing
relevant data to an
accountant
(Schwartz 2013).
of Appointed
Actuary and
actuarial advice to
the insurers.
Australian
Taxation Office
The ATO is an
agency of the
Australian
government
responsible for
monitoring the
taxation system
and collecting
taxes.
The information
that it provides
that would be
useful for an
accountant is that
it lays down the
standards for
levying taxes on
individuals or
entities (Schwartz
2013).
Corporation
(Accounting
Standard)
Australian
Competition and
Consumer
Commission
The ACCC
focuses primarily
upon setting
regulations in
relation to
business houses
or companies in
the Australian
market in order to
safeguard the
The information
that it provides
that would be
useful for an
accountant is that
it lays down clear
and simple rules
for businesses that
have to be
followed while
Financial
Transaction
Reporting
The recent action
undertaken by
ACCC is that it
has issued a draft
in order to
provide fee free
ATM services in
remote indigenous
communities.

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ACCOUNTING STATEMENT ANALYSIS
investors,
consumers and
creditors.
preparing the
accounting
statements in
order to favor the
stakeholders of
business.
Australian
Transaction
Reports and
Analysis Centre
The role of
AUSTRAC lies in
regulating anti-
money laundering
and counter
terrorism
financing.
The information
that it provides
that would be
useful for an
accountant is that
it lays down the
principles for
mitigating
fraudulent
activities in the
financial
statements
(Schwartz 2013).
Financial
Transaction
Reporting
The recent action
undertaken by
AUSTRAC is
multimillion
dollar plan in
order to stop
terror funding in
South East Asia.
Activity 6
Answer to Part a
For the purpose of discussion the customer service policy of a gymnastics centre has
been chosen. The key areas covered in it are identifying the needs of the customers; greeting
them cheerfully and promptly; listening to the complaints, grievances or suggestions by

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ACCOUNTING STATEMENT ANALYSIS
customers with fullest sincerity and concentration; communicating about the problems and
the actions taken by the management honestly and courteously to the customers.
Answer to Part b
Though most of the key areas have been covered by the customer service policy of the
gymnastic centre but the part regarding the service provided to the customers and also
strategy to retain customers have been omitted. Addition of policies subjected to these areas
will make the customer service policy of the business perfect.
Answer to Part c
The Customer Service Policy of Darwin would be such that it covers all the major
areas that a customer or a consumer is usually worried with but most importantly it would lay
down strict rules regarding behavior with the customers by the employees because that is
what sets the impression of the business as a whole. The key areas in the customer service
policy would be:
 Cheerful and positive behavior with the customers – Such a behavior would not only
strengthen the image of an organization in front of its customers but would also help
to retain the potential customers.
 Providing in-depth knowledge to any kind of query of the customers – The workers
hired for the purpose of the business should be so trained that they acquire an in-depth
knowledge about the organization, its service and other related associates.
 Listening to the customers – This is the most important pillar of a customer service
policy. This is because listening to a customer with utmost sincerity solves more than
half of the issue faced by a particular customer, he or she feels that the entity is really
concerned with the trouble that the individual is facing and therefore feels relaxed and

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ACCOUNTING STATEMENT ANALYSIS
happy. Thus complaints, grievances or even general feedback by customers should be
treated with utmost care.
 After sales service - The services provided to the customer both prior and post sales
should be as promised. Rather the customers would be receiving a document
specifying all the benefits that he would get post sales.
 Effective communication – Filling up of survey forms by the customers does not
necessarily frame hold effective communication between the organization and its
customers. Informing the customers about the steps taken to mitigate the problems
faced by them. Initiating or inspiring customer opinion and communicating with them
with absolute sincerity and truth so as to maintain a relationship of dignity and respect
is very important.
Thus these are the key areas or headings that the customer service policy would include
(Fan, Miao and Wu 2013).
Activity 7
In order to act as a role model the perfect reactions to the provided situations would
be as following
Answer to part i
As the petty cash fund is out by $3.75 dollars, this means that the fund has to be
replenished with an amount that is determined by the company. For instance if the petty cash
fund is determined to be maintained at a value of $80 and presently the petty cash is showing
that it is out by $3.75 then a journal entry has to be passed debiting the expenses that were
executed out of the petty cash fund and the cash account will be credited with that amount,
thus replenishing the petty cash fund. But the problem lies in the fact that a petty cash fund is
always replenished at the end of an accounting year as the expenses and other proceedings

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ACCOUNTING STATEMENT ANALYSIS
are recorded only after proper verification. Therefore the proper reaction on the part of a
senior bookkeeper would be noting the specific expenses that were paid out of the petty cash
fund and then inform the situation to his boss along with the explanation as to why the cash
balance of the petty cash fund was not maintained and ask for recommendation regarding
what further should be done.
Answer to part ii
When the senior bookkeeper observes that certain items that are listed on the bank
statement have not been recorded in the system, he should immediately bring this to the
notice of the management or his boss, but prior to that he should take a genuine effort to
investigate the reason for such a grievous mistake. If this is due to his fault then he should
rectify it and apologize to his boss for such a mistake but if the particular items have not been
recorded due to reasons like that these items had not been forwarded by specific departments
to the accounting department for the purpose of recording them in the books, then this
feedback should be provided to the senior bookkeeper’s immediate boss or the management.
Answer to part iii
If the tax invoices are missing for checks written out then this should be consulted
with the clerk or department responsible for authorizing the checks and then proper steps
should be taken in order to mitigate these careless mistakes. Until and unless the tax invoices
are passed the checks cannot be approved for payment.
Answer to part iv
Even if the business brings in a restaurant docket as because it is not related to the
business clients this particular expense will not be recorded in the books of accounts of the
company. This is because of the fact that this is a personal expense of the business owner and

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ACCOUNTING STATEMENT ANALYSIS
cannot be credited from the company funds. The business owner bringing the restaurant
docket to the senior bookkeeper violates the code of ethics.
Answer to part v
A laptop which was purchased for personal use but was put through for business
should also not be included in the books of accounts. This is because purchasing a laptop for
business purpose includes many steps like verifying the model, then approval from the
management, collection of the purchase invoice and other related activities. Moreover the
price a laptop purchased for the purpose of personal use should never be credited from the
business funds.
Answer to part b
The treatments for the components of the accounting statements have been stated in
the Australian Accounting Standards Board. In case of errors in the financial statements the
Australian Securities and Investment Commission also sets the standards for spotting or
minimizing errors in the financial statements. The Corporations Act, 2001 can also be
highlighted for this purpose. The errors like items that have not been recorded but appear in
the banking statements are covered under the regulations laid down by the Australian
Accounting Standards Board and the error of tax invoices missing is covered by the
Australian Taxation Office.
The issue with the restaurant docket and laptop purchased for personal use can be
solved by referring to the ethical code for companies in Australia which is established by the
government.

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ACCOUNTING STATEMENT ANALYSIS
Activity 8
A professional development plan refers to a plan that is created in order to achieve
progression in a particular career path. Setting up of a plan helps an individual to focus on the
particular areas where he needs to concentrate in order to progress further. For the purpose of
discussion the job for which a development plan has to be prepared is orator or public
speaker. The table below presents the plan that is to be undertaken.
Development Goal Actions To Be Taken
(e.g. PD
opportunities)
Due Date Success Measure
Understanding the
Basics
A public workshop
for understanding
the basics of public
speaking should be
undertaken. If
needed more and
more venues
conducting similar
programs should be
attended. Public
Speaking Australia
being an institute of
repute may be
considered.
This entire
workshop
should not
take more
than six
months.
After understanding the
basics, the acquired skill
should be practised in front
of the mirror or a restricted
audience.
Acquiring in depth
knowledge
Read at least three
to four books that
list down the tips
and tricks of being a
public orator
This should
not take
more than
a month.
Reading books should not
only help an aspirant in
learning the tips and tricks
of the trade but also
provide him with the
required confidence boost.
Taking the final
preparation
Attending a short
term course on
vocabulary and
speaking skills and
finally choosing the
subject that truly
interests the speaker
and inspires him
This should
not take
more than
three
months
The entire process of
acquainting oneself with
speaking courses will make
the aspirant familiar with
the environment and will
surely help him to come out
of the initial fears.

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ACCOUNTING STATEMENT ANALYSIS
enough to speak on
it.
Practising Practising with
friends and family
and attending
informal venues of
public speaking.
This entire
process
should be
continued
for a period
of two
months.
After practising for two
months, the aspirant will
much hopefully become a
professional public speaker
and with the certificate of a
globally acclaimed
institution the individual
will surely able to start a
successful career.
Activity 9
According to the Tax Practitioner’s Board (TPB) a particular agent in order to
maintain his or her license should have to fulfill certain given conditions. These conditions
are that the agent should either have a minimum certificate IV in financial services along with
a course approved by the Board in basic BAS taxation principles and a 1400 hours of related
experience in the last four years or in addition to the previously mentioned conditions the
agent should be a voting member of the recognized tax agent or BAS association which
reduces the count of relevant work experience to 1000 hours in the last four years.
Annabelle as described in the question has completed the required courses to obtain a
BAS license. She presently works for a second tier public practice but has received an offer
from a local company to be the Finance Manager. Annabelle also has plans to start a business
on her own using the BAS license. After reviewing the present conditions it is recommended
that Annabelle should join the local company as a Finance Manager and obtain a work
experience of 1400 hours in the next four years. This is because in order to reduce the work
experience hours to 1000 hours Annabelle should be a voting member of a recognized BAS
or tax agent association but as this is not the case Annabelle should join the local company.

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ACCOUNTING STATEMENT ANALYSIS
She should also not start her own business right now because it would take much more time
to complete 1400 hours because of her being inexperienced in the related field and also that
work experience as a BAS agent would not be considered by the Board (Doyle, Hughes and
Summers 2013).
Activity 10
An ideal team as observed consisted of five members in total out of which three
members are male while the other two members are female. This justifies the criteria of
maintaining equity in gender in the team. The team is a job team that is it has the
responsibility of maintaining the accounts department of a specific organization. Out of the
three gentlemen, John, Riley and Christian the fastest in spotting errors in financial
statements is Christian. He is in charge of checking the accounts and spotting the respective
errors. However when the task of rectifying these errors come, Christian loses his expertise,
here is where Riley steps in. Once all the errors are spotted Riley does not take much time in
resolving them. John’s area of expertise lies in the extraction of relevant data. For instance a
particular sales entry has been credited in the sales account but no such information has been
forwarded by the sales department to the accounting department. This gap in communication
is removed by John by communicating the issue effectively by tracking back to the exact
point where the miscommunication happened. The female members on the other hand,
Joanne and Diana coordinate the entire process. Diana essentially looks into the
implementation of internal controls in the organization, recording the trends in profits or
losses due to the implementation of such controls. She also is in charge of chasing the
irrecoverable debts of the company. Joanne on the other hand regulates and coordinates the
work done by all the members of the department. She has a vast range of knowledge in all the
domains of the accounting department and all the team members look up to her. She is an

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ACCOUNTING STATEMENT ANALYSIS
ideal role model for all of them and is a wonderful human being. Joanne as a leader holds the
team together and has a keen eye over the issues faced by her team members. She is always
ready to help and is a perfect leader altogether.
All the team members are very energetic and share a common wave length. This is the
basic reason for the team to excel. Another reason is that each and every team member know
their area of expertise and work accordingly in order to obtain desired results.
Activity 11
There are a number of instruments which are legislative in nature along with the
regulatory bodies that monitor environmental regulation in Australia. The pollution control
structure in Australia does not have a common assessment scale. This means that each and
every project that is conducted by a specific organization has to be checked individually
depending on the nature of the project, the component of the environment that is exposed to
risk for this project and the processes undertaken by the particular organization in order to
mitigate the risks.
After the implementation of the statutory legislations such as the National Greenhouse
and Energy Reporting Act 2007 and the Clean Energy Legislation (Carbon Tax) Act 2014,
the organizations have undertaken certain environmental implementation policies like using
bio degradable materials for manufacturing the products. Recycling the waste produced by
the companies in order to minimize their damaging rate has also been undertaken. Industries
that deal with paper have reduced the wastes by reusing and recycling the paper waste.
Industries mainly dwelling in the energy sector has also shifted from choosing energy
sources that are non-renewable in nature to renewable sources of energy.

20
ACCOUNTING STATEMENT ANALYSIS
The real estate industry has now focused on developing housing societies that are
created in a sustainable and bio-diverse nature.
To summarize the importance of the environment has been integrated in almost all the
processes undertaken by an organization in order to improve the sustainability policies of an
organization (Benn, Dunphy and Griffiths 2014).
Activity 12
Answer to part a
Yes the Commonwealth Bank’s sustainability policy covers the environment,
economy and society. This is because the Commonwealth Bank use paints and carpets that
are highly recyclable. Even the kitchen wastes are recycled using a technology named Earth
Power. These initiatives fulfill the environmental sustainability policies. Such sincere efforts
taken by the bank is appreciated by the government by rewarding an amount of $5.1 million
to the bank. This has made the bank an inspiration or ideal example for the society thus
fulfilling the sustainable policies in regards to the society. Thirdly the bank has also
constructed wind turbines on the top of a 41-storey tower resulting in a 30% improvement in
energy efficiency, thus impacting the economy in a positive way. Thus it fulfills the
sustainable policies in regards to the economy also.
Answer to part b
The bank is reducing their ecological footprint by using energy saving features in the
bank. Food waste is also recycled by converting them into green energy and nutrient rich
fertilizer. The other category of waste produced by the bank that is toner cartridges and spent
light globes are recycled.

21
ACCOUNTING STATEMENT ANALYSIS
Answer to part c
By having environmentally designed office buildings the bank has created an ideal
image in the society. Other banks in the society should follow the Commonwealth Bank in
executing their sustainable policies. Therefore such efforts in the short term have collected
huge appraisal from all sectors of the society. In the long term the bank employees get an
environment that is perfect for working. Environmentally designed office buildings improve
the working environment or surroundings of a particular employee thus boosting the rate of
production of an employee, therefore positively impacting the organization in the long term.
Answer to part d
The Commonwealth Bank’s strategies involve green purchasing. This is because the
bank resorts to utilization of products and services that have reduced damaging effects on the
environment.
Answer to part e
The two other sources of renewable energy that banks might use are solar energy in
the form of solar panels for generating electricity and biomass for the purpose of day to day
proceedings of the bank.
Activity 13
Answer to part a
The tangible benefits that VicSuper’s policies have on the environment are that it has
established a Sustainability Covenant to protect the environment. The policies also include
utilization of energy efficient lights and giving up the e-waste to charities or recycling them.
In terms of the staff and local community VicSuper has taken enough initiative in
conducting fundraising activities with local charities. It has also tried to make the community

22
ACCOUNTING STATEMENT ANALYSIS
aware about the current issues faced by them in their daily lives and conduct discussions on
how to resolve them.
Answer to part b
VicSuper’s approach impacts the profitability of the organization in a negative way.
This is because the basic funding for supporting the sustainability policies is debited from the
company’s own funds. Therefore in comparison to all the costs incurred like the cost for
setting up energy efficient lights, recycling computer equipment, purchasing hybrid cars, the
amount saved by using 8% less electricity is much less and do impact the profit in a negative
way. But another point to be noted is that it is a not for profit fund.
Answer to part c
The challenges of applying Triple Bottom Line accounting is that though it is a
sustainable accounting system, it shifts the focus of the company from profitability to welfare
of the surrounding components. Therefore it is apt for profit organizations only.
Activity 14
TASK: (an example of a task you
do/have done at work)
Matching the day’s expenses
and income with the ones that
are recorded in the books at the
end of an working day.
Priority (how is this determined?) It is a very important process
that is done manually in order
to mitigate the chances of
material misstatement and
fraud.

23
ACCOUNTING STATEMENT ANALYSIS
Time (how do you know how long it
should take you?)
It depends on the day’s
business and expenses incurred
and also on the complexity of
the entries.
Timeframe (how is the due date
determined? How long do you have?)
The time frame is till the
entries for the next day are
recorded.
Type of Technology used (Include
planning tools)
The checking is done manually.
However in order to check the
amount that has come in
accurately a note counting
machine is utilized.
Use of other Resources With the revolution of
technology in the industrial
sector a computerized
accounting system is soon to be
introduced in the business.
Working Conditions (where is the
work carried out, what is the
environment like?)
The work is carried out in a
private room as much liquid
cash is handled in the process.
The environment of the room is
employee friendly.
Activity 16
Yes it is a good method to organize and manage information. This is because it is
focused upon making the entire process mechanized. Initiatives have been taken in order to

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ACCOUNTING STATEMENT ANALYSIS
make the working of employees easy and quick by removing the provision of hand written
documents. A TO DO file is an excellent idea for chalking out the day’s plans by an
employee and also helps him to self assess the percentage of tasks successfully completed by
him within that day. Discarding the irrelevant information is also a commendable decision on
the part of the bank. The only area of concern is that there should be a proper backing up
system for backing up the important data that if deleted by mistake by an employee can be
restored back without fail.
Activity 17
Answer to part a
The data from the Annual Report and the Reserve Bank of Australia tell about the
growth of bank fee revenue over a period of the past 8 years that the revenue incurred from
bank revenue has increased over the years especially from the business sector.
Answer to part b
No the bank fees have not increased in the same proportion as the rate of profit
growth. The rate of increase in the bank fees has always been more than the rate of increase
in profit. This indicates that with increased profitability the bank has increased its fees that is
more the profit more are the fees charged.
Answer to part c
The increase in bank fee revenue is the reflection of an increase in the volume of
transactions.
Answer to part d
The average prices for banking services must decline in order to let the customers
bank with less cost involved. The increase in bank fee is generating a negative impact on

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ACCOUNTING STATEMENT ANALYSIS
customer satisfaction which is absolutely not desirable and therefore the banking fee should
be declined.
References
Butlin, N.G., 2013. Investment in Australian economic development, 1861-1900. Cambridge
University Press.