Professional Practice in Accounting: A Skills and Competencies Essay

This essay reflects on the author's professional practice in accounting, demonstrating skills and competencies relevant to an Assistant Accountant position at VM Tech. Using the STAR technique, the author illustrates their experience in processing sales orders, maintaining ledgers, preparing bills and invoices, and creating financial statements. The essay emphasizes the author's ability to improve sales order processing, ensure accurate invoice preparation, and produce reliable financial statements in accordance with Australian Accounting Standards. The author concludes by expressing confidence in their ability to fulfill the responsibilities of the Assistant Accountant role at VM Tech, given their qualifications and experience. Desklib provides students access to similar solved assignments and study resources.

Running head: PROFESSIONAL PRACTICE IN ACCOUNTING
Professional Practice in Accounting
Name of the Student:
Name of the University:
Authors Note:

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PROFESSIONAL PRACTICE IN ACCOUNTING

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PROFESSIONAL PRACTICE IN ACCOUNTING
Selection criterions:
In the website of VM Tech. it has been mentioned clearly in the advertisement for the post of
Assistant Accountant that the person applying for the post must have the following skills and
competencies:
 Ability to process sales orders and posting entries accordingly in the supplier and
customer ledgers.
 Ability to analyse accounts payable and accounts receivable correctly.
 Must have the knowledge to prepare bills and invoices.
 Must be able to assist with month ending processes such as accruals, prepayments and
payroll preparation.
 Plan and forecast the cash flow, profit and loss account and balance sheet.
 Ability to support other ad-hoc finance and sales related tasks and projects.
In order to establish that I have performed most of the above duties by myself in the past let me
use STAR technique.
Processing of sales orders and maintaining the supplier and customer ledgers:
Situation: At the time of working as a part time accounting in Foodie, the restaurant, I was
responsible for processing sales order and also given the responsibility of posting entries in the
supplier and customer ledgers.

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PROFESSIONAL PRACTICE IN ACCOUNTING
Task: It was my duty to process sales orders of the customers and carry forward it to the kitchen
department. After the delivery of sales order it was my responsibility to enter the transactions in
the books of accounts with appropriate entries in customer and supplier ledgers.
Action: Firstly I used to record the sales order in the sales register after passing on the details
about the sales order to the relevant departments for processing. Once the food was delivered to
the customers and payments were made I used to record the sales in the books of accounts and in
customer ledgers (Hasegawa & Makino 2015).
Result: The sales orders of the restaurant subsequent to my processing was increased by 15% on
an average.
Knowledge in preparing bills and invoices:
Situation: Once the sales order used to be processed in the restaurant it was also my duty to
prepare bills and invoices for the customers.
Task: As soon as sales order used to be placed I started preparing bills for the customer and once
the food was delivered to the customer the invoices were attached with the food to the customers.
Action: The invoice and bills were prepared taking into consideration the rate for different food
products. GST rate as applicable on the food items were also added while preparing invoices for
the customers.
Results: As a result of my intervention in preparation of bills and invoices there was no mistake
in calculation of GST and other amounts of the foods.
Ability to prepare financial statements:

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PROFESSIONAL PRACTICE IN ACCOUNTING
Situation: At the end of accounting periods I was given the responsibility to prepare financial
statements for the Foodie.
Task: It was my duty to prepare financial statements from the books of accounts of the
restaurant at the end of financial year.
Action: Taking into consideration the accounting standards issued by the Australian Accounting
Standards Board I used to prepare financial statements for the restaurant.
Result: The management was able to assess the financial performance and position of the
restaurant better from the financial statements prepared by me.
Considering that I have already completed the degree in Bachelor of Accounting and possess all
requisite skills and competencies as provided in the selection criterions I would be glad to have
the opportunity to discharge my duties and responsibilities as the Assistant Accountant of VM
Tech (Hunt, Taylor & Oberman 2017).

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PROFESSIONAL PRACTICE IN ACCOUNTING
References:
Hasegawa, R., & Makino, M. (2015, June). An AR-based support system of resume writing.
In ITC-CSCC: International Technical Conference on Circuits Systems, Computers and
Communications (pp. 710-713).
Hunt, I., Taylor, R., & Oberman, W. (2017). Advisory board engagement: Assisting
undergraduates with resume development. Journal of Education for Business, 92(6), 288-
295.