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