Describe the concept of double entry bookkeeping and the key principles associated with it.

 

Outline two legislation/ regulations relevant to the preparation of financial reports. Explain their relevance.

 

Outline two accounting standards relevant to the preparation of financial reports.

 

Outline two codes of practice relevant to the preparation of financial reports.

 

Outline a typical workplace policy and procedures relevant to the preparation of financial reports.

 

Outline four key features of the accounting software you will use for this assessment task.

 

Provide a definition of 'general journal' and 'general ledger'.

Briefly outline the process for making general journal and general ledger entries.