Part 1: Short Answer

The following table is an extract from the accounting policies and procedures for Bella's Hair and Beauty. To answer some of the questions in part 1 you will need to refer to this policy and procedure.

Bella's Hair & Beauty Policy and Procedure Computer Accounting System

Policy

All financial transactions are recorded in MYOB AccountRight

End of Month Procedure Extract

1.All transactions for the month, must be entered by close of business on the last day of the month or the next business day, where the end of the month falls on a weekend or public holiday.

2.On the 1^st of every month, the bank statement is downloaded from Bella Hair & Beauty's internet banking.

3.Prepare a Bank Reconciliation in MYOB, adding any bank interest received and bank fees paid as a "Bank Entry" during the reconciliation process.

4.All transactions for the month, must be finalised and reconciled by close of business on the 5^th day of the following month or the next business day, where the end of the month falls on a weekend or public holiday.

5.The following monthly reports are printed for the business owner:

a.Bank Reconciliation

b.Trial Balance

c.Profit & Loss Statement

d.Balance Sheet

e.GST [Detail-Cash]

f.Payroll Activity [Summary]

To answer each question read the question carefully and write your answers in the spaces provided. See each individual question for the suggested length of your answer.

1.Read the policies and procedures for Bella's, taking note of the deadlines that are required for the end of month reporting. Using the template below, prepare a schedule of tasks that would need to be carried out to meet the requirements of the policy and procedure for month end reporting. Assume the end of the month is May 31, which falls on a Sunday. As a guide your answer should be between 40 and 50 words

TASK NUMBER

TASK DESCRIPTION

DUE DATE

1

2

3

4

5

6

7