Q1.What is the role and importance of the reconciliation process for an organisational financial management system?

Q2. You have finished the evening shift at a restaurant. Describe the procedures for a reconciliation of takings.

Q3. Which of the following products and services attract Goods and Services Tax (GST)?

Select true for the ones which do and false for the ones which do not

a)Meals consumed in a restaurant[ T / F ]

b)Beverages served in a pub[ T / F ]

c)Most unprocessed foods purchased from a supplier[ T / F ]

d)Accommodation supplied in a Motel[ T / F ]

e)Services provided (e.g. room hire) by a hotel[ T / F ]

f)Tours provided by a tour company[ T / F ]

Q4. Calculate the following foreign exchange transactions based on the given exchange rates:

1 AUD = 0.49

1 AUD = $US 0.78

1 AUD = 0.58

a)A customer would like to exchange 245.00. The commission is 8%. How many AUD will you pay to the customer?

b)A customer would like to exchange $US 390.00. The commission is 7%. How many AUD will you pay to the customer?

c)A customer would like to exchange 435.00. The commission is 9%. How many AUD will you pay to the customer?

Q5. Which of the following statements relating to financial transactions are true/false?

a)Financial transactions are exchanges of payment for products or services. [ T / F ]

b)Financial transactions are those where no cash transactions occur. [ T / F ]

c)Financial transactions could occur between a guest and a hotel. [ T / F ]

d)Financial transactions could occur between a hotel and a supplier or contractor. [ T/ F ]

Q6. What is the process of payment by cheque? Why are cheques often not an accepted payment method?

Answer the questions by selecting which statements are true and which are false

a)A cheque is an instruction from the account holder to the bank to provide someone (the payee) with the amount of money specified. [ T / F ]

b)In order for a cheque to be honoured, the account holder does not require funds in their account.

[ T / F ]

c)If they do not, the bank will dishonour or 'bounce' the cheque. This means that on deposit of the cheque, the funds will initially enter your account but will then be taken back out and a dishonour fee charged. [ T / F ]

d)The account holder will also be charged a fee for exceeding their account balance. [ T / F ]

e)This makes using cheques a risky form of payment and is the reason why many businesses do not accept personal cheques. [ T / F ]

Q7. Describe the procedures for taking cash payment and giving change to a customer: