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SITXFIN002 Interpret financial information

Question

Answered

Part A
Answer the following questions: (2 marks each)
(SITXFIN402 1.1, 1.2, 2.1, 2.2)
1. What are meant by the terms assets and liabilities?
2. What is a bank statement and how does it assist in identifying discrepancies?
3. What is the GST, who pays it and how is it calculated when shown as a GST exclusive price and as a GST inclusive price?
4. Describe the differences between accrual accounting and cash accounting?
5. Explain the following:
a. General ledger
b. Chart of accounts
c. Journals
d. Double entry accounting
Part B
Using the following ledgers and bank statement answer the following questions. (5 marks each
1. Complete a bank reconciliation, the balance in the general ledger account as at 30 June 20XX was $0 as this is the first month the profit centre of the Backpackers Lodge has commenced. (Excel file)
2. Complete a Cash Balance Summary (Excel file)
3. Complete a Bank deposit slip for the cheque deposited on the 18th July 20XX (at the bottom off assessment)
4. Complete a Profit and Loss Statement for the month of July 20XX (Excel file)

SITXFIN002 Interpret financial information

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You are helping James Bat Ltd (AR) with its capital budgeting decisions. The business produces and retails skateboards and extreme sports apparel, has a 14% cost of capital and is subject to a 30% tax rate. There are two major areas on which James Bat would like your advice.1. Project CricketJames B ...

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