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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