Assessment 1 | Accounting homework help

Task 1

Answer the following questions. All answers should be between 80-150 words.

a. What is a balance sheet?

b. In general, what type of information would you include in a financial report?

c. What is the difference between profit and cash flow?

d. Why is it important for organisations to properly maintain daily financial records?

e. Suggest 10 areas of financial information and reports that can be used to monitor business performance.

Task 2

Categorise the following accounts into assets, liabilities, owner’s equity, revenue or expenses

Rent Paid

Sales of Tours

Motor Vehicle

Motor Vehicle Expense

Interest Received

Loan from ABC Pty Ltd

Task 3

With the information listed below please complete the profit and loss statement for the year 2016. In 2017 all the amounts are set to increase by 15% please complete the profit and loss statement for 2017.

Then answer the questions below.

Bank charges $987 Rent $96,000

Office Supplies $2,489 Sales $379,500

Purchases $128,259 Service Income $25,987

Freight $1,258 Advertising $11,650

Electricity $9,896 Insurance $12,250

Wages $85,000 Telephone $5,982

a. How much was earned in sales this year?

b. Was more or less spent on advertising this year compared to last year?

c. What is the total administrative expense for this year?

d. Has the organisation performed better or worse than last year?

e. What is the cost per unit for last year and this year if they sold 50,000 units?

T-1.8.1

Finance 1 Assessment Task 2, v1.0

Last updated on 15/05/2017 Page 5

Task 4

Calculate the averages and variances

SAM’S TRAVEL AGENCY

EXPENDITURE

EXPENSE

Jan

Feb

Mar

Apr

May

Jun

Stationary

165

168

157

173

160

172

Electricity

175

179

166

184

170

182

Telephone

148

151

141

155

144

154

Courier

121

123

115

127

117

126

Internet

135

138

128

142

131

140

Subscriptions

120

122

114

126

116

125

Brochures

119

121

113

125

115

124

Printing

152

155

144

160

147

158

Petty Cash

141

144

134

148

137

147

Rental of equipment

123

125

117

129

119

128

/3 marks

Month

Average expenditure

January

February

March

April

May

June

If the budgeted expenditure per month is $900.00 what is the % variance from the budgeted expenditure for each month’s actual spend? /3 marks

Month

Average expenditure

January

February

March

April

May

June

If you were the Finance Manager for Sam’s Travel Agency which months would recommend need to further investigated and why?

T-1.8.1

Finance 1 Assessment Task 2, v1.0

Last updated on 15/05/2017 Page 6

Task 5

Jane’s Restaurant has 175 seats with daily seat turnover of 1.2 and an average check of $17.00 and is open 6 days a week. The business operates 52 weeks in the year. Next year the average check is forecast to increase by 25%.

What will next year’s sales budget be?

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