NDB507 Accounting Processes Level 5 Assignment Answer

This is the assignment answers of NDB507 Accounting Processes Level 5.

This course will teach you how to accurately communicate financial information and process transactions related to business assets. You'll also gain skills that can be used in a variety of industries, including finance or accounting roles.

This online course will help you master the basics of accountancy so that your work is always accurate, up-to-date and relevant for today's economy!

Assignment Solutions Of NDB507 Accounting Processes Level 5

Assignment Activity 1. Manually process transactions from source documents to trial balance for a business entity registered for GST on the invoice basis of accounting.

Step One: Verify the accuracy of all books.

A trial balance is a list of all balance balances, and if you find any errors in your books, they will carry over into your trial balance.

Your purpose before going any further is to make sure that your sources are correct as well as reconciling all bank accounts for source documents.

Reconciling bank accounts means adding up all deposits and subtracting out all withdrawals including interest from an account since day one- this includes cash coming in the front door or going out the back door.

The only exception to this may be credit cards where quarterly costs have been deducted from monthly statements already.

Also, adjust the information on notes receivable to their respective individual companies' current balance .

The next step: is to prepare your income and expenses worksheet. This will be important for tax purposes.

if you are ever audited by the IRS or state taxing authority, as well as a tool in projecting future cash flow projections for the business's success.

Assignment Activity 2. Apply accounting concepts and process balance day adjustments.

Basically, "balance day adjustments" happen when the owner transfers the balances around between various accounts in order to account for a sale or other transaction.

So, if you are taking on inventory through a purchase transaction from outside of your company and this takes away some money from an existing acquisition, then that's balance day adjustment (adjusting our books).

There are three main categories of transactions related to balance day adjustments:

Inventory Purchases (Purchasing Inventory), Accounts Receivable Collections (Cash collections), and General Assets Collected & Capital Transfers (Transfers, Buys/Sells/Returns).

Assignment Activity 3. Process a wide range of transactions using accounting software and produce reports for a business entity registered for GST

Typical accounting software will have the capability of processing a wide range of transactions.

Usually, you'd simply select the desired account for the transaction, enter in other data pertinent to your transaction (such as date and designation), verify with a second screen of confirmation, process the transaction and then review data via an online reporting system on your computer.

GST reporting is a legal requirement which every business entity needs to comply with.

This includes both firms that are GST registered or have applied for GST registration and those who are not and need to supply goods or services in the course of their business but don't have a valid tax file number (TFN).

Assignment Activity 4. Apply generally accepted accounting practice to prepare financial statements for a business entity

The purpose of accounting is to summarize the financial activities of an organization (including holds, banks and other entities) by requiring that assets, liabilities, owners’ equity, revenues and expenses be classified on the basis of specific criteria.

A loss from operations can only result from amounts typically considered to presently have monetary value.

If a balance sheet account contains balances in units such as dollars or pounds that have no current monetary value but may be converted into cash in the future (sometimes called "accounts receivable" or "allowances"),

a loss may occur due to this type of asset even though there is no money owed to creditors at present.

In order for an operating activity loss from a balance sheet account with no monetary value to exist , the balance sheet account must have an offsetting operating activity gain on some other asset or

The "right" to receive cash in the future but not presently is not a loss, because it is possible that someone will owe you money in the future.

Buy Assignment Help for your "NDB507 Accounting Processes Level 5 Assignment".

Hire Assignment Help for all of your "NDB507 Accounting Processes Level 5 Assignments, with 100% plagiarism free papers that are delivered on time!

Dealing with accounting assignments can be a burden. It is because they require you to have knowledge and understanding about the subject-matter as well as an aptitude for numbers which not everyone has.

However, now there's no need to worry any more - buy assignment help from us at affordable prices !!!

We at Assignment Help NZ offer a wide range of business management courses that include NDB501 Introduction to Management assignment help. Along with BUS302 Business Technology Level 3, students can take FLM401 The Business Environment Level 4 or higher levels such as NDB502 The Context of Management and NDB506 Introduction to Leadership.

We have a talented team of writers who can provide assistance with your NDB507 homework. With years of experience helping students in need on online assignments from all over New Zealand and abroad, our specialists are always ready at hand.