process for completing the practice set assignment

  • As a professional accountant, how would the process for completing the practice set assignment (a manual accounting process) be used in an accounting department. Explain whether communication, teamwork, time management and interpersonal skills play a role in completing this process within an accounting department?
  • When (why) would you use thismanual accounting system rather than a computerised accounting system?
  • What are the benefits and limitations of each type of system (manual vs computer)?

Section 2: Identify career pathways associated with current program of study(max. 300 words).

  • Do you intend to pursue a Professional Membership qualification such as CAANZ or CPA?If so, which one would you choose and why?
  • At this point in time, what are your career aspirations?
  • What pathways are available to you if you do not obtain a Professional Membership qualification?
  • A Work Integrated Learning (WIL) experience: How do you think you could personally benefit from participating in a WIL course such as 3000AFE? List some reasons why you may choose NOT to enrol in a WIL course during your undergraduate studies.
  • What other steps can you take during your degree to enhance your employability options when you graduate?

Section 3: Identify a variety of professional roles in the workplace and their associated responsibilities(max. 200 words).

  • Apart from an accountant in an accounting firm or an auditor, what other professional roles are available to you and what are their responsibilities in an organisation?
  • Which of these roles are of interest to you and why?

Section 4: Identify own strengths and weaknesses in relation to particular careers(max. 200 words).

Based on yourself, conduct a SWOT analysis using the template provided below:

Internal Factors
StrengthsWeaknesses
Talk about what you’re good at, your unique assets and resources, and how your positive attributes are perceived by others. For example: What are your strengths? What do you do better than others? What unique capabilites/skills do you possess? What do others percieve as your strengths?Talk about improvements you need to make, any resources you lack, and how these negative attributes might be perceived by others. For example: What are your weaknesses? What do other students do better than you? What can you improve given the current situation? What do others perceive as your weaknesses?
External Factors
OpportunitiesThreats
List opportunities that are currently open to you, opportunities you can capitalize on, and how your strenghts can create new connections/opportunities. For example: What trends or conditions may positively impact you? What opportunities are available to you?  List any harmful hazards, obstacles, and how known weaknesses can lead to threats. For example: What trends or conditions may negatively impact you? What impact do your weaknesses have on the threats to you?

Section 5: Understanding of legal and ethical professional responsibilities and standards(max. 300 words)

Case Study

You are the assistant accountant at Sugafree Ltd, a distributor of healthy snack foods. Sugafree has a large loan from ABC Bank, and part of the loan agreement stipulates that the company must maintain a Cash at Bank account balance of at least $75 000, reviewed monthly by the bank manager.

At 30 June you report to the accountant, Mandy Sherlock, that the cash balance is only $50 000. Mandy is concerned and instructs you to keep the cash receipts records open for one more day. She explains that if Sugafree reports this cash balance to the bank, the company will default on the loan agreement and the bank may foreclose on the loan and require full repayment. The company could be forced into liquidation and all employees will lose their jobs.

Mandy’s friend Peter Holmes is the accountant at Fantastic Foods, one of Sugafree’s largest customers. She says she will ring Peter and get him to send through a cheque for $35 000 (in part payment of Fantastic Foods’ account) dated 30 June, which you will receive tomorrow, 1 July.

Mandy instructs you to include this cheque in the cash balance so that Sugafree does not have any issues with ABC Bank due to falling below the $75,000 limit at 30 June.

QUESTION: In your capacity as a professional accountant, how would you personally handle this situation – what would be your first step, second step, etc?

  • Would you speak to anyone about this situation?
  • In your response, consider the Code of Ethics for Professional Accountants?
  • What would you do to resolve this situation?

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