Activity 1: Working effectively
1.1 Name and describe two (2) ways you could find other professionals in the accounting and bookkeeping industry.
1.2 Accounting standards are principles and guidelines aiming to ensure consistency and comparability in financial reporting. Legislation, on the other hand, are Acts of Parliament that mandate specific accounting practices and reporting requirements.
Name six (6) pieces of legislation that affect the work of bookkeepers and accountants. For each piece of legislation, briefly describe the impact on your work as a bookkeeper or accountant.
1.3 Name five (5) job titles in the accounting and tax profession. For each one, describe their role in fulfilling a business’s needs.
Search the internet or other sources for help in answering this question. Consider searching job websites or professional associations’ sites. Here’s one site you may like to consider
1.4 Name three (3) publications you can access to keep you up to date on compliance requirements and ethical practices you need in your role as an accountant or bookkeeper. For each publication, enter the URL where it can be found OR describe the steps you would take to subscribe to a hard copy of the publication
1.5 BAS agents must abide by the Code of Professional Conduct. The code contains a requirement regarding disclosure of client information to third parties.
Briefly outline how this requirement works including one example each of when disclosure is and is not required. Make reference to relevant legislation in your answer
1.6 The following table includes methods for developing effective working relationships. Provide one (1) example of how you could apply each method in the workplace.
1.8 Describe two (2) strategies or methods you should use in the workplace to ensure clear verbal communication.
Activity 2: Develop professional working relationships
You have been hired as a bookkeeper at Little Pear Juice Co.
Using the policies and procedures manual (on the LMS) and your own research, complete the following tasks and questions.
Resources required for this assessment:
From the LMS:
- Little Pear Juice Co policies and procedures manual
2.1 Based on the policies and procedures manual, important areas of Little Pear`s financial needs are missing from the manual. Using the table below list the accounting and bookkeeping services Little Pear needs, and explain why.
2.2 Review your answer to Activity 2.1 above. Choose one (1) activity that is likely to fall outside your role and responsibilities as a bookkeeper. Describe why that activity is outside the scope of your role, and which type of professional would be able to carry out that activity.
2.1 Video role play: First Day Management Meeting
Scenario
It’s time for your first day at Little Pear Juice Co. You’re going to have a meeting with some of the key managers who you’ll work with regularly.
In your meeting, you’ll discuss:
- What the business needs to achieve
- What you can help them achieve
- The specific tasks you’ll need to do
- What activities/services might be outside your scope
- Who you might refer them to for those services
This video role play has the following roles:
- Student, Bookkeeper
- Sandy Pears, Managing Director
- Mary Jones, Accounts Manager
- James Taylor, Sales Manager
Resources required for this assessment:
From the LMS:
- Video recording instructions
Other:
- CPD Requirements
- Activity 2.3 Role play script: First Day Management Meeting (in Appendix A of this assessment)
- At least one other person to read/play the part/s of the managers
- Device to record a video of your meeting.
Instructions
You will need at least one other person for this task, to read/play the parts of the managers. Using just one other person to play multiple roles is completely OK. Alternatively, you can use as many other people as there are roles. Give them a copy of the script titled ‘Activity 2.3 Role play script: First Day Management Meeting’.
Record your meeting with the managers. You may choose to use zoom (or other free video conferencing software) or you can follow the video recording instructions that are available on the LMS in your course guide. Upload the video when you upload the rest of the documents for this assessment.
If you can’t complete this video assessment activity, please contact your trainer ASAP.
This task is designed to help assess your ability to:
- Open the meeting appropriately
- Use appropriate language, tone, volume, and pace
- Clarify your role and tasks
- Identify the difference between your role, and that of a management accountant
- Refer managers to where they can find a management accountant
- Clarify your professional development needs/goals
- Ask questions about work performance feedback processes
- Demonstrate active listening.
2.4 Answer the following questions in relation to whether Little Pear Juice Co is meeting its statutory requirements.
- What is the current rate of superannuation required to be paid to ensure compliance with The Superannuation Guarantee Act 1992?
2.5 Sandy has asked you for advice regarding the tax consequences of purchasing a new piece of machinery and equipment for the business.
- Are you able to provide her with tax advice? Rationalise your answer with reference to the ICB code of professional conduct.
Activity 3: Set up and maintain compliance systems
You’ve just started your first week at Little Pear Juice Co. The businesses accountant has suggested to Sandy that Little Pear move to a computerised system instead of working from random spreadsheets.
3.1 Based on the available information about Little Pear Juice Co., research and select a program that you think would work well for the business.