FNSACC311 Process Financial Transactions

Part A (10 marks) From the information below create an appropriate tax invoice: On 1 August 2018 Gerry Lee SuppliesHelens Ave Strathfield NSW 2135, sold 300 calculators costing $40 + GST each to Cassie Coyne . The tax invoice number is 66731. Description Quantity Unit Price Amount SOLD TO:, Archive version 1, June 2018 Part B (10 marks) (i) The Trial Balance and the Balance Sheet are two common reports prepared by an organisation. a. Describe the key features of the Trial Balance b. Describe the key features of the Balance Sheet. (ii) Before paying a tax invoice for the purchase of goods, list steps you would take to check that the invoice is valid and accurate. (iii) Identify from the list below the accounting standard or legislative or regulatory requirement that best matches the definition.  a. This Act regulates companiesb. This accounting standard provides information about the requirements and presentation of Cash FlowStatements c. This Act sets out the rights and obligations for partners within a partnership
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