All financial statements must be verified and approved by all three partners - Quarterly reports to be
Question:
All financial statements must be verified and approved by all three partners
- Quarterly reports to be prepared for the quarters ended 31 March, 30 June, 30 Sept, 31 Dec
- All financial statements must follow the File name saving protocol as per NeoZone for Kids Data Creation, Collection and Protection Policy which is : NeoZone for Kids_Financial Statement Name or General Journal Name_ddmmyyy
- The cash method of accounting used
- all financial reports be prepared using the Financial Statements Templat
1 ) Review the Statement of Cash Flows and NeoZone's organisational policies and procedures provided (above). What is one change that needs to be made to ensure that the above report is in compliance with the organisational policies?
2) Review the Statement of Cash Flows and UIG 1031 - Accounting for the Goods and Services Tax, particularly point 11. What is one change that needs to be made to the Statement of Cash Flows to ensure it is in compliance with the accounting standards?
3) You have spoken with the new accounting intern who completed the cash flow statement for the next quarter. They have confirmed that the cash flow statement did include all the transactions for the quarter ended 30 September 2022 (not just for the 2 months ended 31 August 2022). Please prepare an amended Statement of Cash Flows correcting for the two errors identified.