Assessment 2 - Knowledge Based Questions The answers to these questions must be comprehensive and professionally presented with formatting at industry standard. Examples should be provided where possible. Include sufficient detail to demonstrate depth of knowledge. 1. Define internal controls in relation to safeguarding the assets of the business and explain the security procedures you would employ for handling cheques, vouchers and cash. 2. Describe the banking guidelines and procedures that are recommended to ensure good internal controls in a business. Should you wish to adjust these procedures how should you go about this process and who should you gain authorisation from? 3. When doing the banking what is \"proof of lodgement\", provide an example. Suggest methods of filing this documentation? 4. Explain the reason for conducting timely bank reconciliations. Include in point form the steps in completing this process. 5. a) Customer communication is vital to avoid delinquency in Accounts Receivable. Describe 3 methods an organisation may use to ensure adequate follow up procedures are taking place. a) Customer communication is vital to avoid delinquency in Accounts Receivable. Describe 3 methods an organisation may use to ensure adequate follow up procedures are taking place. b) Define and explain the difference between bad and doubtful debts. Please include how they are identified? 6. What is an accounting code of practice and what role do they play in the accounting industry. Please include two examples in your answer. 7. Discuss the Australian Accounting standards and how their legislative and regulatory requirements are relevant to our work. 8. Why does the Australian Taxation Office have a major influence on the policies and procedures of many businesses? Please include at least two examples in your answer. 9. Discuss three typical errors that can be made when posting and processing your financial transactions. Also include correction methods for these errors. 10. The use of spreadsheets can assist us in maintaining accurate records. In a very concise manner explain the features and uses of financial spreadsheets. 11. For the following reports describe and list the account classification found in each report: Trial balance Income statement Balance sheet