1. Finance is a highly legislated profession.

a) Identify the legislation (Act) which imposes Goods and Services Tax in Australia.

b) What is the current rate of GST in Australia?

c) Which Accounting Standard determines how accounting is recorded for company income taxes under the Corporations Act?

a. You have been requested to deposit cash directly into the bank.

After depositing the money with the bank in one of their branches, what documents would you receive as proof of deposit?

b. What are two (2) alternative methods to deposit cash (cheques, coins and notes), rather than physically going into the bank during opening hours?

c. What proof of deposit would you expect from each method?

d. According to Silver Services Catering policies and procedures, where would you file this documentation?

3. There is a high level of risk associated with cash within a business as it is both desirable and accessible. Many security measures and strategies can be put in place to help minimise these risks. Using the Guide for handling and transporting cash, Safe Work Australia, complete the following tasks.

a. Identify three (3) security measures that could be used when preparing and banking cash and cheque.

b. List three (3) ways security could be improved for taking the prepared deposit monies to the bank.

c) List three (3) internal control measures that can be used for electronic payments to prevent errors and fraud.