FNSACC418 Work Effectively Chapter 3 Quiz

Is the below describing GST paid on a cash basis or on a non-cash basis?

Transactions for GST reports are taken from the date of contract of sale which is the invoice date. The accounting system therefore needs to record both the invoice and the payment in order to generate reports on a non-cash basis for GST purposes. For example, invoices for credit sales to customers are recorded in the books at the date of the invoice; the accounting system will record a sale at this date and this entry will filter through to the GST (non-cash basis) report for the period.

• GST on a non-cash basis

• GST on a cash basis

Which statement below best describes a system?

• The list of rules to be followed in the workplace

• A network of computers

• Comprised of parts grouped in a logical way to achieve a specific goal

• Any form of electronic communication in the workplace

Which option best describes GST on a cash basis?

• Only the invoices paid during the GST period apply to the reporting

• Transactions for GST reports are taken from the date of contract sale x

• All transactions are to be cash only

• All transactions must be above $1250

What is GST n a non-cash basis also known as?

• Activity basis

• Accounting basis

• Area basis

• Accrual basis

Which of the statements below is generally not a reason for a system review process?

• To check the information generated is accurate

• To ensure existing are adequate

• To identify any new issues related to system documents

• To boost team morale