ASSESSMENT 4_FNSACC406.docx - ASSESSMENT 4 \u2013 Research Questioning Assessment Questions with sample answers Q1 What should you look for when choosing

ASSESSMENT 4 – Research & Questioning Assessment Questions with sample answers Q1: What should you look for when choosing an accounting system for a business? Answer  Does the system calculate all payroll requirements (PAYE, annual leave, long service etc.)?  Does the system track stock, work in progress, orders, jobs and other task management requirements?  Will the system be able to handle multiple bank accounts?  Does the system track separate financial records for each business or department within the business/  Does the system allow for interface with other computer systems such as online payments?  Does the system keep detailed records on customers including what they buy, how often they buy, when they buy etc.?  How user friendly is the system?  Is the system saleable - can it expand as your business grows?  Is the system supported in terms of problems, updates and tax changes?  Capacity - how many users can use the product at once?  Security - is it protected through passwords and authorizations?  Does it incorporate data validation? Q2: Describe the key features of computerized accounting systems Answer Key features of a computerized accounting system include  Save time and money  Ability to extract reports easily  Ability to meet reporting obligations in a streamlined manner  Ability to track  General Ledger  Billing / Accounts Receivable  Accounts Payable  Inventory  Sales Order 1

 Purchase Order  Payroll / Human Resources  Job Cost / Manufacturing  Custom Management Reports  Opens up ability to lodge reports electronically to various agencies  Increased accuracy  Helps minimize potential accounting errors  Etc. Q3: Describe 5 key features all organizations should employ in relation to managing and using acomputerized accounting system Answer