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Candidate Package Part4

The document outlines a project focused on preparing financial reports, detailing competencies related to financial reporting, auditing, and transaction processing. It includes two case studies: one requiring the calculation of annual depreciation using the straight-line method and the other involving bank reconciliation for ABC Company. The bank reconciliation case provides specific discrepancies and transactions to be addressed for accurate financial reporting.

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eyerusalimtemsgen163
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8 views2 pages

Candidate Package Part4

The document outlines a project focused on preparing financial reports, detailing competencies related to financial reporting, auditing, and transaction processing. It includes two case studies: one requiring the calculation of annual depreciation using the straight-line method and the other involving bank reconciliation for ABC Company. The bank reconciliation case provides specific discrepancies and transactions to be addressed for accurate financial reporting.

Uploaded by

eyerusalimtemsgen163
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Project3: Preparing Financial Report (1hr).

This project covers the following competencies


1. LSA ACF4 04 1221 Prepare Financial Reports based international financial
report standard
2. LSA ACF2 02 1221 Process Customer Accounts and Transactions
3. LSA ACF4 12 1221 Perform auditing and reporting
4. LSA ACF3 09 1221 Prepare Financial Reports
5. LSA ACF3 01 1221 Process Financial Transactions and Extract Interim
Reports
6. LSA ACF3 02 1221 Administer, Monitor and Control General and Subsidiary
Ledgers
7. LSA ACF4 01 1221 Prepare Financial Statements for governmental and not
for profit Entities (NFP)
8. LSA ACF3 04 1221 Administer Financial Accounts
9. LSA ACF4 03 1221 Apply Principles of Professional Practice to Work in the
financial services industry
10. LSA ACF4 09 1221 Establish and Maintain a Cash and Accrual Accounting
System
11. LSA ACF3 05 1221 Prepare, Match and Process Receipts
12. LSA ACF3 06 1221 Process Payment Documentation
13. LSA ACF3 07 1221 Balance Cash Holdings
14. LSA ACF3 03 1221 Perform Financial Calculations
Cases I
Tana Company purchased computer on January 1, 2020 at birr 13000, expected
salvage value is birr 1000 and estimated useful life is 5 years.
Instruction: - based on the given data
Task 1: calculate annual depreciation expense by using straight line method
Task 2: record journal entry for the first consquative years
Case II

The following description are obtained from the accounting records of ABC Company
and the

bank statement received on December 31,2022 in order to prepare bank reconciliation


statement
as of December 31,2022.

1. The account of ABC Company shows balance of Br 152,858.89 on December


31,2022

whereas the balance on the bank statement on the same date was Br 157,028.89

2. The bank collected a note receivable of Br 10,000 Br 250 interest on the note from
XXX

PLC for ABC Company on December 15,2022

3. Deposits of Br 12,000 made on December 31,2016 were no included on the bank

statement

4. Some of the checks issued & recorded by the company during the month are not yet
paid

by the bank. The total value of these checks on December 31,2022 determined to be
Br

14,500

5. Check NO 2480 issued to ADMAS company, a creditor, for Br 4,920 was wrongly

recorded in the cash payment journal of ABC Company on December 10 as Br 4,290

6. The bank erroneously deducted Br 2,500 from the company’s balance for a check
issued

by another company

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