Author Description

Navigaid Systems Pty Ltd is a small retail business specialising in the supply of a limited range of person global positioning systems to a variety of customers. The practice set is designed to give users experience, in a simulated retail business environment, experience in analysing, recording and processing a number of common business transactions incorporating a perpetual inventory system in a manual accounting system. On completion of this practice students should have an understanding of the processes and procedures associated with the manual accounting system and in particular a greater appreciation of: • the steps involved in the accounting cycle for a small retail business • how the accounting cycle culminates in the production of monthly financial statements • the accounting procedures used in a perpetual inventory system • how the Goods and Services Tax impacts on accounting • the role of balance day adjustments and their effects on final statements, and the end-of-period closing process • preparation of financial statements from accounting records.