Talent Formula Senior Bookkeeper Interview Questions and Answers

The general procedures of Australian bookkeeping.

Q1. What are the treatment procedures for Goods and Services Tax (GST) and Business Activity Statements (BAS)?
Ans. 
Treatment procedures for GST and BAS involve accurate recording of transactions, calculating GST amounts, lodging BAS on time, and reconciling GST accounts.
• Record all transactions accurately to ensure correct GST treatment.

• Calculate GST amounts correctly based on taxable supplies and input tax credits.

• Lodge BAS on time to avoid penalties and maintain compliance with tax regulations.

• Reconcile GST accounts regularly to e...read more
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Q2. What is the treatment of accounts receivable and bad debts, and how do they impact the Business Activity Statement (BAS)?
Ans. 
Accounts receivable are recorded as assets on the balance sheet, while bad debts are written off as expenses. Both impact the BAS.
• Accounts receivable represent money owed to the business by customers for goods or services provided.

• Bad debts are debts that are unlikely to be collected and are written off as expenses on the income statement.

• The treatment of accounts receivable and bad debts can impact the Business Activi...read more
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