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This practice set is intended to introduce students to MYOB AccountRight v19. It gives students experience in keeping a computerised set of books and is recommended for use by students studying an introductory unit in financial accounting.
This practice set is designed to simulate the activities of a business i.e. 4 Steps Cafe, and provide students with the opportunity to process a number of common transactions affecting a business over one/or two accounting period. It should ensure a greater appreciation of:
the steps required in the accounting cycle (including GST requirements);
entering sales, purchases, receipts, payments and general journal entries;
reconciling bank accounts, GST, Accounts Receivable and Accounts Payable;
printing financial reports which summarise the activities of the business for the period; and
the preparation of the Business Activity Statement.