PART B Written Task (Total 10 marks)
(1) With reference to the article “CPA Australia (2008), Internal
controls for small business, Business Management, CPA
Australia”, answer the following questions regarding internal
control:
a. Identify and describe briefly two internal controls
discussed in this article. (2 marks)
b. Explain whether either of the two internal controls you
have discussed above would be useful for Adams Apples. If not
explain why. (2 marks)
(2) In the context of Adams Apples explain the concept of
internal control. In your answer identify what you feel would be
the most critical aspect(s) or areas of concern in relation to
internal control for this business (4 marks)
(4) Correctly reference the article above and any other sources
used in your submitted assignment. You do not need to refer to
other sources as the document above is sufficient for this task,
however if you do, make sure you reference each source
correctly. (2 marks)
Your written answer to Part B:
· Must be typed and be no longer than 800 words.
· Must use appropriate referencing.
2.1 Background
Adams Apple Adventures operates from the small but
prosperous town of Apple View in Southern Tasmania.
Adam started the business in September 2010 after noting the
huge influx of tourists in the region over the previous 12 months
who were looking for exciting new alternative travel adventures
involving bushwalking and hiking. Adam recently undertook a
feasibility study into the business’s prospect and believes there
is huge potential to expand the business further into other
tourism related business areas in the future.
Adams Apple Adventures provides tour packages from Apple
Mountain to Apple View Valley, a picturesque untouched world
heritage area. The business provides three different types of
adventure tour packages for tourists. They include the:
• Bronze Package – Includes a return bus trip from Apple
Mountain to Apple View Valley and a 5 hour return guided
hike;
• Silver Package – Includes a return bus trip from Apple
Mountain to Apple View Valley, a pre-packed luncheon of
sandwiches and fruit and a souvenir fridge magnet and a 5 hour
return guided hike.
• Gold Package – Includes a return bus trip from Apple
Mountain to Apple View Valley, pre-packed luncheon of
gourmet sandwiches, fruit and selected Tasmanian cheeses, a
tour guide for the day and a souvenir booklet on Apple View
Valley and a 5 hour return guided hike.
The business trades 7 days a week. The business employs 2 staff
members that perform a number of functions including
reception work; bus driving; and providing tour guide
information. The business is renting a shop front with an office
attached in the Apple View Shopping Centre.
The business has been recording all accounting transactions
manually. However, Adam has recently attended a MYOB
seminar and is keen to implement MYOB into the business.
Adam has employed you as his accountant to assist in setting up
the accounts and to record June transactions using MYOB

Click here to request for this assignment help

Place New Order
It's Free, Fast & Safe

"Looking for a Similar Assignment? Order now and Get a Discount!