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Describe Discuss some of the problems that might arise from a failure to maintain and update an existing Chart of Accounts.

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1.Describe Discuss some of the problems that might arise from a failure to maintain and update an existing Chart of Accounts.  2.Why might a user need to customise the Chart of Accounts? 3.Reconciling the GST control accounts is different for accrual based accounting and cash accounting. When reconciling the GST control accounts, with what would outstanding GST be reconciled in each case? 4.What are some of the benefits of maintaining control accounts? You cannot use examples already discussed in the text 5.What report in a computerised accounting system allows you to perform a bank reconciliation, and what does the facility do? Discuss 6.Create a backup schedule for a computer system you use, such as your home system.  Explain your choice of backup techniques used for the backup schedule.  7. How can you test the restore process to make sure it will work properly should a data loss occur? 8.What is the first step in restoring data from a backup irrespective of the backup type? 9.Create a restore procedure that you can use to reinstate your system from your back-ups. The procedure should consist of series of steps, taking into consideration the type of backup you used. Your procedure should be half a page to one page in length. 10.What are the ATO’s requirements for storing records relating to financial transactions? Provide two examples and discuss 11.Explain Discuss how media should be stored: a)      Magnetic media b)     Optical media 12.What needs to be considered when assessing a recordkeeping system’s security and accuracy?