|  Pete's Plumbing: An Accounting Practice Set Pete's Plumbing: An Accounting Practice Set This practice set is designed to provide introductory accounting students with an overview of an accounting information system. While there are many practice sets available, “Pete’s Plumbing” is unique in a number of ways. It takes into account the cashless society, and introduces the use of electronic funds transfers (EFT) for business transactions. EFT payments can be made by the use of a debit (or credit) card, or out of the bank account through a direct debit. Many businesses now use this payment approach. Money can also be received directly into business bank accounts, and this practice set also demonstrates this aspect. This practice set will expose students to the collection and payment of a Goods and Services Tax (GST), and the accounts used in the Journals and General Ledger. The GST is introduced because this tax is applied to most countries, and is an important consideration for all businesses. To assist with understanding and entering the information from the source documents to the Journals, this practice set has the first five documents entered into the relevant Special Journals as worked examples. Microsoft® Excel worksheets are also available, giving students the choice of completing the practice set either manually or by computer. Pete’s Plumbing is an owner-operated business, has some employees and also sub-contracts work. It is primarily a service business but also has to account for inventory. Additional practice sets -Amphibian Sounds - (www.mhhe.com/au/wijewardena) an accounting practice set by Hema Wijewardena (University of Wollongong) based on the periodic stock take system. Can also be completed in Excel.Pedal Power - (www.mhhe.com/au/pedalpower) an accounting practice set by Hema Wijewardena (University of Wollongong) based on the perpetual stock take system. Can also be completed in Excel.Clover Cellars / Quickbooks version - (www.mhhe.com/au/halabi2) an accounting practice set by Abdel Halabi and Robyn Dyt (Monash University) based on the perpetual stock stake system. Can be completed in writing, in Excel and / or Quickbooks.Clover Cellars / MYOB version - (www.mhhe.com/au/halabi3) an accounting practice set by Abdel Halabi and Robyn Dyt (Monash University) based on the perpetual stock stake system. Can be completed in writing, in Excel and / or MYOB.  |
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