The Explorer Car Rentals 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. Explorer Car Rentals, and provide students with the opportunity to process a number of common transactions affecting a business over one/or two accounting periods. It should ensure a greater appreciation of:
(a) the steps required in the accounting cycle (including GST requirements);
(b) entering sales, purchases, receipts, payments and general journal entries;
(c) reconciling bank accounts, GST, Accounts Receivable and Accounts Payable;
(d) printing financial reports which summarise the activities of the business for the period; and the preparation of the Business Activity Statement.