Reference no: EM133171861

BSBFIN601 Manage organisational finances

Assessment 1: Short Answer Questions

Question 1
Complete the table below.
a. Identify the four phases of reviewing a financial statement to monitor your profits and losses.
b. Briefly explain how each phase is conducted to establish and review your profits and losses.

Question 2
Complete the table below.
a. Identify at least four ethical standards for financial probity in businesses.
b. Identify at least one workplace task that will allow you to demonstrate adherence to each identified standard.

Question 3

Complete the table below.
a. Identify at least three financial declarations a business can make to ensure financial probity.
b. Briefly describe the conditions that indicate the need to make each identified financial declaration.

Question 4
Answer the questions about the following principles of accounting and financial systems.

a. Recognition of revenue
Describe when revenue is earned.

b. Recognition of expenses
Describe when an expense is occurred.

c. Accrual accounting
Explain why transactions are recorded as they occur even if payment has not yet been received by the workplace/organisation.

d. Going concern
Explain why it is always assumed that an organisation will continue to operate for the foreseeable future.

e. Monetary unit
Explain why items in a financial system must have a monetary value.

Question 5
Complete the table below.
a. For each specified function of financial management software, identify at least two workplace tasks that are accomplished by financial management software.
b. Briefly describe the purpose of each identified workplace task in the management of finances in your workplace/organisation.

Question 6
Complete the table below.
a. Identify the three sections of a financial budget.
b. Briefly describe the information contained in each identified section.
c. Briefly explain how this information is used by an organisation to monitor its finances.

Question 7
Answer the following questions about Australian Tax Office (ATO) requirements on Goods and Services Tax (GST).
a. Identify the six business categories that are required to register for GST.
b. List the six actions the ATO requires a business qualified for GST to do.
c. Identify how much time a business has to register for GST after qualifying.

Question 8
Answer the following questions about Australian Tax Office (ATO) requirements on Company Tax.
a. Briefly explain how you can determine the amount of company tax your workplace/organisation is required to pay.
b. Briefly explain the difference in the company tax that an Australian resident company and a non-resident company is subject to.

Question 9
Answer the following questions about Australian Tax Office (ATO) requirements on Pay As You Go (PAYG).
a. Briefly explain the difference between PAYG instalments and PAYG withholding.
b. Complete the table below.
i. Identify the two ways a business can pay PAYG instalments.
ii. Briefly describe how a business can use each identified way to pay PAYG instalments.
c. Identify the four payments tax is withheld from under PAYG withholding.