Briefly describe the two functions of financial management

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Reference no: EM132986556

BSBFIM501 Manage budgets and financial plans - Gen Institute

Assessment 1 - Written Questions

1 Explain the following accounting assumptions or principles in 50-60 words each.
• Entity assumption
• Monetary assumption
• Historical cost assumption
• Accounting period assumption

2 Name the five groups of accounts and identify if their accounting nature is a credit or debit.

3 Briefly describe the two functions of financial management. Respond in no more than 50 words.

4 Identify any three reasons why an organisation must establish an effective and efficient accounting system.

5 Briefly describe GST (in 10-20 words) and:
• Identify the legislation relevant to GST
• outline the eligibility of businesses to register for GST
• outline ATO reporting and tax payment requirements for business who use GST

6 Briefly outline the ATO's requirements of a company in relation to Company Tax.

7 Briefly describe Pay As You Go (PAYG) withholding, and outline the ATO's reporting and payment requirements of a company in relation to PAYG withholding. Respond in no more than 100 words in total.

8 Briefly explain the legal requirement of a business to maintain paper and electronic records. In your response you must include the compliance conditions relating to record retention and language.

9 Identify at least five basic types of records a business may need to maintain, and provide one example of each.

10 Identify three benefits or uses for maintaining accurate business records, apart from legal compliance.

11 Briefly describe (50-60 words each) the roles of the following standards applicable to a financial audit that could be conducted in an organisation.
• Australian Accounting Standards
• Australian Auditing Standards

12 What is the purpose of a financial audit? What specific items are auditors looking to detect? Respond in no more than 100 words.

13 How does a financial audit help an organisation? Briefly describe any three ways, in up to 100 words.

14 Briefly describe the following in about 80 words each.
• Incremental budgeting
• Zero-based budgeting
15 List any five principles of budgeting.
16
List any five principles of Cash Flow management.

17 List any five principles for preparing an efficient spreadsheet to plan finances.

18 Briefly describe three principles for GST in Australia. Respond in no more than 150 words in total.

19 Answer the following five questions about accounting records applicable to a business in no more than two or three sentences each:

a. What does a General ledger contain?
b. What are the two ledgers that are the subsidiary ledgers?
c. Name the two main financial statements of a business.
d. If a business records a profit or loss, what group of accounts are then increased or decreased by that value?
e. Briefly describe the principle of double entry accounting.

20 Briefly describe a profit and loss statement and the steps are involved in preparing a profit and loss statement. Your response must be no longer than 80 words.

Reference no: EM132986556

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