Reference no: EM133085525

BSBFIN601 Manage organizational finances - Central Australian College

Class Activities

Activity 1: Read Chapter 1 of the learner guide and complete the following Task (.

Match the description to the word that best fits it.

DESCRIPTION	OPTIONS
This compares the earnings reported by a business to its sales. It is a key indicator of the financial health of an organisation.	Accounts payable turnover
This refers to the number of times per year that a business collects its average accounts receivable	Margins of safety
This is a ratio that measures the speed with which an organisation pays its suppliers.	Accounts receivable turnover
This measures how well an organisation is using its working capital to support a given level of sales.	Net profit ratio
This refers to the reduction in sales that can occur before the breakeven point of a business is reached.	Working capital turnover

Activity 2:

Read Chapter 1 of the learner guide and complete the following Task.

1. Identify at least three statutory requirements from ATO that are applicable to your organisation.
2. Identify the two primary tasks of the Australian Securities and Investments Commission (ASIC).
3. Identify the three key functions of financial management software.

Activity 3:

Read chapter 1 of the learner guide and complete the following True or False Quiz.

Tick ‘True' if the statement is correct, and ‘False' if not.
Financial accounting is concerned with external reporting to parties outside the firm. In contrast, managerial accounting is primarily concerned with providing information for internal management.
A profit and loss statement (P&L) is also known as a statement of profit and loss, income statement or income and expense statement.

There are three key methods for analysing financial data: horizontal analysis, vertical analysis and diagonal analysis.

Two things are mainly monitored and analyses when it comes to critical dates and initiatives: Business Plan and Cash Flow Trends.
One of the best ways to track an organisation's health is by analysing cash flow trends. Performing ratio analyses each month will give you a concrete way to measure how well your organisation is managing your cash.

The Australian Tax Office (ATO) is Australia's corporate, financial markets and financial services regulator.

Financial software are automated programs designed to assist and store financial operations of a business nature.

Activity 4:

Read chapter 2 of the learner guide and complete the following Task .

Unjumble the letters inside the boxes to make meaningful words. After this, match each term with the statement which best describes it.

Activity 5: Read chapter 2 of the learner guide and complete the following activity.

Listed below are statements regarding developing, circulating and revising budgets. Tick true or false for each statement.

Statements regarding developing, circulating and revising budgets
An organisation's previous financial data is more important than their cash flow trends when developing budgets.
National standards set financial probity requirements for businesses and non-profit organisations across Australia.
Financial delegations and temporary authorisations should be approved in writing.
Once a budget is approved by all directors and supervisors, it should never be revised anymore.
A discrepancy is an unintentional accounting error and should not be confused with fraud.

Activity 6: Read chapter 2 of the learner guide and complete the following True or False Quiz.

Tick ‘True' if the statement is correct, and ‘False' if not.

Probity ensures processes are not only compliant but also sound, efficient, competitive, equitable and directly focused on the outcomes sought.

Components of a financial budget include variable expenses and invariable expenses.

Components of a financial budget include variable expenses and fixed expenses.

Discretionary expenses are not necessary expenses and include purchases you make for entertainment purposes.

Estimates are proposals stating the price that the organisation is willing to spend on a resource.

Monitoring and reporting results involve creating a budget timetable and top-down fixes.

Illegal transfer or diversion of money is an example of fraud.

The audit trails are perfect for confirming whether there have been opportunities for misappropriation of funds.

Auditors look specifically at ‘what,' ‘who' and ‘when' as they go about creating journal entry audit trails.

The Profit and Loss statement formula is Profit - Sales = Cost.

Activity 7: Read chapter 3 of the learner guide and complete the following Task.

Six significant issues in statements have been hidden in the word search below. Identify all of them.

Activity 8: Read chapter 3 of the learner guide and complete the following activity.

1. List six areas of improvement for financial recommendations.

2. List three of the sample questions you need to think about in order to ensure that your report meets the needs of their readers.

3. List the two measurements that can be used across organisations for the purpose of benchmarking.

Activity 9: Read chapter 3 of the learner guide and complete the following True or False Quiz.

Tick ‘True' if the statement is correct, and ‘False' if not.

A Business Activity Statement (BAS) is a tax reporting requirement for organisations on either a monthly or quarterly basis. The BAS is the form that businesses in Australia are required to submit to the ATO.

When the business income reaches a certain amount, the business will pay its taxes in instalments which are usually on a quarterly basis.

Once you lodge the income tax return and the business' income is over the threshold, the ATO will automatically put you in the PAYG instalment system.

The Fringe Benefits Tax is the tax that businesses pay for the added benefits given to business owners.

The Fringe Benefits Tax is the tax that businesses pay for the benefits paid to their employee or associate.

Record keeping is not part of organisational requirements in reporting.

Record keeping is part of organisational requirements in reporting.

The first step to writing an effective report is to consider your reader and their requirements. This allows you to ensure that your written report meets their needs.

When issues come up, the most logical way to approach it is to handle an issue one at a time. However, when several issues come up all at once, it can be difficult to assess which one to resolve first.

Budgets are a valuable tool for owners to use to evaluate the performance of their firm at the end of the time period that the budget covers. Employers should look at actual expenses, for example, as compared to budgeted, or planned, expenditures.

Budgets are a valuable tool for owners to use to evaluate the performance of their firm at the end of the time period that the budget covers. Managers should look at actual expenses, for example, as compared to budgeted, or planned, expenditures.

Attachment:- Manage organizational finances.rar