Reference no: EM133019510

BSBFIM501 Manage budgets and financial plans

Assessment Task 1: Written Questions

1. Explain the basic principle of double entry bookkeeping.

2. Describe the principle of cash accounting and one advantage and one disadvantage of this method of accounting.

3. Describe the principle of accrual accounting and one advantage and one disadvantage of cash accounting

4. Explain the two accounting principles on which the calculation and reporting of deprecation is based.

5. Identify and explain three key features of A New Tax System (GST) Act 1999.

6. Identify and then explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.

7. According to GST legislation, list four items that do not attract GST.

8. Explain the process by which a business reports GST to the Australian tax office.

9. What is the penalty rate to be applied if a supplier does not provide an ABN?

10. A non-profit organisation needs to register for GST after it has a turnover of more than how much?

11. List the key information that must be included on a tax invoice for sales of $1,000 or more.

12. Identify and explain three types of financial statements and their purpose.

13. Describe the type of entity that is required to have financial reports audited.

14. Explain the purpose of a financial audit and auditor's report.

15. Describe why companies may choose to develop budgets.

16. Explain the main steps in the budgeting process.

17. List 5 ways to improve cash inflow and give examples.

18. Explain the use of electronic spreadsheets in developing budgets and give two of their key features.

19. Explain three key principles relating to the management of a chart of accounts.

20. Explain the purpose of a profit and loss statement and give two of its key features.

Attachment:- Manage budgets and financial plans.rar