Reference no: EM133201029
Provide answers to all of the questions below:
1. List five functions of accounting software used to manage finances.
2. Explain the four main taxation and superannuation obligations for a business.
3. Identify six reporting requirements that apply to goods and services tax (GST).
4. Explain PAYG withholding and PAYG instalments.
5. Complete the table to identify financial risk factors and explain how they may be mitigated (i.e., the contingency plan). The first row has been completed as an example for you to follow.
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Financial risk factor
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Contingency plan
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Risk response (avoid, reduce, transfer or share)
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Key staff placed in lockdown due to COVID-19 exposure (e.g., hairdressers)
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Implement and adhere to COVID-safe working practices.
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Reduce
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6.Complete the table to list potential sources of income and sources of expenditure for businesses.
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Sources of income
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Sources of expenditure
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7.Complete the table to define financial, accounting, and economic terms.
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Term
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Definition
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Break-even point
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Forecasting
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Equity
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Liability
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Working capital
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8.Explain how you may go about setting business targets using S.M.A.R.T goals. Provide an example to support your xplanation.
9.Complete the table to summarise major financial reports that may help to analyse the financial position of a business. For each report, explain what information the report provides and list examples of ratios that can be calculated from the information.
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Report
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Information it provides
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Ratios that can be calculated (at least four each)
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Balance sheet
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Income statement
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Cashflow statement
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10.Identify four questions that may be asked to analyse existing financial/accounting systems in a business.
11.Explain the purpose of forecasting financial requirements (income and expenditure).
12.List three current financial/accounting systems commonly used in businesses.
13.Discuss how finance and investment decisions impact the financial returns of an organisation. In you your answer:
- Define what is meant by the terms "investment decision" and "finance decision".
- Identify the primary goals of the finance and investment decisions.
- Provide an example of a finance and an investment decision.