Reference no: EM133581057

Manage finances

Question 1: In your own words, describe responsibility accounting?

Question 2: Which of the following statements relating to a budget is not true?

a) It is a detailed plan
b) It is a management tool
c) It provides many of the performance targets used in responsibility accounting
d) It is prepared on a historical basis
e) It identifies certain financial and operating targets

Question 3: Detail 4 different types of budgets, and their purposes.

Question 4: What information would you require to plan and prepare a budget for a new business? Detail where this information would come from.

Question 5: Describe what external factors should be taken into consideration when planning and preparing a budget.

Question 6: Describe the following term in relation to an organisations budgetary requirements. CAPITAL INVESTMENT

Question 7: Describe the following term in relation to an organisations budgetary requirements. CAPITAL EXPENDITURE

Question 8: Describe the following term in relation to an organisations budgetary requirements. CASH FLOW

Question 9: Describe the following term in relation to an organisations budgetary requirements. BREAK EVEN

Question 10: Describe the following term in relation to an organisations budgetary requirements. GROSS PROFIT

Question 11: Describe the following term in relation to an organisations budgetary requirements. RISK MANAGEMENT

Question 12: What are the financial reporting cycles relevant to your Industry?

Question 13: Describe 2 different capital investment evaluation techniques

Question 14: What are the benefits of participative budgeting?

Question 15: What steps would you take to effectively implement the budget into a team environment?

Question 16: What are INCOTERMS?

Question 17: Describe the following INCOTERMS codes?

Departure (Group E)
FCA - Free Carrier

Main Carriage Paid By Seller (Group C)
CIF - Cost, Insurance And Freight

Arrival (Group D)
DAF - Delivered At Frontier

Question 18: What is the trades practice Act?

Question 19: What is the Warsaw Convention?

Question 20: What is the World Trade Organisation?

Question 21: What are Bilateral and Regional Free Trade Agreements?

Question 22: What is meant by financial probity? List 6 aspects of what it includes.

Question 23: What records need to be kept for the ATO for a small business with an annual turnover of less than $2million (cash basis)