What are the financial reporting cycles

Assignment Help Financial Management

Reference no: EM133171028

BSBFIM601 Manage finances

Assessment Task:

Research Questions

Question 1 In your own words, describe responsibility accounting?

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

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?

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).

Reference no: EM133171028

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