What are the financial reporting cycles relevant to industry

Assignment Help Finance Basics

Reference no: EM133175066

BSBFIM601 Manage finances

Assessment

Research Questions
• You are to research and answer all the following questions.
• Please use word
• Make sure you answer all questions
• Hard copy needs to be provided to assessor
• Return your assessment by the date set by your assessor

Task

This is an individual task

• This will be your own work
• Make sure that you have not copied or plagiarized from any person or source
• Make sure you answer all questions
• Print out and submit to your assessor

Research Questions

1 In your own words, describe responsibility accounting?

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

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

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

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

6 Describe the following term in relation to an organisations budgetary requirements.

CAPITAL INVESTMENT

7 Describe the following term in relation to an organisations budgetary requirements.

CAPITAL EXPENDITURE

8 Describe the following term in relation to an organisations budgetary requirements.

CASH FLOW

9 Describe the following term in relation to an organisations budgetary requirements.

BREAK EVEN

10 Describe the following term in relation to an organisations budgetary requirements.

GROSS PROFIT

11 Describe the following term in relation to an organisations budgetary requirements.

RISK MANAGEMENT

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

13 Describe 2 different capital investment evaluation techniques

14 What are the benefits of participative budgeting?

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

16 What are INCOTERMS?

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
18 What is the trades practice Act?

19 What is the Warsaw Convention?

20 What is the World Trade Organisation?

21 What are Bilateral and Regional Free Trade Agreements?

22 What is meant by financial probity?

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: EM133175066

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