What are the record keeping requirements by the business

Reference no: EM131839040

Q1.
Please visit www.ato.gov.au and answer the followings.
a) What are the record keeping requirements by the business? What process would you follow in your business to record keeping and filing of calculations?
b) What is Good and Services Tax (GST) and what are the requirements for GST?
c) If you buy an item for $121 inclusive of GST, how much GST did you pay?
d) Calculate GST amount for an item that costs $150 excluding GST.
e) Calculate the price of an item that costs $200 excluding GST.

Q2.
Using the following CPI figures, calculate the impact of inflation on the following products (assuming the current year is 2015)

Year	Value
2011	100
2012	125
2013	131
2014	133
2015	137

- Basket of goods worth $22 in 2011
- Motor vehicle worth $22,500 in 2013
- Bread, worth $1.50 in 2012
- House worth $495,000 in 2014

Q3.
What is the formula to calculating the basic interest of an amount? Calculate the interest to be earned for the following two investments.
- $10,000 invested for 1 year at 7%
- $12,410 invested for 2.5 years at 6.75%

Q4
What is the formula for calculating compound interest? Calculate the compound interest and future value on the following principals.
- $1000 invested for 3 years at 5% compounded annually
- $1,500 invested for 9 years at 5.5% compounded monthly

Q5
What is mark-up? Calculate the mark-up on the following
- $250 with 25% mark-up
- $9.30 with 35% mark-up

Q6.
What is Straight Line depreciation? Using straight line method calculate the annual depreciation charges of the following assets of a business
- Equipment purchased for $5,000. Expected salvage value after useful life of 4 years is estimated at $600
- Computer purchased for $2,000. Expected salvage value after useful life of 3 years is estimated at $500

List 3 workplace tools you can utilize to perform financial calculations.

Q7 List 3 places you can source information to assist you in performing financial calculations.

Q8 Describe three different common computational errors made when performing financial calculations, and outline what you could do to check for errors.

Reference no: EM131839040

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Reviews

len1839040

1/30/2018 5:31:50 AM

? To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Short Question Answer along with a satisfactory result for the another Assessment (Project) ? This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. ? This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of the Assessments to your Trainer/ Assessor. ? Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Zero. Answer all the questions of the assessment. You may use calculator or other resources to perform the calculations. You also need to submit a printed copy of the assessment to your trainer.

len1839040

1/30/2018 5:31:42 AM

? This assessment is to be completed according to the instructions given below in this document. ? Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit. ? If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. ? Please refer to the College re-submission and re-sit policy for more information. ? If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately. ? Please read the Questions carefully then complete all tasks.

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