Reference no: EM132886154

BSBFIM601 Manage finances

Assessment 1 - Research

1. What are the requirements for financial probity? Your response needs to provide an overview what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc. to be explained in in your own words :

2. Describe the following concepts and principles of financial management requirements in your own words :
a) Reporting and Control Requirements
b) The Reliability Principle
c) The Going Concern Principle
d) Financial Reporting

3. For the following listed terminology, describe the principles of and provisions for effective financial systems and also provide an overview of the common procedures and systems and what these entails: Each area to be explained in your own words

a) Transaction recording
b) Reconciliation Processes
c) Invoicing
d) Accounts payable
e) Account receivable
f) Cash management
g) Security measures
h) Banking procedures
i) Revenue systems
j) Financial management systems

4. Explain the following Australian, international and local legislation and conventions that are relevant to financial management in your organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity.

a) Australian Consumer Law (ACL)
b) International Commercial Terms (INCOTERMS)
c) Warsaw Convention
d) Trade Agreements
e) World Trade Organization determinations

5. Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay as You Go. Your response needs to include details for amounts, calculating these, due dates and provisions relevant to different business models. Sole Trader, Partnership, Company and Trust.

Attachment:- Manage finances Assessment 1.rar