Reference no: EM132245483
Manage Finance Assignment -
Question 1 -
a) Explain in a paragraph the relationship between Australian Accounting Standards and accounting principles.
b) Define 'financial probity'.
c) Why does the balance sheet not provide an accurate picture of the organization's profitability?
d) What is the value of performing breakeven analysis?
e) Why may an organization be required for and remit fringe benefits tax (FBT)? Where are FBT payments recorded in the organization's chart of accounts?
f) What ratio would you use to analyse trends in an organization's cash flow over a number of periods? Why?
Question 2 -
In this section you are required to consider the implementation of budgets for your organization, or one that you are familiar with. This may be an organization that you have previously worked for or one that you are in close contact with, such as your training provider, a not-for-profit organization you volunteer for, or a sporting or social club.
a) Document the organizational planning and financial cycle.
b) Assess your organization's business and accounting software's ability to meet organizational and statutory requirements. Outline your findings.
c) Review your organization's most recent profit and loss statement. If you are reviewing the statements of an organization that you do not currently work for, locate its annual report and make your calculations based on the information from the annual statements. Calculate the organization's:
- Gross profit margin
- Net profit margin
- Net profit ratio
- Return on owner's equity
- Return on assets
d) Research the organization's tax obligations, then answer the following:
I. What are the due dates for lodging and paying GST?
II. What are the due dates for lodging and paying income tax?
III. What are the due dates for lodging and paying relevant state/territory tax?
Question 3 -
a) Explain in a paragraph the relationship between zero-based budgeting, resource allocation and the estimate of new items for inclusion in budgets.
b) When would you review the cost of goods sold (COGS) forecast to determine gross profit margins?
c) Explain in a paragraph, what would you review during the profit and loss budget setting process to determine net profit margins?
Question 4 -
a) What is an audit trail and why is it critical to be maintained?
b) Why is it critical to conduct variance analysis of budgets on a monthly basis and to report this analysis according to financial reporting requirements to senior decision makers?
c) What will a review of the organisation's accounts receivable ageing summary enable managers to identify? Why is this important?
Question 5 -
a) How do statutory requirements affect the content and structure of organisational financial reports?
b) Which agencies have developed Standard Business Reporting (SBR) enabled reporting?
c) What risk management tool can be used to prioritise significant issues in statements?
d) What must the recommendations be ultimately aimed at?
e) Explain in a paragraph the relationship between internal controls and organisational objectives.
f) What analyses may be used to provide information for tender or proposal bid estimates?
Question 6 -
In this section you are required to consider the reporting of financial statements and methods for conducting an audit of financial management processes for your organisation, or one that you are familiar with. This may be an organisation that you have previously worked for or one that you are in close contact with, such as your training provider, a not- for-profit organisation that you volunteer for, or a sporting or social club.
a) Outline the report requirements (content and structure) for a monthly financial report. Ensure how will you identify the recommendations to improve positions are presented, whether independently or within the monthly report.
b) Document the tools and techniques used to identify significant issues in statements, and for prioritising issues for responses.
c) Develop a checklist for an internal audit of the organisational internal control.