Reference no: EM132245482

Manage Finances Assignment -

Plan for financial management -

Question 1:

a) Explain in one paragraph what is the purpose of conservatism?

b) Take time to explore the AASB's website and the two key accounting that are directly relevant to gathering revenue data for statutory recording and reporting, please explain in a paragraph?

c) According to the AASB, what does a set of financial statements comprise?

d) Review the features of off-the-shelf business management and accounting software products.

Question 2:

a) Calculate the revenue, gross profit and net profit margins for these products.

b) What is the formula for calculating the contribution margin?

c) When calculating the contribution margin, why are only variable costs considered?

d) In what three ways does horizontal analysis look at the change in each item of the financial statements?

Question 3:

Explore the ATO's website, visiting the sections for business, non-profit organizations and superannuation.

a) What are the due dates for lodging and paying an organization's business activity statement (BAS) online?

b) What are the due dates for an organization's lodgment of their income tax return?

Establish budgets and allocate funds -

Question 4:

a) What are the three budgets and budgeted statements should an organization's matter budget include to ensure effective decision-making and probity and to meet statutory and legislative requirements?

b) Explain the difference between incremental and zero-based budgeting methods.

c) Is zero-based Budgeting a more appropriate method of allocating resources for organizations with new strategies requiring new organizational activities? Explain your answer in a paragraph.

Question 5:

a) What is the formula to calculate an organization's net cash position?

b) During the budget development processes, when are qualitative methods more commonly used?

c) Conduct research into appropriate qualitative and quantitative forecasting methods.

i. Provide two examples of qualitative analysis techniques or tools.

ii. Provide two examples of quantitative analysis techniques or tools.

d) In preparing the expenses budget, should the variable costs be excluded? Why or why not?

Question 6:

Explain in a paragraph, why it is essential that budgets are clearly explained to all staff, and why managers must use active listening techniques to do so.

Implement budgets -

Question 7:

a) Conduct research on 'due diligence '. Explain the difference between supplier due diligence and customer due diligence.

b) Explain the value of supplier due diligence in managing procurement risk.

Question 8:

What measures might you implement if your analysis of the payables ageing summary identified that the organization is consistently late in paying bills?

Report of finances -

Question 9:

a) According to the 'AASB Standard 101 Presentation of Financial Statements', what is the purpose of a supporting note?

b) Access the Standard Business Reporting website at: www.sbr.gov.au, then explain what the Australian Reporting Dictionary is.

Question 10:

In one paragraph, explain the importance of reviewing and improving internal financial controls.