BSBFIM601: Analyse Financial Data to Assess And Manage Risk and Identify Discrepancies - Finance and Accounting Assessment Answer

Subject Code: BSBFIM601

Finance and Accounting Assessment Answer

For this assessment you are to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for a simulated business.

The case study is in two stages each with 2 parts. You must complete them all.

• Stage One: – based on the given financial information about the simulated business, you are to prepare a number of budgets and then using appropriate formulae, to analyse financial data to assess and manage risk and identify discrepancies.
• Stage One – requires you to analyse discrepancies and produce a report in which you account for variations. You are then required to participate in a role play, with the assessor, acting in the role of company CEO, in which you discuss the variances and make financial recommendations in relation to the company’s financial situation.

Question 1

List the obligations under the Corporations Act 2001 List at least six (6) obligations)

Question 2

Briefly explain the following Australian, international and local legislation and conventions that are relevant to financial management in the organisation

Question 3

Research tax law compliance and outline statutory requirements related to each of the following:

Question 4

Describe the “principles of accounting” and financial systems.

Question 5

Describe the requirements and implications of “financial probity”.

Question 6

Recommend commercially available software that is suitable for financial management.

Tasks:

Part A

Read and analyse the case study information that follows and complete the tasks or answer the questions.

Make sure you analyse the business plan summary, and the previous year’s financial data.

Now complete the following.

1. Develop a:

(a) Sales Budget,

(b) Profit Budget,

(c) Cash Flow Budget

(d) Debtor Ageing Summary

2. Now provide written responses under the following headings:

(a) Previous year’s profits and losses

Identify the reasons for the previous year’s profits and losses.

(b) Financial management approaches

Comment on the effectiveness of existing financial management approaches

(c) Budget assumptions

What assumptions did you make in creating the budgets?

(d) Implementation and monitoring of budget

What relevant thoughts do you have regarding the implementation and monitoring of budget expenditure?

Part B

Based on the information provided in the case study answer the following questions in the space provided below: You must read and analyse the information in the case study 

1. Identify the current statutory requirements for tax compliance and list and calculate the tax liabilities for Habitania Pty Ltd under taxation legislation.

2. Identify the current compliance requirements and liabilities for this organisation under the Corporations Act 20XX.

3. Review commercially available financial management software to select the most suitable software for Habitania Pty Ltd.

4. Explain how you can apply the following principles of accounting in developing the budgets required for this task:

(a) matching principle

(b) account groups

(c) time periods.

5. Explain and discuss the implications of probity when preparing and revising budgets.

6. List the critical dates and initiatives that will require or generate resources for Habitania Pty Ltd in the next financial cycle.

7. List the additional items you would recommend for inclusion in the budgets for Habitania Pty Ltd.

8. List the new or modified internal controls that could improve risk management for Habitania Pty Ltd including the maintenance of audit trails.

9. Case study situation:

This Accounting Assessment has been solved by our Accounting experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.