BSBFIM601 - Manage Finances - Grow Management Consultants - Accounting & Finance Assignment Help

Assignment Task

Assessment Task 1

Provide answers to all of the questions below:
 

Identify and describe financial probity requirements for businesses.
Identify four examples of what would be consider fraudulent behaviour in regard to company finances.
Identify the requirements for audited accounts and the purpose of an audit report.
Describe the principle of cash accounting as well as one advantage and one disadvantage of cash accounting.
Describe the principle of accrual accounting and one advantage and one disadvantage of accrual accounting.
Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.
Identify the Act that details requirements for financial reporting and auditing and, explain the requirements for companies for preparing and lodging financial reports under this Act.
Explain the requirements for registered foreign companies regarding preparing and lodging financial reports.
Identify the current company tax rate for both smaller and larger businesses.
Explain the process by which a business reports GST to the Australian Tax Office.
Identify the penalty rate to be applied if a supplier does not provide an ABN?
A non-profit organisation needs to register for GST after it has a turnover of more than how much?
Explain the difference in Pay As You Go withholding obligations for employees and contractors.


Assessment Task 2: Financial Management planning project

Task summary
You are required, in the role of the General Manager for Grow Management Consultants, to review existing financial information and prepare budgets for the following financial year based on your review. This task will also require you to review existing financial software to ensure that it is meeting the company’s needs.
You are then required to meet with the management team (your assessor) to discuss the budgets you have prepared for the upcoming financial year, as well as to confirm reporting requirements and financial delegations as documented in the financial management policy and procedure.
You are also required to research and report on a guide for managers about the business’s financial compliance requirements, as well as tax liabilities.
This assessment is to be completed in the simulated work environment in the RTO.

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