BSBFIN501 - Manage Budgets and Financial Plans Assignment

Assignment Task

Objective of Assessments

We are committed to your learning by providing a training and assessment framework that ensures the knowledge gained through training is translated into practice in your work in the workplace with consistent and competent work performance. The purpose of the assessment process is to assess your ability:

• To apply skills and knowledge using written and demonstration activities that apply to tasks and activities of a workplace.

• To translate your learning into your work performance in a workplace through demonstration.

• To apply skills and knowledge actively, correctly, and consistently for work in a workplace.

Questions

Ensure you answer all the following questions using the length guidelines above quantity requirements applicable in following relevant questions.

1. Define the following terms using your own words and explain why they are important in an organisation's financial management approaches.

2. Budget

3. Financial plan.

4. Identify at least five accounting principles and briefly describe each accounting principle.

5. Identify and briefly explain at least five types of budgets.

6. Identify at least three types of financial plans.

7. Outline relevant legislation applicable for financial management in organisations.

8. Identify and briefly describe current ATO requirements for Goods and Services Tax (GST).

9. Identify and explain the key requirements for financial record keeping.

10. Explain the key requirements for auditing.

11. Describe the principles for managing work teams in organisations.

12. Briefly explain the principles and techniques involved in managing the following:

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