Planning for Financial Management - Goods and Services Tax - Accounting and Finance Assignment Help

Assignment Task:

PART A: WRITTEN REPONSES – 25%
Instructions: This part of the assessment comprises the knowledge testing required for the unit BSBFIM601. This part includes 8 questions and you must respond to all. Use the spaces below to respond to the questions. Weights and marking allocations are in the marking allocating table.

Question 1. Planning for financial management.                                                         

Explain why it is necessary for all business organisations to have effective financial management systems and explaining how the information held in financial management systems contribute to ongoing business performance and business planning.    

Question 2. Establishing budgets and allocated funds.                                                

a)What is a Budget?
b)What data might inform a new budget?
c)How does analysis of previous financial data assist projected resource estimates and allocations?

Question 3. Implement Budgets.                                                                                     
a)How do profit and loss statements cash flow and using aging summaries contribute to new budgets?
b)How can you ensure that managers and supervisors in the organization understand the budget and understand their reporting requirements with regard to financial management?
c)Budgets are used to identify and track discrepancies between agreed and actual allocations. Explain.
d)How do budgets contribute to the analysis of existing financial management approaches?

Question 4.Explain financial probity

Question 5.List at least 10 forms of legislation and conventions (Australian, international and/or local) that could apply to financial management.                                                
Question 6. Personnel working in the financial services division of a company need to understand and be able to explain principles of accounting and financial systems (Accounting Information Systems (AIS) and Financial Information Systems (FIS). 
What are accounting and financial management systems and how do they assist business operations?                                                                                                                          
Question 7. Explain the requirements for each of the following:                              
a.Goods and Services Tax
b.Company Tax
c.PAYG                                                                                                                             

Question 8.Scenario for audit reporting.                                                                     
You have been asked to act as a project manager to assist with data collection, provide data, ensure that any other assistance is provided and collaborate with regard to writing the audit report 
During the year the organisation transacted a number of mergers and acquisitions. You have been asked to pay special attention to the acquisitions and to check the due diligence processes. You also need to determine whether any changes and adjustments need to be made to the current budgets.

Explain what all this means and how you will manage the process.                    
  
 

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