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Manage Finances Sample Assignment

   

Added on  2021-01-02

11 Pages2951 Words327 Views
MANAGEFINANCE

Table of ContentsINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1(a) Purpose of conservatism.........................................................................................................1(b)Two key accounting that are directly relevant to gathering revenuedata for statutory recording and reporting..................................................................................1(c)Set of financial statements comprise as per AASB.................................................................1(d) The features of off-the-shelf business management and accountingsoftware products........................................................................................................................2(e) Software selected in retail business........................................................................................2QUESTION 2...................................................................................................................................3a) Calculation the revenue, gross profit and net profit margins...................................................3b) Formula for calculating contribution market...........................................................................3c) Importance of variable cost in calculation of contribution margin..........................................3d) Three ways in which horizontal analysis can look at change in line item of financialstatements.....................................................................................................................................3QUESTION 3...................................................................................................................................4a) The due dates for lodging and paying an organisation’s business activitystatement (BAS) online...............................................................................................................4b) Due dates for an organisation’s lodgement of their income taxreturn...........................................................................................................................................4QUESTION 4...................................................................................................................................5a) Three budgets and budgeted statements should an organisation’s matterbudget include to ensure effective decision-making...................................................................5b) Difference between incremental and zero-based budgeting methods.....................................5c) Zero–based Budgeting a more appropriate method of allocating resources fororganisations with new strategies requiring new organisational activities.................................5QUESTION 5...................................................................................................................................5a) Formula to calculate an organization's net cash position.........................................................5b) During the budget development processes, when are qualitative methods more

commonly used...........................................................................................................................5c) Research into appropriate qualitative and quantitative forecastingmethods.......................................................................................................................................5d) Preparing the expenses budget, should the variable costs be excluded...................................6QUESTION 6...................................................................................................................................6Why it is essential that budgets are clearly explained to all staff, and why managers must use active listening techniques to do so...............................................6QUESTION 7...................................................................................................................................6a) The difference between supplier due diligence and customer due diligence..........................6b) The value of supplier due diligence in managing procurement risk........................................6QUESTION 8...................................................................................................................................7What measures might be implemented if analysis of the payables ageing summary identifiedthat the organisation is consistently late in paying bills?.............................................................7QUESTION 9...................................................................................................................................7a) Purpose of Supporting Note.....................................................................................................7b) What the Australian Reporting Dictionary..............................................................................7QUESTION 10.................................................................................................................................7The importance of reviewing and improving internal financialcontrols........................................................................................................................................7CONCLUSION................................................................................................................................7REFERENCES ...............................................................................................................................9

INTRODUCTIONFinance is an important part of any business organisation as to support its businessactivities it is important for business to manage its finance in an effective way. Finance is need inevery aspects of business. The following report contains various information about theimportance of finance.QUESTION 1(a) Purpose of conservatismConservatism is a generally accepted accounting principle which states that the businesshas to recognize its losses as soon as these losses can be quantified it also states that any profit isto be only recorded in the books of accounts only when it is actually earned (Cavenaghi, 2014).The main purpose of conservatism is to protect its users of financial information from variousinflated profit, assets, revenue and record all potential losses, costs or any decline in value asearly as possible. It also makes sure that all the income and its assets are not overstated and itexpenses and liabilities are not understated and gives clear picture of its actual financialpositions.(b)Two key accounting that are directly relevant to gathering revenue data for statutory recordingand reportingThe two key accounting which are directly associated in gathering revenue data forstatutory recording and reporting are financial accounting and management accounting. Financialaccounting help managers to gather information about the total revenue which is generated bythe company from its financial statements as financial statement include three different types ofstatements such as income statements, balance sheet and cash flow statement. Financialaccounting is help to record company's total revenue and management accounting helps inreporting this income through various budget reports (Demarquet, 2016).(c)Set of financial statements comprise as per AASBAs per Australian Accounting Standard Board 101 a set of financial statement is to beconsidered as complete if it comprises the following;a)a balance sheet of the company which states its financial position should containinformation as at the end of period1

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