Northpoint Bible CollegeBUSSINES DIPLOMA Question 1) Describe the principles of accounting and financial systems as they apply to your organization

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Northpoint Bible CollegeBUSSINES DIPLOMA

Question 1) Describe the principles of accounting and financial systems as they apply to your organization.

Question 2

Explain Australian, international and/or local legislation that is relevant to financial management in your organization.

Question 3.

Outline the ATO requirements, including GST, company income tax, PAYG and superannuation obligations, as they apply to your organisation. Include the due dates for the lodgement and payment of obligations in your response.

Question 4.

Identify what the probity requirements and related conventions are in your organisation as they relate to preparing the organisation’s budget. Make reference to your organisation’s policies and procedures.

Question 5.

What legislation applies to fraud and the misappropriation of funds?

Question 6.

Explain the need for financial due diligence and outline what actions may be included in a financial due diligence review.

Question 7.

Explain how you use P&L statements, cash flow and ageing summaries to manage issues that will affect the organisation’s ability to meet objectives.

Question 8.

Explain how forecast analyses and analyses related to budget preparation will enable you to contribute to financial bids and estimates.

Question 9.

What can the organisation do to maintain an audit trail to ensure accurate tracking and to identify discrepancies between agreed and actual allocations?

Question 10.

List considerations when reviewing existing software and its suitability for financial management.

Question 11.

Why is it important to circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations?

Question 12.

Briefly explain how using previous financial data can help determine allocations for resources.

Question 13.

Give an example of a budget and/or budgeted statement that must be prepared in accordance with statutory requirements.