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The answers to the following questions will enable you to demonstrate
your knowledge of:
Ø Financial skills to work with and
interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services
Tax (GST), and profit and loss statements
Ø Communicate with relevant people to
clarify budget/financial plans, negotiate changes and disseminate information
Ø Prepare, implement and modify financial
contingency plans
Ø Monitor expenditure and control costs
Ø Support and monitor team members
Ø Report on budget and expenditure
Ø Review and make recommendations for
improvements to financial processes
Ø Meet record keeping requirements for the
Australian Taxation Office (ATO) and for auditing purposes
Ø Reading skills
Ø Writing skills
Ø Oral communication skills
Ø Numeracy skills
Ø Navigate the world of work
Ø Interact with others
Ø Get the work done
Ø Describe basic accounting principles
Ø Identify and explain the relevant
legislation and current requirements of the Australian Taxation Office,
including the Goods and Services Tax (GST)
Ø Explain the key requirements for
financial record keeping and auditing
Ø Describe the principles and techniques
involved in managing:
o
budgeting
o
cash
flows
o
electronic
spreadsheets
o
GST
o
ledgers
and financial statements
o
profit
and loss statements.
Answer the questions in as much detail as possible, considering your organisational requirements for each one.
1. As a project, for your organisation manage and monitor producing budget requirements with your team, include the following:
Ø Evidence of your financial skills working with budgets and financial
planning, including relevant principles and techniques as per the table below
|
|
Principles and techniques |
|
Budgeting |
Management
support, employee involvement, responsibility accounting, Organizational
structure, flexibility, communications of results and sound accounting
system. |
|
Cash flows |
It measured
n incremental basis, measured on an after tax basis, should include all the
indirect effects, sunk cost never consider, value of resources determine on
its opportunity. |
|
Electronic spreadsheets |
Business
environment, designing and building, and risks and controls on spread sheet. |
|
GST |
Business
must be registered for obtaining the advantages of the GST in the price of
the product. Reporting and payments has to establish on monthly basis. it
measure through sheet method and account method. |
|
Ledgers and financial statements |
Ledger is
the main accounting record for the business. It is also helping tool for the
financial statement preparation and it include many accounts like expenses,
revenues, owner’s equity, liabilities and assets. |
|
Profit and loss statements |
Profit and
loss statement helpful in measuring all the expenses, costs and revenue of
the company over a year or quarterly or monthly basis. |
The key requirements of financial record keeping and auditing,
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