1.
a. What are the outputs of a computerised accounting system called?
(3 marks)
b. Why is it important to establish systems that generate cost and operating
data? (5 marks)
2.
a. Outline what a Budget is and why a business should have a budget.
(5 marks)
b. What different types of budgets can be applied to an organisation to
analyse their financial position? (4 marks)
3. When planning a financial management approach there are is a number of
considerations that have be taken into account. Explain:
a. What information is required to plan and prepare the financial
management approach for a business (4 marks)
b. The sources of the information to collect (3 marks)
c. Who you would need to consult (3 marks)
4. Outline an explanation of the following terms in relation an organisations
budgetary requirements: (2 marks each)
a. Capital investment
b. Capital expenditure
c. Cash flow
d. Break even
e. Gross profit
f. Risk management
g. Data backup and security of systems
5. Explain the ethical consideration you will make to ensure you are compliant
and your behaviour is in line with financial legislation. Include:
a. Conflict of interests (2 marks)
b. Confidentiality and disclosure requirements. (2 marks)
6. Explain the principles and practices of the following budgetary controls:
a. Double-entry bookkeeping (3 marks)
b. Accrual accounting (2 marks)
7.
a. Outline the strategies or communication methods a manager could use to
ensure the required information on the budget and the implementation of
the budget is communicated to the rest of the workplace team. (3 marks)
b. Include the types of information the team members will need to have
access to. (3 marks)
c. Explain how the manager might investigate any variance against the
budget. (4 marks)
8. How often should business review financial information against the financial
objectives of the business? Give detailed reasons for your response. (5 marks)
9. Outline the methods of monitoring financial performance a manager may use
in assessing and reviewing financial information. (5 marks)
10. Explain the documentation required to satisfy ‘standard auditing’ processes
of a small to medium business. In your outline include the necessary
infrastructure or information requirements to be able to complete this
auditing process. (5 marks)
11. Write a report to indicate the importance of maintaining a ‘real-time’
analysis of a business’s financial position. In your report include the required
information to gain this ‘real-time’ picture and the types of common errors
that occur in gaining a ‘real-time’ picture of the business’s financial position.
(10 marks)
12. As a manager of a department or business you will be required to produce
a number of reports to outline the financial status and operations to the
business owner(s). List and describe the types of reports a manager can use
to provide this financial information. (10 marks)
13. In reviewing budgetary information it is important to be able to make
any changes to ensure the financial objectives are being met. When
implementing any changes what are the steps a manager should undertake
to ensure the proposed change is the correct one and the team are informed
of the changes? (8 marks)
14. Name record keeping requirements for ATO and auditing purposes. (5 marks)