Recent Question/Assignment

Student Instructions:
• This is an open book assessment to be conducted in the classroom under Trainer’s supervision.
• You are to provide answers to each of the questions in a separate document using MSWord or similar word processing tools. Your document should be professionally formatted, with questions retyped and numbered
• You must answer all questions satisfactorily to achieve competency in the unit. The extent of responses required will vary by question – an approximate word count is provided at each question as a guide
• Your answers should be in your own words, not copied or plagiarised from any person or source except where appropriate such as a definition, in which cases you should reference the source
• Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you
• Reasonable adjustment: If you require any adjustments to accommodate a need in order to complete this assessment, please talk to your assessor. Arrangements will be put in place to ensure a fair and flexible approach is undertaken for this assessment. Please note that the range or nature of the adjustment will ensure that the outcomes of the unit are not compromised
• Re-assessment: If you do not achieve the required standard, you will be given the opportunity to be re-assessed by our Assessor. Arrangements will be made on an individual basis. If you are deemed to be NS (Not Satisfactory) , your assessor will either ask specific questions orally and record them with you or you will be asked to resubmit your responses
• Feedback: Your assessor will provide feedback to students after the completion of the assessment. The assessor will explain the appeals process when required.
1. What are the requirements of financial probity? You may include some of the specific requirements of the Australian government in their procurement processes by way of example in your explanation. (150 to 250 words as a guide)
2. Describe each of the following principles of accounting and financial systems (30 to 50 words as a guide)-
i. Accrual Concept
ii. Going Concern Concept
iii. Business Entity Concept
iv. Monetary Unit Assumption
v. Time Period Principle
vi. Revenue Recognition Principle
vii. Full Disclosure Principle
viii. Historical Cost Concept
ix. Matching Principle
x. Relevance and Reliability
xi. Materiality Concept
xii. Substance Over Form
xiii. Prudence Concept
xiv. Understandability Concept
xv. Comparability Principle
xvi. Consistency Concept
3. Explain the Australian, international and local legislation and conventions that are relevant to financial management in the organisation (150 words as a guide)
4. What are the Australian taxation requirements for GST?
5. What are the Australian taxation requirements for Company Tax? (50 to 100 words as a guide)
6. What are the Australian taxation requirements for PAYG? (50 to 100 words as a guide)
7. What are the current Australian company tax rates for-
a. Small business companies
b. Other Australian resident companies
c. Non- resident companies who divert profits overseas to avoid tax
d. Not for profit companies
e. Credit Unions
8. Prepare an estimate for the financial elements of a bid for a tender for the project outlined in the following scenario. Final bids allow for a 5% contingency on all outsourced elements and are to include GST where applicable, and are be rounded up to the nearest $100. (Show the detailed calculations used to get to the final bid)
You are the Project Manager and your KPI is a 10% margin on total costs of projects. Your engineers have told you a new project is estimated to take two of your engineers a total of 6 weeks full-time to complete, plus another 20 hours implementation and testing time by a technician. The materials and equipment for the project will be purchased and you have three quotes from your suppliers.
Cost details
Your Engineers are full time employees on salaries of $100,000 each excluding superannuation. Labour On-costs are assumed to be currently: Superannuation 9.5%; workers compensation insurance 1.7%; long service leave loading 4.5%; annual leave loading 1.34%
You do not have technicians on staff, so you outsource them at $25 per hour excluding GST
The 1st quote for the materials and equipment is $50,000 excluding GST, the 2nd quote is for the materials at $10,000 including GST plus $$42,000 for the equipment excluding GST, the 3rd quote is for the materials at $9,500 and the equipment at $41,000 both excluding GST