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Finance
Question:
What is the importance of collecting, maintaining and providing accurate financial/ resource allocation records and reports
Answer:
For the successful conduct of business, a prerequisite is the availability of accurate financial information. The quality of the organization of the process of collecting, storing and providing accurate financial reports and reports on resource allocation has a direct impact on the effectiveness of management decisions taken. That is, leads to the achievement of the company's goals and the maximization of its goals.
Feedback:
Insufficient explanation of the affect upon managers and supervisors of collecting, maintaining and providing accurate financial / resource allocation records and reports
What is the importance of collecting, maintaining and providing accurate financial/ resource allocation records and reports
Answer:
For the successful conduct of business, a prerequisite is the availability of accurate financial information. The quality of the organization of the process of collecting, storing and providing accurate financial reports and reports on resource allocation has a direct impact on the effectiveness of management decisions taken. That is, leads to the achievement of the company's goals and the maximization of its goals.
Feedback:
Insufficient explanation of the affect upon managers and supervisors of collecting, maintaining and providing accurate financial / resource allocation records and reports
Finance
How will a business determine the correct lodgement requirements for its particular circumstances?
It asking HOW a business determines the correct lodgement requirements. This involves what method of reporting would be applicable, lodgement dates and payment of BAS
It asking HOW a business determines the correct lodgement requirements. This involves what method of reporting would be applicable, lodgement dates and payment of BAS
Finance
You have been asked to provide an accurate and up-to-date profit and loss report on work in process for a particular job. What data might you draw on, what reports might you need to access and how would you ensure that the information you provide is error free and comprehensive?
SPECIFICALLY LIST THE DATA THAT IS REQUIRED AND EXPLAIN HOW THE DATA IS ERROR FREE AND COMPREHENSIVE
SPECIFICALLY LIST THE DATA THAT IS REQUIRED AND EXPLAIN HOW THE DATA IS ERROR FREE AND COMPREHENSIVE
Finance
Write a procedure on how to record financial data in a computerized system
Finance
Undertake your own research to collect three pieces of financial data. Each piece of data must come from a different source. Submit a copy of the data and your comments in response to these activities to your trainer/ assessor.
Summarise the data.
Evaluate the usefulness of the data to those who might be required to provide a report on financial activity.
Describe how you could index the data to ensure it can be quickly located and referred to later. Be specific.
Response will depend on the financial data chosen. You can might select a bank statement, balance sheet, budget, cheque book, invoice, profit and loss statement, financial report and/or statistical data.
You could obtain financial data from the ABS, a financial market monitoring service, the internet or a trading organisation. You could use financial data prepared for their your own purposes or received from a third party such as a bank.
The summary provided should accurately reflect the data that you have collected.
Summarise the data.
Evaluate the usefulness of the data to those who might be required to provide a report on financial activity.
Describe how you could index the data to ensure it can be quickly located and referred to later. Be specific.
Response will depend on the financial data chosen. You can might select a bank statement, balance sheet, budget, cheque book, invoice, profit and loss statement, financial report and/or statistical data.
You could obtain financial data from the ABS, a financial market monitoring service, the internet or a trading organisation. You could use financial data prepared for their your own purposes or received from a third party such as a bank.
The summary provided should accurately reflect the data that you have collected.
Finance
The activity statement allows a business to calculate obligations, allowing a single payment or refund for each reporting/ payment period, across the taxes.
For example, if in a quarterly reporting/ payment period, a business had:
a GST credit of $15,000 (Would this go to 1A or 1B)
a PAYG instalment liability of $6,000 (would this go to 5a)
a PAYG withholding liability of $1,500,(would this go to 4) and
an FBT liability of $1,000 (i don't know where this one would go)
What places on the BAS would these amounts go and what would the payment from these amounts add up to
For example, if in a quarterly reporting/ payment period, a business had:
a GST credit of $15,000 (Would this go to 1A or 1B)
a PAYG instalment liability of $6,000 (would this go to 5a)
a PAYG withholding liability of $1,500,(would this go to 4) and
an FBT liability of $1,000 (i don't know where this one would go)
What places on the BAS would these amounts go and what would the payment from these amounts add up to
Finance
Answer;
For the successful conduct of business, a prerequisite is the availability of accurate financial information. The quality of the organization of the process of collecting, storing and providing accurate financial reports and reports on resource allocation has a direct impact on the effectiveness of management decisions taken. That is, leads to the achievement of the company's goals and the maximization of its goals.
Feedback:
Insufficient explanation of the affect upon managers and supervisors of collecting, maintaining and providing accurate financial / resource allocation records and reports
For the successful conduct of business, a prerequisite is the availability of accurate financial information. The quality of the organization of the process of collecting, storing and providing accurate financial reports and reports on resource allocation has a direct impact on the effectiveness of management decisions taken. That is, leads to the achievement of the company's goals and the maximization of its goals.
Feedback:
Insufficient explanation of the affect upon managers and supervisors of collecting, maintaining and providing accurate financial / resource allocation records and reports
Finance
The costs and revenue associated with the performance of a specific job must be recognized in the income statement as the work progresses, since this approach will allow reporting users to obtain useful information. The signing of the act of completed work (interest, certificate), as a rule, confirms the fact of the completion of the work stage, but is not the only evidence of the degree of readiness.
The method of interest-based readiness assumes that revenue is correlated with the costs incurred at this stage during the execution of a particular stage of work, while reporting information on revenues, expenses and profits that are attributed to the completed part of the work.
Feedback:
Explanation is inadequate, does not list data that may be required and have not explained how the data is error free and comprehensive
The method of interest-based readiness assumes that revenue is correlated with the costs incurred at this stage during the execution of a particular stage of work, while reporting information on revenues, expenses and profits that are attributed to the completed part of the work.
Feedback:
Explanation is inadequate, does not list data that may be required and have not explained how the data is error free and comprehensive
Finance
Question:
Describe (80–100 words) how you could index the data to ensure it can be quickly located and referred to later. Be specific.
Answer:
C. To index the data to ensure it can be quickly located and referred to later we can calculate several ratios like gross profit ratio, gross margin ratio, net operating profit ratio and net profit ratio to get several conclusions about it. https://corporatefinanceinstitute.com/resources/knowledge/accounting/profit-and-loss-statement-pl/
Feedback:
The explanation of indexing does not describe how it can be identified and what elements should be considered in the indexing of each piece of data ensuring it can be quickly located and referred to later
Describe (80–100 words) how you could index the data to ensure it can be quickly located and referred to later. Be specific.
Answer:
C. To index the data to ensure it can be quickly located and referred to later we can calculate several ratios like gross profit ratio, gross margin ratio, net operating profit ratio and net profit ratio to get several conclusions about it. https://corporatefinanceinstitute.com/resources/knowledge/accounting/profit-and-loss-statement-pl/
Feedback:
The explanation of indexing does not describe how it can be identified and what elements should be considered in the indexing of each piece of data ensuring it can be quickly located and referred to later
Finance
Question;
How will a business determine the correct lodgement requirements for its particular circumstances
Answer:
The lodgement process requires that the business maintains its tax records to explain the transactions that they have made.
To meet the on-time lodgement requirement, the things that need to be done are a review and update of client list and also checking if new clients who used to be self-prepares have any outstanding tax returns
If the business is registered for GST then they need to lodge the business activity statement , which helps you report and pay the GST, PAYG instalments and PAYG withholding tax and any other taxes.
Feedback:
This activity is about HOW will a business determine the correct lodgement requirements, not a brief explanation of the lodgement requirements
How will a business determine the correct lodgement requirements for its particular circumstances
Answer:
The lodgement process requires that the business maintains its tax records to explain the transactions that they have made.
To meet the on-time lodgement requirement, the things that need to be done are a review and update of client list and also checking if new clients who used to be self-prepares have any outstanding tax returns
If the business is registered for GST then they need to lodge the business activity statement , which helps you report and pay the GST, PAYG instalments and PAYG withholding tax and any other taxes.
Feedback:
This activity is about HOW will a business determine the correct lodgement requirements, not a brief explanation of the lodgement requirements
