Finance Answers

A furniture manufacturer predicts that they will sell 12,000 of product A and 8,000 of product B in the next financial period. They prepare their budget accordingly.

At the end of the financial period the actual figures are 15,000 for product A and 7,000 for product B. Costs are assigned and the wholesale margin on product A is calculated to be $450 and on product B it is $350.

Calculate the predicted and the actual sales mix, the variances that need to be examined and their impact

Meaning of Alphanumeric classification


Meaning of Chronological classification

Meaning of Keyword classification


Meaning of Information management system

Question-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
a PAYG instalment liability of $6,000
a PAYG withholding liability of $1,500, and
an FBT liability of $1,000
Would the business need to make any payments?

Answer-When it comes time for the business to make payments for the financial year they will need to make one payment of fringe benefit tax which is about $1,000 and the lodgement for it is quarterly. Fringe benefit tax is a separate tax from income tax.
But when it comes to the other amounts for the financial year their will be no other payments that need to be made.

Feedback-Have not understood the use of the BAS, the FBT will be recorded on this BAS and have not answered id payment is required and why

Question-Describe a process that could be used for collating, coding, and classifying accounts data in preparation for processing.

First Attempt-After you have collected all of the data, you will have to use the method which coverts raw data into meaningful statements, which include data processing, data analysis and data interpretation and presentation. Data reduction mainly comprises of various manipulations that need to be done for the preparing of the data for analysis. This process can be done either manually or electronically. It involves editing, categorizing questions with open ends, coding, computerization and preparation of tables and diagrams.

Feedback-Insufficient explanation of process of collating, coding and classifying accounts data.

briefly analyse the economy of China; forecasting or predicting to the fullest
extent possible, the significance and impact of a range of critical issues on hair care industry.

Question-Explain how data might be consolidated or converted to allow it to be analysed

Answer-The first stage for the consolidation of data is the application of any analytical tasks or projects. The main part of the consolidation when the data is collected and the organisation of data storage in the form that is the best holding point for their processing on a specific analytical platform or when it is solving a analytical task.

Feedback-The concepts expressed are not clear and have not adequately answered the question

How can i go about correcting this?

Why might it be necessary to consolidate and/or convert financial data to allow it to be analysed in accordance with organisational requirements? The size of a business and the number of departments has not connection to the question of why might it be necessary to consolidate and/or convert financial data to allow it to be analysed in accordance with organisational requirements?

1)What are a BAS and IAS? Explain what taxes a BAS may report

2)Describe the information which will be contained in typical financial reports. The information referred to in this question is not the financial data but auxiliary notes and information

Why must directors provide adequate disclosure in financial reporting? (Answer needs to be specific with question asked)