Finance Answers

Who are the stakeholders with whom a business should consult and what is the value of consultation and the involvement of stakeholders

Explain why work practices are influenced by the segregation of duties

Why is adherence to ATO reporting deadlines important?

What are the crucial components of corporate governance principles?

To whom should adherence to ethical values apply and what is the value and purpose of professional codes of ethics?

What information might be required in reports to managers and to the board?

The board has given you a very broad brief. Their terms of reference for your reporting requirements encompass describing what is required for the board to provide effective governance, what they need to know about their responsibilities under the Corporations Act and any suggestions that you could make about the need for corporate structural change that might be required. What are the relevant governance requirements?

Why is it necessary to establish an accounting system to manage the taxation lodgement process?

What is involved in the preparation of financial reports and how they are dealt with in preparing the financial reports. Define any accounting terms that are used.

Describe the following financial statements:
The statements are the profit and loss statement
statement of retained earnings
balance sheet
the cash flow statement.