BSBFIN601 Manage Organisational Finances - Assessment Task 1 - Knowledge Test

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Assessment Task 1 - Knowledge Test

Instructions for answering the written questions:
·         Complete a written assessment consisting of a series of questions.·         You will be required to answer all the questions correctly.·         Do not start answering questions without understanding what is required. Read the questions carefully and critically analyse them for a few seconds; this will help you to identify what information is needed in the answer.

·         Your answers must demonstrate an understanding and application of the relevant concepts and critical thinking.

·         Be concise, to the point and write answers within the word-limit given to each question. Do not provide irrelevant information. Remember, quantity is not quality.

·         You must write your responses in your own words.

·         Use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender-inclusive language should be used.

·         When you quote, paraphrase, summarise or copy information from other sources to write your answers or research your work, always acknowledge the source.

Task instructions
·         This is an individual assessment.·         To ensure your responses are satisfactory, consult a range of learning resources and other information such as handouts, textbooks, learner resources etc.·         To be assessed as Satisfactory in this assessment task, all questions must be answered correctly.

Assessment Task 1 - Knowledge Test

Provide your response to each question in the box below.

Q1: 1. Explain the process to establish and review profits and losses from financial statements. Write your answer in 150-200 words.
Q2: Why it is important to review profits and losses from financial statements? Answer in 150-200 words
Q3: Explain the following processes/methods of analysing financial statements in 150-200 words.a)    Vertical Analysisb)    Horizontal Analysis

c)    Ratio Analysis

d)    Trend Analysis

Q4: Answer the following question regarding principles of accounting and budgeting:What is financial probity? Why is it required in organisations? Write your answer in 150-200 words.
Q5: Answer the following question regarding principles of accounting and budgeting:What are the requirements for financial probity? Answer in 100 – 150 words.
Q6: Explain the four (4) principles of accounting and financial systems in 100-150 words 
Q7: Why should principles of accounting and financial systems be maintained in organisations? Answer in 100-150 words.
Q8: Explain three (3) key functions of financial management software.  Write your answer in 150-200 words.
Q9: What are the three (3) benefits of financial management software? Write your answer in 100-150 words.
Q10: What are the four (4) key components of a financial budget? Answer in 150-200 words.
Q11: Explain three (3) essential parts of developing a budget in 150-200 words.
Q12: What are the legislation and conventions relevant to financial management in the organisation? Write your answer in 150-200 words.
Q13: Explain the following Australian, international and local legislation and conventions that are relevant to financial management in an organisation.a) Competition and Consumer Act 2010b) Privacy Act 1988

c) National Employment Standards under the Fair Work Act 200

Write your answer in 200-250 words.

Q14:  What are the Australian Tax Office (ATO) requirements for:a) Goods and Services Taxb) Company Tax

c) Pay As You Go (PAYG).

Write 150-200 words for each.

Q15: What are the main responsibilities of the Australian Tax Office (ATO)? Answer in 70-120 words

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