Question 1 1pts Financial data is a set of information that shows the...

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Question 1									1pts															Financial data is a set of information that shows the financial health of the business. The company uses this data to analyse the business performance and to plan their strategies. External people and organisations used the data to determine the creditworthiness of the business and to determine whether they comply with the government regulations and legislation.			Selecttwo (2)types of financial statements from the below list and explain their purpose inestablishing and reviewing profits and losses.									Types of financial statements																		Income statement.																							Cash flow statement.																							Balance sheet.																							Note to Financial Statements.																							Statement of change in equity.																															Flag question: Question 2												Question 2									1pts															Probityrefers to the act of behaving with integrity,fairnessand honesty. All organisations and their staff need to maintainprobity.					Review the requirements for financial probity. Then discuss		requirements for financial probity andthe benefits involved in conducting financial probity checks for your employees.																					Flag question: Question 3												Question 3									1pts															Accounting principles are the guidelines that an organisation must follow when reporting financial information. It guides the accounting process on how to record, analyse, verify, and report the business's financial position.							From the list below selecttwo (2)principles of accounting and financial systems and discuss.													Accrual principle.																							Consistency principle.																							Cost principle.																							Full disclosure principle										.															Going concern principle										.															Matching principle										.															Monetary unit principle										.															Revenue recognition principle.																															Flag question: Question 4												Question 4									1pts															Discuss the key functions of the financial management software,and identifyfive (5)examples of accounting software that can be used by businesses to track their business operations and automate their financial statements.																					Flag question: Question 5												Question 5									1pts															A financial budget is a budget that shows the company strategies for managing its assets, cash flow, income and expenses. It provides a complete picture of the financial health of the business.Budgets fall under two basic processes. Afixed budget or a f		lexible budget.					In developing a budget there are key components several of which are listed below, SelectOne (1)and discuss.													Set realistic goals.																		Gather financial information.																							Record all the revenue sources.																											Determine business expenses.																							Track business profit or loss.																									Make necessary adjustments.																							Set up an emergency fund.																							Plan and conduct regular review.																															Flag question: Question 6												Question 6									1pts															Below are listed a number of legislation and conventions relevant to financial management in an organisation. Select one and discuss in no less thanfifty (50)words													Corporation Act 2001(Cth) (Corporation Act)																							Australian Securities Exchange (ASX)																		Australian Securities and Investment Commission (ASIC)																		Australian Accounting Standards Board (AASB)																							Work health and safety (WHS)																							The Competition and Consumer Act 2010 (CCA)																															Flag question: Question 7												Question 7									1pts															Taxes in Australia are administered and collected by the Australian Taxation Office (ATO) and,in some cases,state government revenue offices. The key taxes affecting businesses are Company (income) Tax, Capital Gains Tax (CGT) and the Goods and Services Tax (GST).		Discuss in no more thanfifty (50)words						each					of these key taxes.															Company tax																							Capital Gains Tax																							Goods and Services Tax

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Question 11 pts
Financial data is a set of information that shows the financial health of the business. The company uses this data to analyse the business performance and to plan their strategies. External people and organisations used the data to determine the creditworthiness of the business and to determine whether they comply with the government regulations and legislation. 
Select two (2) types of financial statements from the below list and explain their purpose in establishing and reviewing profits and losses.
Types of financial statements 
Income statement.
Cash flow statement. 
Balance sheet. 
Note to Financial Statements. 
Statement of change in equity.
Solution: 
An income statement is used to establish and review profits and losses by providing a summary of a company's revenues, expenses, and net income over a period of time. It provides a snapshot of a company's financial performance and helps stakeholders analyze the company's financial health.
A balance sheet is used to establish and review profits and losses by providing a snapshot of a company's assets, liabilities, and equity at a specific point in time. It helps stakeholders evaluate the liquidity, solvency, and financial stability of a company by providing information on its sources of financing, how it is using those funds, and how it is managing its debt.
Flag question: Question 2
Question 21 pts
Probity refers to the act of behaving with integrity, fairness and honesty. All organisations and their staff need to maintain probity.
Review the requirements for financial probity. Then discuss requirements for financial probity and the benefits involved in conducting financial probity checks for your employees.
Solution: 
Financial probity is the practice of conducting financial operations in a manner that is honest, transparent and in compliance with applicable laws and regulations. It is essential for organisations to ensure that their financial operations are conducted with probity in order to protect against fraud, misappropriation and other financial risks. 
Requirements for financial probity include:
1. Adopting and implementing a financial policy that is consistent with all applicable laws and regulations.
2. Establishing a system for the proper management of financial records and accounts.
3. Establishing internal controls and procedures to ensure the accuracy and integrity of financial information.
The benefits of conducting financial probity checks for employees include:
1. Improved financial control and oversight, as financial probity checks can help to ensure that all financial transactions are conducted in an honest and transparent manner.
2. Increased trust and confidence in the organisation, as employees know that their financial activities are being monitored and reviewed.
3. Reduced risk of fraud and misappropriation,

Question 11ptsFinancial data is a set of information that shows the financial health of the business. The company uses this data to analyse the business performance and to plan their...

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