Basic accounting principles applicable to the financial management

Assessment Instructions

Review the questions below and answer all short answer questions in the space provided.

Provide a definition, in your own words, for each of the following basic accounting principles applicable to the financial management of a budget – Double Entry Bookkeeping, Principle of Control, and Revenue Recognition (cash versus accrual accounting).
Term	Definition
Double Entry Bookkeeping
Principle of Control
Revenue Recognition (cash versus accrual accounting

Identify three types of financial budgets or financial plans and explain how they are used.
Type	Explanation of Use
Example 1
Example 2
Example 3

Undertake research to find the following legislation and provide a short description. Income Tax Assessment Act 1936Goods and Services Tax Act 1999.
Legislation	Description
Income Tax Assessment Act 1936
Goods and Services Tax Act 1999

Describe as per the Australian Securities & Investments Commission (ASIC) what are the financial reporting and audit record-keeping obligations of a company.

Complete the following table by describing the purpose and techniques/methods used to develop and manage each financial management tool/statement.
Financial Management Tool/Statement	Purpose	Techniques/Method to manage
Budget
Cash Flow Forecast
Electronic spreadsheets
Goods and Services Tax
Ledgers
Statement of financial position
Statement of financial performance

Describe the steps you would take to evaluate an organisation’s budget and financial plans.

Calculate the following from the data below and determine what result indicates.

	Result	Analysis of Result
Total Revenue for the quarter ($)
Café Sales $ variance Oct XY (actual versus budget)
Wages/Salaries + Oncosts Retail $ variance Oct XY (actual versus budget)
Actual gross profit $ for Dec XY
Actual net profit before tax $ for Dec XY

Research and describe three (3) core principles associated with effective work team management.
Principle	Description
Principle 1
Principle 2
Principle 2

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