Briefly describe the purpose of each identified workplace

Assignment Detail:- BSBFIN601 Manage organisational finances Assessment 1: Short Answer Questions Question 1Complete the table below-a- Identify the four phases of reviewing a financial statement to monitor your profits and losses-b- Briefly explain how each phase is conducted to establish and review your profits and losses- Question 2Complete the table below-a- Identify at least four ethical standards for financial probity in businesses-b- Identify at least one workplace task that will allow you to demonstrate adherence to each identified standard- Question 3 Complete the table below-a- Identify at least three financial declarations a business can make to ensure financial probity-b- Briefly describe the conditions that indicate the need to make each identified financial declaration- Question 4Answer the questions about the following principles of accounting and financial systems- a- Recognition of revenueDescribe when revenue is earned- b- Recognition of expensesDescribe when an expense is occurred- c- Accrual accountingExplain why transactions are recorded as they occur even if payment has not yet been received by the workplace/organisation- d- Going concernExplain why it is always assumed that an organisation will continue to operate for the foreseeable future- e- Monetary unitExplain why items in a financial system must have a monetary value- Question 5Complete the table below-a- For each specified function of financial management software, identify at least two workplace tasks that are accomplished by financial management software-b- Briefly describe the purpose of each identified workplace task in the management of finances in your workplace/organisation- Question 6Complete the table below-a- Identify the three sections of a financial budget-b- Briefly describe the information contained in each identified section-c- Briefly explain how this information is used by an organisation to monitor its finances- Question 7Answer the following questions about Australian Tax Office -ATO- requirements on Goods and Services Tax -GST--a- Identify the six business categories that are required to register for GST-b- List the six actions the ATO requires a business qualified for GST to do-c- Identify how much time a business has to register for GST after qualifying- Question 8Answer the following questions about Australian Tax Office -ATO- requirements on Company Tax-a- Briefly explain how you can determine the amount of company tax your workplace/organisation is required to pay-b- Briefly explain the difference in the company tax that an Australian resident company and a non-resident company is subject to- Question 9Answer the following questions about Australian Tax Office -ATO- requirements on Pay As You Go -PAYG--a- Briefly explain the difference between PAYG instalments and PAYG withholding-b- Complete the table below-i- Identify the two ways a business can pay PAYG instalments-ii- Briefly describe how a business can use each identified way to pay PAYG instalments-c- Identify the four payments tax is withheld from under PAYG withholding-  




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