1. Provide three (3) examples of contingencies you may encounter whenimplementing safety measures, what actions or plans can you take to ensure the safety measures being implemented in the event of these contingencies? Write with contingencies and strategies.
2. List two (2) ways that you would use to effectively inform your team members about the budget allocations.
3. Budget management involves the acquisition and allocation of resources and determine systems in order to achieve the objectives of a budget. How would a manager determine and access resources and systems (e.g. financial resources, human resources etc.) to ensure the budget is met and financial operations are carried out effectively within the work team?
4. Describe the key steps a manager should take to monitor the actual expenses and control costs across the work team.
5. In order to identify cost variations and expenditure overruns, you are required to conduct a monthly analysis of the variance report. This month, you found that sales figures and income are ahead of budget on the variance report, you informed the cost centre manager. Why should a cost centre manager be informed and involved in this variance related to sales and income variance? (Give three (3) reasons)
6. What constitutes an effective financial management process? (give five (5) attributes of an effective financial management process)
7. How would you collect and collate data and information to decide that a financial management process is working effectively within your team?
8. How would you analyse data and information collected to decide the effectiveness of a financial management process?
9. Identify an area where an improvement is needed in the management of finance. Give recommendations on how the process should be documented and improved in order to achieve the outcome.The following example is given to you to help you complete this question. (e.g. To improve the accuracy of financial reports, the organisation can conduct spot check against source data on a regular basis. The number of errors identified in reports should be tracked and then provide the staff who are responsible necessary training to improve the accuracy. )
10. To improve the accuracy of financial reports, an action plan has been agreed by the organisation that "Spot check against source data will be conducted on a regular basis. The number of errors identified in reports will be tracked and relevant staff who are responsible will be called for training to improve the accuracy". How would you implement and monitor the agreed action plan for improvements in order to improve the accuracy of financial reports?
11. List three (3) financial regulatory requirements that businesses must comply with.
12. Describe two (2) key requirements for financial record keeping and auditing in Australia.
13. Explain why it is important to make balance-day adjustments at the close of an accounting period before preparing financial statements?
14. Explain the difference between the profit calculated in the trading account compared with the profit calculated in the profit and loss account.