Q.1 Explain how the following principles of accounting are applied in the context of preparing budget.

Q2. Explain two principle of accounts.

Q3. Describe Risk Management in relation to an organisations budgetary requirements:

Q4. Which of the following statements relating to a budget is not true?

a) It is a detailed plan

b) It is a management tool

c) It provides many of the performance targets used in responsibility accounting

d) It is prepared on a historical basis

e) It identifies certain financial and operating targets

Q.5 Identify five factors that could contribute to profits or losses.

Q6. Explain how a business plan will help you to plan for financial management.

Q.7 Describe Gross Profit in relation to an organisations budgetary requirements:

Q.8 Explain the three (3) main areas you will focus on when analysing cash flow trends.

Q.9 Outline the main taxes that apply to businesses.

Q10. Explain your understanding of Pay as You Go.

Q.11 What is the Trades Practice Act?

Q12. What are the main benefits of participative budgeting?

Q13. What records need to be kept for the ATO for a small business with an annual turnover of less than

$2million (cash basis)

Q14. Explain how you would use previous financial data to determine allocations for resources.

Q15. Identify five (5) organisational and five (5) statutory requirements that you may need to consider when preparing budgets.

Q.16 What do you think would be the most effective way to circulate newly-created budgets to managers?

Q.17 Explain the value of recording all financial transactions.

Q.18 Explain your understanding of:

a. profit and loss statements

b. cash flows

c. Ageing summaries

Q.19 Why is it important to plan for contingencies in budgets?

Q.20 Explain the requirements for financial probity.

Q.21 Identify three areas of compliance you could monitor in your workplace and explain how you would ensure that regulations are being adhered to.

Q.22 Why is it important to review and analyse previous financial data?

b. What financial data can you look at to do so?

Q.23 Describe the following term in relation to an organisations budgetary requirements: BREAK EVEN

Q.24 Briefly summarise three (3) main accounting software packages.

Q. 25 Make recommendations to ensure that there are no misappropriations of funds.

Q.26 Identify five (5) potential significant issues in statements.

Q.27 Provide recommendations on how the organisation can maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations.

Q.28 Outline how you can evaluate the effectiveness of financial management processes.

Q.29 what are Bilateral and Regional Free Trade Agreements?

Q.30 What are INCOTERMS? Name the 4 groups.

Q.31 What is the Warsaw Convention?

Q.32 Explain how you can apply the following principles of accounting in developing the budgets required for this task:

a. matching principle

b. account groups time periods