Qus1) A) You have audited the internal control of financial management processes of the company and have identified the followings Sharing services and Repairing services are paid by mobile apps, while consultation services are paid by invoices The sales representatives pay with their cash or credit cards for the equipment and tools hired and get the pay reimbursed Some employees lost the receipts or tax invoices when the payments were reimbursed and just showed the bank transactions For budgeting, many departments believe that GST can be omitted when budgeting as GST has never been a part of the business properties Required Provide your recommendation on the current financial processes and the risk the company might face in the future B) In a meeting with your CEO, the CEO has asked you to establish budget timelines for effective financial management How could you use the concept of a budget calendar in describing reporting timelines C) The marketing department spent more than the budgeted figures and provided the following information Conduct variance analysis for the marketing costs for the year 2021 Write F (Favourable) or U (Unfavourable) next to your answer to show the nature of variance D) The actual figures in the marketing costs were higher than the budget, and costs for the sales support tools were the major issues in the variance analysis As the accounting manager, you are required to analyse why the variances happen and what you would do in relation to Qus 1A 2020 Budget ($) Actual ($) $25,000 $22,000 $32,000 $28,000 2021 Budget ($) $22,000 Actual ($) $8,000 $28,000 $32,000 $150,000 N A $144,000 $260,000 Marketing Department Activities Market Research Owned Media (homepage, blog) Video advertising (YouTube) Social Media Advertisement Creative Design Marketing software Equipment purchases Staff Salary Staff training Sales support tools New Service Development Total $60,000 $120,000 $210,000 $550,000 $85,000 $100,000 $120,000 $1,452,000 $167,000 N A $70,000 $124,000 $215,000 $590,000 $44,000 $210,000 $140,000 $1,610,000 $167,000 $250,000 $60,000 $31,000 $96,000 $865,000 $86,000 $88,000 $140,000 $1,833,000 $60,000 $32,000 $101,000 $880,000 $91,000 $218,000 $140,000 $1,966,000

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Qus1) A) You have audited the internal control of financial management processes of the company and have identified the followings: Sharing services and Repairing services

Qus1)

A) You have audited the internal control of financial management processes of the company and have identified the followings: Sharing services and Repairing services are paid by mobile apps, while consultation services are paid by invoices. The sales representatives pay with their cash or credit cards for the equipment and tools hired and get the pay reimbursed. Some employees lost the receipts or tax invoices when the payments were reimbursed and just showed the bank transactions. For budgeting, many departments believe that GST can be omitted when budgeting as GST has never been a part of the business properties.

Required: Provide your recommendation on the current financial processes and the risk the company might face in the future?

B) In a meeting with your CEO, the CEO has asked you to establish budget timelines for effective financial management. How could you use the concept of a budget calendar in describing reporting timelines?

C) The marketing department spent more than the budgeted figures and provided the following information

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Conduct variance analysis for the marketing costs for the year 2021. Write F (Favourable) or U (Unfavourable) next to your answer to show the nature of variance.

D) The actual figures in the marketing costs were higher than the budget, and costs for the sales support tools were the major issues in the variance analysis. As the accounting manager, you are required to analyse why the variances happen and what you would do in relation to Qus-1A

2020 Budget ($) Actual ($) $25,000 $22,000 $32,000 $28,000 2021 Budget ($) $22,000 Actual ($) $8,000 $28,000 $32,000 $150,000 N/A $144,000 $260,000 Marketing Department Activities Market Research Owned Media (homepage, blog) Video advertising (YouTube) Social Media Advertisement Creative Design Marketing software Equipment purchases Staff Salary Staff training Sales support tools New Service Development Total $60,000 $120,000 $210,000 $550,000 $85,000 $100,000 $120,000 $1,452,000 $167,000 N/A $70,000 $124,000 $215,000 $590,000 $44,000 $210,000 $140,000 $1,610,000 $167,000 $250,000 $60,000 $31,000 $96,000 $865,000 $86,000 $88,000 $140,000 $1,833,000 $60,000 $32,000 $101,000 $880,000 $91,000 $218,000 $140,000 $1,966,000