BSBFIM601-Manage Finances Report Writing – Finance Assignment Help

Assignment Task

Task

Q1. Whether or not a business is expected to make a profit or loss in the future can be determined by examining which of the following reports?

(a) Profit and loss budget.
(b) Cash budget.
(c) Capital budget.
(d) Sales budget.

Q2. Which of the following factors could provide a reason for explaining falling profits in the past year?

(a) Improved cost efficiency and control over expenses.
(b) Growth in sales volume due to effective advertising campaign.
(c) Increase in consumer confidence has led to growing demand.
(d) Selling price has been reduced due to increased market competition.

Q3. Management review business plans to establish critical dates and initiatives that will require financial resources in the next financial cycle. Which of the following options is an example of this?

(a) Arranging finance for renovations to the establishment.
(b) Payment of the net GST liability as it is due.
(c) Conducting performance and salary reviews.
(d) Submitting purchase order with regular supplier.

Q4. When analysing trends in cash flows, which of the following is a relevant factor to consider?

(a) Purchase supply agreements with regular suppliers.
(b) Staff involved in the implementation of the budgets.
(c) The payment of PAYG tax withheld deductions is made in the month following the payment of net take-home pay to staff.
(d) Seasonal peaks and troughs in demand during the year.

Q5. Which of the following are forms of tax required by the Federal or State Government?

(a) GST, EPA and WTO.
(b) PAYG, TPA and ATO.
(c) PAYG, GST and CGT.
(d) PAYG and overtime penalty rates.

Q6. What is the current company tax rate in Australia?

(a) 10%.
(b) 30%.
(c) 2%.
(d) The same as personal income tax rates.

Q7. What should you consider when selecting software for use in the financial management system?

(a) Is the software the cheapest option available?
(b) Can the software be purchased online?
(c) Can the software be integrated with other systems used by the business?
(d) Can the software perform complicated functions used by the biggest competitors in the industry?

Q8. Previous financial data is used to determine allocations of financial resources for the coming period. This data comes from a variety of sources. Which of the following is a useful source of data?

(a) The Australian Taxation Office (ATO).
(b) Income and expenditure for previous periods for each department.
(c) Interesting articles in industry magazines.
(d) Information on marketing campaigns.

Q9. Which of the following represents a new item for inclusion in a budget?

(a) A projected 8% increase in the level of sales.
(b) Employing two extra staff in a department.
(c) Closing down an old division.
(d) Opening up a new division.

Q10. What do you need to do when trying to gain reliable estimates of new items for inclusion in your budget?

(a) Speak to suppliers and other service providers to accurately determine acquisition costs.
(b) Ask a competitor for advice based on their experience.
(c) Have a brainstorming session with colleagues to establish agreed estimates.
(d) Refer to previous costs and calculate a mark-up of 5% for each year since these original costs were calculated.

Q11. Why should you circulate the budget to managers and supervisors after you’ve finalised it?

(a) So they are clear about their responsibilities, reporting requirements and financial delegations.
(b) So they can make any changes or amendments to the budget as required.
(c) So they can appreciate that other managers are also facing similar budgetary constraints.
(d) To provide them with a written record in case they want to refer to it in future accounting periods.

Q12. Taking a risk management approach ensures systems are in place for correctly recording financial transactions and minimises the risk of misappropriation of funds. Which of the following is an objective of risk management?

(a) Risk elimination.
(b) Risk restriction.
(c) Risk assessment.
(d) Risk determination.

Q13. Which of the following clients from the accounts receivable aging is more concern to the management of this business.

(a) Client 1.
(b) Client 2.
(c) Client 3.
(d) Client 4.

Q14. Which of the following situations might warrant the preparation of a contingency plan?

(a) General manager takes two weeks annual leave.
(b) Equipment breakdown.
(c) Business is closing its doors for a public holiday.
(d) An item of stock has sold out and needs to be reordered.

Q15. When preparing a flexible budget, which of the following figures in the master budget do you ‘flex’ to reflect the impact of changes in the actual level of sales?

(a) Variable costs only.
(b) Fixed costs only.
(c) Fixed and variable costs.
(d) Neither fixed nor variable costs.

Q16. In the context of implementing budgets, compliance with due diligence is required or expected of the senior accountant involved. Which of the following is a required aspect of due diligence?

(a) Commitment to achieving a perfect budget.
(b) Process and care you take to ensure you implement effective systems.
(c) Your personal and presentation standards.
(d) Your ability to interact and communicate effectively with others.

Q17. Which of the following statements about preparing financial reports is correct?

(a) You should avoid the use of diagrams in reports because they can lead to confusion for the reader.
(b) Software packages can provide you with valuable information but rarely assist in the preparation of financial reports.
(c) You can find templates for all of the financial reports you need on the internet.
(d) Every establishment has its own reporting systems and requirements. Some are required by law; others are specific to the organisation.

Q18. There are certain things you should consider when evaluating and prioritising variances in a performance report. Which of the following criteria is most significant in working out these priorities?

(a) Address profit and loss variances prior to cash flow or budget variances.
(b) Address the easiest problems first as a ‘quick fix is a good fix’!
(c) Address problems that have the least significant impact on profitability.
(d) Address the problems that relate to your department before addressing other departments, regardless of the impact or value.

Q19. Which of the following is an important aspect of an organisation’s financial viability?

(a) That the number of customers is increasing even if the total dollar value of sales is falling.
(b) That the price for goods and services is lower than your competitors’.
(c) That the costs (expenses) of providing goods and services are reduced each financial quarter.
(d) That the business is maintaining a sufficient cash flow in order to pay its bills on time.

Q20. An organisation’s financial management processes are considered effective when:

(a) All of the variances on the performance reports are equal to zero.
(b) All of the variances on the report are favourable.
(c) Staff morale is high.
(d) The business achieves and maintains a healthy level of growth and profitability. 

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