Bsfm501a Manage Budget

625 Words3 Pages
BSBFIM501A - Manage budgets and financial plans Written / Oral Questions 1. Why do organisations need accurate and timely financial information? What information is required to manage the organisation’s finances? Who is usually responsible for an organisation’s financial management? -Financial management ensures that a business is monitoring their finances. Financial management involves setting budgets and ensuring that departments remain on budget throughout the year. - The financial manager or credit controller There are several ways organisations maintain financial records. They include manual systems (hard copy) and computer-based (electronic) systems. How do computer and manual systems operate? Manual accounting requires…show more content…
The cost of computerized accounting systems can range from hundreds to thousands of dollars for large businesses. A computerized accounting system may save on man hours used for creating financial statements and other reports. For this reason, many small and mid-sized businesses use computerized accounting software. 6. Reports are created in a timely manner when using a computerized accounting system. Reports generated from computerized accounting software allow managers to run the company in a more efficient manner. Creating reports in a manual accounting system may lead to more staff frustration and result in having to work with outdated information. 2. What is GST and how is it implemented? Who is required to register for GST? What piece of legislation primarily governs GST? * Goods and Services Tax * 10% on any goods and services that you buy. Fresh food is exempt from this tax. * A business or enterprise must register for GST if the GST turnover is $75,000 or more ($150,000 or more for non-profit organisations). * * Division 9 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth)[12] (GST Act) stipulates that GST is applicable to a supply of goods, services and transactions related to real property, obligations or rights. 3. What are audits and why are they carried

More about Bsfm501a Manage Budget

Open Document