Assessment (Finance)

• Sales records- An electronic sales suppression tool is used in order to enable tax avoidance by managing business transaction record and under reported revenues. As well as for wholesales sale 29% rate of WET is applicable.
• Purchase/expense records- Australian GST generally implies to sales of imported products and services to consumers of Australia. The goods and service tax does not implement on business purchases of imported services and digital items if company is registered for GST in Australia.
• Year ended income tax records- The Australian tax office information for businesses about the records companies need to explain all transactions regarding to information.
• Payments made to employees- If companies need to withhold amount from payment to employees, consisting those who are overseas or foreign residents then they need to complete a tax file number declaration (About records relevant to current legislations, 2019). On the other hand, in some situations company may need to complete withholding declaration. These declarations may help them to work out how much amount of tax to withholding by finding whether there are other factors which are needed to consider.
• PAYG withholding records relating to business payments- This is an obligation or responsibility of an employer to gather PAYG withholding amount from payment made to workers and entities so that they can meet their end year tax liabilities.
• Goods service tax (GST) – Australian goods and service tax can be apply to company for retail sale of lower valued goods, services and digital commodities to Australia.

Task 3.

How often companies need to perform an audit trail?

The audit trail offers a vital component for detecting fraud. Rigid adherence to the development of an audit trail provides evidence of the validity of trades. All commercial payments must include a promoting report such as purchase orders and authorised receipts. Basically, companies need the audit trail during different quarter of a financial year which may be of two times.

Task 4.

Example of following costs:

• Direct cost- The examples of this cost are direct labour, material, commissions, production supply etc.
• Indirect cost- Some example of indirect cost is rent, telephone charges, security expenses, office expense etc.
• Fixed cost- The example of fixed cost is rent, payment of loan, premium of insurance and many more.
• Variable cost- The examples of this cost are commission on sale, raw material cost of manufacturing, direct labour expenses etc.
• Semi-variable cost- It includes repairing cost, fuel & power expenses, monthly base telephone charges, indirect labour cost etc.

Task 5.

Sales budget

Task 6.

The ways by that dissemination of budget takes place and how can a company negotiate any changes needed to be done to budget.

There are different types of activities which are being used for dissemination of budget such as specific conferences, workshops etc. As well as by help of media like posters, presentation of project etc. In addition, a company can negotiate changes in the budget as per their need. Like if company makes projection of sales revenue of $1500 but in actual they earn revenue of $1200. In this case, company can make correction in their budget.

Task 7.

Fees budget scenario:

Contingency plan if above company do not reach target of patients:

In the case if above company does not meet target of 1700 patients then then they should increase their prices so that target profit can be achieved. This is so because on the number of 1700 patients, total fees are of $36890. If number of patients decrease, then they may increase prices which can meet the target of fees.

Task 8.

Selling expense budget for the month of February 20XX for Dajan & Co:

Task 9.

P & L Statement IBC Pty Ltd

July 1, 2013 to June 30, 2014

Balance Sheet IBC Pty Ltd

July 1, 2013 to June 30, 2014

Analysis of financial condition- On the basis of above prepared two financial statements, this can be find out that financial position of IBC Pty limited is average. They have enough amount of net profit to cover their expenses but they have not higher net profit to pay their stakeholders. Their balance sheet is showing that company have higher amount of total assets in proportionate to liabilities.

Recommendation- This company recommended to decrease their expenses because they have expenses of $133290 which is too high as compare to revenues. If they will reduce their expenses, then their net income will increase.

Task 10.

GST calculations:

In Australia the rate of GST is 12% on sea foods including fish.

Task 11.

GST and cash flow statement

Task 12.

Part A: Accounts Receivable Collection Schedule and Cash Flow Statement:

PART B: Cash flow plan

Task 13.

Based on the calculations in TASK 12 (A and B) what went wrong?

On the basis of above done calculation of accounts receivable schedule and cash flow plan, this can be find out that total balance of cash is presenting negative result. As well as there is lack of information about format of accounts receivable schedule and about supply.

What are the consequences of those wrongs?

The above mentioned issues during calculation of cash flow and accounts receivable schedule affected produced statements in negative manner. This is so because of lack of information about opening balance of all months, it becomes difficult to calculate value of total funds available. As a result, total balance of cash was lower in three months. So these are the consequences of above mentioned wrong.

What organisational protocols should be followed for reporting if loss is inevitable? Determine and access resources systems to manage financial management processes within the work team?

In order to record losses which are inevitable, companies should follow protocol of reserves. This is so because if businesses face losses continuously and if loss if inevitable then they should follow protocol of preparing reserves like bad debts in which they can add on a sum of money.

This is essential for business entities to manage their financial perspective in an effective manner so that available monetary resources can be utilised completely. For this purpose, companies may prepare budget by which they can track actual financial position. As well as by help of budgets, it becomes easier for companies to track the variances between actual and estimated outcomes. In the absence of proper budgeting of financial resources, this can be difficult to measure actual level of performance as well as to know about adverse variances. Thus, budgeting is a way that can be helpful in order to manage financial management process.

What support can be provided to the team members to ensure that proper management of finances is in action? How can the organisation to ensure that documented outcomes are achievable, accurate and comprehensible in the near future?

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In order to ensure proper management of finances, team members need to be provided with data on budget variances. This information helps identify areas where the company's performance is weaker and ensures that effective financial management is in place. An organization can ensure that its outcomes are achievable and accurate in the future by evaluating efficiency. This can be achieved by conducting a comparative analysis of set financial goals against the availability of resources. For students seeking assignment help UK, understanding and applying these financial management practices can significantly enhance the accuracy and effectiveness of their reports.

Also Read Sample on- Qualitative Research Philosophy

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