ASSESSMENT TASK ONE
Instructions
Respond to the following eighteen (18) questions. You must answer every question. A guide to the length of your response for each question is provided next to each question.
1. List three (3) types of financial statements.
2. What is the purpose of a balance sheet? Explain the balance sheet equation. (100 words)
3. Explain the principle of cash accounting. (100 words)
4. Explain the principle of accrual accounting. (80 words)
5. List three (3) regulatory requirements and accounting standards in financial reporting in Australia.
6A What is a budget? (80 words)
6B Describe two most common types of budgets. (80 words)
7. Identify the main steps in the budgeting process.
8. List five (5) ways to improve cash inflow and give an example of each.
9. What is the standard rate of GST in Australia? (80 words)
10. List six (6) items that do not attract GST.
11. List the key components of a financial report. (80 words)
12. What is a profit and loss statement? (100 words)
13. What information must be included on a tax invoice for sales of $1.00 or more? (100 words)
14. Under tax law, for how long must businesses keep their records? (50 words)
15. Who must have their financial report audited? (80 words)
16. What is the purpose of an audit and auditor's report? (150 words)
17. List three benefits Microsoft Office Excel contributes to financial planning.
18. Explain the process of not withholding tax if a supplier does not provide their ABN. (150 words)
ASSESSMENT TASK TWO
Roleplay
Instructions
In this assessment you will need to clarify budget/financial plans with your CEO, negotiate any changes required and prepare contingency plans if initial plans need to be varied.
You will then need to disseminate relevant details of the agreed budget/ financial plans to your team members, identify and access required resources and systems and support your team to complete their work.
Review the case study (attached) and complete the activities.
Your Brief
You work for King Edward VII College as a Marketing Manager. You will be meeting the CEO (your assessor) to discuss the marketing budget.
1. Based on amounts allocated to each marketing activity, complete the budget template provided to you (tab 1 "Budget - Monthly 201516" in Spreadsheet 1).
2. Research the benefits of television advertising prior to the meeting. Make notes to assist you at the meeting if required.
3. Participate in a meeting with your CEO (role-played by your assessor) to discuss the marketing budget. At the meeting, you will need to:
- provide a copy of your completed budget to the CEO
- explain each of the planned marketing activities
- clarify and confirm the amount allocated to each of the marketing activities, including the amount allocated for contingencies
- negotiate to increase the budget to accommodate the TV advertising campaign you wish to run (as per the case study information, you will need to present the benefits of television advertising to convince the CEO)
4. During the meeting, you will need to demonstrate effective communication skills including:
- asking questions to identify required information
- responding to questions as required
- using active listening techniques to confirm information
5. Following the meeting, send a copy of the final budget to your assessor.
6. You will then take the lead to disseminate relevant details of the agreed budget/ financial plans to your team members. You will be working and meeting in a team of 4-6 students and each of you will have an opportunity to lead the team.
During the meeting, you will need to demonstrate effective communication skills, including:
- asking questions to identify required information
- responding to questions as required
- using active listening techniques to confirm information. At the meeting you will need to:
- discuss the overall budget allocation
- discuss the amounts allocated to each marketing activity
- discuss contingency plans
- provide an outline of the financial management policies and procedures.
Attachment:- Case.rar