Assignment Task: Manage Budgets and Financial Plans
Provide answers to all of the questions below:
1. Explain the basic principle of double entry bookkeeping.
2. Complete the following table to describe the principles of cash and accrual accounting and an advantage and disadvantage of each method of accounting.
3. Explain the two accounting principles on which the calculation and reporting of depreciation is based.
4. List three types of budgets.
5. List three key features of A New Tax System (GST) Act 1999.
6. Outline the four main taxation and superannuation obligations for a business.
7. List three types of records that a company must keep for tax purposes.