Assignment:
Your Tasks:
1. What are the requirements for financial probity?
Your response needs to provide an overview what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc.
2. Describe the concepts and principles of accounting:
a) Accounting Entity Concept
b) The Reliability Principle
c) The Going Concern Principle
3. Describe the principles of and provisions for effective financial systems:
An overview of the common procedures and systems and what these entail:
a) Transaction recording
b) Reconciliation Processes
c) Invoicing
d) Accounts payable
e) Account receivable
f) Cash management
g) Security measures
h) Banking procedures
i) Revenue systems
j) Financial management systems
4. Explain the following Australian, international and local legislation and conventions that are relevant to financial management in the organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity.
1. Australian Consumer Law (ACL)
2. International Commercial Terms (INCOTERMS)
3. Warsaw Convention
4. Trade Agreements
5. World Trade Organization determinations
5. Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go. Your response needs to include details for amounts, calculating these, due dates and provisions relevant to different business models e.g. partnership/sole trader or company.