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FNSACC501 Provide financial and business performance information: Assessment Task 1

Assessment Task 1 Instructions

Provide answers to all of the questions below:

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  1. Explain the definition of a work-related deduction under the Income Assessment Act and list three examples of deductions that can be claimed by a business and three that cannot 
  2. Explain the definition of a work-related allowance under the Income Assessment Act and list three examples of allowances.
  3. Explain the arrangement under taxation legislation for the General interest charge, and list 2 types of taxes for which the General Interest Charge can be levied.
  4. List two examples of areas that can cause significant tax issues for business. Explain each example.
  5. Compare and contrast two forecasting techniques, including the different circumstances in which these might be used in relation to financial and business performance information. 
  6. Explain the role of the Australian Securities and Investments with regard to government regulation. 
  7. List the five key areas in which the Australian Consumer Law offers protection to consumers.  
  8. Explain the primary responsibility of the Australian Competition and Consumer Commission.
  9. Explain the definition of a financial product as set out in the Corporations Act 2001, and in which section of the act is this listed?
  10. Explain the definition of a financial service as set out in the Corporations Act 2001, and in which section of the act is this listed?
  11. Describe the financial information included in General Purpose Financial Reports, and how this differs to fina
  12. ncial information included in special purpose reports. 
  13. Describe the key components of a financial report as set out in the Accounting Standard AASB 101 Presentation of Financial Statements, giving a brief description of each.  
  14. Describe fair presentation and compliance requirements with AAS as set out in the AASB101 Presentation of Financial Statements
  15. Outline the company data that is needed to complete a Cash Flow Statement. Also outline the key information that a cash flow statement provides, and its importance.
  16. Explain the concept of budgetary control and list the five key principles of budgetary control.
  17. Describe the basic structure and operation of four of the main types of institutions that operate within the Australian financial services industry. Include the government institution that is responsible for supervising and/or regulating each type of institution and can provide the required information about the financial institution.
  18. Explain the term liquidity risk and how a business should manage this type of risk. 
  19. Explain the term interest rate risk and how a business should manage this type of risk.
  20. Describe four examples of what a company’s policy and procedures could include to ensure that all clients’ rights are protected and that clients understand their responsibilities.

Answer

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