1. Are we obliged to meet the requirements of financial backers when sourcing capital? Please detail your answer.

2. What is the purpose of making variations or changes to a business plan?

3. Outline three (3) points for consideration when informing staff about reports and other relevant financial information.

4. What would you do prior to circulating a budget and sending to senior management?

5. Identify possible risk control measures you would suggest for the following:

a. Petty Cash -

b. Cash Control -

c. Resource Ordering -

d. Refunds -

6. Identify four (4) different types of fraud and in your own words and make recommendations about how to prevent these types of fraud.

7. Explain how the review process will support organizational processes.

8. Outline the purpose of an Ageing Summary and how it can used as an indicator of financial health of its client.

9. When should a contingency plan be developed? Provide four (4) examples of contingency plans.

10. What kinds of allowances are made when using risk identification processes that are associated with contingency planning? Provide four (4) examples.

11. a) What is financial probity and what kind of information can be obtained from the audit trail?

b) What are the requirements of financial probity?

Your response needs to provide an overview (in your own words) 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.

12. What is the value in accessing specialist advice or support to ensure compliance when managing finances?

13. What does 'due diligence' refer to and what does it check?

14. Explain why electronic record keeping is potentially the best way of maintaining financial records.

15. Beyond statutory and compliance requirements, how does good record keeping aid organisations?

16. Provide two (2) reasons why comparative financial statements are useful.

17. What kind of system can we use to keep track of our cash flow?

18. What kinds of issues can an ineffective financial management process cause?

19. Describe Accrual principle of Accounting.

Answer rating: 100% (QA)

Answer 1 Are we obliged to meet the requirements of financial backers when sourcing capital Please detail your answer Explanation Yes we are generally obliged to meet the requirements of financial bac... View the full answer