BSBFIN501 Manage Budget and Financial Plans

Replace Chapter 2 - 'True' or 'False' Quiz Tick 'True' If the statement Is correct, and 'False' If not. True : False Good communication is an essential tool in strong work relationships and effective workplace productivity. Charts, bars, and graphs in a report bring the financials to life and allow your team to not just hear the message of your report but also 0 visualise them. Expenditure is an excess of revenue over expenses for an accounting period. Control activities are a form of control that relates to policies and procedures being introduced that allow the business as a whole to ensure that any manager actions are actually implemented rather than being ignored. Controlling activities is about ensuring the quality of work being undertaken and ensuring that the controls themselves are as effective as possible. A budget report will show where your organisation financially stands. A record is evidence of tax and related transactions conducted by your business. The Australian Taxation Office (ATO) legally requires businesses to keep records relating to the business and documents regarding your business' income and expenses, and details about the determination, method used, and calculation of business tax. The Australian Taxation Office (ATO) is a statutory agency and the principal revenue collection body - income tax. Goods and Services Tax (GST), and other federal taxes