Question 1:Write a short note

1. financial probity
2. Tax liability

Question 2:Personnel working in the financial services division of a company need to understand and be able to explain the principles of accounting and financial systems (Accounting and Financial Information SystemsAIS and FIS). What are accounting and financial information management systems and how do they assist business operations?

Question 3:List at least 10 forms of legislation and conventions (Australian, international and/or local) that could apply to financial management.

Question 4:Explain the requirements for each of the following:

1. Goods and Services Tax
2. Company Tax
3. PAYG

Question 5:Why do you need a good financial record keeping system? (Approximately 50 Words)

Question 6:To ensure that you are in a good position to negotiate your budget submission what should you do?

Question 7:Give a detailed description of the below types of expenditure and income

1. Gross profit
2. Net profit
3. Stock turnover