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FNSACC501 Provide Financial And Business Performance Information

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  • Course Code: FNSACC501
  • University: Sydney Metro College
  • Country: Australia

Question:

Answer the following questions in writing.

  1. You have a client who has not reported their company car expenses. They had forgotten to get a couple of receipts and decided not to worry about it. You are to write a statement for the client that outlines what types of expenses are allowable under taxation law and what receipts should be collected.
  2. How can you control expenditure on wages, vehicles and telephone
  3.  How should an accountant ensure they are clear in their recommendations
  4. Prepare a financial plan extract that summarises the scope of a client’s objectives.
  5. What key areas can cause significant taxation issues
  6. What risk management options could you suggest to a client
  7. What are some short term finance options available to a client
  8. What would you include in a proposal to overcome shortfalls in customer service
  9. List and briefly describe five aspects of legislation that protects a client’s rights and responsibilities
  10. What are the main sources of information when considering financing and investing
  11. In what section of the financial plan are compliance obligations found? List the common forms that have resulted from government financial policies.
  12. Where can financial management instructions are found in meeting compliance obligations and for identifying changes in legislation
  13. How can clients’ liabilities to state government charges be calculated
  14. List the five common taxes or charges levied by state or territory governments.
  15. List and describe the benefits and application of the methods for presenting and formatting financial data.
  16. How are business expenses treated in regards to taxation legislation
  17. What allowance is there for a business that manages on behalf of a trust
  18. Discuss the term “forecast returns” and what they are used for
  19. What is a not for profit organisation and how do they abide by financial policies where they are required to prepare statutory returns
  20. What methods can you use to present a client’s performance objectives
  21. Discuss the two methods of cash flow control
  22. When preparing a business’s performance information what legislative acts do you need to consider
  23. Who would you refer to if you needed information on financing and to seek advice
  24. What information do you need to consider when analysing data and reviewing a business finances
  25. What would you find at the point of review in financial management
  26. You have received advice from your client that they have restructured and you are no longer required to prepare their BAS or preparing annual financial reports. They have requested that you continue to assist the financial officer currently employed. Your task is to prepare a questionnaire to show the current and new objectives. From this questionnaire what file note would you make
  27. What ratio is used to measure financial stability Discuss.
  28. What are the consequences for a client not meeting reporting deadlines for the ATO
  29. Compare and contrast two forecasting techniques.
  30. Identify and explain the key features of secretary’s financial management instructions.
  31. Identify and categorise sources of information on financial products and markets.
  32. Outline a range of risks and contingencies and risk management options relating to financial and business performance. 

Question 2 – Information Analysis 

Review the information provided in appendix ‘Case Study - Anthony Bowman’ and answer the following questions. 

  1. What are the client objectives
  2. What are the business assets
  3. What is the size of the business
  4. What type of business is it
  5. What information is included as extra
  6. Task 2: Case Study and Practical Assessment

Student Instructions

  1. Type all the answers in a word document if required.
  2. You can conduct internet research to answer these questions.
  3. Provide explanation of 2-3 lines when answering ‘Describe’ questions.
  4. Provide detailed workings for calculations questions.
  5. Provide answers in table format wherever possible. 

Question 1 – Molly Smith 

Review the information provided in appendix ‘Case Study - Molly Smith’ and undertake the following steps. 

  1. Write a draft email with a list of three to five questions that you are going to ask Molly. Draft email should have the following points.
  1. Appropriate greeting
  2. Introduce yourself
  3. Email purpose statement
  4. Confirm details of the client
  5. Three to five questions you would like to ask Molly that will help you get an even better understanding 
  1. Search online and identify specific legal and financial requirements when establishing, structuring and financing a business.
  1. Set out an action plan for Molly Smith detailing the actions to be taken to meet her objectives. Consider any statutory obligations to be adhered. Include a timeframe where applicable.
  1. In your meeting with the client, you have identified that Molly Smith has changed her business address. Who does she need to inform? Conduct a role-play with your assessor. Your assessor will be acting as Molly Smith. She doesn’t know what to do now.

The role-play should take five minutes. You should demonstrate the following: 

  • Guide Ms Molly Smith through clear communication and advise what to do
  • Answer any questions that she may have
  • If you are unable to answer, refer her to appropriate sources

Communication strategies should include the following:

  • Use active listening and questioning techniques to elicit the views and opinions of your client and to confirm understandings
  • Uses appropriate formats, language, tone and pace when providing advice and conveying information to clients

Assessor will access the following during the role play:

  • Demonstrated ability to clear communicate clearly and provide accurate and valid advice to meet client’s need.
  • Where appropriate, referred clients to appropriate sources
  • Used active listening and questioning techniques to elicit the views and opinions of your client and to confirm understandings
  • Used appropriate formats, language, tone and pace when providing advice and conveying information to clients. 
  1. What actions would you take to monitor client objectives to identify changes in client needs 

Question 2 – LMB Motors

Analyse the financial information provided in appendix ‘Case Study - LMB Motors’ and undertake the following.

  1. Detail what authorities / personnel / sources you would have to consult with to ensure the financial data provided is accurate and complete. How would you reconcile the financial data to confirm accuracy?
  2. Undertake a vertical analysis of the LMB income statements for the years ending December 31, 2014 and 2015.
  3. Based on the above analyses, calculate following ratios and comment on the financial performance of LMB in the last financial year: 
  • Debt-to-equity ratio
  • Return-on-investment ratio,
  • Current ratio 
  1. Using the financial data provided in the 2015 financial report, comment on what funding requirements would be required in the future to continue the same rate of growth over the last financial year.
  2. List the various statutory obligations of the company.
  3. Based on the analyses completed above prepare a detailed written advice (at least 500 words) for the Management of LMB regarding the following:
  • Summary of financial performance for the year ending December 31, 2015.
  • List of financial risks that should be considered – e.g. Debtor default, stability of global economy, operating costs etc.
  • For the above risks, outline options for contingencies – e.g. Insurance options, investment options etc.
  • Give advice or recommendations on how LMB can ensure they do not have another similar loss of cash at the end of the next financial year.
  • Details regarding the rights and obligations of LMB management. Ensure you include all relevant laws such as corporation law, legislative protection, contract law, privacy law, taxation legislation etc.
  • List of alternative sources of short and long term investment, giving a brief description of each as per there current circumstances and future needs.
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