Report on Financial Activity

overview

This unit describes the performance outcomes, skills and knowledge required to report financial activity for business both in response to client requests and to meet statutory requirements such as the completion of statutory requirement reports.

Business and Information Management

The success of an organisation relies on sound financial management. It relies on the organisation keeping up-to-date and accurate financial records that allow us to manage profitability and meet our statutory requirements. In this course, we will learn about the internal and external reporting requirements that organisations must meet, and we will introduce the skills and knowledge required to prepare and understand those reports that satisfy the requirements. This course includes 40 minutes of learning covering the following topics:

Introduction

Business Plans

Chain of Command

Strategic Management

Middle Management

Frontline Management

Management Demands

Resources and Information Management

Financial, Physical, Human, Knowledge

Trading

Information Needs of Different Industry sectors

Manufacturing, Retail, Rural and Service

 

Report on Financial Activity

In this course, we will investigate the basics of compiling financial information for key stakeholders. We will focus on how financial information is processed and how reports are constructed, including how to identify asset and liability accounts; identify income and expense accounts; complete and interpret a Chart of Accounts and apply a Chart of Accounts coding system. This
course includes 60 minutes of learning covering the following topics:

Introduction

Compiling Financial Information and Data

Chart of Accounts

Collecting and evaluating financial data

Classification

Asset, liability and owner’s equity accounts

Income and expense accounts

Coding financial data

Reading and Interpreting Financial Statements

Interpret Numbers with Care

Analysis

Storage

The Balance Sheet

The Profit and Loss Statement (P& L)

Cash Flow Statement

The Operating Budget

Identifying discrepancies and unusual features

Analysing financial statements

Trend analysis

Averages and variances

Unit costs

Recording and Reporting Income and Expenditure

In this course we will investigate how to use various documents to correctly record income and expenditure.
We will also look at the range of taxes that apply to Organisations as well as the reporting requirements relating to those taxes. This course includes 40 minutes of learning covering the following topics:

Introduction

Recording income and expenditure

Revenue documentation: Cash Book

Transactions Journals

Bank reconciliation

Tax invoices

Business Activity Statement (BAS)

Income tax liabilities

Goods and Services Tax (GST)

Which sales are taxable?

What sales are not taxable?

GST Adjustments

Pay as you go (PAYG) Withholding

Fringe benefits tax (FBT) and Payroll tax

Available benefits and allowances

Making Organisation Recommendations

Identifying and Presenting recommendations

Accounting in Specific Situations

Accounting for an Initial Organisation Purchase

Accounting for Daily Sales

Accounting for Cost of Sales

Accounting for Expenditure

Statement of Performance