Bsbfim801: The Revenue Principle Assessment Answer

Assignment Task :

Knowledge Evidence

• To complete the unit requirements safely and effectively, the individual must:
• explain the principles of accounting, financial statements and cash flow
• clarify best-practice communication processes and methods
• summarise compliance requirements, including relevant legislative responsibilities
• explain the cost of capital, capital structure and working capital
• identify finance and investment decisions
• describe the goal of financial resource management
• describe the principles of finance relevant to the organisation s operations
• explain risk and return. 

Assessment Conditions
 

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the business development – marketing field of work and include access to:

• office equipment and resources
• samples of workplace documentation, including contractual and procurement policies
• financial data and documentation
• case studies and, where possible, real situations.

ASSESSMENT TASKS
Assessment Task 1: Written Questions
Assessment type
Written Questions
 
Assessment task description      
This is the first (1st) of two assessment tasks you must successfully complete to be deemed competent in this unit of competency.
The task comprises eight (8) written questions.                                                                                                                                                                                             

1. You must respond to all questions and submit them to the Trainer/Assessor.
2. You must answer all questions to the required level, e.g. provide the number of points, to be deemed satisfactory in this task.
3. Your Trainer/Assessor will provide the feedback within two weeks and notify you when results are available.

Assessment 1 – Written Questions
1. Explain the following five important principles of modern accounting, with relevant examples, in no more than 100 words each.

• The Revenue Principle
• The Expense Principle
• The Matching Principle
• The Cost Principle 
• The Objectivity Principle  

2Describe the three financial statements and at least 3 key features of each. Explain how they are all linked and dependent on each other. Respond in no more than 750 words. 
 
3. In the context of an organisation’s internal communication needs, (a) explain what written and verbal communication entail and when each is most effective (b) state 5 principles an organisation should follow when communicating information to employees (c) state 3 effects of poor organisational communication with suitable examples. Respond in no more than 500 words.
 

4. Answer the following in the context of financial reporting compliance requirements of a public-listed organisation with an annual GST turnover of $19.50 million: 
a. The organisation has lodged the following documents to the Australian Security and Investment Commission (ASIC), based on the corresponding legislative obligations of the Corporations Act 2001. Summarise 5 additional documents that must also be lodged for the organisation to be compliant and fully meet the requirements of sections 295(2), 296(1), 295(4), 298-300A, 301 & 308 of the Corporations Act 2001.

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