Instructions: Answer each question in as much detail as possible, considering your organisational requirements for each one.
- Give examples of your business’ or industry’s critical dates and describe how they can be used to increase profit.
- Why do prepare budgets in line with organisational policies?
- Give several examples of how a company’s funds might be misappropriated and detail how this could be detrimental to the company.
- Why are ageing summaries useful?
- Give an example of a contingency and how the budget may have to be revised in order to compensate for the loss of time, goods etc.
- can an audit trail help you identify discrepancies? Which type of discrepancies may be identified?
- Why do you need to be diligent when ensuring compliance? Give an example based on your own workplace where a lack of diligence regarding compliance has caused problems in the past or could cause problems if not observed.
- Research your own organisation’s requirements for report formatting. Why might your organisation make specifications about report formatting?
- Why do you need to draw attention to significant issues in reports?
- Describe ways in which you can monitor the financial viability of the organisation and why this is necessary.
- Review your own company’s financial management processes and offer a commentary on areas which could be improved.