Assessment 3 BSBFIA401

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Assessment 3 BSBFIA401

Assessment 3 – Research and Questioning

Question 1

Question 2

A

B

Question 3

Single entry system is an incomplete system of recording financial transactions. Single entry system maintains only personal accounts of debtors and creditors and cash book. Single entry system is suitable to a small business where only limited number of transactions are performed.

Double entry system is a complete system of recording and reporting financial transactions. Double entry system all personal, real and nominal accounts. Double entry system is suitable for a large business.

Question 4

B

C

Question 5

The main benefits and advantage for implementing AS/NZS ISO 31000:2009 is to:

  • (a) increase the likelihood of achieving objectives;
  • (b) encourage proactive management;
  • (c) be aware of the need to identify and treat risk throughout the organization;
  • (d) improve the identification of opportunities and threats;
  • (e) achieve compatible risk management practices between organisations and nations;
  • (f) comply with relevant legal and regulatory requirements and international norms;
  • (g) improve financial reporting;
  • (h) improve governance;
  • (i) improve stakeholder confidence and trust;
  • (j) establish a reliable basis for decision making and planning;
  • (k) improve controls;
  • (l) effectively allocate and use resources for risk treatment;
  • (m) improve operational effectiveness and efficiency;
  • (n) enhance health and safety performance as well as environmental protection;
  • (o) improve loss prevention and incident management;
  • Question 6

    Disability legislation

    The Federal Disability Discrimination Act 1992 provides protection for everyone in Australia against discrimination based on disability.

    Industrial relations law

    Industrial relations is the management of work-related obligations and entitlements between employers and their employees.

    Company Law

    Company law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another.

    Question 7

  • race, colour, nationality or social origin
  • sex, intersex status, gender identity or sexual orientation
  • age
  • medical or criminal records
  • physical, intellectual, psychiatric or mental disability
  • marital or relationship status or family or carer’s responsibilities
  • pregnancy (or potential pregnancy) or breastfeeding
  • religion
  • political opinion......

    Assessment 3 BSBFIA401
    Last updated: Feb 2024

    Page 1

  • political opinion
  • trade union activity
  • Question 8

    Disability Discrimination Act 1992

    Racial Discrimination Act 1975

    Question 9

    Minimum wages and conditions for employees who are award and agreement free:

  • Pay
  • Hours of work, breaks and overtime
  • Public holidays
  • Leave
  • Ending employment.
  • Question 10

    The principal object of this Act is to provide a framework for cooperative workplace relations which promotes the economic prosperity and welfare of the people of Australia by:

                         (a)  encouraging the pursuit of high employment, improved living standards, low inflation and international competitiveness through higher productivity and a flexible and fair labour market; and

                         (b)  establishing and maintaining a simplified national system of workplace relations; and

                         (c)  providing an economically sustainable safety net of minimum wages and conditions for those whose employment is regulated by this Act; and

                         (d)  ensuring that, as far as possible, the primary responsibility for determining matters affecting the employment relationship rests with the employer and employees at the workplace or enterprise level; and

                         (e)  enabling employers and employees to choose the most appropriate form of agreement for their particular circumstances; and

                          (f)  ensuring compliance with minimum standards, industrial instruments and bargaining processes by providing effective means for the investigation

    Question 11

    On-the-spot fines

    Known as penalty notices in NSW, these monetary fines can be issued by inspectors for more minor offences that are not serious enough to warrant prosecution.

    Enforceable undertakings

    The Act also provides for enforceable ‘WHS undertakings’ as a more positive and less punitive alternative to prosecutions.

    Prosecutions Prosecutions are usually initiated by WorkCover, but in NSW, the secretary of a relevant union may also bring proceedings under certain circumstances.

    Question 12

    Personal information means information or an opinion about an identified individual, or an individual who is reasonably identifiable: whether the information or opinion is true or not; and. whether the information or opinion is recorded in a material form or not

    Question 13

    A straight line basis is a method of computing depreciation and amortization by dividing the difference between an asset’s cost and its expected salvage value by the number of years it is expected to be used. Also known as straight line depreciation or straight line amortization, this is the simplest depreciation method.

    Question 14

    If the asset cost $80,000 and has an effective life of five years, the claim for the first year will be:

    $80,000 × (365/365) × (200%/5) = $80,000 x 40% = $32,000

    The cost includes the amount you paid for the asset (excluding GST if entitled to claim it) as well as any additional amounts paid for transport, installation or…

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    Assessment 3 BSBFIA401
    Last updated: Feb 2024

    Page 2

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