Question

1. Describe the principles of accounting and financial systems as they apply to your

organisation.

2. Explain Fijian, international and/or local legislation that is relevant to financial

management in your organization.

3. Outline the Fijian Tax Office requirements, including Value Added Tax, company

income tax, Payroll tax and superannuation obligations, as they apply to your

organisation. Include the due dates for the lodgment and payment of obligations in

your response.

4. What legislation applies to fraud and the misappropriation of funds?

5. Explain the need for financial due diligence and outline what actions may be

included in a financial due diligence review.

6. Explain how you use P&L statements, cash flow and ageing summaries to manage

issues that will affect the organisation’s ability to meet objectives.

7. Explain how forecast analyses and analyses related to budget preparation will

enable you to contribute to financial bids and estimates.

8. What can the organisation do to maintain an audit trail to ensure accurate tracking

and to identify discrepancies between agreed and actual allocations?

9. Why is it important to circulate budgets and ensure managers and supervisors are

clear about budgets, reporting requirements and financial delegations?

10.Briefly explain how using previous financial data can help determine allocations for

resources.

Answer 1

As per policy, only one question is allowed to answer at a time, so answering Q1:

Q1)

The Principle of the accounting and financial systems of our Courier company are:

1. Have a manual of the accounting system which is followed and updated year by year.
2. Keep the records for a period of minimum 8 years.
3. All the records are maintained on the computerized systems, which includes journals and ledgers.
4. The records are to kept with full efficiency and accuracy.
5. All the corresponding records like bank statements and clients confirmations are to be stored with the manuals vouchers.
6. One period records are being followed by the other period ie. one accounts balances are followed year by year.
7. Functions of all the accountants are well defined which includes various economic events alongwith business events records, summarization of records and finalization of the same while making financial statements.

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