final test

Question 1

cash budget title

Answer 1

Company name
CASH BUDGET FOR THE TWO MONTHS ENDING (end day of end month)

Question 2

cash budget first line

Answer 2

cash flows from operating activity
list activities
total cash flows from operating activities (underlined)

Question 3

cash budget second line

Answer 3

cash flows from investing activites
list activities
total cash flows from investing activities (underlined)

Question 4

cash budget third line

Answer 4

cash flows from financing activities
list activities
total cash flows from financing activites

Question 5

cash budget forth line

Answer 5

total cash flows for the month (+/- activities)

Question 6

cash budget fifth line

Answer 6

opening balance of cash for the month (balance from last month)

Question 7

cash budget sixth line

Answer 7

closing balance of cash for the month (opening balance +/- total cash flow for month)

Question 8

operating activities

Answer 8

principal revenue generating activities (material, labour, sales, overheads) + look at edaches slides

Question 9

investing activities

Answer 9

buying selling long term assetts (ppe) not included in cash equivilents + edaches slides

Question 10

financing activities

Answer 10

changes financial structure of business (equity and borrowing) not falling in the definition of cash + edaches slides

Question 11

DECIDE FRAMEWORK

Answer 11

D=define the facts
E=ethical review
C=consider the options
I=investigate the outcomes
D=make a decision
E=evaluate results

Question 12

First D in decide

Answer 12

what are the facts
which issues demand a decision
(facts and stakeholders - who’s affected)

Question 13

First E in Decide

Answer 13

which ethical principles are relevant?

Question 14

C in decide

Answer 14

what are the most reasonable and practical choices?

Question 15

I in decide

Answer 15

given past experience, what are the likely ethical outcomes, costs, benefits of each choice?

Question 16

Second D in decide

Answer 16

what are your goals and objectives? how do you intend on achieving them

Question 17

Second E in decide

Answer 17

what criteria will you use to judge success? goals, ethical objectives

Question 18

CAANZ XRB code of ethics

Answer 18

integrity
objectivity
professional competence and due care
confidentiality
professional behavior

Question 19

Integrity

Answer 19

members are obligated to be straightforward and honest in all professional and business relationships

Question 20

Objectivity

Answer 20

Judgement should not be compromised because of bias, conflict of interest, or influence of others

Question 21

Professional competence and due care

Answer 21

doing good job, not pressured to do something you dont have skills/mental space to do well
knowledge and skill
competence and diligence
follow right standards
carry out tasks in a timely manner

Question 22

Confidentiality

Answer 22

not sharing info you shouldnt, unless required by law

Question 23

Confidentiality - whistle blowing

Answer 23

reveals info to protect the public
risky because often they are doing something illegal by disclosing that information
Laws made to protect whistleblowers (if they can justify it based on the harm not revealing info could do) in contempoary democratic societies

Question 24

Confidentiality - insider trading

Answer 24

illegal
knowing certain inside information and sharing it shareholders to tell them to buy more/sell shares…….in return getting a cut of what they make
shareholders should all have same knowledge

Question 25

Professional behaviour

Answer 25

Not one person working for our own interest, part of a community of the profession
Comply with relevant laws and regulations
Avoid actions that may discredit the professional includes:
Courtesy and consideration in workplace
Being honest and truthful about services that you offer
Not making disparaging references about others and their work…