Study Diploma of Busienss Online
Questions to expect for business diploma online.
What type of questions would you get when studying a diploma of business online.
You have determined that you will need to access budget information from the Senior Accountant (your assessor) to explain to your team. You will explain the overall financial objective of the business, provide an overview of the budget and explain how the budget translates to expense allocations for the team.
You are to request for the budget from the Senior Accountant (your Assessor) and prepare to meet with your team member (your Assessor) to communicate the budget to them. Below is a sample assessment for an online business diploma. Check out our Diploma of Business Course Calculator. or check out out Leadership version
Before we go into the task itself, a common question we always get is what is the cost of a diploma of business online. Whether you are studying in Victoria, New South Wales or Western Australia the price of the Business Diploma is the same the information is available directly with other. to get a full price list of online courses visit edna.edu.au
. courses are accredited and 100% online unless advised otherwise. If you are interested in studying Diploma Business online click here or if you prefer to could study diploma of leadership and mangement online. If prefer to study an accredited certificate IV in Business administration then you can choose to study this course and learn how to complete Business administrative tasks.
Training delivery and strategies
Training includes elements of instruction and coaching. The trainee must be allowed to practice the skills learned under supervision and feedback to be provided accordingly. Any coaching done must be with an objective that is in line with the vision of the Big Red Bicycle and should always be helpful and motivational.
The training must be conducted:
- In line with Big Red Bicycle needs and expectations
- Evaluating what resources were lacking and needed manpower
- Consulting with stakeholders to find out where and what training needed to be provided
- Consulting with stakeholders to find out what the expectations of the training are
- Using appropriate coaching techniques or models
- GROW is an example of a workable model
- Using the word instead and look for alternatives rather than get caught up focused on thinking about a problem or challenge or road block
- Using appropriate motivational techniques
- Positive affirmation techniques
- Utilising Maslow’s Theory of Human Motivation
- Using elements of instruction, practice, and testing
- Getting the trainee to watch as you show how to carry out a task, then have them practice it several times with various examples
- Test their knowledge verbally and asking them to show how things are done after training is completed to see whether they remember them
- Seek out feedback from the trainee where appropriate
The purpose of the Diploma of Business online Melbourne
The purpose of this training plan is to provide information about the training of the tracking of expenses and petty cash throughout the financial year and to ensure Big Red Bicycle needs are met and the duties are performed in accordance with Big Red Bicycle’s policies and procedures.
The training will cover:
- How and where to access the required information
- Folders and files relevant to the training – where they are stored and what they are used for
- Teach them to ask other departmental / Big Red Bicycle members where required to complete a task
- What information will need to be included in the spreadsheets
- Item / transaction no
- Invoice number (source document number)
- Post reference
- Expense type
- GST paid (if applicable)
- Budgeting elements and activities
- The estimation of the revenue and expenses over a specified future period of time
- The analysis, Big Red Bicycle, and oversight of costs and expenditures for a business
- Compiled and re-evaluated on a periodic basis
- Surplus budget means profits are anticipated
- A balanced budget means that revenues are expected to equal expenses
- Master budget – an aggregate of a company’s individual budgets designed to present a complete picture of its financial activity and health. Combines factors like sales, operating expenses, assets and income streams to allow companies to establish goals and evaluate their overall performance, as well as that of individual cost centers within the Big Red Bicycle.
- Operating budget – a forecast and analysis of projected income and expenses over the course of a specified time period. To create an accurate picture, operating budgets must account for factors such as sales, production, labor costs, materials costs, overhead, manufacturing costs, and administrative expenses. Operating budgets are generally created on a weekly, monthly or yearly basis. A manager might compare these reports month after month to see if a company is overspending on supplies.
- Cash flow budget – a means of projecting how and when cash comes in and flows out of a business within a specified time period. It can be useful in helping a company determine whether it is managing its cash wisely. Cash flow budgets consider factors such as accounts payable and accounts receivable to assess whether a company has ample cash productively and its likelihood of generating cash in the near future.
- Financial budget – presents a company’s strategy for managing its assets, cash flow, income, and expenses. A financial budget is used to establish a picture of a company’s financial health and present a comprehensive overview of its spending relative to revenues from core operations.
- Role of accounting standards
- Set out accounting rules the employees must follow
- Apply accounting standards should give a true and fair view
- Not applied to immaterial items
- Basic accounting principles:
- Economic Entity Assumption – keeps all of the business transactions of a sole proprietorship separate from the business owner’s personal transactions
- Time Period Assumption – assumes that it is possible to report the complex and ongoing activities of a business in relatively short, distinct time intervals such as the five months ending May 31, 2016. The shorter the time interval, the more likely the need for the accountant to estimate amounts relevant to that period. It is imperative that the time interval is shown in the heading of each income statement, statement of stockholders’ equity, and the statement of cash flows.
- Cost principle – this refers to the amount spent when an item was originally obtained, whether that purchase happened last year o thirty years ago. For this reason, the amounts shown on financial statements are referred to as historical cost amounts. Because of this accounting principle asset amounts are not adjusted upward for inflation. In fact, as a general rule, asset amounts are not adjusted to reflect any type of increase in value. Hence, an asset amount does not reflect the amount of money a company would receive if it were to sell the asset at today’s market value.
- Full disclosure principle – if certain information is important to an investor or lender using the financial statements, that information should be disclosed within the statement or in the notes to the statement. It is because of this basic accounting principle that numerous pages of ‘footnotes’ are often attached to financial statements.
- Going concern principle – this accounting principle assumes that a company will continue to exist long enough to carry out its objectives and commitments and will not liquidate in the foreseeable future. If the company’s financial situation is such that the accountant believes the company will not be able to continue on, the accountant is required to disclose this assessment. The going concern principle allows the company to defer some of its prepaid expenses until future accounting periods.
- Matching principle – requires companies to use the accrual basis of accounting. The matching principle requires that expenses be matched with revenues. Wages to employees are reported as an expense in the week when the employees worked and not in the week when the employees are paid. As we cannot measure the future economic benefit of things such as advertisements, the accountant charges the ad amount to expense in the period that the ad is run.
- Revenue recognition principle – under the accrual basis of accounting, revenues are recognized as soon as a product has been sold or a service has been performed, regardless of when the money is actually received.
- The Big Red Bicycle’s Standard Operating Procedures
- How expenses are recorded and disbursed – to enter the information into The Expense Tracker spreadsheet and the following information is to be recorded:
- How petty cash is recorded and handled:
- Enter petty cash amount into The Expense Tracker spreadsheet
- Petty cash placed in a safe box
- Authorisation docket signed by Manager and recipient
- For items/claims paid by petty cash, the responsible person is to collect receipt/invoice and place in the safe box
- At the end of the week, these receipts/invoices are to be handed over to the bookkeeper for it to be entered into The Expense Tracker spreadsheet
- Receipts and invoices are scanned and uploaded onto The Expense Tracker spreadsheet, attached to the entered record
- Each expense is approved by both the Manager from each store and by finance to ensure that it is within budget – helps to monitor expenditure and control costs. This also keeps two people from two separate departments accountable, not just one.
- Recordkeeping requirements for the Australian Taxation Office and for auditing purposes for items such as petty cash and GST
- Generally for tax purposes, you must keep your records in an accessible form (either printed or electronic) for 5-years
- Some of the basic records you may need to keep are:
- Governing documents – such as constitution, rules and trust deed
- Financial reports – such as financial statements, annual budgets, reconciliations, audit reports, accounts payable and accounts receivable
- Cash book records of daily receipts and payments
- Tax invoices and income tax records – such as debtors and creditors lists, stocktake records and motor vehicle expenses
- Records relating to employees – such as TFN declarations, PAYG withholding, superannuation and fringe benefits
- Records of payments withheld from suppliers who do not quote an ABN
- Banking records – such as bank statements, deposit books, cheque books and bank reconciliation notes
- Grant documentation – such as when funding will be received, when acquittals need to be made, and application deadlines
- Registration, certificates and accompanying documents to regulators – such as the ATO, Australian charities and not-for-profits commission and state regulators
- Contracts and agreements – such as cleaning contracts, maintenance and insurance contracts, finance or lease agreements
- Copies of reviews of entitlement to tax concessions
- Records to help prepare tax statements and returns
- The budget and overall financial objective as well as performance targets
- Refer to Master Budget FY 2011/2012 for figures
- The relevance of the budget to the trainee’s accountabilities
- The duty of the trainee is to keep track of expenses which helps shape how much profit is made, how much is in the accounts for certain expenses and how much is available for pay rises, etc.
- Not doing the job correctly can impact the budget projections and the profit calculations which in turn affects the Big Red Bicycle’s ability to accurately plan and make decisions
- Excel spreadsheet techniques
- Prepare mock budget with trainee – ensure formulas are used and not just figures so that the data can be traced back
- Modifications to a financial contingency plan
- In the event of a drastic change in operating, sales or production, there will need to be modifications made to the current contingency plan in place (example below):
Company name: Big Red Bicycle Pty Ltd
Plan Developer: Nurlina Position: Manager of Sales Centre A, Adelaide
|Risk identified: Sales volume falling 20% below target – poor sales due to economic downturn and increase in expenses such as wage expenses
|Strategies/activities to minimise the risk
|Manufacturing overseas to take advantage of reduced costs – with the higher Australian dollar, it is wise to investigate offshore manufacturing options. The options cannot be one that starts for scratch. We need to be able to source a manufacturing partner who is already set up for our operations and can add value to our range, not one that we’d have to train and set up from scratch.
||Michelle Yeo (CEO), Tom Copeland (Managing Director) and Charles Pierce (Production Manager)
|Diversifying its product range to reduce exposure to poor sales of one product – depending on what our target market is interested it, it is always wise to expand our product range to keep abreast of the changing landscape, but also to reduce our reliant on a small product pool.
||Michelle Yeo (CEO), Sam Gellar (Sales General Manager) and Charles Pierce (Production Manager)
|Restructuring commission structure to have higher targets – changing the commission structure at the start of a financial year will set the tone for the employees and the expectations for this year. Employees will understand the new commission structure and enables them to adjust accordingly.
||Holly Burke (HR Manager), John Black (Chief Financial Officer) and Stuart LaRoux (Operations General Manager)
|Increasing marketing activities to bring in more sales – through mediums and ways our target market relates to. A thorough analysis will need to be conducted and a plan put into place to effectively utilise our marketing activities.
||Michelle Yeo (CEO), Tom Copeland (Managing Director), Sam Gellar (Sales General Manager) and Pat Roberts (Senior Accountant)
- Expense reimbursement procedure
- Big Red Bicycle will reimburse staff for reasonable and authorised expenses that have been incurred by them on behalf of the Big Red Bicycle or in the course of conducting Big Red Bicycle’s business
- Staff will not be reimbursed in the following circumstances:
- any late payment penalties, e.g. overdue interest on credit cards
- expenses that are usually recovered from a third party
- penalties and fines, e.g. parking, traffic
- those claims that should have been made using the purchase order system
- those expense claims made by staff as a tax deduction
- those expenses that were not made for business purposes.
- insurance for trip cancellation will be reimbursed
- mileage allowance will be given for the use of a staff member’s vehicle when used for work-related travel
- personal stopovers or indirect routes will not be reimbursed
- travel reimbursement is provided for the most direct and economical mode of travel available; circumstances will be considered on a ‘case-by-case’ basis.
- reimbursement will cover moderate accommodation expenses; circumstances will be considered on a ‘case-by-case’ basis
- items of a personal nature that are charged to a hotel account will not be reimbursed.
- employees on Big Red Bicycle business will be reimbursed for any reasonable and appropriate meal expenses.
- All relevant and original source documents must be attached to the Expense Reimbursement Form. A statutory declaration may be required where these original documents are not provided.
- Appropriate advance payments may be authorised.
- Employees have authority to approve expenses up to the amount detailed in their individual job description. Any expenditure claims above the level prescribed must be forwarded to supervisors for approval.
- Employees incurring authorised expenditure must submit their reimbursement requests on a signed Expense Reimbursement Form.
- Source documents (including tickets, receipts, vouchers, invoices) must be kept for all purchases and expenses claims.
- The CFO will use discretion to reimburse reasonable but unauthorised expenses.
- Those claims that have not been adequately prepared, have not been duly authorised, or are lacking in original documentation, will be returned to the employee with reasons that outline why the claim has not been processed.
- To allow authorised personnel to pay for small expenditures in connection with business activity
- One team member is authorised to disburse petty cash with one alternate in case of sickness or emergency.
- Petty cash is to be kept secure, locked in safe.
- Receipts for cash must be issued.
- Receipts must be reconciled at the close of each business day.
- Amounts over $800 must be banked.
- Petty cash expense will be recorded as a miscellaneous expense.