IMPORTANT: All questions are split into Excel/Word documents;
-An Excel document for the spreadsheet for Question 1 (I will attach the spreadsheet for you to complete)
-A Word document for the report for Question 1
-And a Word document for the response for Questions 2-7
1. Review the budgeted and actual figures for Tommy’s Thai Restaurant and complete the following:
a) Enter the information into a spreadsheet.
b) Calculate the variances for each category for each month.
c) Comment on each variance in a detailed report in the tone that you would use to report to senior management.
d) Explain if there are areas of concern, describing what could be done to make improvements in each area for the future.
e) Describe who you would need to consult with to investigate the variances and what information you would need to collect.
f) Explain what could be done to improve the budget format to make managing expenses easier for the management team.
2. Answers the following questions:
a) Explain why you would need to communicate information relating to budgets and financial plans to stakeholders.
b) Who would need this information and what would they need to know?
c) How would you communicate the information?
3. Choose and explain in detail three (3) aspects of basic accounting principles.
4. What information may you be required to report to the Australian Taxation Office?
5. Explain the key requirements for financial record keeping and auditing.
6. Describe the activities involved in managing budgets.
7. How does a business handle GST?
