Section B: Knowledge Activity

Objective: To provide you with an opportunity to show you have the required knowledge for this unit.

The answers to the following questions will enable you to demonstrate your knowledge of:

 Identify the requirements for financial probity

 Describe the principles of accounting and financial systems

 Explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation

 Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go

Answer each question in as much detail as possible, considering your organisational requirements for each one.

1. What is financial probity?

2. Describe three principles of accounting and financial systems.

3. Explain one piece national piece of legislation and one local piece of legislation which is relevant to financial management in the organisation. Additional research may be needed for this question.

4. Outline the requirements of Goods and Services Tax, Company Tax and Pay As You Go.