Explain what a cash flow statements are. Briefly describe the principles and techniques are involved in managing cash flows.

Briefly describe the following basic accounting principles. Discuss what they are, why they exist and how they apply to accounting. (Guide: Short)
Accrual Principle

Accrual accounting is an accounting method where revenue or expenses are recorded when a transaction occurs rather than when payment is received or made. The method follows the matching principle, which says that revenues and expenses should be recognized in the same period.
Conservatism Principle(Guide: Short)

Consistency Principle (Guide: Short)

Cost Principle (Guide: Short)

Economic Entity Principle (Guide: Short)

Full Disclosure Principle (Guide: Short)

Going Concern Principle(Guide: Short)

Matching Principle (Guide: Short)

Materiality Principle (Guide: Short)

Monetary Unit Principle (Guide: Short)

Reliability Principle (Guide: Short)

Revenue Recognition Principle (Guide: Short)

Time Period Principle (Guide: Short)

List three (3) financial legislation you will need to adhere to when working in an organisation.

What is the role of the Australian Taxation Office (ATO)? (Guide: Short)

Explain Good and Services Tax (GST) rules and regulations in Australia. (Guide: Short)

Explain key requirements for financial record keeping and auditing including:

System of Record Keeping (Guide: Short)
First, there must be a rational approach to record keeping. This means setting up accounts in which information is stored. Accounts fall into the following classifications:

i. Assets

ii. Liabilities

iii. Equity

iv. Revenue

v. Expenses

Transactions (Guide: Short)
The accountant is responsible for producing a number of business transactions, while others are forwarded to the accountant from other parts of the company. As part of these transactions, they are recorded within the accounts that we noted in the first point. Key transactions are:

i. Purchase Material

ii. Sell Good and Services to Customers

iii. Receive Payments from Customers

iv. Pay Employees

Reporting
Once all of the transactions related to an accounting period have been completed, the accountant aggregates the information stored in the accounts and reformats it into three documents that are collectively called the financial statements. These statements are:

i. Income Statement

ii. Balance Sheet

iii. Statement of Cash Flows

What is a budget?

Briefly explain the budgeting principles. (Guide: Long)

a) Conservative

b) Consultation

c) Time allowances

d) Accuracy and Clarity

e) Training

f) Approvals

Explain what a cash flow statements are. Briefly describe the principles and techniques are involved in managing cash flows. (Guide: Long)

Explain what an electronic spreadsheets are. (Guide: Short)

Briefly describe the principles and techniques are involved in managing:
Ledgers (Guide: Short)

Financial statements (Guide: Mediiu)

Explain profit and loss statements. What other name is the profit and loss statement often referred to? (Guide: Medium)