Q1

Financial probity is the process of ensuring full accountability when managing funds whether in transaction activities or financial advisory services. The requirements for financial probity include ethical acts and code of conduct according to APS values and code of conduct, financial records such as financial reports, cashbook records, banking records, registration certificates, contracts and agreements and reviews of entitlement for tax concession. Financial probity protects the organization from legal and financial risks. It also builds trust with industry through commercial engagement.Q2.

Accounting Entity Concept is the identification of the activity to which accounting occurs and the connection between the entity and other external parties.

Reliability principle is an accounting method that only allows recording of transactions that have verifiable proof such as a receipt or invoices and characterized by faithful representation.

Going concern principle is a concept that assumes that a company will continue operating in the unforeseeable future without an intention to liquidate the business.

Full disclosure principle is a concept that requires a business to disclose all financial information to an accustomed reader required to interpret the financial information.

Q3.

Transaction recording is an accounting process that entails keeping records of transactions that occurs in a business. The documents for recoding transactions are the source documents such as journals.

Reconciliation Process involves the steps followed in the comparison of financial records against monthly statements to ensure that the money that leaves the account is the actual expenses amount.

Invoicing is a process of recording transactions including products, amount of product purchased and the costs. It specifies the terms of the transaction and payment mode.

Cash flow management is a process by which a business controls the inflows and outflows of a business by monitoring cash receipts and payments.

Q4.

Competition and consumer act 2010 an Australian administered act aiming at proving a fair business environment as well as a competitive surrounding. It covers the relationship between various stakeholders in the industry such as suppliers, wholesalers, retailers, and consumers. It provides protection to consumers and promotes trading activities between organizations.

Privacy Act 1988 was introduced to promote and protect the privacy of individuals involved in the business activities. It governs the way business management and handle the personal information of individuals such as the employees. The act adds credibility and viability to an organization as it makes consumers and employees trust the business with their information.

National Employment Standards under the Fair Work Act 2009 are the terms and conditions of employment that applies in the national workplace relations system. It addresses employee working hours, leaves, notice of termination and public holidays. It protects the rights of employees in an organization by stipulating the required practices in matter affecting employees.

World Trade Organization deals with creation of rules of trade between nations to ensure that trade flows smoothly and predictably. It functions under ten components including stimulating growth and employment, cut living costs, support peace and stability, support health and environment, reduce cost of trading internationally and settle disputes, reduce trade tensions and help countries develop.

Q5.

Goods and service tax is a value added levy on goods and services being transacted within a country. These are the goods for domestic consumption.

Company tax is a rate of income charged on companies for ongoing operations.

Pay as you go withholding is whereby employers withhold a art of their employees payments after paying salaries. The withheld amounts are then sent to the tax office. The system helps the payees fulfill their obligation of liabilities.