Q1.
To inform organisational, strategic and operational expenditure. Without this information the business cannot plan, monitor and control the their finances to effectively monitor their profit and loss
Organisations need accurate and timely financial information because it enables management to monitor and control Cash flow, production and productivity, solve problems, plan improvements, implement quality control procedures and plan future strategies.
The information required to manage the organisations finances are costings, operational, asset, credit analysis, GST transactions, inventory management, invoices and accounts.
Managers and supervisors are responsible and should have a clear understanding of the businesses financial systems.
Q2.
Both systems operate the same. The systems show how well or poorly the financial management process is operating and the relationship between financial management and operations efficiency.
Q3.
Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. GST is levied on most transactions in the production process, but is refunded to all parties in the chain of production other than the final consumer.
You must register for GST if you run a business or enterprise and your GST turnover is $75,000 or more ($150,000 or more for non-profit organisations). You only register once for GST, even if you operate more than one business. You must register within 21 days of reaching the threshold. You may choose to register if your GST turnover is below the threshold.
Division 9 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GST Act) stipulates that GST is applicable to a supply of goods, services and transactions related to real property, obligations or rights.

Q4.
An audit is an accounting procedure where financial records of a company