FNSACC513 Manage Budgets And Forecasts - Assessment 3

Part C

Respond to the following in the space provided in the template. You will find Learning Material on this topic in the Resources on the OLS Topic 1.

1. Identify the key principles and practice of accrual accounting.
2. Explain the practice of accrual accounting.
3. Identify the key principles of double-entry bookkeeping.
4. Explain the practice of double entry bookkeeping.
5. Reflecting on your Assessment Parts A and B, which budget is the best example of accrual accounting?
6. Give an example of a conflict of interest that can impact on the budgeting process and the ethical allocation of a company’s financial resources.