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HI5001 Accounting for Business Decisions Assignment Answer Holmes

TAFE Assessment Cover Sheet

HI5001 Accounting for Business Decisions is a module for higher education under the Master of Professional Accounting (MPA) degree at Holmes Institute in Australia. This module teaches various skills to students like analytical, design, and routine which polish the students further.

The data that has been formulated according to the accounting structure is one of the dynamic forces for a business. This kind of business decision accounting helps you to take and influence long-term strategies and short-term goals which help an organization to move forward.

This provides insight into these decision-making processes. Measuring, controlling, and communicating are essential parts of the decision-making part of accounting for an organization.

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What Makes HI5001 Accounting For Business Decisions Important?

HI5001 Accounting for business decisions is a unit that helps to improve the strategies of a business through the successful development and implementation of accounting methods. These accounting methods are introductory facilitation of information.

To be precise, under accounting for business decisions – HI5001, strategic decisions about financial and non-financial information and their categorization is done. Creating such data to organize and implement a company’s strategic objectives is the objective of a firm.

When this module is completed, you will learn the following stated objectives.

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Accounting For Business Decisions (HI5001) – Learning Outcomes 

This module will teach you the parallel alignment of employees’ and leaders’ interests concerning the company’s objectives. The below-mentioned outcomes of learning are taught under HI5001 accounting for business decisions.

  • Formulate accounting data to make long term decisions
  • Using this data to facilitate seamless development, implementation, and improvement of business goals and strategies under accounting business decisions at this Australian university named Holmes.
  • Drawing a parallel between leaders’ and their employees’ interests while aiming to grow the business under accounting for business decisions.
  • Evaluation of the performance of every person in the company to have control over long-term strategies of the business.

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 Assessment Rules And Marking Instructions

Assignments are to be submitted in time and through the mail. Penalties exist if students are late in submitting accounting for business decision assignments or if they fail to submit.

All kinds of assignments are two be submitted in the time duration allotted by the teacher. Supplementary assignments are to be submitted as penalties for those who lag.

Online tests, individual reflective journals, individual assignments, and tutorial questions assignments are the kind of assessments under this unit.

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Sample Questions For HI5001 Accounting https://www.australiaassignmenthelp.com/assignment-writing-service/Business Decisions 

QUESTION 1: Accounting information can be categorized for two major sources under accounting for business decisions. Mention these sources and the kind of information that is required by them.

Answer: The two types of sources for accounting for business decisions are internal sources and external sources.

Accounting for business decisions has Internal sources which are of various types as given below along with the kind of data that these internal sources require:

  • Operations managers, one of the internal sources who require accounting information need this data for figuring out the growth of the company concerning the selling price of the product/service.
  • The decision whether to merge a company or to acquire about not doing either of the two is done by the CEO that is, Chief Executive Officer and the board of directors. Hence, they are another kind of internal source for whom the accounting information is important.
  • The general manager of the divisions needs accounting information while being the internal sources. This is because they need data to oversee if they should manufacture more products.
  • Another kind of internal source that requires accounting information is the accounting managers. To formulate a statement on how much the business owes the suppliers.

External sources are the type of users requiring the accounting information for the business decisions for the following reasons:

  • Employees require this data to foresee if the business is profitable enough to be able to continue paying them.
  • Another kind of party that requires this information and is an external source is potential investors. They need this data because they want to figure out if they should invest in the company.
  • Government is the type of external source which requires this information because of taxation purposes.
  • To know the return on investment, shareholders require this information and are an external source.

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QUESTION 2: There is a difference between the kind of work performed by commerce accountants, public accountants, and non-profit organization accountants. State this difference and mention the reason because of which this difference arises.

ANSWER: The difference is stated as below for the different types of accountants and the reason for which this difference is there in Accounting for Business Decisions.

  1. Commerce Accountants helping in business decision making:

The CFO (Chief Financial officer) accounts for all the responsibilities that the management team does. This helps in accounting business decisions in the following ways:

  • Cost Accounting: The kind of managerial accounting that helps in the decision-making of the business is known as cost accounting. This helps in assessing the cost of production, operational costs, etc.
  • General Accounting: To look over the general business decisions made by the company. As a transaction, records are known as general accounting.
  • Budgeting: To make future business prediction decisions on how much the company should spend is known as budgeting.
  1. Public Accounting for business decisions:

These kinds of accountants run the accounting processes for the general public. This happens against a fee. These general public services are administration, taxation, insolvency, assurance services, auditing, etc.

  1. Non-profit organization accountants for business decisions:

The accountants are related to the allocation of resources for various purposes in a city or state. They work according to the laws of the federation. Other examples of a non-profit organization for business decision-making are religious places, private institutes, etc.

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