Revenue is gross income figure from which costs are subtracted to determine net income (Sales Revenue = Sales Price * Number of Units Sold) The primary purpose of arevenue systemis to raise money. One of the goals of arevenuesystemis to be economically neutral (Principle3), a goal that is inconsistent with the use of tax policy to make budget decisions or to influence behavior.j) Financial managementsystemsIt is the methodology and software that an organization uses to oversee and govern its income, expenses, and assets with the objectives of maximizing profits and ensuring sustainability. It is crucial to the success of any business. Several approaches can be taken to ensure that your business is managed to the appropriate degree. Different business structures and sizes will often mean different approaches are taken, based on the availability of staff time and their level of expertise for a complex system.Some approaches to financial management should be undertaken for all businesses, but you may need to enlist the help of your accountant or other business specialists.
The fiveprinciplesof financial management systems are:ConsistencyTimelinessJustificationDocumentationCertification.4.Explain the following Australian, international and local legislation and conventions that are relevant to financial management in your organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity.a)Australian Consumer Law(ACL)