BSBFIM501 - Manage budgets and financial plans

ASSESSMENT 3 – STUDENT INFORMATION

This information is to be handed to each student to outline the assessment requirements

Student Instructions

Following Assessments 1 and 2, you are now required to work with and interpret further financial reports,
specifically an Income Statement (Profit and Loss Statement) and a cash flow forecast.

You are also required to consider the effect of different debtor ageing circumstances, as well as different
GST circumstances.

TASK 1:
1. Prepare an annual budgeted Income Statement (Profit and Loss Statement) based on your latest
budget from Assessment 2 Task 3(i), including provision for tax and all other relevant information
provided in the Appendix.
TASK 2:
1. Prepare a monthly Cash Flow Forecast for the 12 months beginning November, also based on your
latest budget from Assessment 2 Task 3(i) and with the same assumptions given in the Appendix.
2.
TASK 3:
1. Patrick has been approached by one of his largest customers averaging $200,000 per month to provide
a 30-day account if he increases his orders to $300, 000. Recast your Cash Flow Forecast from
Assessment 2 to understand the effect this would have.
2. Immediately after Patrick agreed to the 30-day account, the customer did increase his orders to
$250,000 in November and then $300,000 every month after to February. However, he got into
financial difficulties and has only paid these amounts-
 $200,000 in December off his November account
 $150,000 in January
 $100,000 in February
What does the customer’s ageing show at the end of February?

DOCUMENTS TO BE SUBMITTED to complete this assessment-

1) Income (Profit & Loss) Statement (Task 1)

2) Monthly Cash Flow Forecast (Task 2)
3) Recast Cash Flow Forecast (Task 3.1)
4) Customer Ageing (Task 3.2)

BSBFIM501 V 2.0 / Aug 2018 Page 1 of 2

KFQ Partners Pty Ltd | RTO ID: 21996 | CRICOS: 02999J
BSBFIM501 - Manage budgets and financial plans

ASSESSMENT 3 – ASSESSOR CHECKLIST

This checklist is to be used when assessing the students in this task. This checklist is to be completed for
each student. Please refer to separate mapping document for specific details relating to alignment of
this task to the unit requirements.

Did the student: Satisfactory Comments

Demonstrate financial skills to work with and interpret

budgets and profit and loss statements  Yes  No

Prepare an annual budgeted Income Statement  Yes  No

Prepare a monthly Cash Flow Forecast for 12 months  Yes  No

Recast the Cash Flow Forecast to appropriately reflect
providing a 30-day account for increased sales  Yes  No

Identify the customer’s ageing at the end of February  Yes  No

Income (Profit & Loss) Statement attached  Yes  No

Monthly Cash Flow Forecast attached  Yes  No

Recast Cash Flow Forecast attached  Yes  No

Customer Ageing attached  Yes  No

Comments

Result: Satisfactory | Not Satisfactory

BSBFIM501 V 2.0 / Aug 2018 Page 2 of 2

KFQ Partners Pty Ltd | RTO ID: 21996 | CRICOS: 02999J