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BSBFIM601 Student Assessment 1
BSBFIM601 Student Assessment 1
Assessment Tasks
BSBFIM601 Manage finances
Assessment plan
The following outlines the requirements of your final assessment for BSBFIM601 Manage finances. You are
required to complete all tasks to demonstrate competency in this unit.
2. Financial management planning project (Part Students must plan for financial
A) management by reviewing financial
data, as well as preparing budgets.
All assessments will ensure that the principles of assessment and rules of evidence are adhered to. The
principles of assessment are that assessment must be valid, fair, reliable and consistent. The rules of
evidence state that evidence must be sufficient, valid, current and authentic.
If reassessment is required, you will be given the chance to resubmit the assessment task. You will have up to
three opportunities to resubmit each assessment task. If, after the third attempt, the assessment is still not
satisfactory your trainer/assessor will make alternative arrangements for assessment.
Have you read and understood what is required of you in terms of assessment? Yes No
Do you agree to the way in which you are being assessed? Yes No
Do you have any special needs or considerations to be made for this assessment? Yes No
If yes, what are they?
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Do you understand your rights to appeal the decisions made in an assessment? Yes No
Task Summary
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Instructions to students
2. Identify four examples of what would be consider fraudulent behaviour in regard to company finances.
3. Identify the requirements for audited accounts and the purpose of an audit report.
4. Describe the principle of cash accounting one advantage and one disadvantage of cash accounting.
5. Describe the principle of accrual accounting and one advantage and one disadvantage of accrual
accounting.
6. Explain the four main taxation and superannuation obligations for a business. Briefly discuss each
obligation.
7. Identify the Act that details requirements for financial reporting and auditing and, explain the requirements
for companies for preparing and lodging financial reports under this Act.
8. Explain the requirements for registered foreign companies regarding preparing and lodging financial
reports.
9. Identify the current company tax rate for both smaller and larger businesses.
10. Explain the process by which a business reports GST to the Australian Tax Office.
11. Identify the penalty rate to be applied if a supplier does not provide an ABN?
12. A non-profit organisation needs to register for GST after it has a turnover of more than how much?
13. Explain the difference in Pay As You Go withholding obligations for employees and contractors.
For Part A, you are required to review existing financial information and prepare budgets.
For Part B, you are required to meet with the management team to discuss budgets, as well as reporting
requirements and delegations.
Task summary
You are required in the role of the General Manager for Grow Management Consultants to review existing
financial information and prepare budgets for the following financial year based on your review.
Reprot template
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Finances Report
Financial Management Policy and Procedure
Completed budgets for 2015 - 2016
If your assessor sees that you did not complete the task satisfactorily, they will give you feedback about the
questions you have not answered correctly and a timeline for resubmission.
Instructions to students
Grow Management Consultants specialises in leadership consultancy. It has been operational for five
years. The company offers a range of services to assist companies to assess leadership behaviour of
existing managers and performance metrics. They also design and implement customized leadership
programs based on the assessment. Services are offered Australia-wide.
The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1
Senior Consultant, an Administration Officer and Receptionist.
Over the last two years, the company has diversified, and now offers regular professional
development workshops on all aspects of leading and managing staff. These workshops are
conducted approximately every 3 months in all major cities including Sydney, Brisbane and
Melbourne. In 2016 – 2017, the company ran a total of 36 workshops. The company has also recently
produced an E-book about leadership techniques.
The intention is to replace the workshops with the annual conference in the next financial year, as the
workshops were not well attended. Client feedback and continued business indicates a personalized,
company focused approach in the form of consulting services is the service of choice.
The E-book has had reasonable sales, but there needs to be a wider selection of books, as well as
more marketing. The plan is to generate $10,000 worth of sales for the e-books during the next
financial year and increasing over time.
As the General Manager for the company and with responsibility for finances, you are currently
completing the financial planning for the year ahead. This involves a review of the company’s
business plan, previous year’s profit and loss statement, the current business plan and strategic
directions and cash flow statements. Based on the review, you will be establishing budgets and
allocating funds.
In developing the budget, you are to assume a 5% increase in cost of sales, as well as a 10%
increase in sales for consulting services and executive search.
As set out in the business plan, the company plans to run an annual conference each year starting in
2018. The costs for the conference have been estimated by the Principal Consultant and are set out
in the Estimated Costs and Income document. Conference attendance is aimed at 100 people paying
$750 each.
The Principal Consultant has also asked you to review the current accounting software used by
business. The company is currently using MYOB but as it has grown, the Principal Consultant wishes
to review whether this is the best accounting software available for their needs. He has also requested
that the software have a cloud feature.
Review the case study scenario above, as well as the information provided in Profit and Loss
2016/17 and Cash Flow Statement 2016/17 Using this information, identify areas of the business
that have generated a profit and those that have generated a loss.
Conduct research to establish why those areas have made a profit or loss. Your research should
include a review of the financial data provided to you and economic conditions and business
trends that may have resulted in the profit or loss.
Ensure that your budget includes the estimated income and costs for the conference and e-book
to be implemented in 2018 in the document Costs and Income
Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting
and executive recruitment service. Input costs and income for the conference and e-book as set
out in the Costs and Income data.
3. Develop report on key financial compliance requirements and liabilities for tax.
So that financial risks are managed in relation to the misappropriation of funds and recording of
transactions, you are also required to outline reporting requirements and financial delegations as
outlined in the company’s financial policy and procedures.
You should also research and report on the company’s compliance requirements and tax
liabilities.
Research and report on the business’ key financial compliance requirements and liabilities for tax.
It should introduce and summarise the contents of the attachments. Ask them to read the
documents in preparation for discussing them at the upcoming meeting.
Print off a copy of the following to take with you to the meeting:
The budget that you have developed.
The Financial Policy and Procedures. You will be required to explain key reporting
requirements to the Managers attending the meeting, as well as financial delegations. Review
this document and highlight the relevant passages.
Your report on key financial compliance requirements and liabilities for tax
6. Conduct meeting
Conduct the meeting as set out in the requirements above, making sure that you provide the team
with all the required documentation.
Task summary
This assessment task requires you to review the profit and loss statement for 2015 – 2016, as well as the
cash flow statement for Grow Management Consultants.
What do I need?
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If your assessor sees that you did not complete this task satisfactorily, they will ask you to redo the task.
Instructions
Complete the following activities:
It is now 1 year later and you are required to review the profit and loss account for 2015 – 2016, as well as
the cash flow statement.
The Principal Consultant has also asked you to focus on reviewing the conference costs as, while there was
very positive feedback from the conference and the company wishes to run it next year, there needs to be
revisions to the budget and a potential price increase for the conference fee to make the conference
profitable.
The Principal Consultant would like you to report on a proposed conference fee given a 10% increase in all
the recorded costs for the conference as shown in the profit and loss statement (and that match the
conference costs for the document you reviewed in Assessment Task 2) and assuming 70 people will attend
the 2017 conference. The Principal Consultant would also like a 20% return on the conference costs.
Task summary
This assessment task requires you to review and evaluate financial management processes.
What do I need?
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If your assessor sees that you did not complete this task satisfactorily, they will ask you to redo the task.
Instructions
Using the Internet, research best practice debtor management and make notes on your findings.
Provide a report for your CEO based on your analysis that includes:
A summary: an interpretation of the information in the aged debtor report.
It should introduce and summarise the contents of the attachment, and seek approval to
implement best practice debtor management processes.