Assessment Templates

BSBFIM501 Manage budgets and financial plans

ASSESSMENT COVER SHEET

Student ID Student Name

First Name:
 
Last Name:

Student’s declaration:
By submitting this assessment, you are acknowledging and agreeing to the following conditions. Check all
boxes if you agree.

☐ I have read and understood the details of the assessment.

I have been informed of the conditions of the assessment and the appeals process and
☐ understand I may appeal if I believe the assessment is not equitable, fair or just.

☐ I agree to participate in this assessment, and I am ready to be assessed.

I declare that the attached is my own work or in collaboration with other members of a group
☐ as required.
I have acknowledged all sources where appropriate in accordance with ILSC’s Academic
☐ Integrity Policy, and I believe other group members have done the same.

Submitting your assessment:

Complete all assessment tasks, upload the Templates document and submit in Moodle for grading.
Videos and information on how to submit work through Moodle are in the FAQ section of your VET
Orientation course. Once your assessment is graded, you will receive an email notification. Check
your grades and submission feedback on Moodle.

Assessor’s acknowledgement:
Please verify each of the following principles of assessment by placing a tick in each box. Refer to the
assessor's handbook for further information if required.

Authentic: The assessor is assured that the evidence presented for assessment is the learner’s
☐ own work.

Valid: The assessor is assured that the learner has the skills, knowledge and attributes as
☐ described in the module or unit of competency and associated assessment requirements.
Current: The assessor is assured that the assessment evidence demonstrates current
☐ competency. This requires the assessment evidence to be from the present or the very recent
past.
Sufficient: The assessor is assured that the quality, quantity and relevance of the assessment
☐ evidence enable a judgement to be made of a learner’s competency.

TASK 2: Knowledge Questions Template

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Please provide answers to the following 17 questions.

1. Describe each of the six (6) steps of the accounting process required to record all of the
transactions that take place, and to organise and collate this information before finally
producing financial reports that are analysed and used in decision making.
Provide a description of each of the 6 steps:
• Transactions
• Journals
• General ledger
• Trial balance
• Balance day adjustments
• Accounting reports

2. In 50 words or more, explain how a revenue-received transaction with a credit balance has a
corresponding debit against an asset or liability account.

3. In 50 words or more, describe the difference between cash basis and accrual basis
accounting when recording transactions, producing financial reports.

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4. Explain in 50 words or more the difference between the profit calculated in the trading
account compared with the profit calculated in the profit and loss account.

5. List at least four (4) of the financial regulatory requirements including the relevant
legislation that businesses must comply with.

6. Describe at least four (4) functions of the Australian Taxation Office in terms of the financial
management requirements of a business and in 50 words or more explain the Good and
Services Tax.

7. In 50 words or more, describe the purpose of an audit in financial records management.

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8. In 50 words or more, explain why it is important when monitoring budgets to make balance-
day adjustments at the close of an accounting period, before preparing financial statements.

9. Give at least three (3) reasons why work teams need access to budgets and financial plans
and in 50 words or less, outline the ways financial information can be shared effectively with
relevant stakeholders.

10. Identify at least five (5) signs that team members are under-performing and may need
support in their role to manage finances for the organisation.

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11. In 50 words or more, describe the process of monitoring actual expenditure, variance and
costs controls to avoid budget over runs.

12. In 50 words or less for each, provide a description for the following types of resource data
commonly used by the work team for managing budgets and financial plans.

Bank account records

GST calculations and

any credits

Wages/salaries books
(including PAYG,
superannuation, etc.)

Job costing

13. Using 50 words or less, outline the process of analysing and documenting resource data, and
making recommendations for improvement.

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14. Outline at least four (4) advantages of using software programs or electronic spreadsheets
when monitoring and analysing budgets.

15. In 50 words or more, explain how planning, implementation and modifying contingency
plans is used to control financial risks for a business.

16. In 50 words or less, outline the advantages of regular reporting of budgets and financial
plans.

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17. In 50 words or less describe the budgeting process of analysing and managing cash flow.

End of questioning - 17 questions in total.

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 TASK 3: Project
Portfolio of
Financial Information

Template Instructions: Format your portfolio of financial information before submission. Remove all
red instructions and update the table of contents. You may save as PDF before submission.
File name: Add your student number and first name to the beginning of the file name and add SUB1
at the end. For subsequent attempts change to SUB2 etc.

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Table of Contents
Budget Report..............................................................................................................................3
Briefing: Retail Outlet Managers.................................................................................................4
Briefing: Sales Staff......................................................................................................................4
Short Report................................................................................................................................5
Blog Post......................................................................................................................................6
Staff email:...................................................................................................................................7
Plan: Monitoring revenue and expenditure................................................................................8
Proposal submission: Board of Directors.....................................................................................9
Executive briefing......................................................................................................................10
Revised Budgeting and Financial Planning Procedures.............................................................11

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Budget Report
Refer to Step 1 of the assessment project for further instructions
Include a histogram and write a report that outlines the direction future budgets will need to
take using approximately 150 words or more.

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Briefing: Retail Outlet Managers
Refer to Step 3 of the assessment project for further instructions. The briefing is based on top
down and bottom up approaches. Your briefing should be written to provide information quickly
and effectively and used to offer solutions to retail outlet managers. The briefing should be short
using approximately 250 words or more.

Briefing: Sales Staff

Refer to Step 5 of the assessment project for further instructions. Your briefing should be written
to provide information clearly and directly for the BizOps sales staff to achieve budget goals.
Write the briefing using approximately 500 words or less.

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Short Report
Refer to Step 6 of the project for further instructions. Write your report in approximately 300
words or less for each topic.
Topics
 Managing the budgeting process
 Managing cashflow
 Interpreting profit and loss statements.

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Blog Post
Refer to Step 7 of the assessment project for further instructions. In 250 words per topic or less
write a blog post. A blog writing style is less formal and uses shorter sentences and paragraphs,
so information is easy to read and understand. Each sentence should have one simple thought.
Write your blog post Approximately 250 words per topic.
Topics:
 Cost accounting
 The difference between income, expenses, assets, liabilities and equity
 The concept of a double entry financial system where every credit has a matching debit
 Petty cash
 Accrual accounting.

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Staff email:
Refer to Step 8 of the assessment project for further instructions. Write your email in in business
format using approximately 50 words or more for each topic.
Topics
 Australian Taxation Office requirements for assessing revenue
 GST collection, payment and reconciliation
 Audit and record-keeping requirements for financial records
 Pay as you go (PAYG) tax

Recipient:

Subject:

Plan: Monitoring revenue and expenditure

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 Refer to Step 9 of the assessment project for further instructions. You may use an online
application to develop the plan and submit separately or the information to a spreadsheet or use
the table below.
Digital application:
 Smartsheet.com etc.

Format the table by adding or deleting rows.

Monitoring actions Responsible Priority Deadline Start End

Preparing budget variance reports

Insert rows and allow to expand if needed

Proposal submission: Board of Directors

Refer to Step 10 of the assessment project for further instructions.

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  In 150 words or less, write a proposal to the board of directors.
 Based on the revenue and expense information outlined in the assessment, create mock-
up variance examples using the tables below.

Mock-up examples:

Minor expense variances:

Expense item Actual Budget Variance

Provide an
example

Major expense examples:

Expense item Actual Budget Variance

Casual Wages
Stock purchases

Major sales revenue example:

Income item Actual Budget Variance

Sales revenue

Executive briefing

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Refer to Step 11 of the assessment project for further instructions. In 50 words or less for each,
provide recommendations for each issue using discussion notes from your budget committee
meeting – TASK 4 Observation assessment. In 150 words or more write your executive briefing
for senior management to understand the issues and to make your recommendations.

Budgeting issues Recommendations

The department managers rarely have their

preliminary budget projections submitted to
the Budget Committee on time. Consequently,
the Budget Committee usually has to delay its
review of all of the subsidiary budgets by about
two weeks.

The two-week delay puts enormous pressure

on the finance department as the production of
the master budget overlaps with other
scheduled finance department tasks such as
GST activity reporting, payroll preparation and
asset register updates.

The finance staff feel that the budget cycle

should commence two weeks earlier, but if this
were implemented it would clash with the
stocktake period in the retail outlets.

The budget consolidation is performed

manually by entering information from hard
copy forms into a database. It would require a
major financial systems upgrade to provide
department managers with the ability to enter
this information directly. You do some research
and find that if the department managers
entered their forecast budget data into a
standard spreadsheet template, it would then
be relatively simple to export data from this
format into the financial system for budget
consolidation. This approach would require
resources for setting up the spreadsheet
templates and training department managers in
using the spreadsheet templates.

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Revised Budgeting and Financial Planning Procedures
Refer to Step 12 of the assessment project for further instructions. Develop your revised
budgeting and financial planning procedures using approximately 300 words or more.

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Task 4: Observation – Assessment Grade
Your assessor will record the result of your observation assessment in this section according to
your performance of the following assessment criteria. This grade will contribute to your overall
assessment outcome.

1. Presenting information on budgets and financial issues in line with BizOps policies and
procedures
a. matching a communication style to suit the meeting environment and budget
committee members

b. speaking in different vocal registers and tone

c. using words suitable to a professional environment

2. Clarifying budget information with Managing Director of financial operations and budget
committee members

3. Using open and closed questioning to confirm understanding

a. speaking clearly and directly

4. Using active listening skills

a. using good eye contact

b. summarising what has been heard

5. Negotiating changes to budget and financial plans with Mike Booth, Managing Director of
financial operations and budget committee members

a. stating the desired outcomes of BizOps financial goals and objectives

b. using reasoning to verify facts

c. working with other committee members and the director to reach an agreeable
solution
Assessor – Student’s record of outcome
(Assessor only to update)
Assessor’s Name:

Date of assessment:

(Assessor only to update the assessment outcome)

All observation criteria must be satisfactorily demonstrated by the student.

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The observation assessment has been graded:
Satisfactory ☐

Not satisfactory ☐

Overall Assessor’s feedback:

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