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BSBFIM601 MANAGE FINANCES

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BSBFIM601 MANAGE FINANCES

Instructions

You are advised to commence work on your assessment from week 1 and all tasks must be submitted by the due dates provided.

1.    All assessments must be completed and delivered individually. Where an assessment involves group discussions, you should consider the input of your group but submit an individual assessment to your trainer.

2.    Please read all instructions on completing each assessment. Instructions for completion are provided at the beginning of each assessment.

3.    All written answers must be typed in a word document using Arial font, 12 size and single spacing if similar instructions are not provided in the assessment.

4.    Your trainer will not be able to assist you in answering questions. However, your trainer will address any issues concerning questions requiring further explanation.

5.    You may refer to your student learning resources or any other relevant resources when completing your assessment.

6.    Assessments are due for submission as specified in the assessment schedule. Any variations to this arrangement must be approved by your trainer prior to the due date for submission.

7.    You have access to computers which are equipped with Microsoft suite of products or any other relevant software and printing facility.

8.    Use assessment templates if provided, to complete relevant sections of the assessment. You can also create your known templates for assessment evidence.

9.    You must achieve a satisfactory result for all tasks to achieve competency in this unit.

10. All assessment answers should be submitted to the trainer in required format (soft or hard copy) as per trainer instructions with completed assessment cover sheet (if required).

 

Assessment Schedule

Task

Due Date

Task 1

Week 1

Task 2

Week 2


 

Task 1:  Prepare budgets

Performance objective

 

For this task, you are required to respond to a range of questions that examine your understanding of key legislative and financial management requirements for a case study organisation. This assessment also requires you to review available financial information and establish a budget for the organisation. 

Assessment description

 

This assessment requires you to determine the requirements to undertake budgeting, financial forecasting and reporting requirements for an organisation. You will also need to review the case study provided and prepare a budget (in electronic spreadsheet format) and budget notes for distribution and implementation in the organisation. 

Procedure

 

Part 1

 

     1.    Read and analyse the case study information (including business plan summary and previous financial data) and complete the following.

 

                 a.    Develop a sales budget, profit budget, cash flow budget and debtor ageing summary using electronic spreadsheets (as separate worksheets) making sure each budget is divided into quarterly periods and that you use previous financial data to determine allocations for resources.

                               i.     Ensure each budget you prepare complies with the organisational and policies and procedures as provided.

 

                 b.    Develop budget notes that include:

                               i.     identification of reasons for previous profits and losses

                              ii.    your comment on the effectiveness of existing financial management approaches

                             iii.    all assumptions and bases that have been made or used to form budgets

                             iv.    any relevant notes regarding implementation and monitoring of budget expenditure.

Part 2 

Communicate information regarding the budget and answer a series of eight questions in written form.Based on the information provided in the case study answer the following questions in the space provided below: 

Scenario 

The CEO of Houzit Pty Ltd, Jim Schnieder explained that he prefers to discuss the budgets with all senior managers prior to their distribution in order to ensure a corporate view of the strategic plans. He then meets with each group separately to answer questions and concerns about their particular area. Eventually the budgets will be printed in hard copy and bound as well distributed as an electronic spreadsheet.

 

Upon completion of the budgets you meet with Jim to provide an overview of the information contained within the budgets, the budget notes and recommendations regarding the internal controls to prepare him for the meetings with the senior managers. To clarify his understanding of the information, Jim asks you a series of questions (listed below, which you will complete written or orally as agreed with your assessor).

 

1.    Identify the current statutory requirements for tax compliance and list and calculate the tax liabilities for Houzit Pty Ltd under taxation legislation.

2.    Identify the current compliance requirements and liabilities for this organisation under the Corporations Act 2001.

3.    Review commercially available financial management software to select the most suitable software for Houzit Pty Ltd.

 

Ensure you diagnose software options by comparing two commercially available software titles against the capabilities of the existing technology for the organisation and against the prioritised requirements, and outline the reasons that lead you to this recommendation.

 

4.    Explain how you can apply the following principles of accounting in developing the budgets required for this task:

           a.    matching principle

           b.    account groups

           c.    time periods.

 

5.    Explain and discuss the implications of probity when preparing and revising budgets.

6.    List the critical dates and initiatives that will require or generate resources for Houzit Pty Ltd in the next financial cycle.

7.    List the items you would recommend for inclusion in the budgets for Houzit Pty Ltd.

8.    List the new or modified internal controls that could improve risk management for Houzit Pty Ltd including the maintenance of audit trails.

 

      a completed annual budget in a single spread sheet with a separate sheet for each budget component

      budget notes and question answers in a written format. 

Your assessor will be looking for:

 

      evidence you have reviewed the case study information provided by submitting an appropriate budget with budget notes

      evidence that you understand, and can explain, the required legislative requirements of financial management (and outline statutory requirements of ATO, GST, company tax, PAYG)

      evidence that you can outline compliance requirements for the Corporations Act 2001

      evidence that you can identify and recommend use of suitable software for financial management

      evidence that you have clearly communicated information regarding the budget and correctly responded to a series of questions (e.g. describe the principles of accounting and financial systems)

      evidence that you can describe implications of financial probity

      evidence that you can outline the critical dates/initiatives that will require or generate resources

      evidence that you have provided for additional items (as necessary and appropriate) in the budget

      evidence that you have recommended new or modified internal controls that could improve risk management and maintenance of audit trails

      evidence that you have developed an annual budget, as appropriate

      evidence that you have developed appropriate budget notes

      evidence that you have responded appropriately to the questions presented by ‘Jim Schnieder’, the CEO in the case study in this assessment task.

Task 2: Monitor and review budget

Performance objective 

This assessment task requires you to monitor the implementation of a budget and report on the variances, trends and performance of the established budget for a fictional business and provide recommendations for ongoing financial viability. 

Assessment description 

You will need to review the provided current case study information and compare it to the budget you established in Assessment Task 1. After evaluating these you will need to report on the following: 

·         significant issues

·         variances from budget

·         comparative performances

·         recommendations for ongoing financial viability

·         evaluation of financial management processes. 

Procedure 



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