3 tasks - Learning Material and Template files included
Assessment Task 1 Manage finances BSBFIM601 Student Declaration To be filled out and submitted with assessment responses ◻ I declare that this task and any attached document related to the task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s) ◻ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me ◻ I have correctly referenced all resources and reference texts throughout these assessment tasks. ◻ I have read and understood the assessment requirements for this unit ◻ I understand the rights to re-assessment ◻ I understand the right to appeal the decisions made in the assessment Unit Title Unit Code Student name Student ID number Student signature Date Task Number ------OFFICE USE ONLY----- For Trainer and Assessor to complete: ◻ Student requested reasonable adjustment for the assessment Question Marking Sheet - Assessor to complete. Did the student satisfactorily address each question as instructed: Completed satisfactorily S NYS DNS Comments Question 1 Question 2 Question 3 Question 4 Task Outcome: Satisfactory ☐ Not Yet Satisfactory ☐ Student Name: Assessor Name: Assessor Signature: Date: Table of Content 1 Student Declaration2 Task 1 – Knowledge Questionnaire5 Question 16 Question 26 Question 37 Question 47 Task 1 – Knowledge Questionnaire Task summary and instructions What is this assessment task about? This assessment is a written questionnaire with a mix of objective and subjective questions. The questionnaire is designed to meet the knowledge required to meet the unit requirements safely and effectively. The questions focus on the knowledge evidence required for this unit of competency: · identify the requirements for financial probity · describe the principles of accounting and financial systems · explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation · outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go. What do I need to do to complete this task satisfactorily? · submit your answers to the questions within the set timeframe, · answer all questions as instructed, · answer all questions using your own words and reference any sources appropriately, · all questions must be answered satisfactorily. It is advisable to: · review the questions carefully, · answer the questions using online research and the learning material provided for the unit and by reviewing real or simulated relevant business documentation (such as policies and procedures), · further research the topics addressed in each question. Specifications You must submit to GOALS the · assessment coversheet, · answers to all questions, · references. Resources and equipment · computer with Internet access, · access to Microsoft Office suites or similar software, · learning material. What will the assessor be looking for? Your assessor will be looking for demonstrated evidence of your ability to answer the questions satisfactorily, follow instructions, conduct online research and review real or simulated business documentation, such as policies and procedures related to project management. Re-submission opportunities You will be provided feedback on your performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you with written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal. You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the task. Answer all the questions below: Question 1 What are the requirements for financial probity? (100 – 150 words) Question 2 Describe four (4) principles of accounting and financial systems. (100-120 words in total) Accounting Principal Description Question 3 Describe three (3) international and local legislation and convention that are relevant to financial management. Where could you find that information? Note: you must describe at least one of each (example: 2 national and 1 international; or 1 national and 2 international). (100-150 words in total) National International Question 4 Outline the requirements for legislations of Australian Tax Office listed below. (100-120 words in total) Legislation Outline ABN Goods and Services Tax Company Tax Pay As You Go BSBFIM601 - Manage finances V2 2020 Page 7 RTO Provider: 91153 - CRICOS Code: 02672K greenwichcollege.edu.au Assessment Task 2 Manage finances BSBFIM601 Student Declaration To be filled out and submitted with assessment responses ◻ I declare that this task and any attached document related to the task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s) ◻ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me ◻ I have correctly referenced all resources and reference texts throughout these assessment tasks. ◻ I have read and understood the assessment requirements for this unit ◻ I understand the rights to re-assessment ◻ I understand the right to appeal the decisions made in the assessment Unit Title Unit Code Student name Student ID number Student signature Date Task Number ------OFFICE USE ONLY----- For Trainer and Assessor to complete: ◻ Student requested reasonable adjustment for the assessment Completed successfully Did the student satisfactorily: Comments Y N DNS The student has satisfactorily completed and submitted the following: · Review of financial data and financial performance · Research about areas of profit and loss · Review of business plan · Review of financial management system and accounting software · Research about ABC company’s financial position · Categories of cash flow statement · Cash flow movements · List favourable and unfavourable variances, cash flow trends, results of the ratios, outstanding debts from clients. · Recommendations to improve performance · Review statutory requirements for compliance and liabilities for tax. ☐ ☐ ☐ Demonstrated ability to: · Review and analyse previous financial data to establish areas which have generated a profit or loss · Undertake research to review reasons for previous profit and loss This is evidenced by: · Review of financial data and financial performance · Research about areas of profit and loss In Task 2.1 ☐ ☐ ☐ Demonstrated ability to: · Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle · Review existing MYOB software and its suitability for financial management This is evidenced by: · Review of business plan · Review of financial management system and accounting software In Task 2.2 ☐ ☐ ☒ Demonstrated ability to: · Analyse cash flow trends · Review statutory requirements for compliance and liabilities for tax This is evidenced by: · Categories of cash flow statement · Cash flow movements · List favourable and unfavourable variances, cash flow trends, results of the ratios, outstanding debts from clients. · Recommendations to improve performance · Review statutory requirements for compliance and liabilities for tax. In Task 2.3 ☐ ☐ ☐ Task Outcome: Satisfactory ☐ Not Yet Satisfactory ☐ Student Name: Assessor Name: Assessor Signature: Date: Table of Content Student Declaration2 Task 2 – Plan for Financial Management6 Task 2.1 Review Financial Reports8 Task 2.2 Review business plan9 Task 2.3 Analyse Cash Flow Trends10 Appendix 1 – Scenario11 Business plan summary26 Sales and Profit information27 Strategic and operational goals28 Task 2 – Plan for Financial Management Task summary and instructions What is this assessment task about? You have been employed as Finance Manager of ABC. From your first analysis, you have observed that the financial management practices at ABC require substantial improvement, including the current accounting information system (MYOB). The board of directors wants you to provide a plan for financial management strategies for the next financial year ahead. To complete this task, please refer to Appendix 1 – Scenario at the end of this assessment document. This task comprises of Case Study in a simulated work environment. It has been designed to evaluate your ability to: · Review and analyse previous financial data to establish areas which have generated a profit or loss · Undertake research to review reasons for previous profit and loss · Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle · Analyse cash flow trends · Review statutory requirements for compliance and liabilities for tax · Review existing MYOB software and its suitability for financial management You are required to address the following: · Task 2.1 Review the financial reports: · Review and analyse financial data for 2018, and 2019 and answer the questions. · Task 2.2 Review the business plan · Review the business plan and answer the questions. · Task 2.3 Analyse Cash Flow Trends · Review the cash flow statement and answer the questions. What do I need to do to complete this task satisfactorily? · submit the completed assessment tasks, according to instructions, · complete the tasks with sufficient detail and present them in a professional manner, · use your own words and reference sources appropriately, · meet the word count where required, · use the scenario provided, · use the templates provided where required, · for your performance to be deemed satisfactory in this assessment task you must satisfactorily address all of the assessment criteria, · if part of this task is not satisfactorily completed you will be asked to complete further assessment to demonstrate satisfactory performance. Specifications You must submit to GOALS · Review of financial data and financial performance · Research about areas of profit and loss · Review of business plan · Review of financial management system and accounting software · Research about ABC company’s financial position · Categories of cash flow statement · Cash flow movements · List favourable and unfavourable variances, cash flow trends, results of the ratios, outstanding debts from clients. · Recommendations to improve performance · Review statutory requirements for compliance and liabilities for tax. Resources and equipment · Computer with Internet access · Access to Microsoft Office suites or similar software · Learning material · Scenario for assessment document · Relevant policies and procedures provided in