Assessment 1 Q.1 List relevant personnel with ABBA who you will assemble to discuss the budgets and financial plans to ensure that the documented outcomes are achievable, accurate and comprehensible....

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Assessment 1


Q.1 List relevant personnel with ABBA who you will assemble to discuss the budgets and financial plans to ensure that the documented outcomes are achievable, accurate and comprehensible.


Q.2  List the five source documents that you can access for information to include in your Budget and financial plans



Assessment 2


Task 1 has three activities and requires you to prepare Microsoft excel spreadsheets based on the given scenario and to monitor and review the budgets and P and L statements.


Task 2 requires you to write a financial report to identify options for improved budget performance and contingency plans.




Learner’s Guide Assessment Materials BSBFIM501 Manage Budgets and Financial Plans To achieve competency in this unit you must complete the following assessment items. All tasks must be submitted together. Tick the boxes to show that each task is attached. · Assessment 1. Theory Exam ☐ · Assessment 2. Prepare financial documents & financial report ☐ NOTE: If this is a group assignment, each member of your group must individually submit a separate and complete copy. Student ID Student Name Click here to enter text.Click here to enter text. The other members of my group are: 1. Name:Click here to enter text. Student ID#: Click here to enter text. 2. Name:Click here to enter text. Student ID#: Click here to enter text. 3. Name:Click here to enter text. Student ID#: Click here to enter text. PLEASE NOTE: SECTIONS HIGHLIGHTED IN THIS COLOUR ARE FOR TRAINER USE ASSESSMENT 1 MARKING SHEET Did the candidate: Satisfactory Yes No 1. Task 1: Successfully answer all the theory based questions regarding managing budgets and financial plans? Including: 1.1, 1.2 1.4, 2.2, 2.3, 3.1, 3.4, 4.1, RS, RK ☐☐ ASSESSMENT 2 MARKING SHEET Did the candidate: Satisfactory Yes No 1. Task 2: Part 1. Successfully compile the suit of excel spreadsheets 1-3. Including: 1.1, 1.3, 1.4, 3.1, 3.2, 3.3, 4.1, 4.2, 4.3, ☐☐ 1. Task 2: Part 2. Successfully deliver a financial report by analyzing, monitoring and reporting on financial outcomes? Including: 1.1, 1.2, 1.3, 1.4, 2.1, 2.3, 3.1, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3 ☐☐ ASSESSMENT - SUMMARY Assessor’s checklist – tick when finalized Task 1☐ Task 2☐ ASSESSOR’S GENERAL COMMENTS (see individual tasks & marking guides for more detail) Assessor Name RESULT COMPETENT ☐ NOT YET COMPETENT ☐ Assessment 1 Theory exam Assessment Instructions First of all, imagine that you are the Finance Manager at ABBA Marketing Company. Your employer has asked you to prepare the Budgets and Financial plans for 2017. In preparation for this job, answer the questions below. Click in the space provided and type your answer. · Questions 1-9 confirms your command of terminology. You may like to refer to the National Register document at www.training.gov.au. · Questions 10-14 demonstrates your knowledge of record keeping requirements for the ATO and for auditing purposes. · Question 15-19 are about analysing, implementing, disseminating and communicating financial information as well as core accounting principles. Access the ATO Australian Taxation Office website at www.ato.gov.au and research the ‘Record keeping for small business’ section; and report as much information as you can find. (Questions 1-9) 1. List relevant personnel within ABBA who you will assemble to discuss the budgets and financial plans to ensure that the documented outcomes are achievable, accurate and comprehensible. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 2. List the five source documents that you can access for information to include in your Budgets and Financial plans. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 3. Give examples of (2) two business operational risk scenarios that could affect your initial budgets and financial plans. What contingency planning strategies will you need to put in place if your initial financial plans need to be varied? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 4. Name (5) five main required roles associated with the management of finances – on a daily, weekly and monthly basis. Include a short description of each job role. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 5. What are (5) five ways in which you could provide support to your finance team members to ensure that they can competently perform their job roles? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 6. List and describe (3) three of the main resources and/or systems that finance personnel may need to successfully manage financial management processes. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 7. As the Finance Manager, what processes would you implement to monitor actual expenditure and to control costs? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 8. Name (6) six source documents you would need to access in order to report on actual expenditure and to control costs. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 9. As the Finance Manager you will regularly collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team. List (8) eight documents where you could source such data and information. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 10. Explain what GST is and how it works in Australia. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 11. Explain which Australian businesses have to register for GST and why this is so. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 12. Identify and record all the business records you must keep for taxation purposes? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 13. List three of the legal requirements or conditions that the ATO directs, for keeping good business records? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 14. Research and explain your findings as to what the ATO describes as being the three (3) requirements for keeping your tax records electronically. https://www.ato.gov.au/business/manage-your-invoices,-payments-and-records/getting-started/choosing-a-record-keeping-system/electronic-record-keeping/ __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 15. With which relevant personal in the organization would you negotiate any changes required to be made to budget/financial plans? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 16. How would you disseminate relevant details of the agreed budget/financial plans to team members? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 17. How can you analyse data and information to measure the effectiveness of financial management? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 18. How can you implement and monitor improvements with financial objectives? __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 19. List any three of the basic accounting principles __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Assessment 2 Prepare financial documents including financial report Assessment Instructions This section has 2 Tasks. You are required to complete both tasks. Task 1 has Three (3) activities; and requires you to prepare Microsoft excel spreadsheets based on the given scenarios and to monitor and review the budgets and P&L statements. You are encouraged to display your answers by clearly calculating a simple formula within each cell. You are required to upload your live excel workbook to Moodle as part of your evidence. Task 2 requires you to write a financial report to identify options for improved budget performance and contingency planning. CASE STUDY: CASE STUDY SCENARIO – Simpsons Pty Ltd Simpsons Pty Ltd is a small take away restaurant located in Sydney CBD. The restaurant is owned by Mr & Mrs John Spice. The restaurant started its activities in January 2015. In December 2015 the following information was collected: SALES AND COGS ACTIVITIES FOR 2015 The restaurant sold 54,600 take away meals, and the price per meal was $10.50. The food cost per meal sold was $4.60. Also 20,000 units of soft drinks were sold during the year. Soft drinks are sold for $2.50 and the cost price was $0.80. BUDGET FORECASTING FOR 2016 The owners estimated that for the next year the price per take away meal could be increased to $13.00. They have also predicted that sales (in units) would increase by 10% in 2016. The owners have entered into a monthly Contract with the soft drinks supplier. According to the Contract the restaurant must purchase a minimum of 2,000 units of soft drinks per month and the cost price will be reduced to $0.50 per unit. The restaurant owners decided to reduce the selling price of soft drinks to $1.50 in order to increase sales (in units) by 50% and are expecting to meet the required selling demand. The owners have anticipated the following expenses for 2016: ANTICIPATED YEARLY EXPENSES FOR 2016 COGS (food + beverage) $ $ 291,276 Food ($276,267) beverage ($15,000.00) Rent $ 40,000 Utilities $ 10,000 Wages $ 130,000 Miscellaneous $ 6,000 Task 1 NOTE: SPREADSHEETS MUST BE PREPARED USING MICROSOFT EXCEL ACTIVITY 1. Based on the above Sales and COGS activities for 2015; Prepare a spreadsheet that shows in 12 monthly columns the average monthly Sales for food and drinks and the average monthly COGS for meals and drinks; in addition include end columns for the annual totals and another with the average quarterly totals. Using the prepared template from Activity 1; continue with the following: ACTIVITY 2. Based on the above Budget forecasting for 2016; Prepare a 2nd spreadsheet similar to above (ie 12 monthly columns) for the yearly Profit and Loss Budget; also include end columns for the annual totals and the average quarterly totals. ACTIVITY 3. Based on the following assumptions prepare a 3rd spreadsheet with the trading activities for the 1st quarter of 2016. Use monthly columns for January, February and March for the actual 1st qtr results. Also use a column for the quarterly budget for 2016 and another with the totals for the three months as a quarterly actual column. ASSUME THAT DURING THE 1ST QUARTER OF 2016: •Food revenue was 20% higher than the budget forecasted •Food Cost was 30% higher than the budget forecasted •Beverage sales was 15,000 units •Utilities Expense was $8,000 •Wages expense $25,000 •Rent expense was $10,000 You are also required to monitor the trading activities for Simpsons Pty Ltd for the first quarter of 2016 and identify and record in an additional column all dollar (AUD$) variances and as a percentage % figure from the forecasted budget. Task 2 NOTE: INSERT TASK 2 BELOW THE LINE AT THE END OF THIS DOCUMENT Activity 1 Write a Financial Report (in the appropriate format) to the restaurant owners; include the following: In Activity 3 you have identified variance between the budget and actual results for the first quarter of 2016. Explain different contingency planning strategies and adjustments that you can make to your budgets for the rest of 2016. Be sure to address any possible causes for the variance. Ensure you include each of the following main areas in your report: · Meals · Drinks · COGS · Rent · Utilities · Wages · Miscellaneous Activity 2 You must include your recommendations and a conclusion in this section of the report you need to discuss: · How you will implement and monitor your changes to the business to control costs · How you plan on making new contingency plans for further budget variances · How you can collect and use information from work teams to use with your budgets · Comment on how effective the financial information is that you collected. · Explain how you will negotiate and communicate budget information with team members. · Explain how you can support staff to make budget changes PLEASE PASTE ASSESSMENT 2 Task 2 BELOW THIS LINE Click here to enter text. ILSC Business
Answered Same DayOct 06, 2019BSBFIM501Training.Gov.Au

Answer To: Assessment 1 Q.1 List relevant personnel with ABBA who you will assemble to discuss the budgets and...

David answered on Dec 28 2019
130 Votes
Learner’s Guide
Assessment Materials
BSBFIM501 Manage Budgets and Financial Plans
To achieve competency in this unit you must complete the following assessment items. All tasks must be submitted together. Tick the boxes to show that each task is attached.
· Assessment 1.Theory Exam☐
· Assessment2. Prepare financial documents & financial report☐
NOTE: If this is a group assignment, each member of your group must individually submit a separate and complete copy.
    Student ID
    Student Name
    Click here to enter text.    Click here to enter text.
    The other members of my group are:
1. Name:Click here to enter text. Student ID#: Click here to enter text.
2. Name:Click here to enter text. Student ID#: Click here to enter text.
3. Name:Click here to enter text. Student ID#: Click here to enter text.
PLEASE NOTE: SECTIONS HIGH
LIGHTED IN THIS COLOUR ARE FOR TRAINER USE
ASSESSMENT 1 MARKING SHEET
    Did the candidate:
    Satisfactory
    
    Yes
    No
    1. Task 1: Successfully answer all the theory based questions regarding managing budgets and financial plans?
Including: 1.1, 1.2 1.4, 2.2, 2.3, 3.1, 3.4, 4.1, RS, RK
    ☐    ☐
ASSESSMENT 2 MARKING SHEET
    Did the candidate:
    Satisfactory
    
    Yes
    No
    1. Task 2: Part 1. Successfully compile the suit of excel spreadsheets 1-3.
Including: 1.1, 1.3, 1.4, 3.1, 3.2, 3.3, 4.1, 4.2, 4.3,
    ☐    ☐
    1. Task 2: Part 2. Successfully deliver a financial report by analyzing, monitoring and reporting on financial outcomes?
Including: 1.1, 1.2, 1.3, 1.4, 2.1, 2.3, 3.1, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3
    ☐    ☐
    ASSESSMENT - SUMMARY
    Assessor’s checklist – tick when finalized
    Task 1☐
    Task 2☐
    
    ASSESSOR’S GENERAL COMMENTS
(see individual tasks & marking guides for more detail)
    Assessor Name
    RESULT
    
COMPETENT ☐ NOT YET COMPETENT ☐
Assessment 1            Theory exam
Assessment Instructions
First of all, imagine that you are the Finance Manager at ABBA Marketing Company. Your employer has asked you to prepare the Budgets and Financial plans for 2017.
In preparation for this job, answer the questions below. Click in the space provided and type your answer.
· Questions 1-9 confirms your command of terminology.
You may like to refer to the National Register document at www.training.gov.au.
· Questions 10-14 demonstrates your knowledge of record keeping requirements for the ATO and for auditing purposes.
· Question 15-19 are about analysing, implementing, disseminating and communicating financial information as well as core accounting principles.
Access the ATO Australian Taxation Office website at www.ato.gov.au and research the
‘Record keeping for small business’ section; and report as much information as you can find.
(Questions 1-9)
1. List relevant personnel within ABBA who you will assemble to discuss the budgets and financial plans to ensure that the documented outcomes are achievable, accurate and comprehensible.
All the employees of the company ABBA marketing are relevant for being assembled for discussion related to budgets and forecasting. Though the operations group and head of all department , CEO shall require the information in a much simpler and understandable manner for each head of the forecasted data, however the personnel below in the hieracy need to be provided with data coinciding with their area of work only.
Regardless, everybody must comprehend the financial plan and guarantee that the objectives are achievable.
2. List the five source documents that you can access for information to include in your Budgets and Financial plans.
Record of sales for both cash and credit
Record of Purchases and available stock
Direct wages to employees
Fixed expenses register
Direct material applied for production
3. Give examples of (2) two business operational risk scenarios that could affect your initial budgets and financial plans.Whatcontingency planningstrategies will you need to put in place if your initial financial plans need to be varied?
The following can be two major operational risk scenarios for the business:
1. Shortage of raw material
2. Uneven cash inflow and outflow leading to disturbed cash availability
Intial financial planning can be varied to strategize for such operational risks. While making budgets for the year the company can consider keeping small fraction of safety cash and stock as contingency cash and stock , keep accurate accounting system for handy information and provision for reviewing budget at specific intervals to ckeck their viability and variation if any.
4. Name (5) five main required roles associated with the management of finances – on a daily, weekly and monthly basis.Include a short description of each job role.
1. Chief Financial Officer: The officer with the topmost position in hierarcy of financial management who is responsible for forecasting strategy for the company
2. Bookkepper: Keeps records of the daily operations of the company and provide the requisite reports to higher authorities    
3. Poduction Manager: Responsible for management of funds at the level of production by managing cost of raw material whilst ensuring superior product quality.
4. Sales Manager: Responsible for generation of fund for the company by employing the ideal sales strategy and credit controls
5. Financial Controller: The one with the responsibility of overall management of the company finances based on the budgetary data released by the CFO and knowledge of every aspect of the company’s finances.
5. What are (5) five ways in which you could provide support to your finance team members to ensure that they can competently perform their job roles?
Following techniques can be employed in order to ensure competency among team members:
1. Planning: Involves setting up of goals and objective for the members to ensure its achievability.
2. Organizing: Management of company assets to ensure coordination
3. Staffing: appropriate number of employee deployment and retention in accordance to thier competency and roles.
4. Leadership: Providing motivation to the employees to support company’s major objective
5. Review and Follow-up: Checking the activities undertaken by team members to ensure alignment with the planned goals
6. List and describe (3) three of the main resources and/or systems that finance personnel may need to successfully manage financial management processes.
Learning administration frameworks: IT systems to recognize, make, present and offer information inernally in a corporate setting.
Correspondence frameworks: assets that enable correspondence to be prepared and transported from source to the last goal
Data management: Robotized or manual system to gather, process and transmit data in an important and helpful path for people.
7. As the Finance Manager, what processeswould you implement to monitor actual expenditure and to control costs?
Contrast actual outcomes with forecasted data, recognize and chip away at th fluctuation and think of emergency course of action.
It is additionally conceivable to work through the descriptions of job through employees’ and make performace indicators lined up with the vital objectives of the organization and policies.
8. Name (6) six source documents you would need to access in order to report on actual expenditure and to control costs.
Purchase register
Material usage records
Stock maintenance register
Tax receipts
Salary and wages report
Job cards
9. As the Finance Manager you will regularly collect and collate for analysis, data and information on the effectiveness of financial management processeswithin the work team. List (8) eight documents where you could source such data and information.
Financial Statements
Revenue details
Bank and credit card statements
Cash books
Purchase register
Stock register
Fixed assets register
Input credits of GST
10. Explain what GST is and how it works in Australia.
GST or goods and services tax is an indirect tax mechanism wherein a certain percentage is charged as tax in the price of any goods or services so availed by consumer or other production heads. It works on the principle of value addition and provides credit for GST paid earlier in the hierarcy of production. The consumer however, bears the complete GST taxation and thus taxed indirectly.
11. Explain which Australian businesses have to register for...
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