BSBPMG522 Undertake project workPage 0 of 97Copyrights © 2021 Dynamics Learning Pty Ltd XXXXXXXXXXPage 1 of 97...

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BSBPMG522 Undertake project work Page 0 of 97 Copyrights © 2021 Dynamics Learning Pty Ltd Page 1 of 97 Structure of the workbook Part 1 - The workbook is structured to provide knowledge component in the first part including the introduction to the theoretical aspects of the unit and detailed description of the unit of competency knowledge development. Part 2-The development of your skills and knowledge which are sectioned to cover the unit elements and performance criteria to apply your skills and knowledge to gain competency for effective vocational outcomes. How to use the workbook First develop your knowledge 1. Read the workbook starting with the introduction to the subject of unit of competency and the details to develop your knowledge application. 2. Once reading is complete, attempt the review questions to ensure you develop your knowledge related to knowledge evidence required. Then develop your skills and apply skills and knowledge for vocational outcome 1. Actively read the workbook sections which are sectioned in line with unit elements and performance criteria to confirm the application of skills and knowledge related to achieve effective and efficient vocational outcome. 2. Attempt and complete all the activities in the learning activity workbook in relevant sections to develop your competency including use of foundation skills. Copyright © 2021 Dynamics Learning Pty Ltd. 2/23 Foster Street Surry Hills NSW 2010 Australia. (www.dynamicslearning.com.au). This publisher holds the copyright of its reproduction. All rights are reserved for author and the Institute that is provided with license for use including total or partial reproduction or adaptation. Edition : 1 Compiled by : Anil K Don (MBA (UK), MPA (Aus.), Dip L & M, DipM, FAIM (MCIM, Chartered Marketer – Fmr)) Developed : January 2021 Review by : January 2022 Disclaimer The information contained in this manual is drawn from sources believed to be valid and reliable. The writer, the firm, its employees, agents and contractors do not warrant the correctness of the sources used and accept no responsibility to any person or commercial body for any errors or omissions or for any loss or damage howsoever caused from the use of this manual. Every effort has been made to ensure that this publication is free from duplication, errors or omissions. Information used from various sources including online materials, books and journals are tested for their validity, reliability, currency, and rephrased, adapted, quoted and referenced. However, if unsure, users should conduct their own enquiries and seek professional advice before relying on any fact, statement or matter contained in this book. Information in this unit is current at the time of publication. Some images, charts and graphics appearing in this resource have been developed by the writer and some are accessed and used from various freely available online sources. Copyrights © 2021 Dynamics Learning Pty Ltd Page 2 of 97 Table of Contents Unit Overview ................................................................................................................................... 3 Introduction to organisational finances ............................................................................................ 4 Organisational finances ................................................................................................................. 4 What are financial plans? .............................................................................................................. 4 Processes to establish and review profits and losses from financial statements ........................... 10 Requirements for financial probity .............................................................................................. 26 Principles of accounting and financial systems ............................................................................. 27 Key functions of financial management software ......................................................................... 29 Key components of a financial budget ......................................................................................... 32 Legislation and conventions relevant to financial management in organisation ........................... 34 Australian Tax Office (ATO) requirements for Goods and Services Tax, Company Tax, Pay As You Go (PAYG). ................................................................................................................................... 37 Skills development and application guidelines ............................................................................... 43 Section 1 ......................................................................................................................................... 45 Prepare for financial management ................................................................................................. 45 Assess reasons for losses or profits identified from previous financial reports ............................. 45 Analyse critical dates and initiatives in business plan and cash flow trends .................................. 53 Review statutory requirements for compliance and liabilities for tax ........................................... 57 Analyse existing software and its suitability for financial management ........................................ 60 Section 2 ............................................................................................................................
Answered 5 days AfterNov 27, 2022

Answer To: BSBPMG522 Undertake project workPage 0 of 97Copyrights © 2021 Dynamics Learning Pty Ltd ...

Rochak answered on Dec 03 2022
7 Votes
BSBFIN601 Manage organisational finances
Assessment Manual
BSBFIN601
Manage organisational finances
Submission details
    Candidate Name
    
    Student ID No.
    
    Assessor name
    
    Assessment Date/s
    
Objective of assessments
We are committed to your learning by providing a training and assessment framework that ensures the knowledge gained through training is translated into practice in your work in the workplace with consistent and competent work performance. The purpose of the assessment process is to assess your ability:
· to apply skills and knowledge using written and demonstration activities that apply to tasks and activities of a workplace.
· to translate your learning into your work performance in a workplace through demonstration.
· to actively, correctly and consistently apply skills and knowledge for work in a workplace.
The assessment process
The assessment process is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national standards, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in a workplace, and some in the training room as required by each unit. The assessment tasks have been designed to enable you to demo
nstrate skills and knowledge application and produce the critical evidence to successfully demonstrate competency at the required standard.

Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to be collected and how it will be collected, for example; a written activity, case study, or demonstration and observation. The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment provided to you in the assessment guide provided to you separately.
Assessment guide
Your assessment guide that is provided to you will explain the following. Please refer to assessment guide for the following information before commencing your written work and demonstration:
1. Your responsibilities during the assessment.
2. Assessor responsibilities during the conduct of assessment.
3. Your rights to appeal if the assessment outcome appears as “Not Yet Competent” for one or more assessment tasks.
4. The process to apply if you already possess the knowledge and skills to be able to demonstrate competence in this unit.
5. The formats and structure of the written assessment work for submission.
6. The length, breath and the quantity of your written work, plagiarism collusion, cheating and how to use references for sources of information.
7. how to achieve a satisfactory outcome against the criteria for each type of assessment task.
8. Application of reasonable adjustments where necessary.
9. Requirements for demonstration, performance for practical assessment tasks and activities.
10. Your assessment performance with commitment, consistency, clarity, capacity, capability, correctness and completeness.

Assessment methods
This manual has three assessment tasks. Assessment methods for this unit of competency include:
1. Written questioning
2. Project work (includes role-plays)
3. Role-play (includes written project work)
Instructions
1. Each assessment task provides you with assessment information that includes answers to what, why, how, when, in what condition, what materials, resources and equipment to use and evidence requirements.
2. Read the applicable information and if unsure seek clarification from your assessor.
3. Before and during assessment demonstration and interacting with others, ensure you follow simulated workplace policies and procedures.
4. Ensure you follow hygiene procedures, social distancing rules and ethics before, during and after assessment tasks and activities.
5. Undertake your preparation activities and demonstration activities as specified and directed by your assessor.
6. In any situation during the assessment, if you find that you are unable to perform due to any condition (health or safety), stop your work and inform the assessor of the condition.
7. Ensure you are obligated with your rights as a candidate and respects the rights of your assessor during the assessment performance.
8. For interactive and role-play activities, organise role-play settings and individuals for role-play in collaboration with assessor and training mates.
9. Submit your written work when it becomes due and avoid the requirements of extensions.
10. Use provided self-assessment checklists by checking as you progress in assessment to ensure you do not miss anything that may lead to unsatisfactory outcomes.
Submission specifications
1. Fill your submission details in the front page and attach any additional documents and any other evidence as specified and required by your assessor.
2. Follow the institution submission requirements of assessment. I.e., electronic submission (LMS) or hard copy submission or as specified by your assessor for differing assessment situations.
ASSESSMENT GUIDELINES FOR WRITTEN TASK
    QUESTION TYPE
    HOW LONG YOUR ANSWER MUST BE (LENGTH OF ANSWER)
    Define
    Length approximately 4 typed lines = 50 words, or 5 lines of handwritten text for each question.
    Identify
    Write dot points of the number of items to identify according to the question.
    Outline
    Summarise in a line or set of lines the required number of items or develop appropriate meaningful answer according to the question but not in detail.
    Identify and briefly describe
    Identify in dot points and provide a description of each with minimum of 4 typed lines = 50 words, or 5 lines of handwritten text for each question.
    Describe
    Provide description with minimum 8 typed lines = 100 – 150 words, or 10 – 15 lines of handwritten text or appropriately describe to provide a meaningful answer with consistent knowledge application in length according to the question.
    Explain
    Explain the procedure with minimum 8 typed lines = 100 – 150 words, or 10 – 15 lines of handwritten text or appropriately explain to provide a meaningful answer with consistent knowledge application in length according to the question.
    Distinguish / differentiate
    Distinguish means recognise or treat (someone or something) as different. To differentiate is to show or find the difference between things which are compared. It simply means that they are not the same, but does not qualify them as being unique and possibly not related. 
Length approximately 4 – 8 typed lines = 50 – 100 words, or 5 - 10 lines of handwritten text for each question.
ASSESSMENT TASK 1
Written Questioning
You are required to read the following assessment information, requirements and instructions before commencing. This task is about written questioning for you to provide written answers as evidence of your knowledge application. Ensure you follow the terms and conditions applied in undertaking written task during the assessment as specified and facilitated by your assessor.
    Assessment Information
    Description
    1
    Assessment method
    Written questioning
    2
    Assessment type
    Summative
    3
    Assessment description
(What?)
    This assessment task is a written task for which you are required to provide written answer solutions to the questions demonstrating your knowledge required to undertake budgeting, financial forecasting and reporting.
Read the following information related to your assessment to prepare and perform to provide evidence of your knowledge.
    4
    Purpose (objective) of the assessment
(Why?)
    To gather evidence of your ability to apply knowledge consistently to undertake budgeting, financial forecasting and reporting.
    5
    Assessment Instructions
(How?)
    1. Read the theoretical component of the of learner workbook.
2. Conduct research and review literature relevant to the unit
3. Provide answer solutions to each question using your own words. Note: do not just copy past the answers from other materials.
4. You may refer to learning materials and other sources of information as agreed by your assessor.
5. You may word-process your answers using MS Word /Mac document.
6. The assessment is due for completion on the date/s and time/s. specified by your assessor.
7. Any variations to this arrangement must be approved in writing by your assessor.
8. Submit your work with any required evidence attached.
9. See the specifications below for details of submission requirements.
10. Read the following requirements for this assessment completion:
    6
    Assessment date/s and timing/s
(When?)
    This assessment will be conducted according to training delivery session plan. Assessor will specify the timings of assessment and submission of evidence. Time allowed for the assessment is 3 hours within 20 hours of training delivery of the week 2.
    7
    Specifications
(What structure, format and demonstration)
    1. Write answer solutions to all the questions using word-processed document.
2. Provide specified length and numbers mentioned in each question.
3. Submit the answers with a cover page that includes your name, student ID, unit name/code, date of submission and assessor name.
4. If separate word-process document is used for your responses, include header (unit name/code) and footer (page no. student name and ID).
    8
    Assessment context
(where and in what condition)
    Assessment is conducted in the training room and safe environment where you are required to provide answer solutions to the questions in a word-processed document with evidence that demonstrates consistent knowledge application.
    9
    Required resources
(What resources, equipment, tools and materials)
    1. Assessment task with instruction and assessment information
2. Learner workbook and other training handouts if or as allowed by your assessor.
3. Computer with Internet access.
4. Word-process software (MS Word/Mac).
5. Workspace, table, chair and stationery.
    10
    Evidence requirements/
(What assessor is looking for)
    To complete the unit requirements safely and effectively, you must prove application of knowledge consistently relevant to vocational contexts for the following areas:
Your Task – Write answers (Knowledge Application)
Assessor can decide whether to have this as written or oral questioning. If the assessor use verbal questioning method, the assessor must write student responses using dot points as a minimum on the student’s responses (Not recommended as is a time consuming method as one candidate will respond while other candidates are watching and waiting, but assessor is free to decide).
The following is a set of knowledge-based questions. Read the text section ‘introduction’ in the learner workbook, refer to training undertaken and provide your answer solutions to the following questions using your own words to demonstrate your consistent knowledge application.
Note: If hand written answers are allowed by the assessor considering reasonable adjustments or any special consideration, you need to use the enter key of the keyboard to expand the answer space. For example, 2 – 3 questions in a page to allow sufficient space , print a hard copy and write answers.
Questions (Ensure you answer all the following questions using the length guidelines above)
    
#
    Note: Write/type your answers in the space below the question. If questions are answered verbally, the assessor must write answers in the sections provided below.
The space below does not indicate the size of the answer length. Follow above guidelines and keep typing and the space will expand. If answers are recorded separate to this document, they must be attached at the back of this document.
    This column is for assessor to mark
    
    
    Satisfactory
Answer
☒ Mouse click editable box
    1
    Define the term ‘financial plans’ using your own words.
    Yes
    No
    Answer
    A financial plan is the plan of an individual or company that documents the financial goals for the long term and also defines the strategy that will be used to achieve them.
    

    

    2
    Describe what is a financial management and what decisions you make in financial management.
    Satisfactory
answer
    
    
    Yes
    No
    Answer
    Financial management as the same suggests is the function within a business that covers the profitability, expenses, and cash with the objective of investing them in a way to get a higher return.
The decision that one make in financial management are:
· Where to invest the surplus cash
· How much expenditure to be done
    

    

    3
    Explain the importance of financial planning for an organisation.
    Satisfactory
answer
    
    
    Yes
    No
    Answer
    Financial planning for an organization is important because it is the financial planning which helps in defining the long-term financial goals and strategies to achieve them.
    

    

    4
    Describe processes to establish and review profits and losses from financial statements.
    Satisfactory
answer
    
    
    Yes
    No
    Answer
    The processes to establish and review profit and losses from the financial statement are by reviewing the sales, revenue and other income that the business earns, and also reviewing any expenses that the...
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