BSBFIM601 Manage Finances Assessment Task 1 Identify and describe financial probity requirements for businesses. Identify four examples of what would be consider fraudulent behaviour in regard to...

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BSBFIM601 Manage Finances


BSBFIM601 Manage Finances Assessment Task 1 Identify and describe financial probity requirements for businesses. Identify four examples of what would be consider fraudulent behaviour in regard to company finances. Identify the requirements for audited accounts and the purpose of an audit report. Describe the principle of cash accounting as well as one advantage and one disadvantage of cash accounting. Describe the principle of accrual accounting and one advantage and one disadvantage of accrual accounting. Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation. Identify the Act that details requirements for financial reporting and auditing and, explain the requirements for companies for preparing and lodging financial reports under this Act. Explain the requirements for registered foreign companies regarding preparing and lodging financial reports. Identify the current company tax rate for both smaller and larger businesses. Explain the process by which a business reports GST to the Australian Tax Office. Identify the penalty rate to be applied if a supplier does not provide an ABN? A non-profit organisation needs to register for GST after it has a turnover of more than how much? Explain the difference in Pay As You Go withholding obligations for employees and contractors. Assessment Task 2 1. Email to the Principal Consultant Hi <->, 1) Introduce and summarise the contents of the attachments (financial report, budget forecast, financial compliance and tax liability report) 2) Ask them to read the documents in preparation for discussing them at the upcoming meeting Regards, Your name General Manager Grow Management Consultants 2. Financial Report Grow Management Consultants Finance Report Introduction Outline purpose of the report. 2017/18 Performance Analysis of the previous year’s (2017/18) profit and loss statement for Grow Management Consultant, including revenue generated, and net profit/loss margin. · revenue & expenses · net profit · net profit margin (= net profit/revenue) Analysis of overall business performance, as well as performance of each of the income streams for 2017/18. For example, the executive search service brought in the highest amount of income Outline the reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends. These reasons should be as per the scenario information and (2017/18) profit and loss statement, for example, as shown in the profit and loss statement, income from publications is only $2,000, but the expense on contract writer e-book is $45,800, so that’s a major loss here. Strategic goals and priorities Strategic Business Plan P2 &3 Cash flow statements analysis Refer to cash flow statements 2017-18 For example, major income source, the gap between budget and actual cost, monthly profit trends, and etc. Financial Software Software Advantages Disadvantages MYOB 3. Budget Forecast Please complete the Budget Forecast Template. 5% increase in all general costs 10% increase in income for consulting and executive recruitment service 4. Financial Compliance and Tax Liabilities Report (one to two pages long) 1) Reporting requirements and financial delegations Refer to the Finance Policy and Procedures sections on: • Issuing petty cash • Reconciling petty cash • Use of business credit card procedures 2) GST reporting requirements 3) PAYG withholding obligations 4) PAYG income tax instalment 5) Payroll tax obligations (state government) 6) Superannuation entitlements and requirement to comply with legislation regarding frequency of payment, choice of fund and reporting to staff. For example: https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/ https://www.ato.gov.au/Business/PAYG-withholding/ https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Instalment-notices-for-GST-and-PAYG-instalments/ Assessment Task 3 1. Email to the Principal Consultant Hi <->, 1) Introduce and summarise the contents of the attachment 2) Attach your financial performance report Regards, Your name General Manager Grow Management Consultants 2. Financial performance report Grow Management Consultants Financial performance report Create your own charts to display the data. Under each chart, state which document(s) you have taken the data from so the figures can be checked. Overall performance Review of overall performance and total income, total expenses and net profit. For example: = (Actual 2018/19 – 2017/18)/2017/18 2017/18 Budget 18/19 Actual 2018/19 Variation 17/18 to 18/19 (%) Variation actual to budget 18/19 (%) Total income Total Expenses Net profit Note: The figures for 2017/18 are from Cash Flow Statement 2017/18 The budgeted and the actual figures for 2018/19 are from Cash Flow Statement 2018/19 Analysis: Income variations Calculation of variation in actual versus budgeted amounts for each income source. For example: Budget 18/19 Actual 18/19 Variation (%) Consulting fees Conference E-book Executive Search Service Note: All figures are from Cash Flow Statement 2018/19 Cost variations Calculation of variation in actual versus budgeted costs. Budget 18/19 Actual 18/19 Variation (%) Salaries/wages Superannuation Cleaning Accounting fees Advertising and marketing Contract writer (e-book) Computer software Motor vehicle expenses Utilities Insurance Office supplies Lease/loan payments Rent Sundries Travel and Accommodation Conference venue and catering Speaker fees and travel Marketing (conference only) Conference bags Conference casual project officer E-book Desktop publishing Marketing (e-book) Repairs & maintenance Telephone   Total expenses Note: All figures are from Cash Flow Statement 2018/19 Discrepancies Identify the discrepancies between agreed budget allocations for the conference and the actual figures For example: Type Estimated cost Actual cost Discrepancy Venue and catering in Sydney CBD Speaker fees and travel Marketing Conference bags Staff time Total Note: Budgeted costs are from Estimated Costs and Income Actual costs from Profit and Loss 2018/19 Recommended revisions Revisions to the 2019 conference budget for 2020 For example: Type Budgeted cost Venue and catering in Sydney CBD Speaker fees and travel Marketing Conference bags Staff time (appoint casual Project Officer for 6 months, may be permanent depending on success) Total $65,670 Note: Original figures are from Cash Flow Statement 2018/19 and Profit and Loss 2018/19. Conference fee Proposed conference fee for the 2020 conference assuming attendance of 70 people and to make a profit of at least 20%. Show your working: A/70 = B per person B * (1+20%) = Conference fee per person Assessment Task 4 1. Email to the CEO Hi <->, 1) Introduce and summarise the contents of the attachment 2) Seek approval to implement best practice debtor management processes 3) Attach your debtor management report Regards, Your name General Manager Grow Management Consultants 2. Debtor Management Report 1) Summary of the Aged Debtor Report 2) Good practice debtor management 3) Develop at least 5 recommendations for the organisation ·
Answered 6 days AfterApr 09, 2021BSBFIM601Training.Gov.Au

Answer To: BSBFIM601 Manage Finances Assessment Task 1 Identify and describe financial probity requirements for...

Riddhi answered on Apr 15 2021
146 Votes
Assessment Task 1
1. Financial probity requirements ensure that the business is conducted adhering to the code o
f ethics with honesty and all the legal compliance are complied with from time to time. The requirements of financial probity are all the employees should work in an ethical manner and the conduct of the business should be in favor of the organization, maintain confidentiality, ensure all the procedures and processes are transparent, ensure that any conflict of interest is effectively managed.
2. Examples of fraudulent behavior includes –
· Avoidance of taxation
· Theft of goods
· Showing employees that are not actually present to save taxes.
· Financial statement does not represent true and fair view.
3. The audit of an organization is conducted to ensure all the books of accounts are maintained as per true and fair view and to ensure that there is no advantage taken by the directors for their own interest of funds. This also gives an understanding that the books of accounts are free from any errors or fraud. Audit is conducted for the benefit of the shareholders of the company so that the real worth of the...
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