assignmnt
BSBFIM601 - Manage finances Student Assessment Booklet Version 3.0 BSBFIM601 Student Assessment Booklet Page: 2 of 70 Version: 3.0 Responsibility: Course Coordinator Last Reviewed: July 2020 This page is intentionally left blank BSBFIM601 Student Assessment Booklet Page: 3 of 70 Version: 3.0 Responsibility: Course Coordinator Last Reviewed: July 2020 ASSESSMENT RECEIPT FORM STUDENT NAME: STUDENT ID: COURSE CODE: COURSE TITLE: TRAINER’S/ASSESSOR’S NAME: ISSUE DATE: Week1 DUE DATE UNIT CODE AND DESCRIPTION BSBFIM601 – Manage finances NOTE: 1. This form must be stapled on top of the Assessment Workbook upon submission. 2. This Assessment Receipt Form must be dated and signed in. DECLARATION 1. I am aware that penalties exist for plagiarism and academic dishonesty. 2. I am aware of the requirements set by my Trainer/Assessor. 3. I have retained a copy of my Assessment. Student Signature: Date: ASSESSMENT RECEIVED BY RGIT Staff Name: Date: Signature: ================================= Tear Here =========================== Students must retain this as a Record of Submission. Assessment Handed On: ____________________ Unit Code & Description: BSBFIM601 – Manage finances RGIT Student Assessment Received by RGIT Staff Name: …………...……............…... Signature: ……………………………...…..…... Student ID: ............................................ Student Signature: ….…………………. BSBFIM601 Student Assessment Booklet Page: 4 of 70 Version: 3.0 Responsibility: Course Coordinator Last Reviewed: July 2020 ABOUT THIS BOOKLET This assessment booklet and tools has been designed for students undertaking face to face mode of study to provide information before students take assessments and contains assessment tools to assess the skills and knowledge required from students to be deemed competent in this unit. This booklet might not be suitable for students taking other modes of study e.g. online or work based. Please read all the information given to you when you receive this assessment booklet. If you do not understand any part of this booklet, please inform your assessor/trainer. The assessment booklet contains three (2) parts: PART 1: Assessments information: This part contains information on assessments for this unit of competency and how assessment will be conducted throughout unit to achieve the competency. It includes: • Application of the unit of competency • Purpose of assessment • Elements, performance evidence and knowledge evidence requirements of the unit • Conditions, context, required resources and location of the assessment.
• Assessment tasks. • Outline of evidence to be collected. • Administration, recording and reporting the requirements including special adjustments, appeals, reasonable adjustments and assessors’ intervention. PART 2: Assessment tasks: This part contains the information to successfully undertake the assessment task. In each assessment task, students will find the following information: • Task instructions. • Role play / Practical Demonstration information. • Information on resources required, where applicable BSBFIM601 Student Assessment Booklet Page: 5 of 70 Version: 3.0 Responsibility: Course Coordinator Last Reviewed: July 2020 PART 1 - Assessment Information Application of the unit of competency: This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity. It applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management. No licensing, legislative or certification requirements apply to this unit at the time of publication. Purpose of assessment: The purpose of assessment is to determine competency in the unit SITXFSA001-Manage finances Elements 1. Plan for financial management 2. Establish budgets and allocate funds 3. Implement budgets 4. Report on finances Performance evidence: Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and: - plan for financial management - read and review profit and loss statements, cash flows and aging summaries - prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements - contribute to financial bids and estimates - establish a budget and allocate funds in accordance with statutory and organisational requirements - communicate with other people including: BSBFIM601 Student Assessment Booklet Page: 6 of 70 Version: 3.0 Responsibility: Course Coordinator Last Reviewed: July 2020 - reporting on financial activity and making recommendations - identifying and prioritising significant issues - ensuring managers and supervisors are clear about budgets. - analyse the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence. Knowledge Evidence Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit: - 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 Assessment Conditions To comply with the assessment condition of this unit: • RGIT will conduct assessment for this unit in its classroom Located either at: 28-32 Elizabeth Street Melbourne VIC 3000 or at Level 3, 162 Macquarie Street Hobart, TAS 7000 or online virtual classroom during Covid-19 period. • You will have access to suitable facilities, equipment and resources. • RGIT will have access to financial data, relevant legislation and Australian tax Office requirements. (Please refer Appendix1 at the end of this assessment tool for detailed list of assessment resources) • Knowledge assessment for this unit will be conducted at RGIT classroom at location identified at timetable or via LMS/online virtual classroom during Covid-19 period. • All RGIT assessor those are assessing this unit will satisfy the requirements specified in Standards for Registered Training Organisations’ requirements for assessors. • To read and comply with COVID-19 regulations http://dhhs.vic.gov.au Resources Required: The assessor will ensure that assessment is conducted in a safe environment and you have access to the following resources for the unit. - Computers with access to internet and printers http://dhhs.vic.gov.au/ BSBFIM601 Student Assessment Booklet Page: 7 of 70 Version: 3.0 Responsibility: Course Coordinator Last Reviewed: July 2020 - DIDASKO learner guide for unit BSBFIM601 Clustering/holistic assessment: There is no provision for clustering of assessments in this unit. Competency Requirements: To be judged competent in this unit, you will be required to demonstrate all indicators which are shown in the Marking Guide (assessor’s document). You must satisfactorily complete all assessment tasks to be Competent (C) in the unit. Students with unsatisfactory completion of any of the assignment tasks will be deemed Not Yet Competent (NYC). Assessors will ensure that the evidence collected meets the requirements of the Rules of Evidence (authentic, current, sufficient and valid) prior to entering results into the competency record sheet. Students unsuccessful at achieving “Satisfactory” for any assessment at the first attempt will be given two opportunities for reassessment. If the student is still deemed Not Yet Competent (NYC) after two reassessments in a unit of competency student will be required to repeat the unit as per the scheduled delivery of the course. For further details, refer to RGIT Re-Assessment Policy and RGIT Course Progress Policy. Assessment tasks Assessment description Location of assessment Assessment Task 1 (AT1) – Knowledge Test You are required to provide correct response to the questions and present your assignment in a clear and professional manner. Needs to be completed in the online classroom via ZOOM Assessment Task 2 (AT2) – Worksheets This assessment task is short answer question which demonstrate that you have required knowledge to Manage finances Needs to be completed in the on- line classroom via ZOOM Assessment Task 3 (AT3) – Project 1 This assessment task is project based where you are required to complete 2 projects. Each project has different tasks that needs to be completed and all the questions must be answered. Needs to be completed outside the on-line Classroom Assessment Task 4 (AT4) – Project 2 This assessment task is project based where you are required to complete 2 projects. Each project has different tasks that needs to be completed and all the questions must be answered. Needs to be completed in Classroom Assessment Task: To achieve competency in this unit, you must satisfactorily complete all the following assessment tasks within the date and time specified in the session plan. This will demonstrate that you have all the required skills and knowledge for this unit. BSBFIM601 Student Assessment Booklet Page: 8 of 70 Version: 3.0 Responsibility: Course Coordinator Last Reviewed: July 2020 Outline of evidence to be collected: You must submit the following evidence to be marked competent for this unit. Your assessor will ensure that the evidence submitted meets the Rules of Evidence