Document Name: BSBFIM601 Manage finances Assessment Task 1 Created Date: July 2015 Document No: Version No. V3 Last Modified Date: June 2020 AUSTRALIAN NATIONAL COLLEGE PTY LTD (ANC) CRICOS No. 03009M...

manage finance


Document Name: BSBFIM601 Manage finances Assessment Task 1 Created Date: July 2015 Document No: Version No. V3 Last Modified Date: June 2020 AUSTRALIAN NATIONAL COLLEGE PTY LTD (ANC) CRICOS No. 03009M TOID No.22134 Page Sequence: Page 1 of 3 BSBFIM601 Manage finances Assessment Task 1: Project Student Name: Student Id: Trainer Assessor Name: Date: Assessment description. For this assessment you you are required to respond to a range of questions that examine your understanding of planning for financial management, establishing and implementing budget and fund allocation and the financial reporting. Assessment instructions PART A You will need to research and write a report outlining the following: 1. What would you need to consider when planning for financial management? a. How would you analyse financial data to find information on previous profit/loss? b. How would you establish reasons for previous profit/loss? c. What information do you need to establish critical dates and initiatives that will require in the next financial cycles? d. How would you analyse cash flow trends? e. Briefly explain relevant legislative requirement for the financial management. f. What requirements a business has in relation to tax liabilities? g. List 3 different software that will be suitable financial management? Identify pros and cons of each software. Document Name: BSBFIM601 Manage finances Assessment Task 1 Created Date: July 2015 Document No: Version No. V3 Last Modified Date: June 2020 AUSTRALIAN NATIONAL COLLEGE PTY LTD (ANC) CRICOS No. 03009M TOID No.22134 Page Sequence: Page 2 of 3 2. Discuss different types of budget and the steps involved in creating a budget. Provide a simple sales budget. a. What is resource allocation and explain common challenges of resource allocation. b. List 4 items you would recommend for inclusion in a budget considering its not already included. 3. Discuss the methods you will use to implement a budget including: a. Budget circulation b. Reporting requirements c. Risk management d. Budget review including profit and loss statements, cash flows and ageing summary e. Contingency to deal with any changes f. Identification of discrepancies between budget and actual including audit trial g. Compliance and due diligence 4. Briefly explain budget reporting. a. What should be included in a financial report to ensure its clear and conform to the organisational and statutory requirements? b. What is the purpose of comparative financial statement analysis? c. What financial measurement tools or metrics can be used to measure financial performance? d. What process or methods can be used to identify and prioritise significant issues in financial statements? How can this be minimised? e. How does a proper financial reporting including recommendation help a business? f. Why should you evaluate the effectiveness of financial management process? Document Name: BSBFIM601 Manage finances Assessment Task 1 Created Date: July 2015 Document No: Version No. V3 Last Modified Date: June 2020 AUSTRALIAN NATIONAL COLLEGE PTY LTD (ANC) CRICOS No. 03009M TOID No.22134 Page Sequence: Page 3 of 3 PART B For this task you must answers to the following questions in maximum 250 words. 1. What are the requirements for financial probity? 2. Describe the principles of accounting and financial systems 3. Explain Australian, international and local legislation and conventions that are relevant to financial management in an organisation. 4. Outline the requirements of the Australian Tax Office in relation to financial reporting. 5. Explain the requirements of the Australian Taxation Office (ATO) that needs to be adhered to, for the following? a. Goods and Services Tax, b. Company Tax, c. Pay As You Go d. Record keeping for business e. Superannuation