BSBFIM601 Manage finances Learners Assessment Guide Assessment 1 XXXXXXXXXXRTO No: 21595 | CRICOS Code: 02634E BSBFIM601 Manage finances Assessment 1 Page 1 of 4 ©Copyright Academia International 2020...

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BSBFIM601 Manage finances Learners Assessment Guide Assessment 1 RTO No: 21595 | CRICOS Code: 02634E BSBFIM601 Manage finances Assessment 1 Page 1 of 4 ©Copyright Academia International 2020 Version 4 Approved by: B. Wade Assignment Coversheet Name: Student ID: Email Address: Class: Unit name: Unit Code: Assignment name: Student Declaration I declare that – a. The evidence I have submitted for assessment is my own work, and b. The evidence I have submitted for assessment has not been shared with other students, and I have taken all reasonable precautions to ensure that my work cannot be accessed by other students that may seek to submit my work as their own, and c. All of the sources of information used to prepare my work have been, or may be accurately cited, and d. I retain a copy of all my original for my own records, or for resubmission if required by Academia Australia, and e. I have read and understood Academia Australia’s policy regarding plagiarism, and I accept the right of Academia Australia to investigate suspected plagiarism, and to act in accordance with the policy and procedure I have read. Student Signature: __________________________________________ Date of Submission: ___ / / RTO No: 21595 | CRICOS Code: 02634E BSBFIM601 Manage finances Assessment 1 Page 2 of 4 ©Copyright Academia International 2020 Version 4 Approved by: B. Wade Assessment Information  You must achieve a satisfactory outcome for each of the required criteria of this assessment to be deemed satisfactory for this assessment. You must achieve a satisfactory result for the assessments for this unit of competency to achieve a competent result for the unit. If one or more of the assessment results are not satisfactory, you will be Not Yet Competent for this unit.  You may follow the Assessment Appeals process in the Student Handbook (www.academia21.com) if you are not satisfied with: o the assessment result; or o the way an assessment was carried out by your trainer; or o the conditions or structure of the assessment The student handbook has the steps for reassessment if you receive a Not Yet Competent mark and do not want to appeal. Reasonable adjustment for assessment Where students have highlighted Language, Literacy and Numeracy issues reasonable adjustment to the assessment can be made. Should you receive a ‘Not Yet Competent’ or ‘Resubmit’ result for the assessment you will be given the opportunity to re-submit your assessment work with any amendments requested by your trainer. The adjustment may include actions such as: • Student demonstrating knowledge through verbal discussion to identify correct answers • Student demonstrating knowledge through applied skills • Allowing additional time relating to disability • Through consultation amending assessment timeframes • Assistance in the form of the training location to allow easier access • Accessing relevant equipment or aids to assist the student • Adjustments to the assessment methods to cater for any special needs (without effecting the integrity of the outcome) If a student requests or is identified as requiring reasonable adjustment to the training and assessment process a detailed training and assessment plan including timetables, notes regarding the required adjustments, and any related communications regarding the adjustments must be maintained in the students file. The RTO Manager must review and authorise any request for ‘reasonable adjustment’ to ensure that any adjustments and resulting outcomes are not affecting the integrity of the training and assessment process. Location of and completion timeframes for assessment The location of the assessment will depend upon the nature of the assessment. Assessments such as; role plays, in class activities, presentations and knowledge questions will be conducting in the classroom. The timeframes and due dates for these assessments, as well as any reports, projects or research assignments, are documented in the stage outlines. Stage outlines are handed out at the beginning of each term. http://www.academia21.com/ RTO No: 21595 | CRICOS Code: 02634E BSBFIM601 Manage finances Assessment 1 Page 3 of 4 ©Copyright Academia International 2020 Version 4 Approved by: B. Wade Assessment 1 - Research 1. What are the requirements for financial probity? Your response needs to provide an overview what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc. to be explained in in your own words : 2. Describe the following concepts and principles of financial management requirements in your own words : a) Reporting and Control Requirements b) The Reliability Principle c) The Going Concern Principle d) Financial Reporting 3. For the following listed terminology, describe the principles of and provisions for effective financial systems and also provide an overview of the common procedures and systems and what these entails: Each area to be explained in your own words a) Transaction recording b) Reconciliation Processes c) Invoicing d) Accounts payable e) Account receivable f) Cash management g) Security measures h) Banking procedures i) Revenue systems j) Financial management systems 4. Explain the following Australian, international and local legislation and conventions that are relevant to financial management in your organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity. a) Australian Consumer Law (ACL) b) International Commercial Terms (INCOTERMS) c) Warsaw Convention
Answered Same DayNov 15, 2021BSBFIM601Training.Gov.Au

Answer To: BSBFIM601 Manage finances Learners Assessment Guide Assessment 1 XXXXXXXXXXRTO No: 21595 | CRICOS...

Tanmoy answered on Nov 16 2021
140 Votes
BSBFIM601 Manage Finances
Assessment 1
Student’s Name: Robert
Assessment 1 - Research
1. What are the requirements for financial probity? Your response needs to provide an overview what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc. to be explained in your own words :
Financial probity i
s adhering to the ethical behaviour by any organization and it is an absolute and established honesty, worthiness and sincerity with respect to the financial and legal matter. Thus, the organization must be ethical and follow transparent norms in respect of all the financial matters. The staffs of the organization must ensure that they carry the work with due diligence and make all the evidence, proofs and records available to the auditor during audit of the company. They must ensure that all the records are kept up to date and are as per the accounting standards and policies prescribed by the Australian Securities and Investment Commission (ASIC). Further, the invoicing process must be clear and must be in the knowledge of all the parties involved in the transaction.
2. Describe the following concepts and principles of financial management requirements in your own words:
a) Reporting and Control Requirements: The reporting and controlling are guidelines for the public companies to report and control their financial statement and auditing process that increases the trust in financial reporting by establishment of a reliable and trustworthy system and controlling process. As per the Sarbanes Oxley-Act, all the public companies must perform and produce a integrated audit which includes external auditor’s assessment with respect to the effectiveness and efficiency of the organization’s internal control and reporting.
b) The Reliability Principle: The reliability principle states that the company and its employees must record and document only those transactions which are documented with invoice or any other forms of evidences. This will help to provide accurate financial statements supported with records. For example purchase receipts and bank statements.
c) The Going Concern Principle: The going concern principle is an accounting term and states that the company is financially stable enough to operate its business for indefinite period of time in the future and has the capability to meet its financial obligation that arises during the course of business operations. As per this concept there are few assets and expenses that may be deferred in the financial report. Also, if the company is no longer able to continue its business operations, it must state that in its financial statements.
d) Financial Reporting: Financial reporting are the financial statements of the company which are disclosed in the form of profit and loss account, balance sheet and cash flow statement to the stakeholders of the company. These stakeholders are potential investors, shareholders, government, suppliers, customers and employees who are directly or indirectly related with the business operations of the company. The financial reporting also includes footnote disclosures which defines certain topics in more detail and as per the relevant accounting framework. It also contains the annual report issued to the shareholders, prospectus issued for the potential investors which are related to the issuance of securities by the organization.
3. For the following listed terminology, describe the principles of and provisions for effective financial systems and also provide an overview of the common procedures and systems and what this entails: Each area to be explained in your own words
a) Transaction recording: The transactions related to any sales or purchase of goods and services by any organization must be recorded in its accounting system and process based on the standard operating procedures which varies depending on the structure and types of businesses. There can be manual process of recording the transaction when triplication of the transaction or can be conducted through a Point of sale system.
b) Reconciliation Processes: Reconciliation...
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