Please have a look at assessment task part b project. I started to work on it. The second document is my work and it needs to be completed.
Unit of Copetency BSBFIM601 manage finances Student Assessment PACK Student number: Student name: j Subject: This document is uncontrolled when printed Assessment BSBFIM601 – Manage Finances Version 2 ©Shafston House College Ltd trading as Shafston International College Page 3 of 41 BSBFIM601 manage finances Student Assessment Pack Contents Learning checkpoint 1 – Plan for financial management5 Learning checkpoint 2 – Establish budgets and allocate funds11 Learning checkpoint 3 – Implement budgets14 Learning checkpoint 4 – Report on finances17 Final Summative Assessments21 SELF ASSESSMENT CHECKLIST23 ASSESSMENT TASK - PART A – QUESTIONING24 Question 1:25 Question 2:25 Question 3:26 Question 4:26 Question 5:27 Question 6:27 Question 7:28 Question 8:28 Question 9:29 Question 10:29 Question 11:30 Question 12:30 Question 13:31 ASSESSMENT TASK - PART B – Project: Manaing finances at BizOps Enterprises32 FINAL ASSESSOR RECORD OF ASSESSMENT39 Student Declaration for submission The student will, affirm the following facts regarding this assessment they are submitting under their name: 1. I declare that, to the best of my knowledge and belief, this assessment is my work, all sources have been properly acknowledged and the assessment contains no plagiarism. 2. I declare that the following assignment has a backup copy held with me. 3. I declare that I will seek feedback from my Trainer on the result of this Assessment Item 4. I understand that I may be requested to answers questions about the content of this Assessment Item to determine my Competency. **What is Plagiarism and Cheating? Plagiarism is when a student uses other writers’ ideas or words as their own. The most common forms are: · Directly copying word for word from another person’s work without proper acknowledgment, · Using or developing another person’s ideas without acknowledging them, · Using the work of other students (with or without their permission) and claiming it as your own. STUDENT DECLARATION Student has read and understood the information on sheet relating to cheating and plagiarism. They certify that the work submitted is completely their own, except where they have referenced it correctly. They understand that if their work is plagiarised they will be deemed not yet competent. Assessment Instructions The assessor will mark student’s against a competency checklist to ensure that they have met the requirements of each of all the relevant unit competencies. Each assessment task has been developed to make judgement on whether the unit of competency has been achieved. The assessment results will be based on: S – Satisfactory US – Unsatisfactory Students are to gain ‘satisfactory’ results in all assessment tasks to be deemed ‘Competent’ in this unit of competency. For the student to be able to achieve academic success in the complete unit of competency they MUST achieve a ‘satisfactory’ result in all assessment tasks associated with this unit of competency Should a student be deemed unsatisfactory in an assessment task by the assessor, they will be informed by their assessor of the process for re-assessment. Final unit results: Final assessment results will be recorded as ‘Competent’ or ‘Not Yet Competent’. Students failing to achieve ‘Competent’ in the unit of competency will be subject to the course progress policy. final Assessment Tasks Part A - Questioning [You will demonstrate a sound knowledge of the unit requirements in your responses.] Part B – Project [Managing finances at BizOps Enterprises] Reasonable Adjustment Each unit is delivered and assessed based on a student’s individual needs. If a student requires assistance, or modifications, or has a disability and requires “reasonable adjustments” necessary to perform the required assessment tasks, they will need to inform the Assessor. Appeals If the student is not satisfied with the decision made by the assessor the Shafston appeals policy and process for Academic decisions will apply (refer student handbook) Intellectual property statement Aspire Training & Consulting (ABN 51 054 306 428). The intellectual property of the assessment resources reproduced here remains with Aspire Training & Consulting. Purchasers may customise, contextualise or adapt the assessment resources, and copy them as required. Purchasers may make the assessments available to staff members within their organisation or campus, and to relevant students. 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BSBFIM601 Manage finances, Release 1 – Assessments © 2015 Aspire Training & Consulting Level 8, 409 St Kilda Road MELBOURNE VIC 3004 AUSTRALIA Phone: (03) 9820 1300 First published June 2015 Revised January 2016 ISBN 978 1 74349 965 8 Formative Learning checkpoint 1 – Plan for financial management This learning checkpoint allows you to review your skills and knowledge in planning for financial management. Formative assessment Formative assessment generally takes place at regular intervals before and during training with progressive feedback to improve competence. Formative assessment is assessment for learning: it focuses on the gap between where learners are in their learning and where they need to be to achieve the requirements of the unit under study. Part A Explain the relationship between Australian Accounting Standards and accounting principles. Define ‘financial probity’ Why does the balance sheet not provide an accurate picture of the organisation’s profitability? What is the value of performing breakeven analysis? Why may an organisation be required to register for and remit fringe benefits tax (FBT)? Where are FBT payments recorded in the organisation’s chart of accounts? What ratio would you use to analyse trends in an organisation’s cashflow over a number of periods? Why? Part B In this section you are required to consider the implementation of budgets for your organisation, or one that you are familiar with. This may be an organisation that you have previously worked for or one that you are in close contact with, such as your training provider, a not-for-profit organisation you volunteer for, or a sporting or social club. 1. Document the organisational planning and financial cycle. 1. Assess your organisation’s business and accounting software’s ability to meet organisational and statutory requirements. Outline you findings. 1. Review your organisation’s most recent profit and loss statement. If you are reviewing the statements of an organisation that you do not currently work for, locate its annual report and make your calculations based on the information from the annual statements. Calculate the organisation’s: · gross profit margin · net profit margin · net profit ratio · return on owner’s equity · return on assets. This document is uncontrolled when printed Assessment BSBFIM601 – Manage Finances Version 2 ©Shafston House College Ltd trading as Shafston School of Business Page 25 of 41 Research the organisation’s tax obligations, then answer the following: 1. What are the due dates for lodging and paying GST? 1. What are the due dates for lodging and paying income tax? 1. What are the due dates for lodging and paying relevant state/territory tax? Formative Learning checkpoint 2 – establish Budgets and Allocate Funds This learning checkpoint allows you to review your skills and knowledge in establishing budgets and allocating funds. Part A 1. Explain the relationship between zero-based budgeting, resource allocation and the estimate of new items for inclusion in budgets When would you review the cost of goods sold (COGS) forecast to determine gross profit margins? 4. What would you review during the profit and loss budget setting process to determine net profit margins? Part B In this section you are required to consider the implementation of budgets for your organisation, or one that you are familiar with. This may be an organisation that you have previously worked for or one that you are in close contact with, such as your training provider, a not-for-profit organisation you volunteer for, or a sporting or social club. 1. Does the organisation take a top-down or bottom-up approach to budgeting? Refer to the budgeting policy, procedures and/or guidelines to determine why the organisation takes this approach. If you are unable to access this information, consult the general manger or finance director. 2. Document the organisation’s process for developing the cash budget in accordance with statutory and organisational requirements. Include in your process those who are involved in, and methods of collaboration for, setting budgets. 3. Imagine there are rumours that the company tax rate will increase from 30 to 33 per cent. Consider the impact of such an increase on the organisation’s cashflow. 1. Identify whom you would consult with to consider implications and develop controls. 1. Rate the risk, using the risk assessment matrix, and identify the level. Explain the reasons for the level. 1. Identify a measure to control the risk. 1. Identify a contingency response and explain the reason for the selected trigger. 1. Explain how you would ensure the budget is revised to take the change into account. Formative Learning checkpoint 3 – IMPLEMENT BUDGETS This learning checkpoint allows you to review your skills and knowledge in implementing budgets. Part A 1. What is an audit trail and why is it critical that it be maintained? 2. Why is it critical to conduct variance analysis of budgets on a monthly basis and to report this analysis, according to financial reporting requirements, to senior decision-makers? 3. What will a review of the organisation’s accounts receivable ageing summary enable managers to identify? Why is this important? Part B In this section you are required to consider the implementation of budgets for your organisation, or one that you are familiar with. This may be an organisation that you have previously worked for or one that you are in close contact with, such as your training provider, a not-for-profit organisation that you volunteer for, or