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RTO PROVIDER CODE: 91151 CRICOS CODE: 02668F WRITTEN EXAMINATION, Term IV 2020 Scheduled on: ______________________________________ Course:BSB80615 Graduate Diploma of Management (Learning) Unit Code and Name: BSBFIM801 Manage financial resources Time allowed: 2 Hours Assessment type:Written Examination Name of the Student: ______________________________________________________ Student ID number: ______________________________Section: ____________ Student’s Signature: _______________________________ Date: ____________ For Office use only: Result Assessor’s name Date Comments Feedback _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ The following table maps the final assessment for this unit against the Elements and performance criteria of BSBFIM801 Manage financial resources. Part Element Performance criteria A. SAQ (10) 1,2,3,4,5 All B. Calculations (1 to 3) 1,2,3,4,5 All Instructions: A. This assessment item has two parts. Part A has Short answer questions and Part B has Calculations. B. In order to be treated as competent, you have to attempt all sections and demonstrate satisfactory performance. C. This is a closed-book assessment item and you are not allowed to access computers or bring any written materials in the classroom D. Answer all questions. E. In case of any doubt, raise your hand to ask question to the Assessor. F. If you are found to have been adopting any form of unfair means, you will be warned first and if offence is repeated you may be marked as not yet competent. G. In case you need extra page, please ask your trainer. PART A - Short answer questions: 1. Why do organisations expect their managers to act with integrity in financial dealings at all times? Express your view on this with reference to ‘financial probity and ethics’. 2. Unsatisfactory performance results failure in reaching and achieving the goal of a business organizations. Identify five corrective actions that management need to take to ensure the situation is rectified. 3. Explain why financial records for previous years could be important to keep in business organization. Identify what are the basic financial records that the Corporations Act 2001 may require a company to maintain? 4. The Privacy Act 1988 (Clth) deals with the responsibility that organizations have in relation to the security and confidentiality of customer’s personal information. Describe the privacy principles that need to be followed by private sector organizations. 5. Maintaining an audit trail will often help to identify discrepancies in the system. Identify key reasons behind the discrepancies between agreed and actual allocations of funds and resources. 6. An organisation analyse the performance reports in order to take corrective action when required. Identify various methods used by an organisation for analysing reports with examples. 7. List the various statutory functions of the Australian Securities and Investments Commission Act 2001. 8. What procedure should you recommend reviewing financial risk management activities of the place where you work. 9. What are the factors that are impacting deviation form an organizational budget? What adverse effects are happening for these budget deviations? 10.What are the steps in developing action plans to remedy significant deviations from budget objectives and projections. Part B- Calculation 1. ABC Corporation has sales for the period of $3500,000 with a cost of goods sold of $900,000 and administration costs of $400,000. The depreciation charge is $400,000 and the interest paid is $500,000. Calculate: a. Cash Flow b. Gross Profit c. Net Profit d. Operating Profit e. Profitability Ratios 2. After completion of a meeting with each of the department managers for Roberto and sons, the below various results about the 2018 were extracted: Financial Planning Fees are earned from 1450 clients paying on average,$750 per annum Department manager is paid a $141720 wage that is charged directly to the department. Each of the three client liaison officers are paid $77450 per annum Business Acquisition Fees earned from 20 acquisitions paying on average $ 42000 per acquisition. Department manager is paid a $145000 wage that is charged directly to the department. The business brokers are paid 20% commission on fees earned. Book Keeping Services Fees earned from 359 clients paying on an average$200 per months. Department manager is paid a $141720 wage that is charged directly to the department. Direct wages for the department is made up of the business brokers being paid 25% commission on fees earned. Required: Calculate the Departmental Revenue and Profit. S. No Particulars Amount Details $ Total Amount $ 1 Financial Planning Revenue Less: Expenses Profit 2 Business Acquisition Revenue Less: Expenses Profit 3 Book Keeping Services Revenue Less: Expenses Profit Total Profit Total Revenue 3. Below is the extract of financial information from ABC Manufacturing Pty Ltd for the year 2018. Cash balance, end of 2017 42250 Cash Received from customers 220500 Cash received as Interest 6300 Cash Paid as Income Tax 11550 Cash Paid to employees 157500 Cash Paid to Suppliers 50000 Cash Received from sale of land 168000 Cash paid to purchase equipment 94500 Cash received from sale of furniture 150000 Cash paid for Purchase of Machinery 210000 Cash received from issue of Bond 31500 Dividend paid 16800 Cash paid to acquire treasury stocks 10500 Cash balance, beginning of 2018 16800 Required: Prepare Cash Flow Statement for ABC Manufacturing Pty Ltd using the Direct Method. S. No Cash Flow Statement Direct method Particulars Amount Details $ Total Amount $ 1 Cash Flow from Operating Activities Net Cash Inflow from Operating Activities 2 Cash Flow from Investing Activities Net Cash Inflow from Investing Activities 3 Cash Flow from Financing Activities Net Cash Inflow from Financing Activities Net Changes in Cash Flow Add: Cash balance, beginning of 2017 Cash balance, end of 2018 ********End of Written Exam******* 07.11.2020 v1.0 WRITTEN EXAM BSBFIM801 Manage financial resourcesPage 4 of 12