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Assessment Project - BSBMGT616A Develop and implement strategic plans BSBFIM601 Assessment 1: Assignment, v1, October 2016 © Apex Institute of Education Page 1 of 23 SIT60316 Advanced Diploma of...

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Assessment Project - BSBMGT616A Develop and implement strategic plans
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 1 of 23

SIT60316 Advanced Diploma of Hospitality Management
BSBFIM601 Manage finances

ASSESSMENT 1: Assignment

Student’s Name
Student No
Student Declaration
I declare that the work submitted is my own. It has not been
copied or plagiarised from any other person or source.
Student’s Signature
Date Submitted
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 2 of 23
Assessor use only
BSBFIM601 Manage finances Assignment Marking Guide

Did the student: Lin




Access required information from supervisor and discussed and reviewed
elevant information including
 financial data
 previous profit and loss
 cash flow trends
 Statutory requirements for compliance and liabilities for tax
 software and its suitability for financial management
Generate budget and financial statement following set procedures and
adhering to Australian accounting standards including:
 Sales forecast, taking into account additional information
 Estimated expenses / inventory costs
 Estimated profits
Conduct role-play meeting with financial specialist to discuss financial
aspects of the budget / financial plans
Develop procedure for risk management and contingency planning 3.2,3.3,
Develop and submit the following:
 revised budget
 budget assessment report
 feasibility report
 Prepare the research report on commercially available softwares 1.6
Result:  Satisfactory  Not Satisfactory XXXXXXXXXXAssessor signature: XXXXXXXXXXDate:
Feedback to student:

BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 3 of 23
Please read the following carefully
 Assessments are to be completed according to the instructions provided in the
assessment document. Your trainer-assessor will go through the instructions with you.
 Assignments (e.g. projects) are to be completed at home, in your own time.
 If you are not sure about any aspect of an assessment, ask your traine
assessor to
explain the requirements.
 All parts of each assessment (questions and/or tasks) must be answered unless the
individual assessment instructions tell you something different.
 You need to complete, sign and date the front page and attach it to your assignment.
 All assignments must be typed in 12 point type on A4 paper
 Make sure you keep a photocopy of your assignment before you hand it in.
 All assignments must be your own work – your own words. All quotes from reference
sources (e.g. books and websites) must be acknowledged and listed at the end of your
assignment. You must also ensure that the information you provide in assessment
evidence must be cu
ent i.e. recent enough.
 Group or Team Work: In some cases, you will be required to work on a project in small
groups, and your trainer will allocate you to a group to work as a team. You may even be
allocated a particular role. If you are working as part of a group, you will still be required
to submit your assessment individually, and your performance will be assessed on an
individual basis. Therefore, you must keep and submit with your assignment a record of
the specific contribution you have made to the project, as well as keep notes of team
meetings to include in your final submission.
 If you are unable to submit any assignment by the due date, you need to discuss this with
your traine
assessor beforehand and obtain an extension of time.
 If you do not follow the above rules, you may need to be re-assessed.
 Please remind your trainer of any special needs you may have. Where possible reasonable
adjustment to the assessment will be made, provided that does not affect the validity of
the assessment.
 After you have completed an assessment, your assessor will give you feedback about your
performance and tell you whether the result is “satisfactory” or “not satisfactory” (that is,
your trainer /assessor considers you need more training and experience).
 If your performance is not satisfactory, you will be advised about any gaps in your
knowledge or skills and given an opportunity to be re-assessed.
 If you think the assessment process was flawed, you may appeal against the assessment
 After you have completed all the assessments for a unit (or group of units in some cases),
you will be awarded C (Competent) if the assessor is satisfied you have provided enough
appropriate evidence to meet all criteria. If you are unable to meet this requirement, you
will receive the result NYC (Not Yet Competent).
 If you are deemed Not Yet Competent by your trainer /assessor and require re-
assessment, you will be informed of the process.
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 4 of 23
You need to complete two assessments for this unit of competency. Details are provided
Assessment Number Assessment Task
ASSESSMENT 1: Assignment
Your trainer will give you this during the first classroom
session for this unit of competency, together with any
other relevant information required to complete the
You are required to submit the assessment in the last
week of class for the unit. Your trainer will tell you the
due date during the first classroom session.

This assessment is based on a
case study of “ EDs
Whitegoods” provided in the
additional information section
of this assessment
ASSESSMENT 2: Written Exam
During the last week of classes for this unit, you will be
equired to do an exam covering the content of the unit.
During the first classroom session for the unit, your
trainer will tell you the date of the exam.
This is a 2 hour exam that you
will complete in class under
your trainer-assessor’s
supervision. You are allowed to
efer to your class notes and
other resources.

BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 5 of 23
Assessment 1 – Project
This assessment project is to be completed in addition to the learning and assessment
activities you complete in class. The project is designed to assess the knowledge and skills
equired 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
eporting on financial activity.

If you are not sure about any aspect of the assessment or would like to discuss your
particular needs, please speak to your trainer. Your trainer will tell you the date you need
to submit your assignment.

All parts of the project will be given to you at the same time. You need to complete all parts
and submit them together by the due date. This will be in the last week of classes for the

This project assignment is to be completed using the information provided under Appendix

The checklist and scope of submission table will identify the records that you are required
to prepare and submit (as a single submission).

Your assignment must be typed (in 12 point type on A4 paper) and attached to the front
page of this assessment document, which you need to complete as an Assessment Cover
Make sure you keep a copy of your assignment before you hand it in to your trainer.
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 6 of 23
Part 1.

Task 1

For this part, students are to utilise the data in the Appendices regarding Ed’s Whitegoods.
The instructor can role-play the part of Edward Tan, the proprietor and will give any
additional information required, including company policies and procedures, milestones

Students are to undertake the following:
 List all personnel you would consult with in order to gain adequate advice prior to
commencing your reports.
 Consult with your instructor to determine management requirements
 Prepare a 1-year budget & projected financial statement including:
- Sales forecast, taking into account additional information in Appendix 5
- Estimated expenses / inventory costs
- Estimated profits
 Ensure report layout and format comply with management information
equirements, are clear and e

Note: Students must use spreadsheet to undertake this task.

Students must ensure that estimates of future cash flow, costs and revenues are realistic in
context of the available information at the time of creating the budget. Changes in
circumstances should be anticipated as best as possible with particular emphasis on
financial risks and creating protection strategies in accordance with organisational
procedures. Any liaison with the proprietor of the business to determine milestones,
policies, goals etc. should be ca
ied out with your instructor, who will role play the relevant

Task 2

Now you are to take your completed budget and a
ange an appointment with your
assessor, who will role-play a finance specialist. In this meeting, you are to
 Manage the meeting direction and progress
 Discuss with the finance specialist the aspects of your budgets / financial plans (the
 Review and ensure to validate
Answered Same Day Jul 25, 2020 SIT60316


Aarti J answered on Jul 30 2020
146 Votes
Manages Finances
Course Name
Course Date
Student’s Name
Part 1:Task 1
Budgeting is an important aspect which helps the organization in planning. In this case Ed’s whitegoods, to prepare the budget, there are different personnel whom we have to consult to prepare the budget
The major personnel whom we have to consult includes:
1) Accountant
2) Managers
3) Suppliers
4) Customers
To prepare the budget, it is important to coordinate with all the departments to ensure that the budget is prepared which matches up the actuals.
The procedure and the requirements would include:
· Details of related laws, regulations and legislations
· Organisational policies and procedures
· WHS policies, procedures and programs
· Quality assurance system
· Marketing strategies, etc.
    Total for 2014
    Budget for 2015
Budget Assumptions:
1. Purchase cost of goods is set to rise by 5%
2. Decreased consumer confidence means that sales are expected to decrease by 12%
3. Ed believes he can increase his sale prices by 8% which should have minimal impact on overall sales, perhaps reducing total sales by a further 3%
4. Ed plans on reducing his expenses by laying off one of his part time staff members who has a yearly salary of $47,000. This is hoped to have only minimal impact on productivity, however a decrease
Financial statements:
1. Asset projection:
    Projection for 2015
    Cash (Bank)
    Delivery van
    Computer equipment
    Office equipment
2. Assumptions:
1. Cash will be affected by the payment and receipt of the creditors, sales, expenses and debtors
2. All sales will be in cash and all expenses in cash
3. Delivery van and computer equipment will decrease by depreciation
4. Debtors will be effected by the payments
3. Expenses projection:
    As on Sep 2014
    Projected for 2015
    Phone service
    Finance costs
    Accountants fees
    Bank fees
    Office supplies
    Total expenses
4. Assumptions:
1. All the expenses will be same as 2014
2. Expenses on payroll will decrease by 47000
5. Creditor’s projection:
    As on Sep 2014
    As of Dec 2014
    Projected for 2015
    JRL Holdings
    Innovating technology
    LMS Marketing
    Rowling & Sons

6. Assumptions:
1. Assuming that all the creditors payments of 15000 was paid off during the year.
2. The creditors will decrease in the year 2015
3. There will be no credit purchases
4. All the purchases will be paid off.
5. Debtor’s projection:
    As of Sep 2014
    As of Dec 2014
    Projected for 2015
    PL Farthings
    J Smyth 7 Co
    LL Incorporated
    National applicance direct
12. Assumptions:
1. Assuming...

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