David answered on Dec 28 2019
BSBFIM501 Manage Budgets and Financial Plans
To achieve competency in this unit you must complete the following assessment items. All tasks must be submitted together. Tick the boxes to show that each task is attached.
· Assessment 1.Theory Exam☐
· Assessment2. Prepare financial documents & financial report☐
NOTE: If this is a group assignment, each member of your group must individually submit a separate and complete copy.
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The other members of my group are:
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2. Name:Click here to enter text. Student ID#: Click here to enter text.
3. Name:Click here to enter text. Student ID#: Click here to enter text.
PLEASE NOTE: SECTIONS HIGHLIGHTED IN THIS COLOUR ARE FOR TRAINER USE
ASSESSMENT 1 MARKING SHEET
Did the candidate:
1. Task 1: Successfully answer all the theory based questions regarding managing budgets and financial plans?
Including: 1.1, 1.2 1.4, 2.2, 2.3, 3.1, 3.4, 4.1, RS, RK
ASSESSMENT 2 MARKING SHEET
Did the candidate:
1. Task 2: Part 1. Successfully compile the suit of excel spreadsheets 1-3.
Including: 1.1, 1.3, 1.4, 3.1, 3.2, 3.3, 4.1, 4.2, 4.3,
1. Task 2: Part 2. Successfully deliver a financial report by analyzing, monitoring and reporting on financial outcomes?
Including: 1.1, 1.2, 1.3, 1.4, 2.1, 2.3, 3.1, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3
ASSESSMENT - SUMMARY
Assessor’s checklist – tick when finalized
ASSESSOR’S GENERAL COMMENTS
(see individual tasks & marking guides for more detail)
COMPETENT ☐ NOT YET COMPETENT ☐
Assessment 1 Theory exam
First of all, imagine that you are the Finance Manager at ABBA Marketing Company. Your employer has asked you to prepare the Budgets and Financial plans for 2017.
In preparation for this job, answer the questions below. Click in the space provided and type your answer.
· Questions 1-9 confirms your command of terminology.
You may like to refer to the National Register document at www.training.gov.au.
· Questions 10-14 demonstrates your knowledge of record keeping requirements for the ATO and for auditing purposes.
· Question 15-19 are about analysing, implementing, disseminating and communicating financial information as well as core accounting principles.
Access the ATO Australian Taxation Office website at www.ato.gov.au and research the
‘Record keeping for small business’ section; and report as much information as you can find.
1. List relevant personnel within ABBA who you will assemble to discuss the budgets and financial plans to ensure that the documented outcomes are achievable, accurate and comprehensible.
All the employees of the company ABBA marketing are relevant for being assembled for discussion related to budgets and forecasting. Though the operations group and head of all department , CEO shall require the information in a much simpler and understandable manner for each head of the forecasted data, however the personnel below in the hieracy need to be provided with data coinciding with their area of work only.
Regardless, everybody must comprehend the financial plan and guarantee that the objectives are achievable.
2. List the five source documents that you can access for information to include in your Budgets and Financial plans.
Record of sales for both cash and credit
Record of Purchases and available stock
Direct wages to employees
Fixed expenses registe
Direct material applied for production
3. Give examples of (2) two business operational risk scenarios that could affect your initial budgets and financial plans.Whatcontingency planningstrategies will you need to put in place if your initial financial plans need to be varied?
The following can be two major operational risk scenarios for the business:
1. Shortage of raw material
2. Uneven cash inflow and outflow leading to distu
ed cash availability
Intial financial planning can be varied to strategize for such operational risks. While making budgets for the year the company can consider keeping small fraction of safety cash and stock as contingency cash and stock , keep accurate accounting system for handy information and provision for reviewing budget at specific intervals to ckeck their viability and variation if any.
4. Name (5) five main required roles associated with the management of finances – on a daily, weekly and monthly basis.Include a short description of each job role.
1. Chief Financial Officer: The officer with the topmost position in hierarcy of financial management who is responsible for forecasting strategy for the company
2. Bookkepper: Keeps records of the daily operations of the company and provide the requisite reports to higher authorities
3. Poduction Manager: Responsible for management of funds at the level of production by managing cost of raw material whilst ensuring superior product quality.
4. Sales Manager: Responsible for generation of fund for the company by employing the ideal sales strategy and credit controls
5. Financial Controller: The one with the responsibility of overall management of the company finances based on the budgetary data released by the CFO and knowledge of every aspect of the company’s finances.
5. What are (5) five ways in which you could provide support to your finance team members to ensure that they can competently perform their job roles?
Following techniques can be employed in order to ensure competency among team members:
1. Planning: Involves setting up of goals and objective for the members to ensure its achievability.
2. Organizing: Management of company assets to ensure coordination
3. Staffing: appropriate number of employee deployment and retention in accordance to thier competency and roles.
4. Leadership: Providing motivation to the employees to support company’s major objective
5. Review and Follow-up: Checking the activities undertaken by team members to ensure alignment with the planned goals
6. List and describe (3) three of the main resources and/or systems that finance personnel may need to successfully manage financial management processes.
Learning administration frameworks: IT systems to recognize, make, present and offer information inernally in a corporate setting.
espondence frameworks: assets that enable co
espondence to be prepared and transported from source to the last goal
Data management: Robotized or manual system to gather, process and transmit data in an important and helpful path for people.
7. As the Finance Manager, what processeswould you implement to monitor actual expenditure and to control costs?
Contrast actual outcomes with forecasted data, recognize and chip away at th fluctuation and think of emergency course of action.
It is additionally conceivable to work through the descriptions of job through employees’ and make performace indicators lined up with the vital objectives of the organization and policies.
8. Name (6) six source documents you would need to access in order to report on actual expenditure and to control costs.
Material usage records
Stock maintenance registe
Salary and wages report
9. As the Finance Manager you will regularly collect and collate for analysis, data and information on the effectiveness of financial management processeswithin the work team. List (8) eight documents where you could source such data and information.
Bank and credit card statements
Fixed assets registe
Input credits of GST
10. Explain what GST is and how it works in Australia.
GST or goods and services tax is an indirect tax mechanism wherein a certain percentage is charged as tax in the price of any goods or services so availed by consumer or other production heads. It works on the principle of value addition and provides credit for GST paid earlier in the hierarcy of production. The consumer however, bears the complete GST taxation and thus taxed indirectly.
11. Explain which Australian businesses have to register for...