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Hi,I have attached the assessment file which contains 3 parts in it. Part A which is the questionnaire has already been done by me. I need the Part B and Part C done by you.To complete Part B and C...

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Hi,I have attached the assessment file which contains 3 parts in it. Part A which is the questionnaire has already been done by me. I need the Part B and Part C done by you.To complete Part B and C you must refer to the document sent along with the assessment which is the Business Summary of a restaurant. With the help of the business summary please complete Part B by reading the tasks carefully and write answers by reseaching the business plan sent by me.Part C is a Presentation of 15 slides from the business summary, read the task and fulfill the requirement.
Please go through both the documents carefully and complete Part B and C of the Assessment and contact me for further clarifications if needed. Complete the assesment on the same document. References are not needed as it is based on the business summary
Answered Same Day Jul 24, 2021 Southern Cross University


Moumita answered on Jul 31 2021
131 Votes
Details of Assessment
    Term and Yea
    Time allowed
    Assessment No
    Assessment Weighting
    Assessment Type
    Written Responses, Report & Presentation
    Due Date
    Details of Subject
    SIT60316 Advanced Diploma of Hospitality Management
    Subject Name
    Manage Finances
    Details of Unit(s) of competency
    Unit Code (s) and Names
    BSBFIM601 Manage finances
    Details of Student
    Student Name
    Student ID
    Student Declaration: I declare that the work submitted is my own and has not been copied or plagiarised from any person or source. I acknowledge that I understand the requirements to complete the assessment tasks. I am also aware of my right to appeal. The feedback session schedule and reassessment procedure were explained to me.
Signature: ____________________
Date:     _____/_____/_________
    Details of Assesso
    Assessor’s Name
    Assessment Outcome
    Assessment Result
    Competent     Not Yet Competent
    Feedback to Student
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:

    Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student.
Student attended the feedback session.
Student did not attend the feedback session.
Signature: ___________________
Date:     _____/_____/________

    Purpose of the Assessment
    The purpose of this assessment is to assess the student in the following learning outcomes:
    Not Yet Competent
    1.1 Review and analyse previousfinancial data to establish areas which have generated a profit or loss
    1.2 Undertake research to review reasons for previous profit and loss
    1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
    1.4 Analyse cash flow trends
    1.5 Review statutory requirements for compliance and liabilities for tax
    1.6 Review existing software and its suitability for financial management
    2.1 Use previous financial data to determine allocations for resources
    2.2 Make informed estimates of new items for inclusion in budget
    2.3 Prepare budgets in accordance withorganisational requirements and statutory requirements
    3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations
    3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
    3.3 Review profit and loss statements, cash flows and ageing summaries
    3.4 Revise budgets, as required, to deal with contingencies
    3.5 Maintain audit trails to ensure accurate tracking and to identifydiscrepanciesbetween agreed and actual allocations
    3.6 Ensure compliance with due diligence
    4.1 Ensure structure andformat of reports are clear and conform to organisational and statutory requirements
    4.2 Identify and prioritise significant issuesin statements, including comparative financial performances for review and decision making
    4.3 Preparerecommendations to ensure financial viability of the organisation
    4.4 Evaluate the effectiveness of financial management processes
    Assessment/evidence gathering conditions
    Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can only achieve competence when all assessment components listed under “Purpose of the assessment” section are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.
    Resources required for this Assessment
    · Computer with relevant software applications, access to internet and weekly eLearning notes
    Instructions for Students
    Please read the following instructions carefully
· This assessment has to be completed      In class At home
· The assessment is to be completed according to the instructions given by your assessor.
· Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within two weeks of the assessment due date. All other feedback will be provided by the end of the term.
· Should you not answer the questions co
ectly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
· If you are not sure about any aspects of the assessment, please ask for clarification from your assessor.
· Please refer to the College re-assessment for more information (Student Handbook).
In this assessment task, you will use your skills and knowledge to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. Your work willalso include contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity.
The assessment is divided into three parts and weight allocations as below:
    PART A:Written Reponses
    PART B: Manage finances project on ACARestaurant Café
(a simulated work organisation)
    PART C:Presentation of ACARestaurant Café financial analysis
The learner is required to update and adjust the page numbers and topics based on the amount of their content and the responses made to each task

Instructions: Thispart of the assessment comprises the knowledge testing required for the unit BSBFIM601. Thispart includes 8 questions and you must respond to all. Use the spaces below to respond to the questions. Weights and marking allocations are in the marking allocating table.
    Question 1. Planning for financial management. (2 marks)

Explain why it is necessary for all business organisations to have effective financial management systems and explaining how the information held in financial management systems contribute to ongoing business performance and business planning.

    Question 2. Establishing budgets and allocated funds. (3 marks)

a)     What is a Budget?
)    What data might inform a new budget?
c)     How does analysis of previous financial data assist projected resource estimates and allocations?




    Question 3. Implement Budgets. (4 marks)
a)     How do profit and loss statements cash flow and using aging summaries contribute to new budgets?
)    How can you ensure that managers and supervisors in the organisation understand the budget and understand their reporting requirements with regard to financial management?
c)     Budgets are used to identify and track discrepancies between agreed and actual allocations. Explain.
d)    How do budgets contribute to analysis of existing financial management approaches?

    Question 4. Explain financial probity. (3 marks)

    Question 5. List at least 10...

Answer To This Question Is Available To Download

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