Assessment Tasks
BSBFIM601 Manage finances
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BSBWHS302 Apply knowledge of WHS legislation in the workplace v2.1 September 2016
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Assessment Information
The assessment tasks for BSBFIM601 Manage finance are included in this Student Assessment Tasks booklet and outlined in the assessment plan below.
To be assessed as competent for this unit, the student must complete all of the assessment tasks satisfactorily.
Assessment Plan
Assessment Task
Overview
1. Written questions
Students must co
ectly answer all questions
2. Part A Financial management planning project
Students must plan for financial management by reviewing financial data, as well as preparing budgets.
2. Part B Meet with management team
Students must communicate budgets and financial reporting requirements and delegations to managers.
3. Review budget project
Students must review interim financial data and revise budgets as required.
4. Aged debtor project
Students must review an aged debtor report and develop a report on best practice debtor management.
All assessments will ensure that the principles of assessment and rules of evidence are adhered to. The principles of assessment are that assessment must be valid, fair, reliable and consistent. The rules of evidence state that evidence must be sufficient, valid, cu
ent and authentic.
If reassessment is required, you will be given the chance to resubmit the assessment task. You will have up to three opportunities to resubmit each assessment task. If, after the third attempt, the assessment is still not satisfactory your traine
assessor will make alternative a
angements for assessment.
ASSESSMENT COVER SHEET
This form is to be completed by the assessor and used as a final record of student competency.
All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file.
Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and attached to this form.
Student Name:
Student ID No:
Final Completion Date:
Unit Code:
BSBFIM601 Manage finance
Please attach the following documentation to this form
Result
S = Satisfactory
NS = Not Satisfactory
NA = Not Assessed
Assessment 1
Written Activities
S | NS | NA
Assessment 2 Part A
Project
S | NS | NA
Assessment 2 Part B
Project
S | NS | NA
Assessment 4
Project
S | NS | NA
Final Assessment Result for this unit
C / NYC
Student Feedback: _____________________________________________________________________________________
_____________________________________________________________________________________
Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.
Name: ____________________________
Signature: ____________________________
Date: ____/_____/_____
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
Name: ____________________________
Signature: ____________________________
Date: ____/_____/_____
Administrative use only
Entered onto Student Management Database
________________
Date
Initials
Assessment Task 1: Written Questions
Task summary
· This is an open book test.
· Students need to answer all of the written questions co
ectly.
· Answers should be provided on a separate sheet of paper with the assessment task number clearly indicated, the students name and each question clearly marked. Answers must be word-processed and sent to the assessor via email.
Required
Access to textbooks/other learning materials
Computer and Microsoft Office
Access to the internet
Timing
The assessor will advise you of the due date of this submission.
Write in the due date below as advised by your assessor:
Submit
· Answers to all questions
Assessment criteria
All questions must be answered co
ectly in order for a student to be assessed as having completed the task satisfactorily.
Re-submission opportunities
Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each question.
If any question is not satisfactorily addressed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt/ s will be a
anged at a later time and date.
Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.
Assessment Task 1 Instructions
Provide answers to all of the questions below:
1. Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.
2. Outline the cu
ent company tax rate for both smaller and larger businesses.
3. Explain the principle of cash accounting.
4. Outline at least two advantages and disadvantages of a cash accounting system.
5. Explain the principle of accrual accounting
6. Outline at least two advantages and one disadvantages of cash accounting.
7. Explain the process by which a business reports GST to the Australian tax office?
8. What is the penalty rate to be applied if a supplier does not provide an ABN?
9. A non-profit organisation needs to register for GST after it has a turnover of more than how much?
10. Explain the difference in withholding obligations for employees and contractors.
11. What type of entity must have their financial report audited?
12. Explain the purpose of an audit and auditor’s report?
13. Explain the concept of financial probity.
14. Provide four examples of what would be consider fraudulent behaviour in regard to company finances.
Assessment Task 1 Checklist
Student’s name:
Did the student provide a sufficient and clear answer that addresses the suggested answer for:
Completed successfully
Comments
Yes
No
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Question 10
Question 11
Question 12
Question 13
Question 14
Task Outcome:
Satisfactory
Not Satisfactory
Assessor signature
Assessor name
Date
Assessment Task 2 Part A: Financial Management planning project
This assessment task is in two parts.
For Part A, you are required to review existing financial information and prepare budgets.
For Part B, you are required to meet with the management team to discuss budgets, as well as reporting requirements and delegations.
Task summary
You are required, in the role of the General Manager for Grow Management Consultants, to review existing financial information and prepare budgets for the following financial year based on your review. This task will also require to you review existing financial software to ensure that it is meeting the company’s needs.
Required
Computer and Microsoft Office including Excel
Access to the internet for research
Profit and Loss 2014/15
Strategic Business Plan
Cash Flow Statement 2014/15
Costs and Income
Finance Report template
Timing
The assessor will advise you of the due date of this submission.
Write in the due date below as advised by your assessor:
Submit
· Finance Report
· Financial Management Policy and Procedure
· Completed budgets for 2015/16
Assessment criteria
All tasks must be ca
ied out co
ectly in order for a student to be assessed as having completed the task satisfactorily.
Re-submission opportunities
Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt/ s will be a
anged at a later time and date.
Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.
Assessment Task 2 Part A Instructions
Carefully read the following:
Grow Management Consultants is a consultancy business specializing in leadership consultancy and has been operational for the last five years. The company offers a range of services to assist companies to assess leadership behaviour of existing managers and performance metrics. They also design and implement customized leadership programs based on the assessment. Services are offered Australia-wide.
The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior Consultant, an Administration Officer and Receptionist.
Over the last two years, the company has diversified, and now offers regular professional development workshops on all aspects of leading and managing staff. These workshops are conducted approximately every 3 months in all major cities including Sydney, Brisbane and Melbourne. In 2014 – 2015, the company ran a total of 36 workshops. The company has also recently produced an E-book about leadership techniques.
The intention is to replace the workshops with the annual conference in the next financial year as the workshops were not well attended. Client feedback and continued business indicates a personalized, company focused approach in the form of consulting services is the service of choice.
The E-book has had reasonable sales, but there needs to be a wider selection of books, as well as more marketing. The plan is to generate $10,000 worth of sales for the e-books during the next financial year and increasing over time.
As the General Manager for the company and with responsibility for finances, you are cu
ently completing the financial planning for the year ahead. This involves a review of the company’s business plan, previous year’s profit and loss statement, the cu
ent business plan and strategic directions and cash flow statements. Based on the review, you will be establishing budgets and allocating funds. In developing the budget, you are to assume a 5% increase in cost of sales, as well as a 10% increase in sales for consulting services and executive search.
As per the business plan, the company plans to run an annual conference each year starting in 2016. The costs for the conference have been estimated by the Principal Consultant as set out in the Estimated Conference Costs document. Conference attendance is aimed at 100 people paying $750 each.
The Principal Consultant has also asked you to review the cu
ent accounting software used by business. The company is cu
ently using MYOB but as it has grown, the Principal Consultant wishes to review whether this is the best accounting software for the business. He has also requested that the software have a cloud feature.
Complete the following activities:
1. Prepare a financial performance report
Review the scenario information above, as well as Profit and Loss and Cash Flow Statements provided to you.
Using this information, identify areas of the business that have generated a profit and those that have generated a loss.
Prior to preparing your financial performance