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BSBFIM601 Manage Finances: Student Assessment Tasks Solution 

 

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Assessment Task 1: Written Questions

Task summary

  • This is an open book
  • Answer must be completed within the timeframe as instructed by your
  • Students need to answer all of the written questions
  • Answers must be word-processed and sent to your assessor as an email attachment.

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.

Answers to all questions

Assessment criteria

All questions must be answered correctly 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. Reassessment attempt/ s will be arranged 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.

Written answer question guidance

The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.

Note that the following guidance is the minimum level of response required.

Analyse – when a question asks you to analyse something, you should do so in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.

Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.

Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.

Discuss– when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.

Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.

Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.

Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.

Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.

Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.

List – when a question asks you to list something, this means that you are asked to briefly state information in a list format.

Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.

Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.

Provide answers to all of the questions below:

  1. Identify and describe financial probity requirements for
  2. Identify four examples of what would be considered fraudulent behaviour in regard to company finances.
  3. Identify the requirements for audited accounts and the purpose of an audit
  4. Describe the principle of cash accounting one advantage and one disadvantage of cash accounting.
  5. Describe the principle of accrual accounting and one advantage and one disadvantage of accrual
  6. Explain the four main taxation and superannuation obligations for business. Briefly discuss each
  7. Identify the Act that details requirements for financial reporting and auditing and explain the requirements for companies for preparing and lodging financial reports under this
  8. Explain the requirements for registered foreign companies regarding preparing and lodging financial
  9. Identify the current company tax rate for both smaller and larger
  10. Explain the process by which a business reports GST to the Australian tax
  11. Identify the penalty rate to be applied if a supplier does not provide an
  12. A non-profit organisation needs to register for GST after it has a turnover of more than how much?
  13. Explain the difference in withholding obligations for employees and contractors.

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.

This task will be completed in the simulated work environment at your RTO.

Required

  • Computer and Microsoft Office including Excel
  • Access to the internet for research
  • Profit and Loss 2019/20
  • Strategic Business Plan
  • Cash Flow Statement 2019/20
  • Costs and Income
  • Finance Report template

Timing

The assessor will advise you of the due date of this submission.

Submit

  • Finance Report
  • Financial Management Policy and Procedure
  • Completed budgets for 2019/20

Assessment criteria

All tasks must be carried out correctly 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 arranged 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 2019/20, 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 indicate 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 currently 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 current 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 the 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 2018. 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 current accounting software used by business. The company is currently 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
    • Using this information, identify areas of the business that have generated a profit and those that have generated a
    • Prior to preparing your financial performance report, conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you and economic conditions and business trends that may have resulted in the profit or You will be required to report on your findings in the financial performance report as outlined below.
    • You should also conduct research on financial software systems as per the scenario Make notes for use in your report.
    • Prepare a financial performance report for the Principal Consultants using the template provided by your assessor that includes an:
    • Overview of the purpose of the
    • Analysis of the current year’s 2019/20 profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, as well as gross profit/loss margin and net profit/loss
    • Analysis of overall business performance, as well as performance of each of the income streams for 2019/20.
    • Outline of reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends.
    • Analysis of the organisation’s goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key
    • An analysis of cash flow trends as per the cash flow
    • Review and analysis of at least three other financial software that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently
  2. Develop forecasts
    • Develop budget forecasts and ensuring that the analysis of the previous year’s data and future plans as indicated in the business plan is taken into account in determining projected income and expenditure.
    • As per the organisation’s policy, the budget forecasts are to be submitted in Excel. Develop a suitable format within Excel for your
    • Ensure that your budget includes the estimated income and costs for the conference and e-book to be implemented in 2020/21. This is provided to you as a separate
    • Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting and executive recruitment service. Input costs and income for the conference and e-book as per the data indicated in the document.
  3. Circulate report and budgets to staff
    • Submit a draft an email to be sent to the principle consultants (assessor) on the completed report and budgets for discussion at the meeting in Part

Assessment Task 2 Part B: Meet with the management team

Task summary

For this assessment task, you are required to meet with the management team (your assessor) to discuss the budgets you have prepared for the upcoming financial year, as well as to confirm reporting requirements and financial delegations as documented in the financial management policy and procedure.

You are also required to research and report on as a guide for managers about the business’s financial compliance requirements, as well as tax liabilities.

This task will be completed in the simulated work environment at your RTO.

Required

  • Computer and Microsoft Office
  • Access to the internet for research and to access web sites such
  • Printer to print off meeting documents
  • Meeting space
  • Role-play participant (assessor)
  • Finance Report
  • Finance Policy and Procedures
  • Completed budgets for 2019/20 (developed in Assessment Task 2 Part A)

Timing

The assessor will advise you of the due date of this submission.

Submit

You have to submit a report and meeting documents for this assessment task as your assessor will observe you conducting the meeting.

Assessment criteria

The tasks must be carried out such that they satisfy the assessment criteria in the checklist 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 arranged 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.

  • Computer and Microsoft Office
  • Access to the internet for research and to access web sites such
  • Printer to print off meeting documents
  • Meeting space
  • Role-play participant (assessor)
  • Finance Report
  • Finance Policy and Procedures
  • Completed budgets for 2019/20 (developed in Assessment Task 2 Part A)

Timing

The assessor will advise you of the due date of this submission.

Submit

You have to submit a report and meeting documents for this assessment task as your assessor will observe you conducting the meeting.

Assessment criteria

The tasks must be carried out such that they satisfy the assessment criteria in the checklist 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 arranged 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 B Instructions

Carefully read the following:

The Principal Consultant has approved the budget for the upcoming financial year 2020/21. You are now required to meet with the Senior Managers to communicate the budgets you have developed.

So as to that financial risks are managed in relation to the misappropriation of funds and recording of transactions, you are also required to outline reporting requirement and financial delegations as outlined in the company’s financial policy and procedures, as well as research and report on the company’s compliance requirements and tax liabilities.

Complete the following activities:

  1. Develop a report on key financial compliance requirements and liabilities for tax in preparation for the meeting

Research and report on the business’ key financial compliance requirements and liabilities for tax.

Develop a short report to provide to the management team at the meeting. The handout should explain:

  • GST reporting requirements (the company is required to report quarterly)
  • PAYG withholding obligations
  • PAYG income tax instalment
  • Payroll tax obligations (state government)
  • Superannuation entitlements and requirement to comply with legislation regarding the frequency of payment, choice of fund and reporting to

When you have developed your handout, print off a copy to provide to your assessor at the meeting.

2    Prepare for meeting

In preparation for the meeting, review the financial management policy and procedure that sets out reporting requirements and financial delegations.

You will be required to explain key reporting requirements to the Managers attending the meeting, as well as financial delegations. Print off a copy to take to the meeting to remind you of the key points in the financial policy and procedure.

Print off a copy of the budget you have developed in preparation for the meeting. At the meeting you will need to:

  • Discuss the budget you have developed and the rationale for the budget
  • Discuss the amounts allocated to activity, including the conference and the e-book.
  • Explain that there will be no more workshops
  • Provide an outline of the financial policy and procedure so as to ensure that roles and responsibilities are understood and risks of misappropriation of funds/incorrect recording of financial transactions are
  • Explain the company’s key financial compliance requirements and tax liabilities.
  1. Conduct meeting

Conduct the meeting as per the requirements above, making sure you provide the team with all the required documentation.

During the meeting, you will need to demonstrate effective communication skills by:

  • Speaking clearly
  • Responding to questions as required
  • Using active listening techniques to confirm or clarify information

At the meeting, your assessor will provide you with information that you will need to use to revise the budget.

Assessment Task 3: Budget review project

Task summary

This assessment task requires you to review the profit and loss statement for 2019/20, as well as the cash flow statement for Grow Management Consultants.

This task will be completed in the simulated work environment at your RTO.

Required

  • Computer and Microsoft Office
  • Access to the internet for research
  • Profit and Loss 2019/20
  • Cash Flow Statement 2019/20

Timing

The assessor will advise you of the due date of this submission.

Submit

  • Report on performance, including revisions to the budget

Assessment criteria

The tasks must be carried out such that they satisfy the assessment criteria in the checklist 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 arranged 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.

Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues/ needs that may hinder them when attempting any part of the assessment.

Assessment Task 3 Instructions

Carefully read the following:

It is now 1 year later, and you are required to review the profit and loss account for 2020/21, as well as the cash flow statement.

The Principal Consultant has also asked you to focus on reviewing the conference costs as, while there was very positive feedback from the conference and the company wishes to run it next year, there need to be revisions to the budget and a potential price increase for the conference fee to make the conference profitable.

The Principal Consultant would like you to report on a proposed conference fee given a 10% increase in all the recorded costs for the conference as shown in the profit and loss statement (and that match the conference costs for the document you reviewed in Assessment Task 2) and assuming 70 people will attend the 2020/ 21 conference. The Principal Consultant would also like a 20% return on the conference costs.

Complete the following activity:

  1. Analyse financial information

Analyse the information provided in the profit and loss account and cash flow statement including:

  • Review of overall performance and gross/net profit margins
  • Calculation of variation in actual versus budgeted amounts for each income
  • Calculation of variation in actual versus budgeted costs, focusing particularly on conference
  • Recommended revisions to the budget for conference costs for 2020/21.
  • The proposed conference fee for 2020/21 conference assuming attendance of 70 people and to make a profit of at least 20%.

Based on your analysis of the profit and loss account, develop a short report to send to the Principal Consultant that includes your analysis as above.

Submit a draft an email to be sent to your report to the Principal Consultant (your assessor).

Assessment Task 4: Debtor management project

Task summary

This assessment task requires you to review and evaluate financial management processes in relation to debtor management and to ensure Grow Management’s financial due diligence.

This task will be completed in the simulated work environment at your RTO.

Required

  • Computer and Microsoft Office
  • Access to the internet for research
  • Aged Debtor Summary

Timing

The assessor will advise you of the due date of this submission.

Submit

  • Submit the Debtor Management Report

Assessment criteria

The tasks must be carried out such that they satisfy the assessment criteria in the checklist 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 arranged 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.

Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues/ needs that may hinder them when attempting any part of the assessment.

Assessment Task 4 Instructions

Complete the following activity:

  1. Report on debtor management

Review the aged debtor report provided to you by your assessor to identify issues within the financial report.

Analyse the information in the report noting that the company’s usual terms are payment 10 days from invoice.

Using the Internet, research best practice debtor management and make notes on your findings. Provide a report for your CEO (your assessor) based on your analysis. Your report should include:

  • An explanation of the information in the aged debtor
  • Analysis of any issues with the company’s aged debtor
  • Develop at least 5 recommendations that could be adopted by the company in response to your analysis. This will also be based on the debtor management research you

Submit your report to your CEO (assessor) seeking approval to implement best practice debtor management processes.

Your report should be approximately 1 page.

 

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