BSBFIM601 Manage finances         
ASSESSMENT GUIDE
Student
BSBFIM601 Manage finances
Assessment
BSBFIM601 Manage finances
There are two assessments for this unit:
1. Research Questions
Students are to read the questions and respond in writing with the most suitable answer. There are six questions, all of which must be completed. Most questions require short answers although some questions require a more detailed response. Students may use various sources of information including workbooks, internet and other documents, but must list and reference their sources. Suggested sources and websites are provided.
You need to advise students when this is due. Model answers and a record sheet are provided.
2. Case Study
For this assessment students are to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for a simulated business.
The case study is in two stages each with 2 parts. Students must complete them all.
Stage One: – based on the given financial information about the simulated business, students are to prepare a number of budgets and then using appropriate formulae, to analyse financial data to assess and manage risk and identify discrepancies.
Stage One – requires students to analyse discrepancies and produce a report in which they account for variations. They are then required to participate in a role play, with you, acting in the role of company CEO in which they discuss the variances and make financial recommendations in relation to the company’s financial situation.
Instructions and roles for the role play are provided.
You need to advise students when this is due. A marking guide and record sheet are provided. A model budget and Sample report and ratios are provided in the Appendices.
Students will need access and are expected to use suitable financial management software
Assessment Schedule
    Assessment
    Due Date
    1.
    Research Questions
    
    2.
    Case Study:
· Stage One
· Stage Two
    
INFORMATION FOR STUDENTS
General Assessment Information
This information is designed to provide you with a full overview of the tasks you need to successfully complete to be deemed competent in this unit.
You must achieve a satisfactory performance in each of the assessment tasks in order to be deemed competent in the relevant unit. Where necessary, the assessment tasks are divided into parts or steps. These are designed to take you through a step by step approach to completing the activities.
Instructions
First and foremost, please contact your assessor to discuss any necessary adjustments that may need to be made prior to completing these tasks. The instructions for each of the assessment tasks are logically sequenced. If you have any questions, contact your assessor immediately. If there is a practical component to your assessment, you will need to discuss the arrangements for its completion with your assessor in advance.
Assessment Cover Sheet
Once you have completed all of the tasks, complete the Assessment Cover Sheet, sign the declaration and forward along with your documentation to your assessor. It should be uploaded along with the assessment on to the RTO manager.
Submitting Assessment Tasks
All written assessment tasks must be typed and submitted with the provided cover sheet.
Your trainer/assessor will tell you when assessments are due. It is your responsibility to ensure that assessment tasks are submitted on or before their due date.
Extensions for individual assessment tasks may be negotiated with your trainer in specific circumstances. You must request this prior to the due date, and extensions due to illness will require a medical certificate. Extensions will be confirmed by your trainer/assessor.
Where assessment tasks are submitted following the conclusion of the unit of competency without a medical certificate or extension, a late submission fee for each assessment task will be charged.
Assessment Outcomes
There are two outcomes of assessment tasks: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).
You will be awarded C = Competent on completion of the unit when you have achieved S for all completed assessment tasks and by meeting all the performance criteria. If you fail to meet this requirement, you will receive the result NYC = Not Yet Competent and will be eligible to be re-assessed according to George Brown College policy.
If you are deemed Not Competent by your assessor and require re-assessment, you will be informed of the process. A fee may be charged according to George Brown College policy.
If all assessment tasks are not completed for a qualification, a certificate will not be awarded. A Statement of Attainment for completed units of competency will be provided.
Your Results
Your assessor is committed to providing you with detailed feedback on the outcomes of the assessment and will provide guidance on areas for improvement. In most instances, you should only need to complete the sections of the assessment that were deemed not satisfactory. However, it is important to remember that depending on the task, it may be necessary to repeat the whole task (for example presentations or the delivery of a training session).
You are entitled to view your results at any time by viewing them once they are uploaded on RTOManager.
Reasonable Adjustment
George Brown College supports individual differences in the learning environment and provides ‘reasonable adjustment’ in training and assessment activities to support every learner. If you have any special needs that make it difficult for you to complete your learning or assessments, you should discuss this with your assessor beforehand and will be provided with reasonable alternatives to assist you to complete the required tasks such as completing tests verbally or using an interpreter.
What happens if you do not agree with the assessment result?
If you do not think the assessment process is valid, or disagree with the decision once it is made, or believe that you have been treated unfairly, you can appeal. The first step is to discuss the matter with your trainer.
If you still do not agree with the results, refer to the GBC Complaints and Appeals Policy and speak to the Student Services Team.
Support
While we may not be in a position to assist you with language training or specific LLN training, our assessors will work with you to ensure that you are supported throughout your qualification. If you require individual tutoring this may attract an additional fee (see Student Handbook). Support may be offered by your assessor, or for more specialist support you may need to contact GBC administration.
A Note on Plagiarism and Referencing
Plagiarism is a form of theft where the work, ideas, inventions etc. of other people are presented as your own. Information, ideas etc. quoted or paraphrased from another source such as the Internet, must be acknowledged with “quotation marks” around the relevant words/sentences or ideas and the source listed in brackets. You must also list the sources at the end of your assessment.
Sources of information, ideas etc. must be provided in alphabetical order by author’s surname (including author’s full name, name of document/ book / internet etc. and year and place of publishing) or may be included in brackets in the text.
As a general rule it is advisable to never copy another person’s work. Should it appear that a student’s work has been copied or does not appear to be authentic, you will be asked to speak to your Course Coordinator and required to re-submit it. A fee may be charged according to George Brown College policy.
Contacting the RTO
If you should need further support or assistance please do not hesitate to contact The Student Services Team.
Assessment
BSBFIM601 Manage finances
There are two assessments for this unit:
1. Research Questions
For this assessment, you are to read the questions and respond in writing with the most suitable answer. There are six questions, all of which must be completed. Most questions require short answers although some questions require a more detailed response. You may use various sources of information including workbooks, internet and other documents, but must list and reference their sources. Suggested resources and websites are provided.
Your assessor will advise you when this is due.
2. Case Study
For this assessment you are to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for a simulated business.
The case study is in two stages each with 2 parts. You must complete them all.
Stage One: – based on the given financial information about the simulated business, you are to prepare a number of budgets and then using appropriate formulae, to analyse financial data to assess and manage risk and identify discrepancies.
Stage One – requires you to analyse discrepancies and produce a report in which you account for variations. You are then required to participate in a role play, with the assessor, acting in the role of company CEO, in which you discuss the variances and make financial recommendations in relation to the company’s financial situation.
Your assessor will advise when each part is due.
You will need access and are expected to use suitable financial management software
Assessment Schedule
    Assessment
    Due Date
    1.
    Research Questions
    
    2.
    Case Study:
· Stage One
· Stage Two
    
ASSESSMENT COVER SHEET
    Student Name:
    
    Student ID:
    
    Contact Number:
    
    Email:
    
    Trainer / Assessor Name:
    
    Qualification:
    BSB60915 Advanced Diploma of Management (Human Resources
    Unit of Competency:
    BSBFIM601 Manage finances
    Assessment:
    ☐ Research Questions
☐ Case Study:
· Stage One
· Stage Two
    Due Date:
    
    Date Submitted:
    
    If your assessment is being submitted after the due date, please attach a copy of the written confirmation of extension received from your assessor.
    Declaration:
    I have read and understood the following information at the beginning of this assessment guide (please tick):
    
    ☐ Assessment information
☐ Submitting assessments
☐ Plagiarism and referencing
    
    I declare this assessment is my own work and where the work is of others, I have fully referenced that material.
    
    
    
    
    
    Name (please print)
    
    Signature
    
    Date
Assessment 1: research Questions
You are required to research and write answers to each of the following questions are topic areas. There are six topics. You must complete them all. Indications of required length are included with the questions.
You may use various sources of information including your workbook, internet and other documents. Your assessor will advise when this is due. For each response you must correctly site your source/s.
Question
List the obligations under the Corporations Act 2001 List at least six (6) obligations)
    The degree of the revealing commitments relies upon the size and exercises of the organization and whether it is an announcing substance. Organizations directing business in Australia are under different commitments to:
Keep different records and keep up different registers in regard of their exercises.
Keep up their records as per proper accounting rules reliably applied in Australia.
Get ready yearly fiscal summaries and reports and circulate duplicates to their investors.
At times, plan merged budget summaries covering monetary parts of a gathering of organizations.
Secure the planning of reports by the chiefs on the organization's presentation.
For certain organizations, have their records inspected routinely by an autonomous inspector who is an occupant in Australia .
Question
Briefly explain the following Australian, international and local legislation and conventions that are relevant to financial management in the organisation
(a) Australian Accounting Standards
    Australian Accounting Standards are set by the Australian Accounting Standards Board (AASB), a free government organization. The norms are extensively tantamount to the prerequisites of IFRS, albeit the AASB has made changes to specific principles and has given extra translations and direction to oblige Australia's particular authoritative and financial climate, or to meet the particular detailing necessities of elements, for example, not-for-profit associations.
(b) Australian Securities and Investments Commission
    The Corporations Act 2001 forces a solitary authorizing system for monetary deals, exhortation and dealings corresponding to monetary items, reliable and equivalent monetary item revelation and a solitary authorisation technique for monetary trades and clearing and repayment offices. The administrative structure covers a wide scope of monetary items including protections, subsidiaries, general and life coverage, superannuation, edge loaning, carbon units, store records and methods for installment offices. We have delivered administrative direction comparable to the Future of Financial Advice (FOFA) changes. We are proceeding to screen the advancement of the pertinent guidelines, considering continuous government survey of these changes.
(c) Privacy Acts and Principles
    · Lawfulness, fairness, and transparency
· Purpose limitations
· Data minimization
· Accuracy
· Storage limitation
· Integrity and confidentiality
(d) International regulations (a brief overview)
    Australia has solid exchange attaches with the remainder of the world. Its area has likewise permitted Australia to turn into a significant provider to business sectors in the Asia-Pacific district.
The Australian Government has various strategies that try to create and help Australian organizations associated with worldwide exchange like Free Trade Agreements, Tariffs & Duties, Import regulation etc. Guideline additionally exists to secure homegrown enterprises, customers, and the climate from destructive and hazardous merchandise imported from abroad.
Question
Research tax law compliance and outline statutory requirements related to each of the following:
    Tax
    Requirements
    (a) Goods and Services Tax
    It is required to be charged on the supply of goods & service if the annual turnover of a business were $ 75,000 or more.
    (b) Payroll tax
    Payroll Tax is a self-surveyed, universally useful state and domain charge evaluated on wages paid or payable by a business to its workers, when the absolute compensation bill of a business (or gathering of bosses) surpasses an edge sum which varies between states & territories.
    (c) Income tax
    Companies that are residents of Australia are subject to Australian income tax on their worldwide income. Generally, non-resident companies are subject to Australian income tax on Australian-sourced income only. However, where a company is resident in a country with which Australia has concluded a double taxation agreement (DTA), Australia's right to tax business profits is generally limited to profits attributable to a permanent establishment (PE) in Australia.
All companies are subject to a federal tax rate of 30% on their taxable income, except for ‘small business’ companies, which are subject to a reduced tax rate of 26% for the current 2020/21 income year, reducing to 25% from the 2021/22 income years (27.5% up to and including the 2019/20 income year). The reduced tax rate applies only to those companies that, together with certain 'connected' entities, fall below the aggregated turnover threshold of AUD 50 million (AUD 25 million for the 2017/18 income year).
    (d) Fringe benefit tax
    FBT is paid by employers on certain benefits they provide to their employees or their employees’ family or other associates. FBT applies even if the benefit is provided by a third party under an arrangement with the employer.
FBT is separate to income tax and is calculated on the taxable value of the fringe benefit. The employer must self-assess their FBT liability for the FBT year (that is, 1 April to 31 March) and lodge an FBT return.
    (e) PAYG withholding payable
    (PAYG) withholding amounts from payments made to employees, other workers, such as contractors, that you have voluntary agreements with or businesses that don't quote their Australian business number (ABN).
    (f) Company tax
    An Australian resident company is subject to company tax, at a rate set by the Australian Government.
Question
Describe the “principles of accounting” and financial systems.
    Bookkeeping standards are the principles and rules that organizations should follow when revealing monetary information. The Financial Accounting Standards Board (FASB) issues a normalized set of bookkeeping standards in the U.S. alluded to as sound accounting guidelines (GAAP). Bookkeeping standards help oversee the universe of bookkeeping as indicated by broad principles and rules. GAAP endeavors to normalize and control the definitions, suspicions, and techniques utilized in bookkeeping.
Consistency alludes to an organization's utilization of bookkeeping standards after some time. When bookkeeping standards permit decision between numerous strategies, an organization ought to apply a similar bookkeeping strategy over the long run or uncover its adjustment in bookkeeping technique in the commentaries to the fiscal reports.
Similarity is the capacity for budget summary clients to survey numerous organizations' financials one next to the other with the assurance that bookkeeping standards have been followed to similar arrangement of principles. Bookkeeping data isn't supreme or cement, and guidelines, for example, GAAP are created to limit the negative impacts of conflicting information. Without GAAP, contrasting budget summaries of organizations would be incredibly troublesome, even inside a similar industry, making consistent examination hard. Irregularities and blunders would likewise be more earnestly to spot.
Question
Describe the requirements and implications of “financial probity”.
    Probity is the demonstration of severe adherence to most noteworthy standards and beliefs (uprightness, great character, genuineness, fairness) instead of evading bad or exploitative direct. It adjusts administration to the local area against the personal responsibility of people. Honesty is stressed by the UN Convention against defilement. Honor is the proof of moral conduct in a specific interaction. Monetary Probity implies, severe dutifulness to a code of morals dependent on supreme trustworthiness, particularly in business or financial issue and past lawful necessities.
Requirements of Financial Probity were as follows:
a.) Authorities should act morally, as per the APS Values (set out in segment 10 of thePublic Service Act 1999) and Code of Conduct (set out in area 13 of thePublic Service Act1999), consistently in endeavor obtainment.
b.) treat delicate members (and possible delicate members) reasonably and similarly, and try not to give one delicate member an ill-advised bit of leeway over another.
c.) keep up privacy of members private data, including economically touchy data and protected innovation.
d.) guarantee delicate cycles, exchanges, assessment cycles, and agreement the executives measures are auditable, straightforward and responsible.
proactively distinguish and oversee irreconcilable circumstances whether genuine, potential or saw suitably and as per relevant lawful and strategy necessities, including appropriate Victorian Public Sector sets of principles.
Implication of monetary integrity includes safeguarding that there is full accountabilities of the asset the executives independent of whether it is exchange related or as a prompt. It ought to likewise be guaranteed that prerequisite of law had been met taking everything into account.
Question
Recommend commercially available software that is suitable for financial management.
    a.) Quickbook – It is a standard far reaching monetary administration apparatus outfitted towards little and medium organizations and bookkeepers. It encourages you with bank compromise, solicitations, following costs, finance, and progressed detailing. There are both cloud and on-premise arrangements. While on the more unpredictable side, it's ground-breaking highlights offer a convincing explanation on the off chance that you as a rule manage high volumes. A private company with restricted prerequisite may discover QB somewhat overpowering.
b.) Zoho Finance – It suite separates departmental storehouses and offers a start to finish coordinated stage for all your back-office tasks: bookkeeping, invoicing, stock, cost the board, and expense consistence. The suite conveys adaptable, versatile, and secure applications to deal with your whole account measure. Each application is available from the rest making the use consistent. The granular client jobs limit access dependent on your necessities and you can redo them to the littlest detail.
c.) Xero – It is a bookkeeping instrument that allows you to make proficient repeating solicitations, accommodate bank and financial records. It additionally assists organizations with buy and deals orders, contact the...