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16 ADDENDUM | © 2020 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB61315 ADVANCED DIPLOMA OF MARKETING AND COMMUNICATION and BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT and BSB61218 ADVANCED DIPLOMA OF PROGRAM MANAGEMENT | FINANCIAL MANAGEMENT 2_V6.5 ASSESSMENT 1 Course Name BSB61315 Advanced Diploma of Marketing and Communication BSB61015 Advanced Diploma of Leadership and Management BSB61218 Advanced Diploma of Program Management Subject/module Financial Management 2 Assessment method Part A: Case Study/Practical Part B: Case Study/Practical Weighting 50% Units of Competency BSBFIM601 Manage Finances Instructions 1. Assessments should be completed as per your trainer’s instructions. 2. Assessments must be submitted by the due date to avoid a late submission penalty. 3. Plagiarism is copying someone else’s work and submitting it as your own. You must write your answers in your own words and include a reference list. A mark of zero will be given for any assessment or part of an assessment that has been plagiarised. 4. You may discuss your assessments with other students, but submitting identical answers to other students will result in a failing grade. Your answers must be yours alone. 5. Assessments must be submitted through the submissions folder in myAPC.hub in MS Word format where possible, or in PDF as per your trainer’s instructions. Cover sheets are to be submitted as separate files. (Note if you do not have Microsoft Word software on your computer you can work in Google docs and download your completed task in the MS Word format prior to submission upload) 6. You must attempt all questions. 7. You must pass all assessments in order to pass the subject. 8. All assessments are to be completed in accordance with WHS regulatory requirements. 17 ADDENDUM | © 2020 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB61315 ADVANCED DIPLOMA OF MARKETING AND COMMUNICATION and BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT and BSB61218 ADVANCED DIPLOMA OF PROGRAM MANAGEMENT | FINANCIAL MANAGEMENT 2_V6.5 Assessment 1 Part A – Case Study/Practical Your Task 1. Use the internet to RESEARCH and discuss the importance of workplace review and evaluation in the context of monitoring financial plans. Include in your report how work health and safety programs within an organisation can have affect on the financial performance of an organisation. 2. DISCUSS how you would analyse the effectiveness of financial monitoring and planning. 3. OUTLINE how you would monitor such improvements that are made in the monitoring of procedures. 4. VISIT some internet search sites and research and provide information on: a. Bilateral or regional trade agreements b. International Commercial Terms (INCOTERMS) c. Competition and Consumer Act (2010) d. Warsaw Convention e. World Trade Organisation determinations. 5. OUTLINE the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, PAYG. Include in your answer areas such as: a. Internal control procedures an organisation would need to have b. Reporting periods for GST, Company Tax and PAYG c. Outline the statutory forms that organisations are required to utilise when reporting their tax commitments. 6. OUTLINE the guidelines for businesses operating in Australia in regards to reporting of duty, excise and other overseas government charges. 7. DESCRIBE the discrepancies in business transactions that would not be acceptable and what processes can an organisation have to avoid discrepancies in their business transactions. The project must be typed and presented in a professional report format. Each question should be answered in three (3) paragraphs. 18 ADDENDUM | © 2020 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB61315 ADVANCED DIPLOMA OF MARKETING AND COMMUNICATION and BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT and BSB61218 ADVANCED DIPLOMA OF PROGRAM MANAGEMENT | FINANCIAL MANAGEMENT 2_V6.5 Assessment 1 Part B – Case Study/Practical Proactive Management Consultants Read the case study on Proactive Management Consultants Pty Ltd below. Your Task 1. Prepare you cash sales income for each month (taking into consideration your accounts receivable information). 2. a. Calculate variance ($) & (%) for each period as requested (5 x Financial Reports contained in the assessment). b. Complete each cashflow opening balance, receipts, payments & closing balance for each actual month. 3. Highlight three “unfavourable” variants and provide recommendations. 4. Notate your recommendations to PMC on actual sales and expenditure for the following months: • July • August • September • October • November. 5. Complete a new budget based on your recommendations. Proactive Management Consultants Proactive Management Consultants Pty Ltd (PMC) are a small service organisation that provide consultative services to a wide variety of clients and have been in existence for just over five years. Typically, they advise their clients on professional development opportunities, organisation structure and simple training initiatives. While the past 12 months have been profitable for PMC, they face a very uncertain future. Reducing government support, the global financial crisis, an increasingly competitive market and a client base that already believes they are already paying too much. PMC prides itself on the advice they give their clients, however, finance has never been their strength. The PMC Board has approached your company to provide monthly financial reports and recommendations on how they should proceed with their financial plans. PMC has provided each month’s sales and expenditure data from which they require your company to complete the reporting in the templates provided, interpret the data and provide recommendations. Accounts payable are entirely paid month-to-month. Accounts receivable are 19 ADDENDUM | © 2020 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB61315 ADVANCED DIPLOMA OF MARKETING AND COMMUNICATION and BSB61015 ADVANCED DIPLOMA OF LEADERSHIP AND MANAGEMENT and BSB61218 ADVANCED DIPLOMA OF PROGRAM MANAGEMENT | FINANCIAL MANAGEMENT 2_V6.5 calculated at 60% current month, 30% last month, 10% second to last month – actual May sales – $42,100; actual June sales – $47,300. These figures will be required to determine actual sales receipts for July and August. PMC has also provided you with a list of initiatives they had planned to undertake over the next six months. They have budgeted for these in their financial planning and they need you to consider them in your recommendations. They are: a. Anticipate large invoicing month in July due to number of leads. b. All company motor vehicle registrations and insurance are due in July, $18,000. c. 15th August moving to new premises whereby rent increases to $3,500 per month. d. To increase productivity PMC will upgrade all computers under expensed equipment in September at $12,000. e. Have sought an aggressive advertising campaign in October to invigorate lost clientele, $16,000. f. Due to advertising campaign, PMC are recruiting two new consultants in October. This will add 30% to November and December’s payroll and $10,000 in recruitment and training during October. It will also result in increased business (40% November and December). g. Purchasing a licence to deliver an innovative training program in November for $20,000. Have contractual agreements in January and February that will generate $32,000 in sales. h. Three employees on annual leave will have 50% impact on sales in November. i. Conducting a professional development week for all staff in December, $18,000. j. Employee bonuses due in December, anticipate $16,000. Source: Innovation and Business Skills Council Ltd, 2009 - END - 20 AD D EN D U M | © 2020 YO U N G R AB B IT P TY LTD , AU STR ALIAN P AC IFIC C O LLEG E B SB 61315 A D VA N C ED D IP LO M A O F M A R K ETIN G A N D C O M M U N IC A TIO N and B SB 61015 A D VA N C ED D IP LO M A O F LEA D ER SH IP A N D M A N A G EM EN T and B SB 61218 A D VA N C ED D IP LO M A O F P R O G R A M M A N A G EM EN T | FIN A N C IA L M A N A G EM EN T 2_V6.5 Jul 0X Budget $ Over Budget % of Budget Aug 0X Budget $ Over Budget % of Budget Ordinary Income/Expense Income Reimbursed Expenses 600 1200 Sales 61200 42000 Services 0 100 Total Income 61800 43300 Expense Bank Service Charges 50 50 Books and Publications 100 100 Dues and Subscriptions 50 50 Expensed Equipment 500 500 Advertising 2000 2000 Insurance 10000 1000 Finance Charge 100 10 Loan Interest 5000 3300 Licenses and Permits 700 0 Motor Expense 9000 2570 Office Supplies 150 150 Payroll Expenses 25000 25000 Postage and Delivery 20 20 Printing and Reproduction 1000 350 Accounting Fees 0 1200 Legal Fees 0 0 Recruitment & Training 0 500 Rent 1200 3500 Repairs 300 300 Software Expense 300 60 Stamp Duty 100 100 Telephone 100 100 Travel & Ent 1500 1000 Utilities 250 250 Total Expense 57420 42110 Net Income (EBIT) 4380 1190 Opening Balance 51,200 51200 49260 Receipts 55480 49250 Payments 57420 42110 Closing Balance 49260 56400 Proactive Management Consultants Pty Ltd - Financial Data - July to December 200X 21 AD D EN D U M | © 2020 YO U N G R AB B IT P TY LTD , AU STR ALIAN P AC IFIC C O LLEG E B SB 61315 A D VA N C ED D IP LO M A O F M A R K ETIN G A N D C O M M U N IC A TIO N and B SB 61015 A D VA N C ED D IP LO M A O F LEA D ER SH IP A N D M A N A G EM EN T and B SB 61218 A D VA N C ED D IP LO M A O F P R O G R A M M A N A G EM EN T | FIN A N C IA L M A N A G EM EN T 2_V6.5 Proactive Management Consultants Pty Ltd – Financial Data – July to December 200X Sep 0X Budget $ Over Budget % of Budget 1st Quart Budget $ Over Budget % of Budget Ordinary Income/Expense Income Reimbursed Expenses 2000 3800 Sales 41000 144200 Services 400 500 Total Income 43400 148500 Expense Bank Service Charges 50 150 Books and Publications 100 300 Dues and Subscriptions 50 150 Expensed Equipment 12000 13000 Advertising 500 4500 Insurance 1000 12000 Finance Charge 10 120 Loan Interest 3300 11600 Licenses and Permits 0 700 Motor Expense 1200 12770 Office