Im doing an advance diploma in marketing and communications. This is a business and finance module.
BSBFIM601 - Manage finances Assessment This unit forms part of the following qualification(s): BSB61015 Advanced Diploma of Leadership and Management BSBFIM601 – Assessment Page 1 of 15 Acquire Training Solutions Pty Ltd trading as Laneway Education ABN: 91 607 441 412 RTO No: 41504 CRICOS CODE: 03597G Contents Task 1 – Knowledge Questionnaire 3 Question 1.1 3 Question 1.2 3 Question 1.3 3 Question 1.4 4 Task 2 – Plan for financial management, establish budgets and allocate funds 4 2.1 Plan for financial management 4 2.2 Establish budget and allocate funds 6 2.3 Circulate the budgets 9 Task 3 – Implement budgets and report on finances 10 3.1 Implement budgets and report on finances 10 3.2 Communicate report findings 13 BSBFIM601 – Assessment Page 2 of 15 Acquire Training Solutions Pty Ltd trading as Laneway Education ABN: 91 607 441 412 RTO No: 41504 CRICOS CODE: 03597G Task 1 – Knowledge Questionnaire This assessment is a written questionnaire with a mix of objective and subjective questions. Refer to the learning material for this unit and undertake additional independent research if needed. To complete this task satisfactorily, provide satisfactory answers to all questions in your own words, as instructed. Question 1.1 Identify and list 4 requirements for financial probity. Question 1.2 Describe 4 principles of accounting and financial systems. (30-50 words/description) Principle Description Question 1.3 Explain three international and local legislation and convention that are relevant to financial management in the organisation. Hint: consider where you could find that information. (30-50 words/explanation) International and local legislation and convention Explanation BSBFIM601 – Assessment Page 3 of 15 Acquire Training Solutions Pty Ltd trading as Laneway Education ABN: 91 607 441 412 RTO No: 41504 CRICOS CODE: 03597G Question 1.4 Outline the following requirements of the Australian Taxation Office (30-50 words each): Requirements of the Australian Taxation Office Outline GST Company Tax PAYG ABN Superannuation BSBFIM601 – Assessment Page 4 of 15 Acquire Training Solutions Pty Ltd trading as Laneway Education ABN: 91 607 441 412 RTO No: 41504 CRICOS CODE: 03597G Task 2 – Plan for financial management, establish budgets and allocate funds 2.1 Plan for financial management Carefully read and analyse the Case Study provided, including the relevant policy and procedures and the additional scenario (A, B, C) provided in the assessment overview document under Task 2. Develop a report in the form of personal notes to record your analysis of the relevant financial data, business plan, cash flow trends and statutory requirements that will be used to inform the budget. A Review previous financial data and determine areas of profit and loss (3-5) B Determine and list reasons for previous profit and loss. (3-5) C Review the business plan and determine the critical dates and initiatives that will require or generate resources in the next financial cycle. (5-7) D Analyse the cash flow trends, what do they suggest about the financial health of the company? E Review and list the statutory requirements and liabilities for tax. (7-10) F a) Review the existing software and explain why it is suitable or not suitable for financial management. (30-50 words) b) Review at least two options for implementing new software and recommend BSBFIM601 – Assessment Page 5 of 15 Acquire Training Solutions Pty Ltd trading as Laneway Education ABN: 91 607 441 412 RTO No: 41504 CRICOS CODE: 03597G one commercially available software that could best support financial management in the company. Briefly explain your recommendation. (30-50 words) G Use the previous financial data and briefly explain how you would allocate resources in the budget. (30-50 words) H Make an informed estimate of what new item/s should be included in the budget. Identify one item and clearly explain what research-informed your estimate. 2.2 Establish budget and allocate funds Prepare budgets in accordance with organisational requirements and statutory requirements. Address the following: 1. Develop: o sales budget o profit budget o cash flow budget o debtor ageing summary Using electronic spreadsheets (as separate worksheets) making sure each budget is divided into quarterly periods and that you use previous financial data to determine allocations for resources. 2. Ensure each budget you prepare complies with the organisational policies and procedures as provided. Please note that templates are provided under the relevant policy and procedures (section B of the Case Study): Sales and profit budgets BSBFIM601 – Assessment Page 6 of 15 Acquire Training Solutions Pty Ltd trading as Laneway Education ABN: 91 607 441 412 RTO No: 41504 CRICOS CODE: 03597G PROFIT BUDGET 2011/12 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Revenue - % % % % Sales x,xxx x,xxx x,xxx x,xxx x,xxx – Cost of Goods Sold x,xxx x,xxx x,xxx x,xxx x,xxx Gross Profit Calculati on Calculat ion Calculat ion Calculat ion Calculati on Gross Profit % Calculati on Calculat ion Calculat ion Calculat ion Calculati on Expenses – Accounting Fees x,xxx x,xxx x,xxx x,xxx x,xxx – Interest Expense x,xxx x,xxx x,xxx x,xxx x,xxx – Bank Charges x,xxx x,xxx x,xxx x,xxx x,xxx – Depreciation x,xxx x,xxx x,xxx x,xxx x,xxx – Insurance x,xxx x,xxx x,xxx x,xxx x,xxx – Store Supplies x,xxx x,xxx x,xxx x,xxx x,xxx – Advertising x,xxx x,xxx x,xxx x,xxx x,xxx – Cleaning x,xxx x,xxx x,xxx x,xxx x,xxx – Repairs & Maintenance x,xxx x,xxx x,xxx x,xxx x,xxx – Rent x,xxx x,xxx x,xxx x,xxx x,xxx – Telephone x,xxx x,xxx x,xxx x,xxx x,xxx – Electricity Expense x,xxx x,xxx x,xxx x,xxx x,xxx – Luxury Car Tax x,xxx x,xxx x,xxx x,xxx x,xxx – Fringe Benefits Tax x,xxx x,xxx x,xxx x,xxx x,xxx – Superannuation x,xxx x,xxx x,xxx x,xxx x,xxx – Wages & Salaries x,xxx x,xxx x,xxx x,xxx x,xxx – Payroll Tax x,xxx x,xxx x,xxx x,xxx x,xxx – Workers’ Compensation x,xxx x,xxx x,xxx x,xxx x,xxx BSBFIM601 – Assessment Page 7 of 15 Acquire Training Solutions Pty Ltd trading as Laneway Education ABN: 91 607 441 412 RTO No: 41504 CRICOS CODE: 03597G Total Expenses Calculati on Calculat ion Calculat ion Calculat ion Calculati on Net Profit (Before Tax) Calculati on Calculat ion Calculat ion Calculat ion Calculati on Income Tax Calculati on Calculat ion Calculat ion Calculat ion Calculati on Net Profit Calculati on Calculat ion Calculat ion Calculat ion Calculati on GST Cash flow budget CASH FLOW ANALYSIS – GST 2011/12 Qtr 1 Qtr 2 Qtr 3 Qtr 4 GST Collected x,xxx x,xxx x,xxx x,xxx x,xxx Less GST Paid x,xxx x,xxx x,xxx x,xxx x,xxx GST Payable Calculat ion Calculat ion Calculat ion Calculat ion Calculat ion Aged debtors AGED DEBTORS BUDGET TOTAL Qtr 1 Qtr 2 Qtr 3 Qtr 4 Sales x,xxx x,xxx x,xxx x,xxx x,xxx % Debtors Sales % % % % Total Debtors % Calculati on Calculati on Calculati on Calculati on Current % Calculati on Calculati on Calculati on Calculati on 30 Days % Calculati on Calculati on Calculati on Calculati on 60 Days % Calculati on Calculati on Calculati on Calculati on 90 Days % Calculati on Calculati on Calculati on Calculati on 3. Develop budget notes that include: ● identification of reasons for previous profits and losses BSBFIM601 – Assessment Page 8 of 15 Acquire Training Solutions Pty Ltd trading as Laneway Education ABN: 91 607 441 412 RTO No: 41504 CRICOS CODE: 03597G ● your comment on the effectiveness of existing financial management approaches ● all assumptions and bases that have been made or used to form budgets ● any relevant notes regarding the implementation and monitoring of budget expenditure ● an explanation of the required legislative requirements of financial management (and outline statutory requirements of ATO, GST, company tax, PAYG) (100-150 words) Please refer to the Case Study provided, including the relevant policy and procedures and the additional scenario (A, B, C) provided in the assessment overview document under Task 2. 2.3 Circulate the budgets Communicate information regarding the budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegation. Schedule a time with the trainer and assessor (facilitator) and present the budgets to 2-3 classmates who will play the role of managers and supervisors in the organisation. To complete this task, refer to the report that was written in Task 2.1 and the budgets developed in Task 2.2. Also refer to the Case Study provided, including the relevant policy and