BSBFIM601 Manage finances Learners Assessment Guide Assessment 1 XXXXXXXXXXRTO No: 21595 | CRICOS Code: 02634E BSBFIM601 Manage finances Assessment 1 Page 1 of 4 ©Copyright Academia International 2020...

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BSBFIM601 Manage finances Learners Assessment Guide Assessment 1 RTO No: 21595 | CRICOS Code: 02634E BSBFIM601 Manage finances Assessment 1 Page 1 of 4 ©Copyright Academia International 2020 Version 4 Approved by: B. Wade Assignment Coversheet Name: Student ID: Email Address: Class: Unit name: Unit Code: Assignment name: Student Declaration I declare that – a. The evidence I have submitted for assessment is my own work, and b. The evidence I have submitted for assessment has not been shared with other students, and I have taken all reasonable precautions to ensure that my work cannot be accessed by other students that may seek to submit my work as their own, and c. All of the sources of information used to prepare my work have been, or may be accurately cited, and d. I retain a copy of all my original for my own records, or for resubmission if required by Academia Australia, and e. I have read and understood Academia Australia’s policy regarding plagiarism, and I accept the right of Academia Australia to investigate suspected plagiarism, and to act in accordance with the policy and procedure I have read. Student Signature: __________________________________________ Date of Submission: ___ / / RTO No: 21595 | CRICOS Code: 02634E BSBFIM601 Manage finances Assessment 1 Page 2 of 4 ©Copyright Academia International 2020 Version 4 Approved by: B. Wade Assessment Information  You must achieve a satisfactory outcome for each of the required criteria of this assessment to be deemed satisfactory for this assessment. You must achieve a satisfactory result for the assessments for this unit of competency to achieve a competent result for the unit. If one or more of the assessment results are not satisfactory, you will be Not Yet Competent for this unit.  You may follow the Assessment Appeals process in the Student Handbook (www.academia21.com) if you are not satisfied with: o the assessment result; or o the way an assessment was carried out by your trainer; or o the conditions or structure of the assessment The student handbook has the steps for reassessment if you receive a Not Yet Competent mark and do not want to appeal. Reasonable adjustment for assessment Where students have highlighted Language, Literacy and Numeracy issues reasonable adjustment to the assessment can be made. Should you receive a ‘Not Yet Competent’ or ‘Resubmit’ result for the assessment you will be given the opportunity to re-submit your assessment work with any amendments requested by your trainer. The adjustment may include actions such as: • Student demonstrating knowledge through verbal discussion to identify correct answers • Student demonstrating knowledge through applied skills • Allowing additional time relating to disability • Through consultation amending assessment timeframes • Assistance in the form of the training location to allow easier access • Accessing relevant equipment or aids to assist the student • Adjustments to the assessment methods to cater for any special needs (without effecting the integrity of the outcome) If a student requests or is identified as requiring reasonable adjustment to the training and assessment process a detailed training and assessment plan including timetables, notes regarding the required adjustments, and any related communications regarding the adjustments must be maintained in the students file. The RTO Manager must review and authorise any request for ‘reasonable adjustment’ to ensure that any adjustments and resulting outcomes are not affecting the integrity of the training and assessment process. Location of and completion timeframes for assessment The location of the assessment will depend upon the nature of the assessment. Assessments such as; role plays, in class activities, presentations and knowledge questions will be conducting in the classroom. The timeframes and due dates for these assessments, as well as any reports, projects or research assignments, are documented in the stage outlines. Stage outlines are handed out at the beginning of each term. http://www.academia21.com/ RTO No: 21595 | CRICOS Code: 02634E BSBFIM601 Manage finances Assessment 1 Page 3 of 4 ©Copyright Academia International 2020 Version 4 Approved by: B. Wade Assessment 1 - Research 1. What are the requirements for financial probity? Your response needs to provide an overview what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc. to be explained in in your own words : 2. Describe the following concepts and principles of financial management requirements in your own words : a) Reporting and Control Requirements b) The Reliability Principle c) The Going Concern Principle d) Financial Reporting 3. For the following listed terminology, describe the principles of and provisions for effective financial systems and also provide an overview of the common procedures and systems and what these entails: Each area to be explained in your own words a) Transaction recording b) Reconciliation Processes c) Invoicing d) Accounts payable e) Account receivable f) Cash management g) Security measures h) Banking procedures i) Revenue systems j) Financial management systems 4. Explain the following Australian, international and local legislation and conventions that are relevant to financial management in your organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity. a) Australian Consumer Law (ACL) b) International Commercial Terms (INCOTERMS) c) Warsaw Convention