Cover Sheet: (Strikeout Whichever Is Not Applicable)

 

Cover Sheet BSB60120 Advanced Diploma of Business (Core Unit)

Qualification :

BSB60420 Advanced Diploma of Leadership and Management (Elective Unit)

Unit ode:

BSBFIN601

Unit Title:

Manage organisational finances

Term and Year:

Term 3, 2022

Due Date: Submission:

Initial

Re-assessment

(strikeout whichever is not applicable) 

Assessment :

Task 1

Case Analysis - Plan for financial management

Task 2

Case Analysis - Establish budgets and allocate funds

Task 3

Case Analysis - Implement budgets

Task 4

Case Analysis & Role Play - Report on finances

Student Name: Student ID No: Assessor’s Name: Student Declaration:

 

Isources certify that theappropriate attached is in myaccordance own work (or in academic collaboration with other members of theother groupgroup as required). where with Integrity Policy, and I believe membersI have have acknowledged done the same all I have been informed of the conditions of the assessment and the appeals process and understand I may appeal if I believe the assessment is not equitable, fair or just. I understand that the Elite Education Vocation Institute’s Stude Student nt Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.

Date: Student Signature: (only required if handing in a hard copy) 

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Instructions for Students

Please read the following instructions carefully: 

 All instructions provided must must be adhered to constitute a compleete te assessment.

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 All parts of the question/task must be answered/completed answered/completed and su submitted bmitted to satisfy the unit assessment requi requirements. rements.

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You must complete this assessment in your own time. You must complete this your own words without it beingisplagiarised. you have quoted a will source, you must cite theassessment reference/sinaccordingly. If your assessment found to beIfplagiarised, Elite’s information Assessmentfrom Policy be applied. You can be required to re-submit (a new) assessment and pay a Re-Assessment Fee.  Answer the questions in the spaces spaces provided in this document, document, where possible. Please retain the hea headers ders and footers and version control of this document. Any other documents must be created using Microsoft Office applications (MS Word, Excel, PowerPoint etc.). Submit your final draft as a PDF file/s saved according to Elite’s protocols prior to uploading into Moodle. You must retain a copy of your complete submission. Complete the cover sheet with your name, student ID, due date and declaration date. You must also indicate whether it is your first submission, re-submission or re-assessment. If these t hese details are missing or in-complete you will need to resubmit your assessment.  An ‘Academic Intervention’ Intervention’ form is required to be submitted submitted for an extension of the dea deadline dline for assessment as per Eli Elite’s te’s  Assessment Policy. A hard copy of this form is also availa available ble from Reception or you yourr trainer.  Assessment will be reviewed and and returned to you within two weeks. weeks. Feedback, where required, required, will be provided to enable enable you to determine how your work could be improved.

If you are not sure about any aspect of this assessment, please ask for clarification from your Assessor.

Assessment deadlines penalty It is expected that unless an extension, special consideration or disability services adjustment has been granted, candidates must submit all assessments for a unit of competency on the specified due date. If the assessment is completed or submitted within the period of extension, no academic penalty will be applied to that piece of assessment. If an extension is either not sought, not granted or is granted but work is submitted after the extended due date, the late submission of assessment will result in a late penalty fee. For further information, please refer to the Assessment Policy. No assessment will be accepted xx days after the due date (or extended due date). A ‘Not Competent’ result will be submitted.

Assessment/evidence gathering conditions Each submitted assessment task is initially recorded as either Satisfactory  (S)  or  or Not Yet Satisfactory  (NYS) . If you are assessed as NYS, you will be eligible for re-assessment. re-assessment . You will be given feedback on the reason for the result. If required, you will also be provided further information regarding the gaps in knowledge. Should you fail to submit the re-assessment or again not complete the task satisfactorily, a result outcome of Not Satisfactory (NS)  will  will be recorded. You will only achieve competence in the unit when all assessment tasks have a Satisfactory  (S)  (S) outcome. Your trainer will give you feedback after the marking of each submitted assessment.

Assessment Overview The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to: 

manage finances for at least one organisation or work area.

In the course of the above, the candidate must: 

review previous financial statements

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prepare, implement and revise a budget that:   

aligns with business plan is based on research and analysis of previous financial data and cash flow trends meets compliance, statutory and organisational requirements requirements V2022 1.0  BSB60120 Advanced Diploma of Business / BSBFIN601/ 2022/ Assessment Tasks

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contribute to financial bids and estimates

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communicate with other people, including:  

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reporting on financial activity and making recommendations ensuring managers and supervisors understand key elements of relevant budgets

analyse effectiveness of existing financial management approaches, including: 

reviewing financial management software

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managing risks of misappropriation of funds ensuring systems are in place to record all transactions maintaining audit trail complying with due diligence.

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Resources required for this Assessment 

Case study – Houzit Pty Ltd (Appendix 1 – Assessment Case Study)

Technology resources such as a computer, internet access with sufficient data to conduct searches and work with Elite online delivery software, printer, and any other relevant equipment/software needed to complete the assessment tasks

Task 1 - Plan for financial management   omplete the below tasks with the required required information information which can be gained from Houzit Pty LLtd td ase Study:  

   

 

Assess reasons for losses or profits identified from previous financial reports Analyse critical dates and initiatives in business plan and cash flow trends Review statutory requirements for compliance and liabilities for tax Analyse existing software and its suitability for financial management

Analyse the reasons for Houzit Pty Ltd previous year profit and loss

Analyse critical dates and initiatives in business plan and cash flow trends for Houzit Pty Ltd

The statutory requirements for compliance and liabilities for tax V2022 1.0  BSB60120 Advanced Diploma of Business / BSBFIN601/ 2022/ Assessment Tasks

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for Houzit Pty Ltd

The existing software and its suitability for financial management and your recommendation

Task 2 - Establish budgets and allocate funds In this assessment task, you will:  

 

 

Develop budget from previous financial data according to compliance, organisational and st statutory atutory requirements irculate budgets and confirm managers and supervisors understand budgets, reporting requirements and financial delegations onfirm there are no opportunities for misappropriation of funds

Budget forecast for FY2023 Sales & Profit Budget

FY2023 ($)

Qtr. 1 ($)

Qtr. 2 ($)

Qtr. 3 ($)

Revenue Sales

16,971,236

– os o st of Goods Sold

9,673,605

Gross Profit

7,297,631

Gross Profit %

43%

Expenses – Accounting Fees

10,000

– Interest Expense

84,508

– Bank harges – Depreciation – Insurance – Store Supplies – Advertising

1,600 170,000 13,390 3,749 350,000

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Qtr. 4 ($)

 

– leaning

16,282

– Repairs & Maintenance

64,272

– Rent

2,640,508

– Telephone

14,997

– Electricity Expense

26,780

– Luxury ar Tax

12,000

– Fringe Benefits Tax

28,000

– Superannuation

187,020

– Wages & Salaries

2,078,000

– Payroll Tax

98,705

– Workers’ om ompensation

41,560

Total Expenses

5,841,371

Net Profit (Before Tax)

1,456,261

Income Tax

436,878

Net Profit

1,019,383

 GST cash flow budget

  ash Flow Analysis – GST

FY2023 ($)

GST ollected

1,697,124

Less GST Paid

1,281,358

GST Payable

Qtr. 1 ($)

Qtr. 2 ($)

Qtr. 3 ($)

Qtr. 1 ($)

Qtr. 2 ($)

Qtr. 3 ($)

Qtr. 4 ($)

415,765

Aged debtors budget Aged Debtors Budget Sales

Total ($)

Qtr. 4 ($)

16,971,236

% Debtors Sales Total Debtors   ur urrent

20%

20%

20%

100% 84%

30 Days

10%

60 Days

5%

90 Days

1%

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20%

 

Debtors’ ageing ratio analysis FY2020 ($)

FY2021 ($)

FY2022 ($)

Trade Debtors Sales Debtor Days  Anticipate that the trade debtors debtors for the FY2023 financial financial period maintain the the same growth as that which took pla place ce between FY2020, FY2021 and FY2022 

Task 3 – Review and Revise budgets In this assessment task, you will: Review profit and loss statements, cash flows and ageing summaries and revise, where required

 

Identify discrepancies between agreed and actual allocations using audit trails

 

 Review and revise budgets during implementation  Houzit Pty Ltd Variance Analysis for P & L Quarterly Budget ended as 30 September 2022 Actual Results

Budget-Q1 ($)

Actual-Q1 ($)

Variance ($)

Variance (%)

Sales – ost Of Goods Sold Gross Profit Gross Profit % Expenses – Accounting Fees – Interest Expense – Bank harges – Depreciation – Insurance – Store Supplies – Advertising – leaning – Repairs & Maintenance – Rent

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F or U

 

– Telephone – Electricity Expense – Luxury ar Tax – Fringe Benefits Tax – Superannuation Superannuation – Wages & Salaries – Payroll Tax – Workers’ ompensation Total Expenses Net Profit (Before Tax) Income Tax Net Profit Note:  F = Favourable, U = Unfavourable 

Task 4 - Report on finances In this assessment task, you will:  

   

 

Identify organisational and statutory financial reporting requirements Identify and prioritise significant issues in statements for review and decision making Prepare financial recommendations Evaluate effectiveness of financial management processes

Role Play: Presenting the Financial Management Report in Board Meeting ( your trai trainer ner woul wouldd assume tthe he role role of ompany Director). The preparation for your presentation presentation will be as below. You w ill need to o btain feedback and approval from Houzit’s Board of Directors. Identify organisational and statutory financial f inancial reporting requirements Financial management review • Budget and revision analysis • Financial vviiability in in tteerms ooff pprrofit oonn ttaarget • Propose a fifinancial ma management ssooftware Propose new or modified internal controls • Risk management • Audit trail • Proper authority Due • diligence Legaconsiderations l context and mon arkfinancial et practicprobity e

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•

Financial probity

Financial Management Review Report 1.

Bud Budge gett ana nallysis ysis

Gross profit margins

Review of salaries

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Revision of advertising budget

Financial viability in terms of profit on target

2.

Vari Varian ance ce anal analys ysis is (Identify variances by comparing actual results with the established budget) 

3.

ash ash flflow ow ana nallysis ysis (Provide an analysis based on profitability, average time for debtors to pay) 

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4.

Reporting requirements (Discuss how monitoring and reporting could be shortened to monthly) 

Financial delegation (Discuss how budgets should be prepared for all cost centers) 

5.

Re Reccom omme menndati ations

Financial management software considerations ( discussions discussions should relate to compatibility to computer systems, security infrastructure, accounting information system, etc.) 

  hoosing the appropriate appropriate financial financial software(need to ensure that it would be work with the organization’s statutory needs (BAS, multi-  user) 

Propose new or modified internal controls

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Risk management

Audit trail

Proper authority

Due diligence considerations on financial probity

Legal context and market practice

 

Financial probity

6.

onclusion

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Role Play Observation Form   andidate Name: Date of Observation:

   

Did the candidate demonstrate the following during the meeting? 1.

Yes

No

Meeting Meeti ng with the Board Board of of Director Director to discu discuss ss the finan financial cial manag management ement revie review w

During the meeting, did the candidate present and discuss: a.

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b.

Budget and revision analysis Financial viability in terms of profit on target Propose a financial management software

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Propos Pro posee new new or mod modifi ified ed inte interna rnall contr controls ols   

c.

 

Thee Fina Th Financ ncia iall manag managem emen entt revie review w 

Risk management  Audit trail Proper authority

Due dil dilige igence nce con consid sidera eratio tions ns on on finan financia ciall probity  

2.

omments

Legal context and market practice Financial probity

Use the the followin followingg skills skills to prese present nt informa information tion and and seek seek feedbac feedbackk a.

Appr Ap prop opri riat atee lan langu guag agee

During the consultation, did the candidate:

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Use formal language by avoiding usage of first-person pronouns, contractions, and slang

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 Avoid using idiomatic idiomatic expressions and   euphemisms

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b.

Nonv No nver erba ball fe feat atur ures es

During the consultation, did the candidate:

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3.

Use appropriate body language to provide acknowledgement (e.g. nodding, eye contact, etc.)

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 Avoid bad posture such such as slouching,   towering, etc.

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Uses the the followin followingg skills skills to prese present nt informa information tion and and seek seek feedbac feedbackk a.

Lis iste teni ning ng sk skilills ls

During the consultation, did the candidate: 

Paraphrase to show understanding

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Give nonverbal cues which show understanding such as nodding, eye contact, etc.

b.

 

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Que uest stio ioni ning ng sk skilills ls

During the consultation, did the candidate: 

 Ask questions that introduce introduce additional   details

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 Ask yes or no questions to clarify clarify understanding of information

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 Ask open-ended questions questions to get   additional information

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OVERALL FEEDBA K TO ANDIDATE  

Assessment Submission Submission hecklist to be completed by the Assessor Assessor Did the student complete and provide evidence for the following (please  )   ) : 1.

complete Task 1?

2.

complete Task 2?

V2022 1.0  BSB60120 Advanced Diploma of Business / BSBFIN601/ 2022/ Assessment Tasks

Yes

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No

 

3.

complete Task 3?

4. co comp mple lete te Tas askk 4? 5.

include the Financial Management Report for Houzit Pty Ltd

6.

submit within agreed timeframe?

Assessment Task 1 Has the candidate proven they can (please   ) ) :

Yes

No

Assessor’s Notes (if any) 

1.1 Assess reasons for losses or profits identified from previous financial reports 1.2 Analyse critical dates and initiatives in business plan and cash flow trends 1.3 Review statutory requirements for compliance and liabilities for tax 1.4 Analyse existing software and its suitability for financial management

Feedback and result outcome for Task 1 (please    )  Satisfactory Not Yet Satisfactory Re-assessment required Not Satisfactory Assessment Task 2 Has the candidate proven they can (please   ) ) :

Yes

No

Assessor’s Notes (if any) 

2.1 Develop budget from previous financial data according to compliance, organisational and statutory requirements 2.2 Circulate budgets and confirm managers and supervisors understand budgets, reporting requirements and financial delegations 2.3 Confirm there are no opportunities for misappropriation of funds

Feedback and result outcome for Task 2 (please    )  Satisfactory

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Not Yet Satisfactory Re-assessment required Not Satisfactory Assessment Task 3 Has the candidate proven they can (please   ) ) :

Yes

No

Assessor’s Notes (if any) 

2.4 Review profit and loss statements, st atements, cash flows and ageing summaries and revise, where required 2.5 Identify discrepancies between agreed and actual allocations using audit trails

Feedback and result outcome for Task 3 (please    )  Satisfactory Not Yet Satisfactory Re-assessment required Not Satisfactory Assessment Task 4 Has the candidate proven they can (please   ) ) :

Yes

No

Assessor’s Notes (if any) 

3.1 Identify organisational and statutory financial reporting requirements 3.2 Identify and prioritise significant issues in statements for review and decision making 3.3 Prepare financial recommendations

3.4 Evaluate effectiveness of financial management processes

Feedback and result outcome for Task 4 (please    )  Satisfactory Not Yet Satisfactory Re-assessment required Not Satisfactory Assessment Summary V2022 1.0  BSB60120 Advanced Diploma of Business / BSBFIN601/ 2022/ Assessment Tasks

Result (please    )  Page 14 of 15  

 

Final Assessment Result for this unit

N

Feedback is given to the student on each Assessment task on Moodle

YES

NO

Feedback is given to the student on final outcome of the unit on Moodle

YES

NO

Assessor’s declaration: I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the Principles of Assessments.).

Assessor Name Dat e Assessor Signature The result of my performance in this unit has been discussed and explained to me

YES

NO

I would like to appeal the outcome of this assessment as per the appeals

YES

NO

procedure in the Student Handbook

Student Signature

V2022 1.0  BSB60120 Advanced Diploma of Business / BSBFIN601/ 2022/ Assessment Tasks

Dat e

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