Bsbfim 501 Assessment Templates V3.0920- sv047587 2 SUB1 291121 PDF

Preview

Summary

Bsbfim 501 Assessment Templates V3.0920- sv047587 2 SUB1 291121...

Description

Assessment Templates BSBFIM501 Manage budgets and financial plans

ASSESSMENT COVER SHEET

Student ID

Student Name

First Name: Julie

SV SV047587 047587

Last Name: Aguirre

Student’s declaration: By submitting this assessment, you are acknowledging and agreeing to the following conditions. Check allboxes if you agree.

☒ ☒ ☒ ☒ ☒

I have read and understood the details of the assessment.

I have been informed of the conditions of the assessment and the appeals process andunderstand I may appeal if I believe the assessment is not equitable, fair or just.

I agree to participate in this assessment, and I am ready to be assessed.

I declare that the attached is my own work or in collaboration with other members of a group asrequired.

I have acknowledged all sources where appropriate in accordance with

ILSC’s Academic IntegrityPolicy, and I

believe other group members have done the same.

Submitting your assessment: Complete all assessment tasks, upload the Templates document and submit in Moodle for grading.Videos and information on how to submit work through Moodle are in the FAQ section of your VETOrientation course. Once your assessment is graded, you will receive an email notification. Check your grades and submission feedback on Moodle.

Assessor’s acknowledgement: Please verify each of the following principles of assessment by placing a tick in each box. Refer to theassessor's handbook for further information if required.

☐ ☐ ☐ ☐

Authentic Authentic: The assessor is assured that the evidence presented for assessment is the

learner’sown work.

Valid: The assessor is assured that the learner has the skills, knowledge and attributes asdescribed in the module or unit of competency and associated assessment requirements.

Current: The assessor is assured that the assessment evidence demonstrates current competency.This requires the assessment evidence to be from the present or the very recent past.

Sufficient: The assessor is assured that the quality, quantity and relevance of the assessmentevidence enable a judgement to be made of

a learner’s competency.

Greystone College Australia

BSBFIM501 Assessment Templates

V3.0920 Page 1 of 25

TASK 2: Knowledge Questions Template Please provide answers to the following 17 questions.

1.

Describe each of the six (6) steps of the accounting process required to record all thetransactions that take place, and to organize and collate this information before finally producing financial reports that are analyzed and used in decision making.

Provide a description of each of the 6 steps:

• • • • • • •

Transactions Journals General ledger Trial balance Balance day adjustments Accounting reports

Financial transaction is

an agreement or movement that takes place between abuyer and a seller in which

an asset is exchanged against a payment.

•

Journals: pay or remuneration (also called salary, weld, or stipend) is the sum ofmoney that a worker receives periodically for activities carried out in a company

•

General ledg ledger er er: In accounting, the general ledger is a record in which each page is allocated to each of the accounting accounts of a company.

•

Trial balance balance: It is, in our opinion, a report of debit and credit balances of real or balance accounts as well as profit and loss or profit and loss accounts, which are shown to determine that there is an accounting balance in the application of the item.

•

Balance day adjustments this is a correction that is made in accounting to allocatethe corresponding income, expenses, liabilities, and assets to their respective years.

•

Accounting report reports s financial statements statements, also called financial statements, financial reports or annual accounts, are reports that institutions use to disclose the economic and financial situation and the changes it undergoes at a given date or period.

2.

In 50 words or more, explain how a revenue-received transaction with a credit balance has acorresponding debit against an asset or liability account.

When we speak of credit balance, we mean that the income is higher or exceeds the expenses, that is, it is in favor of the company or entity that carries out the transaction. Since your debit movement is higher than a credit balance comparison. In accounting, incomeis credits because income causes equity or equity to increase.

Greystone College Australia

BSBFIM501 Assessment Templates V3.0920

Page 2 of 25

3.

In 50 words or more, describe the difference between cash basis and accrual basisaccounting when recording transactions, producing financial reports.

Cash accounting base refers to an accounting base that determines transactions and some events only when cash is received or paid and by accrual basis it is understood as theaccounting system in which income and expenses are recorded at the time of their registration. This happens, regardless of whether they are made effective or not. In common terms, income or expenses are recorded in the company's accounting at the same time that they arise as rights or obligations.

4.

Explain in 50 words or more the difference between the profit calculated in the tradingaccount compared with the profit calculated in the profit and loss account.

In this case we talk about the profit margin of a product, if it is below the budget your company is incurring a risk, regarding losses and gains is a document whose usefulness is toknow the economic result of the year that will be obtained by the difference of income and b e n e s fit and expenses and losses.

5.

List at least four (4) of the financial regulatory requirements including the relevantlegislation that businesses must comply with.

Financial operations Invoicing clients, customers and consumers Paying wages and salaries and keeping recordsMaintaining petty cash system

6.

Describe at least four (4) functions of the Australian Taxation Office in terms of the financialmanagement requirements of a business and in 50 words or more explain the Good and Services Tax.

Regardless of the size of the organization, it will still be a requirement to provide accurateinformation for the following taxes and levies.

Reporting of GST and other taxation-related issues on the business activity statementAdministering and reporting the superannuation guarantee levy Complying with the capital gains tax and fringe benefits tax regulations

• Compliance with the Income Tax Assessment Act 1997 (Cth) (for organizations registered ascompanies) • Compliance with the Corporations Law • Compliance with the Australian Accounting Standards The goods and services tax are known for its wide scope. It is a tribute managed by municipalities and that effectively taxes the possession of a property or in some cases a property.

Taxes on goods and services include general taxes on sales and invoicing or value added, selective taxes on the consumption of goods and services, taxes on the use of goods or property, taxes on the extraction and production of minerals, and taxes on the profits of fiscalmonopolies.

Greystone College Australia

BSBFIM501 Assessment Templates V3.0920

Page 3 of 25

7.

In 50 words or more, describe the purpose of an audit in financial records management.

The main objective of an audit is to guarantee the confidence of the users of the financial statements, for this the audit uses procedures that allow it to acquire sufficient and adequateevidence to obtain reasonable conclusions and issue an independent opinion on the presentation of the figures that are evidenced in the financial statements.

8.

In 50 words or more, explain why it is important when monitoring budgets to make balance-day adjustments at the close of an accounting period, before preparing financial statements.

It is relevant that all the adjustments and corrections that may occur are carried out before the accounting close, since this is the opportunity to review and ensure the accounting and financial statements, and once the closing and the financial statements have been issued, thecorrection and adjustment process is difficult and generates conflicts in the following reports or presentation to interested persons.

9. Give at least three (3) reasons why work teams need access to budgets and financial plans and in 50 words or less, outline the ways financial information can be shared effectively withrelevant stakeholders.

It is relevant to develop and implement processes to evaluate the real internal and external expenditure in addition to maintaining control of costs within the entire work team, as well asusing a tool to discover variations in costs and expenses that exceed the budget and also to communicate about the budget and expenses in accordance with the organizational conduct.

10. Identify at least five (5) signs that team members are under-performing and may need support in their role to manage finances for the organization.

The proposed goals are not achievedBad work environment Clients are lost Conflict between membersLack of communication

Lost in the final result of the exercise

11. In 50 words or more, describe the process of monitoring actual expenditure, variance andcosts controls to avoid budget over runs.

The process of tracking and monitoring actual expenses and costs consists of several steps, such as recording information, identifying cost variances, overspending, and reporting the results to the competent financial management team. Performance indicators are developedusing income and expenses from doing business: Actual revenues and costs are compared toplanned revenues and costs as expressed in the team budget.

Greystone College Australia

BSBFIM501 Assessment Templates V3.0920

Page 4 of 25

12. In 50 words or less for each, provide a description for the following types of resource datacommonly used by the work team for managing budgets and financial plans.

It is an official report issued by financial and banking entities for theirclients, in order to present a record of movements, activities, consumption, credit debts, information on loans Bank account records

and others.

The loan is a favor of money that one party grants to another, with the commitment that, in GST calculations andany

the future, whoever receives it will repay said loan gradually (by paying instalments) or in a

credits

single payment andwith additional interest that compensate. the lender, for all the time he didn't have that money

Corresponds to the additional money to the Salary that the employermust recognize the Wages/salaries books

worker linked by a Work Contract for their services, this is agreed by consensus between

(including PAYG,

the company and the employee following the hiring policies and laws in force.

superannuation, etc.)

The labor cost includes both the salary, as well as the payment to the social security and private insurances, for the benefit of the employees and occasionally the cost of eventual indemnities or compensation, the cost of the training of personnel,

Job costing

transportationand per diems of the personnel.

13. Using 50 words or less, outline the process of analyzing and documenting resource data, andmaking recommendations for improvement.

As an analysis process to review bank accounts, it is important to periodically review bank statements where you can see the movement of the accounts associated with the company. In relation to the accounting books, it is important to continuously audit them by the competent persons, and for labor or wages, monitoring by costs versus productivity to know the utility generated by the labor hired by work.

14. Outline at least four (4) advantages of using software programs or electronic spreadsheetswhen monitoring and analyzing budgets.

Among the advantages of using electronic programs in the financial area is that results are obtained in more processes in the reviews, less physical file is handled which can be lost or damaged, the information can be easily shared with the work team, and it gives us advantagesin the management of technological tools. We also find accuracy in the records and fewer margins for error by entering the correct information, time can be saved since it is highly automated to perform tasks with these means.

15. In 50 words or more, explain how planning, implementation and modifying contingencyplans is used to control financial risks for a business.

The implementation of contingency plans is a decision taken by managers in an effort toaddress a divergence from the financial plans that are in place.

The purpose of implementing contingency plans is to maintain the team’s (and organization’s)progress towards achieving its strategic objectives. Effectively the aim is that any significant, unfavorable variances in the budget varianceanalysis reports become more favorable in the future reporting periods.

Greystone College Australia

BSBFIM501 Assessment Templates V3.0920

Page 5 of 25

16. In 50 words or less, outline the advantages of regular reporting of budgets and financialplans.

There are many economic problems that can arise in small, medium and large companies andthat can take a company or self-employed person to the edge of the abyss if it is not corrected correctly, so the importance of preparing the periodic budget is key if not. It can lead to losses or even the closure of the business.

17. In 50 words or less describe the budgeting process of analyzing and managing cash flow. The Cash Flow is a financial report that serves to differentiate the outflows from the silver income in a given period. A good analysis of the cash flow will allow us to make early financing decisions and obtain a better rate. In case you need to buy supplies, this type of information will show the available money that we have to buy them, and we can anticipate ifin the next few times there will be profits or losses.

End of Quest Questioning ioning - 17 questions in total.

Greystone College Australia

BSBFIM501 Assessment Templates V3.0920

Page 6 of 25

TAS TASK K 3: Proje Project ct

Portfolio of Financial Information

Greystone College Australia

BSBFIM501 Assessment Templates V3.0920

Page 7 of 25

Table of Contents Assessment Templates ...................................................................................................................................................... 1

BSBFIM501 Manage budgets and financial plans ............................................................................................................... 1

ASSESSMENT COVER SHEET ............................................................................................................................................ 1

Assessor’s acknowledgement ................................................................................................................................................. 1 Budget Report ................................................................................................................................................................. 11

Briefing: Retail Outlet Managers....................................................................................................................................... 13

Briefing: Sales Staff ......................................................................................................................................................... 14

Short Report .................................................................................................................................................................... 15

Blog Post ........................................................................................................................................................................ 17

Staff email:...................................................................................................................................................................... 19

Plan: Monitoring revenue and expenditure........................................................................................................................ 20

Proposal submission: Board of Directors.......................................................................................................................... 21

Executive briefing ............................................................................................................................................................ 23

Information section for the board of directors ........................................................................................................................ 24

Revised Budgeting and Financial Planning Procedures..................................................................................................... 25

Greystone College Australia

BSBFIM501 Assessment Templates V3.0920

Page 8 of 25

Budget Report

Projected business objectives for the next five years.

As a service provider company, our main goal focuses on being recognized for the high quality of our products offered at the service of customers and, additionally, providing excellent customer service.

For the realization and presentation of this report and a study was carried out on the financial situation of the company, the market situation and, of course, the competition.

For our company to reach a desired maximum point, it is necessary that teamwork is evident and that all departments point in the same direction, which is why our financial and budgetary plan responds to the general goals of our company, such as the objectives established.

• Publicize the brand as the number one in demand in the market. • Improve return on investment • Increase the profits of the company. • Attract new customers • Customer loyalty • Increase in sales Then we present our budget vision for the 2018-2023 periods that is, the next 5 years, using a table and graph, taking into account income, expenses, profits and reinvestment.

2018-19

2019-20

2020-21

2021-22

2022-23

Income

150,000,000

172,500,000

198,375,000

228,131,250

262,350,937

Expenditure

127,500,000

146,725,000

168,618,750

193,875,000

222,998,297

Profit

22,500,000

25,775,000

29,756,250

34,256,250

39,325,640

Reinvest

16,875,000

19,331,250

22,317,188

25,692,188

29,514,480

Represented as follows by a histogram
<...