BSBFIM601 Manage Finances

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UNIT SUMMARY RESULT

This form is to be completed by the Trainer/Assessor and attached as a summary page for each student. To provide the outcome of the Assessment, a photocopy will be given to the student.
Student Name:
Student ID No:
Unit Start Date 16 Mar 2020
Unit End Date: 10 May 2020
Unit Code: BSBFIM601
Unit Title: Manage Finances
Please attach the following documentation to this form Result S = Satisfactory NS = Not Satisfactory Reassessment S = Satisfactory NS = Not Satisfactory
Assessment Task 1  Activity 1a 1b 1c 1d 1e & 1f attached  Activity 2a 2b & 2c attached  Activity 3a 3b 3c 3d 3e & 3f attached  Activity 4a 4b 4c & 4d attached  S |  NS  S |  NS
Assessment Task 2  Skills activity attached  Knowledge activity attached  Performance activity attached  S |  NS  S |  NS
Final Assessment Result for this unit  Competent  Not Yet Competent

Assessor Notes: (inclusive of reassessment, reasonable adjustment, further opportunities for gap training etc):

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Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights. Name: ____________________________ Signature: ____________________________ Date: ____/05 /2020 Assessor Declaration:I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Name: Dr Chad Cartabel Signature: ____________________________ Date: ____/05 /2020

Administrative use only

Entered onto Student Management Database  ________________ Date Initials

TITLE PAGE

Demonstration/Discussion to show understanding of concepts and bridge all gaps successfully completed

Project Assessment Task 1

Activity 1A

Estimated Time 20 Minutes
Objective To provide you with an opportunity to understand how to review and analyse previous financial data to establish areas which have generated a profit or loss.
Activity Identify an area of business and explain how you could use different forms of current and present financial data to ascertain whether the department made a profit or a loss. You do not have to use actual figures from your business.
In 2012-2013
Difference between Budgeted Expenditure and Actual Expenditure

Difference between Projected Income and Actual Income

In 2013-2014
Difference between Budgeted Expenditure and Actual Expenditure

Difference between Projected Income and Actual Income

Comparison 2012-2013 vs 2013-2014
Expenditure between last year to this year:

Income between Last year and this year:

Which year Business performed poorly and made a loss?

Which year Business made a profit?

Activity 1B

Estimated Time 20 Minutes
Objective To provide you with an opportunity to understand how to undertake research to review reasons for previous profit and loss.
Activity Using your answer from the previous activity, explain how you would undertake research to review the reasons for the profit or loss. Contributions to success Price: ______________________________________________ Packaging:________________________________________ purchasing process:________________________________ the quality of products/services:_________________________ availability of products/services._________________________
Contributions to the loss Price too high__________________________________________ Purchasing process complicated and/or inefficient_____________ Quality not good________________________________________ Goods not available _______________________________
Other factors a cheaper rival appeared on the scene the business received bad publicity / scandal and boycott the business premises became unusable; Virus there was a resource shortage economic crisis.

Activity 1C

Estimated Time 20 Minutes
Objective To provide you with an opportunity to understand how to review business plans to establish critical dates and initiatives that will require or generate resources in the next financial cycle.
Activity Using your business plan, identify your business’ critical dates in terms of income and resource use and generation. My Business, ______________. Busy periods are
___________________ ___________________ __________________
The other months of the year are generally consistently steady. The needs and resources change during these periods As a business we need to do the following based on iinformaiton from previous years
seasonally-appropriate items are ordered in advance to ensure sufficient stock. so we will ensure that we have stock ready for sale at this time __________________________________________________ ____________________________________________ __________________________________________________ __________________________________________________ __________________________________________________

Activity 1D

Estimated Time 15 Minutes
Objective To provide you with an opportunity to analyse cash flow trends.
Activity Explain how and why you would analyse your business’ cash flow trends.

Cash flow analysis reveals that the
Inflows between last year 2019 and previous year 2018
Receipts from in store sales: Change:_____________________________
Receipts on Catalogue sales: Change:___________________________
Invested Capital: Change:____________________________
Reasons :_____________________________
Outflows between last year 2019 and previous year 2018
Cost of Goods acquired: Change:_____________________________
Sales general and adm: Change:_____________________________
Taxes: Change:_____________________________

Building and Equipment Change::_____________________________
Reasons :_____________________________
Net Change to cash position between last year 2019 and previous year 2018
Change: :_____________________________
Reasons: :_____________________________
Total Changes to Liquid Assets between last year 2019 and previous year 2018
Change: :_____________________________
Reasons: :_____________________________

Net Change in Cash Position between last year 2019 and previous year 2018
Change: :_____________________________
Reasons: :_____________________________

Activity 1E

Estimated Time 20 Minutes
Objective To provide you with an opportunity to understand how to review statutory requirements for compliance and liabilities for tax.
Activity Which taxes are applied to your business? Explain each one, including the rates and geographical variations, if applicable.
The main taxes are:

Company tax:_______________________

Payroll tax:_________________________

GST :_________________________________

Capital Gains Tax. _____________________________

Activity 1F

Estimated Time 20 Minutes
Objective To provide you with an opportunity to review existing software and its suitability for financial management.
Activity In reference to your current financial management software, give all of the pros and cons you can think of.
Summarise whether you think the software is suitable for both your current needs and future needs. Chose 1 from the following and discuss pros and cons
QuickBooks. Kissflow Finance & Ops Cloud. … Zoho Finance Plus. … Xero. … Oracle Financials Cloud. … Sage Intacct.
Pro: Easy to use _____________________________ ______________________________ ___________________
Cons: Updates and upgrades are expensive _______________________ ____________________ ____________________.
Current needs: yes, as it does __________________ Future: No, as updates and upgrades need to ____________________

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