Reference no: EM132625192
BSBFIM801 Manage Financial Resources Assignment - St Peter Institute, Australia
Assessment Task 1 - Written Questions
Your task is to write the answers to each of the following questions. Answers should exceed 50 words but no more than 100 words for each question:
1. What are the main principles of Accounting? Explain each principle briefly.
2. What are financial statements?
3. Explain what is a cash flow.
4. List three (3) different communication processes or methods which could be used within a company.
5. What are the various reports which need to be lodged with the Australian Security and Investment Commission to meet compliance requirements and legislative responsibilities?
6. Explain what is meant by the following:
a. Cost of capital
b. Capital structure
c. Working capital
7. What is meant by investing and finance decisions?
8. What is the goal of financial resource management?
9. Outline the key principles of finance that relate to most organisation's operations.
10. What is meant by risk and return?
Assessment Task 2 - Project
The following task must be conducted in a safe environment which could be your own workplace or at the institute's simulated workplace where evidence gathered demonstrates consistent performance of typical activities experienced in the financial management field of work and include access to:
Office equipment and resources
Samples of workplace documentation, including contractual and procurement policies
Financial data and documentation
Case studies and, where possible, real situations
For this task you are to complete the following steps to demonstrate your ability to monitor manage financial resources over a full planning-cycle.
PART A - Prepare for the task by completing the following steps to forecast the future financial resource needs:
Search and take account of the current financial systems and documents of the entity.
Do a forecast and prepare an analysis on current financial data, systems requirements and write a short report.
Following the analysis prepare a complete financial plan which include budget forecasts following the organisational and statutory requirements.
Prepare a brief report to the management making recommendations on budgeted expenses or any changes which need to be made to the budgeted projections.
PART B - Analyse the current asset performance and capacity by performing the following steps:
Using standard accounting techniques, conduct a balance sheet analysis analyse the costs of assets and liabilities, and the returns from them, to identify and document the extent of debt and equity financing.
Consult your organisation staff or trainer and students if done as a simulated workplace task to find out the responsibilities of the management and legal requirements for financial reporting.
Carry out an analysis on the financial reports and supporting notes, then write a short report on the findings.
Do an evaluation and present in a report on the impact that financial decisions made by the management will have on the organisation's ability to meet its planned goals and objectives.
PART C - Perform the following steps to set the business targets and compliance mechanisms:
Collect comparative and trend information from the industry and computer systems, then use this to confirm and document needs for future budget and associated resources.
Complete negotiations to secure resources in accordance with relevant short-term and long-term needs. Document the outcomes of these negotiations.
Maximise the organisation's performance by allocating the required resources against the budget. Document this resource allocation, and maintain accurate and up-to-date records of the resource allocation and usage throughout the cycle according to organisational and legislative requirements.
Develop, review and document the management systems which enable timely collection, management and processing of information.
Accurately complete the records of the budget performance and expenditure, ensuring to report these in accordance with organisational procedures and statutory requirements.
As required, evaluate and improve budget audit mechanisms and compliance requirements.
Document all evaluations and provide the updated and improved mechanisms and compliance requirements.
PART D - Manage the financial risk over the full planning-cycle by completing the following steps:
Identify and analyse financial risk factors. Provide the findings of the analysis.
Manage and document the financial risks as they arise, according to organisational policies and procedures.
Develop and implement procedures to regularly review the financial risk management activities.
Provide the procedures and document and document the regular reviews conducted.
PART E - Perform the following steps to monitor compliance with the financial projections:
Identify and document the deviations from budgets that generate an adverse effect on the budget objectives.
Promptly develop and document action plans to remedy significant deviations from budget objectives and projections.
Monitor and review the financial documentation against organisational objectives, revising and renewing the budget priorities as required to meet the operational contingencies and risk management, and managing the costs to targets set in the budget. Document the monitoring, managing and reviewing activities, and provide all the revised/reviewed budget priorities.
Attachment:- Manage Financial Resources Assignment Files.rar