Reference no: EM133175051

BSBFIM601 Manage finances

ASSESSMENT 1

Task:

PART A - For this assessment, students are to utilise the data in the Appendices regarding Ed's Whitegoods. The trainer can role-play the part of Edward Tan, the proprietor and will give any additional information required, including company policies and procedures, milestones etc.
Students are to undertake the following:
• List all personnel you would consult with in order to gain adequate advice prior to commencing your reports.
• Consult with your instructor to determine management requirements
• Prepare a 1-year budget & projected financial statement including:
- Sales forecast, taking into account additional information in Appendix 5
- Estimated expenses / inventory costs
- Estimated profits
• Ensure report layout and format comply with management information requirements, are clear and error- free

Students must ensure that estimates of future cash flow, costs and revenues are realistic in context of the available information at the time of creating the budget. Changes in circumstances should be anticipated as best as possible with particular emphasis on financial risks and creating protection strategies in accordance with organisational procedures. Any liaison with the proprietor of the business to determine milestones, policies, goals etc. should be carried out with your instructor, who will role play the relevant parts.

PART B - Now you are to take your completed budget and arrange an appointment with your trainer, who will role- play a finance specialist. In this meeting, you are to
• Manage the meeting direction and progress
• Discuss with the finance specialist the aspects of your budgets / financial plans (the package)
• Have your package reviewed, ensuring your validate your reasons and proposals
• Amend / revise your package as appropriate
You must now:
• Detail in writing all delegations and budget accountabilities for implementation and management of your package

• Develop a written procedure that details the recording systems and documentation process you will follow for monitoring and controlling all activities against your plans.
• Develop a risk management and contingency plan for all your proposed financial plans; along with a policy and procedure to be followed when implementing these plans
• Develop a policy and procedure that outlines proper maintenance of records of financial performance and provides for evaluation of the effectiveness of your financial management process

ASSESSMENT 2

Background: You are required to compare their budgeted figures against actual figures

Using the figures below you will need to compare the budgeted figures against actual figures

Ed's Whitegoods 1-year result:
Total Sales: $1,623,000
Total Purchases: $701,400
Total Expenses: $402,000

Students are to undertake the following:
• Prepare a variance analysis between budgeted and actual figures
• Ensure report demonstrates major differences
• What was the discrepancy?
- Is the discrepancy a positive or negative one?
- Locate the area and give at least 5 reasons why the discrepancy may have occurred
• Utilise the data provided to determine the effectiveness of the cost budgeting techniques used
• Lastly, students should give recommendations as to how their variance may be corrected for future budgets for the business.

The variance report should be submitted along with a written report detailing the student's answers to the above questions.

Keep your message simple and effective.

Assessment Summary
You are to submit the following evidence / perform the following tasks
• revised budget
• budget assessment report
• feasibility report

Assessment 3

Instructions to Student:
Background:
For this task you are required to provide your review in the form of a written report, making a recommendation on the most suitable product for you. Be sure to explain your approach, including the pros and cons of each product evaluated

Task:
For this task you are to identify and evaluate a minimum of 3 commercially available financial management software for its appropriateness within your actual or projected business. You need to consider

1. Price
2. Usability
3. Features and functions
4. Compatibility with other programs
5. Compatibility with other specialists

Assessment 4

Research Questions
• You are to research and answer all the following questions.
• Please use word
• Make sure you answer all questions
• Hard copy needs to be provided to assessor
• Return your assessment by the date set by your assessor

Task

This is an individual task

• This will be your own work
• Make sure that you have not copied or plagiarized from any person or source
• Make sure you answer all questions
• Print out and submit to your assessor

Research Questions

1 In your own words, describe responsibility accounting?

2 Which of the following statements relating to a budget is not true?

3 Detail 4 different types of budgets, and their purposes.

4 What information would you require to plan and prepare a budget for a new business? Detail where this information would come from.

5 Describe what external factors should be taken into consideration when planning and preparing a budget.

6 Describe the following term in relation to an organisations budgetary requirements.

CAPITAL INVESTMENT

7 Describe the following term in relation to an organisations budgetary requirements.

CAPITAL EXPENDITURE

8 Describe the following term in relation to an organisations budgetary requirements.

CASH FLOW

9 Describe the following term in relation to an organisations budgetary requirements.

BREAK EVEN

10 Describe the following term in relation to an organisations budgetary requirements.

GROSS PROFIT

11 Describe the following term in relation to an organisations budgetary requirements.

RISK MANAGEMENT

12 What are the financial reporting cycles relevant to your Industry?

13 Describe 2 different capital investment evaluation techniques

14 What are the benefits of participative budgeting?

15 What steps would you take to effectively implement the budget into a team environment?

16 What are INCOTERMS?

17 Describe the following INCOTERMS codes?

Departure (Group E) FCA - Free Carrier

Main Carriage Paid By Seller (Group C) CIF - Cost, Insurance And Freight

Arrival (Group D)

DAF - Delivered At Frontier
18 What is the trades practice Act?

19 What is the Warsaw Convention?

20 What is the World Trade Organisation?

21 What are Bilateral and Regional Free Trade Agreements?

22 What is meant by financial probity?

23 What records need to be kept for the ATO for a small business with an annual turnover of less than $2million (cash basis)

Attachment:- Manage finances.rar