Reference no: EM132454936

BSBFIM501 - Manage budgets and financial plans

Assessment Task 1- Case Study

Plan and implement financial management approaches

Task summary
This assessment task is about analysing a case study of a simulated workplace to plan financial management approaches.

Performance objective

To test your ability to demonstrate the skills and knowledge required to plan and implement financial management approaches.

Case scenario (attached)
(Review the case study for financial information in the Appendix 1)

Your task

Complete the following activities and document for the use by Australian Constructions teams and individuals. Then meet with the CEO (Your Assessor) to discuss your contingency strategies:
Part 1. Read and review the financial information and the other information available in the case scenario (Appendix 1). Note down the summary in dot point.
Part 2. Read the "budgeting and finance Policy" to ensure budgets and financial' plans are prepared in line with the policy and considering organizational requirements and note down any variations.
Part 3. Identify and write down the areas that may vary due to latest industry financial information on banking industry. (Minimum three areas)
Part 4. After completing above, meet with the CEO or the CFO/Accountant (Your Assessor) to discuss the documented outcomes in a role-play.
Part 5. Discuss and negotiate any changes required due to developing financial climate that may affect Australian Construction's business during the next three years.
Part 6. Prepare a contingency plan for above situations identified in Activity 3. You may use the contingency plan format provided in the Appendix 3.
Part 7. After completing above contingency plan, meet with your project manager team (Your assessor) in a role-play and provide details of the agreed budget/financials plans.
Part 8. Identify and list the areas of the project manager (in the scenario of Appendix 1) who need support in management of finances in their specific areas.
Part 9. Prepare a training plan/coaching plan to provide support to the project manager with resources and systems to be able to perform the role of project manager competently.
Part 10. Submit the documents to your assessor.

Assessment Task 2- Project Monitor and control finances

Case scenario (attached)
(Review the case study for financial information in the Appendix 1)

Your task
Complete the following activities and document for the use by Australian Constructions teams and individuals. Then meet with the CEO (Your Assessor) to discuss the variance and modified contingency plan including its implementation:
Part 1. Read and review the financial information and the other information available in the case scenario (Appendix 1). Note down the summary in dot point.
Part 2. Access actual budget figures from relevant managers, the CFO/Accountant, Mr. Roberts Gillard (Your assessor) and accounting systems in Appendix 1.
Part 3. Analyse the actuals against the budgeted financial performance and identify the variance. (Income variance, cost of variance and expenses variance).
Part 4. Design and develop a spreadsheet to capture budgeted and actual figures and produce a variance report as per organisational requirements (Appendix 2 Organisational Protocols).
Part 5. Monitor and record actual figures against budgeted figures.
Part 6. Consider the scenario information and contingency plan you developed (Assessment Task 1) and analyse the variance report to modify the contingency plan. Note down the areas that need modification.
Part 7. Modify the contingency plan and develop an implementation plan which you have developed in Assessment Task 1 to improve effectiveness.
Part 8. After completing above, using the organizational protocols in Appendix 2, meet with the CEO or the CFO/Accountant and report on this budget variance and your modified contingency plan to the CEO (Assessor) in a role-play.
Part 9. Discuss your implementation strategies and monitoring agreed improvements in line with financial objectives of the work team and the organization.
Part 10. Submit the documents to your CEO (assessor).

ASSESSMENT TASK 3

Problem 1
P1. Why should organizations collect, file and maintain accurate financial records?
P2. What are the expectations of managers and supervisors in relation to budget or financial plans?
P3. What are the reports that can be used for financial planning in an organization?
P4. What is the process for preparing budgets or other financial plans?
P5. What two forms of budgeting might be used?
P6. Which form of budget allows changes to be made?
P7. Explain how contingency plans work.
P8. Why should team or work group members be actively involved in designing and developing contingency plans?

Problem 2
P1. How can employees be engaged in the preparation of financial reports, allowing details to be easily disseminated among team members?
P2. Why should employees be involved in setting and monitoring the budget?
P3. What is responsibility accounting and what is its importance to an organization?
P4. What are cost center? Give examples of cost center that might be encountered in an organization.

Problem 3.
P1. What is the importance of a cash flow budget report?
P2. What data do you need to collect, and from whom, in order to construct a cash flow budget?
P3. Describe how the budget is used to monitor work performance, variation, and team/division outputs.

Problem 4.
P1. What is the meaning of the following terms.
a. Assets
b. Liabilities
c. Expenses
d. Equity
P2. Describe what the following budgets/reports are and how they might be used to inform a ream's operations.
a. Variance Analysis
b. The general ledger
c. A Sale analysis report/Budget Report
d. Variance Analysis Reports
e. The revenue and expenditure report/budget
P3. Explain why reports must be made to:
a. Management
b. Inventors
c. Creditors
d. The government
P4. What details might be provided in a financial report?

Problem 5
P1. What is GST and how is it implemented? Who is required to register for GST? What piece of legislation primarily governs GST?

Problem 6
P1. What are audits and why are they carried out?

Problem 7
What are?
P1. Budgets.
P2. Cash flows
P3. General ledgers
P4. Profit and loss statements?

Problem 8
There are several ways organisations maintain financial records. They include manual systems (hard copy) and computer-based (electronic) systems. How do computer and manual systems operate?

Problem 9
Why do organisations need accurate and timely financial information? What information is required to manage the organisation's finances? Who is usually responsible for an organization 's financial management?

Problem 10
Describe the principles and techniques involved in managing:
a. budgeting
b. Cash flows
c. electronic spreadsheets
d. GST
e. ledgers and financial statements
f. profit and loss statements.

Attachment:- Manage budgets and financial plans Assessments.rar