Level 3 108 Margaret Street

Brisbane City QLD AUSTRALIA 4000

CRICOS NO: 02763G RTO NO: 31353 +61 (7) 3194 6549

BSBFIM601
MANAGE FINANCES
ASSESSMENT 1

STUDENT NAME
STUDENT NUMBER ASSESSOR’S NAME

PROJECT
ASSESSMENT DUE DATE: 5.00 pm, <insert date>
ASSESSMENT TYPE: Individual assessment
ASSESSMENT FORMAT: Case study Project

SUBMISSION DETAILS
 This assessment task is due to be submitted at reception by 5.00 pm on the <insert date>.
 Any variations to this arrangement must be approved in writing by your assessor. Students may
request alternative arrangements subject to individual circumstances in consultation with the course
coordinator and trainer of the unit.
 Your assessment must be word-processed and submitted with any required evidence attached,
unless specified otherwise.
 A completed cover sheet must be submitted with all assessments.
 Failure to submit your completed assessment at the date specified will be deemed as non-
submission.
 You are required to fill in, sign the academic honesty statement, and attach the assessment cover
sheet to the front of your submitted assessment. Ensure you sign the receipt form when submitting.
 Plagiarism: Failure to adhere to the plagiarism policy, as outlined on the assessment cover sheet,
will lead to the non-acceptance of the submitted assessment, as well as a written warning for
breach of the policy.

PERFORMANCE OBJECTIVE AND ASSESSMENT DESCRIPTION

The learner is required to demonstrate their ability to conduct and analyse a range of financial and
management documentation in order to develop appropriate financial management plans and approaches.
The learner is also required to demonstrate their skills and knowledge to review, contribute to and develop
financial management processes and procedures, and continuous improvement in organisational financial
processes.

The assessment item is to be submitted as a Project Report, including appropriate responses to all of the
associated questions following the brief project scenario and instructions.

1 BSBFIM601: MANAGE FINANCES_ASSESSMENTS_VER 1.3

© Queensland International Institute 2017
 Level 3 108 Margaret Street
Brisbane City QLD AUSTRALIA 4000
CRICOS NO: 02763G RTO NO: 31353 +61 (7) 3194 6549

INSTRUCTIONS FOR STUDENTS

Assessment 1 is compulsory. You are required to achieve competency in all questions in order to be
deemed Competent for this unit.

Read the brief scenario below, followed by instructions for this project. Ensure you have access to all
required information and documents before you begin, then answer all of the questions and complete all of
the required tasks under 'questions'.

Scenario:
You have received an email from Mike Booth, Managing Director of Financial Operations at BizOps'
Enterprises, as follows:

Subject: Preparing for the new budgeting cycle

Hello,

The new budgeting cycle is about ready to begin. It is a hectic time of the year because we need to have
all of the organisation's budgets in place by the beginning of the last quarter in the financial year.

As the Finance Manager for BizOps Enterprises, much of this workload will be allocated to you.
I have provided a list of tasks that you will need to perform throughout the budgetary cycle in the
section that follows.

Regards,

Mike Booth
Managing Director: Financial Operations

In order to complete this assessment, you must have access to the following documents:

 Budgeting and financial planning procedures (Appendix A)

 Financial reports (Appendix B)
 BizOps Company Business Plan (Appendix C)
 Cashflow worksheet assumptions (Appendix D)
 Profit and loss worksheet assumptions (Appendix E)
 Balance sheet worksheet assumptions (Appendix F)
 Aging Summaries (Appendix G)
 BizOps Risk Management Policy (Appendix H)
 Risk Management Procedures (Appendix I)
 Risk management plan template (Appendix J)

2 BSBFIM601: MANAGE FINANCES_ASSESSMENTS_VER 1.3

© Queensland International Institute 2017
 Level 3 108 Margaret Street
Brisbane City QLD AUSTRALIA 4000
CRICOS NO: 02763G RTO NO: 31353 +61 (7) 3194 6549

The documents are available as electronic and printed Assessment Appendices and will be supplied by the
trainer/assessor. You can also access the required documents by accessing the web link or scanning the QR
codes on p. 98-99 of your unit resource.

Carefully read and analyse the required documents and all of the requirements in each question. You are
required to provide responses to each question or task in the question section below and submit it in the
required format and before the due date for the task. You must meet all of the criteria for each question in
order for your performance to be deemed satisfactory in the task overall.

QUESTIONS:

1. Review the budgeting and financial planning procedures document (Appendix A) and note the steps
of the budgeting process. Using the procedures document as a guide, prepare a financial and
budgeting plan for BizOps for the next financial year. Add timelines showing critical dates.

2. Review the BizOps' Business Plan (Appendix C) and note the goals/objectives for maintaining
financial stability. Using a spreadsheet, prepare a histogram clearly showing a 5 year financial plan
for BizOps. Generate a one-page document that includes your histogram and summarised points of
the financial direction for future budgets.

3. Review BizOps’ financial reports (profit and loss statements-Appendix E, cash flows-Appendix D and
aging summaries-Appendix G) and consider the information for planning future budgets. Prepare a
report to BizOps Managers and Supervisors about the organisation's current financial position. The
report needs to be clear and concise and include the following:

a) Demonstrated analysis of the:

- net profit margin
- net profit ratio
- cash flow return on assets

b) Demonstrated analysis of the areas of the business that have the greatest impact on the
business's profit and loss

c) Identify major variances in the profit and loss budget and explain the likely impact on annual
performance

d) Show the organisation's current position as compared to the previous years by summarising
the cashflow trends

e) Include a list of recommendations for the ongoing maintenance of financial viability

4. Prepare preliminary budgets for BizOps for the next financial year (2016/17) which align with the
business plan. Note: Base information, worksheets and underlying assumptions for each preliminary

3 BSBFIM601: MANAGE FINANCES_ASSESSMENTS_VER 1.3

© Queensland International Institute 2017
 Level 3 108 Margaret Street
Brisbane City QLD AUSTRALIA 4000
CRICOS NO: 02763G RTO NO: 31353 +61 (7) 3194 6549

budget have been provided. The budgets that you need to prepare must be clear for Managers and
Supervisors and must include:

a) A forecasted cashflow budget for the next financial year

b) A forecasted profit and loss budget for the next financial year

c) A forecasted balance sheet as at end of next financial year (currently 30 June 2017).

5. Review BizOps' budgeting and financial planning procedures. Using the budgets and balance sheet as
prepared in question 4 (a-c), create a checklist to ensure these documents comply with
organisational and statutory requirements.

6. Review and analyse BizOps existing financial management approaches, and advise suggestions for
improvement to the following systems:

a) The financial management software used

b) Managing risks of misappropriation of funds (refer to BizOps’ Risk Management Policy and
Procedure)
c) The systems in place to record all transactions and maintain audit trails – ensuring
discrepancies are identified between agreed and actual allocations
d) Compliance with due diligence

1.

4 BSBFIM601: MANAGE FINANCES_ASSESSMENTS_VER 1.3

© Queensland International Institute 2017
 Level 3 108 Margaret Street
Brisbane City QLD AUSTRALIA 4000
CRICOS NO: 02763G RTO NO: 31353 +61 (7) 3194 6549

BSBFIM601
MANAGE FINANCES
ASSESSMENT 2
STUDENT NAME
STUDENT NUMBER ASSESSOR’S NAME

WRITTEN TEST
ASSESSMENT DUE DATE: 5.00 pm, <insert date>
ASSESSMENT TYPE: Individual assessment
ASSESSMENT FORMAT: Knowledge based questions

SUBMISSION DETAILS
 This assessment task is due to be submitted at reception by 5.00 pm on the <insert date>.
 Any variations to this arrangement must be approved in writing by your assessor. Students may
request alternative arrangements subject to individual circumstances in consultation with the course
coordinator and trainer of the unit.
 Your assessment must be word-processed and submitted with any required evidence attached,
unless specified otherwise.
 A completed cover sheet must be submitted with all assessments.
 Failure to submit your completed assessment at the date specified will be deemed as non-
submission.
 You are required to fill in, sign the academic honesty statement, and attach the assessment cover
sheet to the front of your submitted assessment. Ensure you sign the receipt form when submitting.
 Plagiarism: Failure to adhere to the plagiarism policy, as outlined on the assessment cover sheet,
will lead to the non-acceptance of the submitted assessment, as well as a written warning for
breach of the policy.

PERFORMANCE OBJECTIVE AND ASSESSMENT DESCRIPTION

The students are requested to demonstrate a range of required evidence in the financial management field,
including knowledge of financial data, relevant legislation and Australian Tax Office requirements.
Additionally, demonstrated knowledge of business plans, profit and loss statements, cash flows and aging
summaries, organisational financial policies and procedures, and financial probity concepts must be
provided.

INSTRUCTIONS FOR STUDENTS

Assessment 2 is compulsory. You are required to achieve competency in all questions to be deemed
Competent for this unit.

5 BSBFIM601: MANAGE FINANCES_ASSESSMENTS_VER 1.3

© Queensland International Institute 2017
 Level 3 108 Margaret Street
Brisbane City QLD AUSTRALIA 4000
CRICOS NO: 02763G RTO NO: 31353 +61 (7) 3194 6549

Read and respond to all of the questions outlined below and submit this as a word processed document
before the due date. You must ensure you answer all of the questions in your own words and demonstrate
your knowledge of the concepts and topics.

QUESTIONS:
1. Describe the principles of accounting and financial systems that apply to your organisation or to an
organisation you are familiar with.

2. Explain legislation that is relevant to financial management in your organisation or an organisation

you are familiar with. Include:

a) Australian legislation
b) International legislation
c) Local legislation

3. Outline the ATO requirements for:

a) GST
b) Company income tax
c) PAYG

Provide examples for each requirement and how they apply to your organisation or an organisation
you are familiar with. In your answer include the due dates for lodgement and payment of any
obligations.

4. Identify the requirements for financial probity in your organisation (or an organisation you are very
familiar with) and outline how probity is considered when creating a budget. Include reference to
the organisation's policies and procedures.

6 BSBFIM601: MANAGE FINANCES_ASSESSMENTS_VER 1.3

© Queensland International Institute 2017