BSBFIM501 Manage Budget and Financial Plan Assignment Help

BSBFIM501 Manage Budget and Financial Plan Assignment Help

BSBFIM501 Manage Budget and Financial Plan Assignment Help

This assignment explains about the skills and knowledge required to undertake financial management within a work team in an organization. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.

Assessment 1

Assessment description

Students have to demonstrate the ability to plan various financial management approaches. In response to the given scenario, you have to clarify the budget plans and negotiate the changes in your budget. Then, identify and analyze a risk to the budget and prepare a contingency plan in order to prevent and minimize the risk.

For this, you need to follow the following procedure:

1. Read the scenario given in Appendix 1 to this assessment task and tasks A and B

2. Students must prepare to clarify their budget and negotiate changes by meeting with the manager:

a. Identify the budget areas that are unclear, inaccurate and unachievable.

b. Prepare the negotiation important to make changes in the budget.

c. Decide your time for meeting with the manager.

Clarify the budget and negotiate changes in the meeting with your manager:

a. Identify at least two issues for clarification

b. Negotiate at least two changes

c. Include discussion of basic accounting principles

d. Refer to relevant legislation and ATO requirements

e. Refer to principles and techniques of managing budget items

f. Take and keep notes of agreed changes.

g. Students must use of the template given in Appendix 3 to prepare a contingency plan document for persistent risks after the change in budget.

h. Submit all the documents needed in the specifications. Also, keep a copy of all the work submitted for your records.

Manage Budget Skills required completing this assignment

1. Numeracy skills required to read and understand a budget and negotiate its re-allocations.

2. To identify and use account balances, knowledge of basic accounting principles are required.

3. Knowledge related to financial management required in an organization like policies and procedures of an organization.

4. Knowledge of different techniques and principles involved in budgeting.

Scenario

Note – It will be same for all appendixes in this assignment

A bicycle manufacturer company in Victoria is known as Big Red Bicycle Pvt. Ltd that produces bicycles in order to sell it to the retailers in the domestic Australian market. The company comprised of Chief Executive officer, Managing Director, operation General Manager, chief financial officer, senior Accountant, Sales General Manager, Production Manager and HR Manager.

According to the strategic plan of the company, the company targets achieving a net profit before tax of 1 Lakh Dollar. The main risks include poor sales due to economic downturn and increases in expenses like wage expense. Additionally, the Australian operations allow the company to consider the overseas manufacturing by taking the benefit of reduced costs. Also, the company has diversified range of products that reduces the exposure to poor sales of one product.

Appendix 1

Role

You are the manager of Sales Centre A, based in Adelaide. The Centre has achieved great success over the last year and consistently outsells other sales Centre. Due to the large number of accounts managed by your sales team and larger staff, your Centre is expected to sell as much volume as the other two sales Centre’s put together. Naturally, you expect cost allocations to reflect the both the needs and importance to the business of Cost Centre A.

Task A

The Sales General Manager has asked you to review the cost Centre and master budget prepared by the Senior Accountant. She wanted to discuss the budget projections whether they are accurate, achievable, fair and understandable and wants you to look closely at the budget for your centered cost. You need to make these changes necessarily and develop an argument for the changes and negotiate them with her. You must include the following in your information:

1. Sales in the first quarter (Q1), third quarter (Q3), and the fourth quarter (Q4) are generally 30% less than the second quarter (Q2).

2. Sales in Q2 depend on completion of 90% of repair and maintenance.

3. Sales for Q2 have been estimated to be $1,000,000.

4. Commission negotiated with members of the sales team is now at 2.5%.

Task B

The Managing Director of the company has observed that sales volume may be 20% below target in the current financial year due to current economic climate. It may severely impact profit projections. Also, the company can accept 10% variations in profit projections. However, more than this could affect the ability of the company to invest and pay the obligations. As a special project, the Managing Director could ask you to perform a risk assessment and develop a contingency plan that could also manage the risk of sales up to 20%.

Appendix 2 (Budget and Finance policy)

Budget preparations

1. The business plan has set the key parameters for all financial budgeting. The variations in business plan should be approved by the management committee.

2. Results will be analysed by identifying the profit level of cost centres, identifying correlations between the financial statistics by defining the performance indicators for the future budgets.

3. A CAPEX budget will be developed from the approved business plan. Before completing the profit budget for the year, a detailed sales budget must be completed. After completing the profit budget, the cash flow budget will be prepared.

4. A master budget and profit projections will be completed when cost centre allocations will be made. Budget notes should accompany the master budget or be made available as a separate document.

5. All income and expenses will be spread equally that is required by business environment and needs.

1. Financial delegations

Manager will be highly responsible for:

1. Achieving the revenue budgets.

2. Approve the signature on the necessary paperwork along with the expenditures that fall within their area of responsibility.

3. Manage the expenditures within the budget guidelines for the individual departments.

Format for budgets and reports

All budgets must include the name of the person who prepared the respective budget, name of the report/budget, cost Centre and the period of budget.

Appendix 3 (Budgets and templates)

Master budget with profit projections

Big Red Bicycle Pty Ltd

Master Budget FY 2011/2012

 

FY

Q1

Q2

Q3

Q4

REVENUE

 

 

 

 

 

 

Commissions (2% sales)

60,000

15,000

15,000

15,000

15,000

 

Direct wages fixed

200,000

50,000

50,000

50,000

50,000

 

Sales

3,000,000

750,000

750,000

750,000

750,000

 

Cost of Goods Sold

400,000

100,000

100,000

100,000

100,000

Gross Profit

 2,340,000

585,000

585,000

585,000

585,000

EXPENSES

 

 

 

 

 

General & Administrative Expenses

 

 

 

 

 

 

Accounting fees

20,000

5,000

5,000

5,000

5,000

 

Legal fees

5,000

1,250

1,250

1,250

1,250

 

Bank charges

600

150

150

150

150

 

Office supplies

5,000

1,250

1,250

1,250

1,250

 

Postage & printing

400

100

100

100

100

 

Dues & subscriptions

500

125

125

125

125

 

Telephone

10,000

2,500

2,500

2,500

2,500

 

Repairs & maintenance

50,000

12,500

12,500

12,500

12,500

 

Payroll tax

25,000

6,250

6,250

6,250

6,250

Marketing Expenses

 

 

 

 

 

 

Advertising

200,000

50,000

50,000

50,000

50,000

Employment Expenses

 

 

 

 

 

 

Superannuation

45,000

11,250

11,250

11,250

11,250

 

Wages & salaries

500,000

125,000

125,000

125,000

125,000

 

Staff amenities

20,000

5,000

5,000

5,000

5,000

Occupancy Costs

 

 

 

 

 

 

Electricity

40,000

10,000

10,000

10,000

10,000

 

Insurance

100,000

25,000

25,000

25,000

25,000

 

Rates

100,000

25,000

25,000

25,000

25,000

 

Rent

200,000

50,000

50,000

50,000

50,000

 

Water

30,000

7,500

7,500

7,500

7,500

 

Waste removal

50,000

12,500

12,500

12,500

12,500

TOTAL EXPENSES

1,401,500

350,375

350,375

350,375

350,375

NET PROFIT (BEFORE INTEREST & TAX)

938,500

234,625

234,625

234,625

234,625

Income Tax Expense (25%Net)

234,625

58,656

58,656

58,656

58,656

NET PROFIT AFTER TAX

703,875

175,969

175,969

175,969

175,969

Sales cost Centre expense budget

 

Sales Centre A

Sales Centre B

Sales Centre C

Commissions

$20,000

$20,000

$20,000

Wages

$100,000

$100,000

$100,000

Telephone

$3,000

$3,000

$3,000

Office supplies

$1,000

$1,000

$1,000

Assessment Criteria

In this assignment, the students must follow the guidelines:

1. Meet to clarify budget and negotiate changes

2. Submit a contingency plan

3. Submit notes

4. Complete the assessments with agreed deadline

Questions

Q1. Clarify budget/financial plans with important personnel within the organization to ensure that documented outcomes are accurate, achievable and comprehensible.

Q2. Candidate should discuss at least two of the following:

a. Discrepancy between profit company profit goals and budget projections (income and expenditure)

b. Discrepancy between commissions negotiated and in budget

c. Sales spread too evenly over the year to be accurate

d. Budget for repairs and maintenance

Note – Discussion should line with basic accounting principles and refer to techniques like profit and loss statements.

Financial PlanQ3. Describe basic accounting principles while discussing budget projections and coaching in role-play. Refer to relevant legislation and ATO requirements, such as Business Activity Statements (BAS)?

Q4. Identify and explain the relevant legislation and current requirements of the ATO, including GST?

Q5. Explain the key requirements for financial recordkeeping and auditing?

Q6. Describe the principles and techniques involved in managing: budgeting, cash flows, electronic spreadsheets, GST, ledgers and financial statements, profit and loss statements?

Q7. Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organization?

Note – Candidates should negotiate wages, commission and telephone expenses allotted to Sales Centre A.

Q8. Prepare contingency plans in the event that initial plans need to
be varied?

Assessment task 2

Assessment description

Students should demonstrate the ability to implement financial management approaches. You have to communicate and access the budget details to the manager. In respect to the software resources and systems, members in your team should perform their required roles.

To complete this assessment, students should follow the following procedure:

1. Students must read the scenario given in Appendix 1

2. Students should get prepared to communicate the budget and coach them in a real role

3. Access required budget information from assessor

a. Determine the needs of an organization

b. Identify their training needs

c. Plan their training session by including elements to practice, motivate, instruct and test, producing spreadsheet to meet management requirements and keeping notes.

Conduct a meeting to coach your team members in a role:

a. Explain budget and relevance to the team

b. Use appropriate coaching techniques or models such as GROW

c. Use appropriate motivational theory

d. Train learner in the concept of petty cash that includes elements of instruction, practice and testing/feedback

e. Include record keeping requirements for Australian Taxation Office (ATO) and auditing purposes, for items such as petty cash, and GST.

f. Submit all the documents needed in the specifications. Also, keep a copy of all the work submitted for your records.

Appendix 2

Role

You are a manager of Sales Team A where you manage a small sales team. You have to access the budget information, explain important aspects of budgets, feature budget documents, and support team members to achieve performance goals.

Task A

In this task, you have to access budget information from the senior accountant. You will explain the overall financial objective of the business by providing the budget overview and explain the translation used to expense allocations.

Task B

One of your team members must be responsible for tracking expenses and petty cash throughout the financial year. In order to meet the organizational needs, it needs to be performed according to the policies and procedures (Expense reimbursement) of an organization. You have to verify that the expenses will be divided equally and tracked by the quarter. You are required to develop a spreadsheet in order to keep a track of actual expenditure incurred. To control the expenses, the spreadsheet should provide ongoing tally of expense. He must inform about the basic policies and procedures of the company, as he is familiar with Microsoft Excel but not aware of using the functions and formulae to sum rows and columns of figures.

The policy

Big Red Bicycle will restore staff for authorized and reasonable expenses that have been incurred by them on behalf of the organisation or in the course of conducting Big Red Bicycle business. Students have to follow the following procedure to complete this assignment.

1. Staff will not be reimbursed if any late penalty overdue interest on credit cards, expenses get recovered from a third party, fines and penalties should be made using the purchase order system, expenses made by the staff as a tax deduction and the expenses not made for the purpose of business.

2. Travel expenses claims the reimbursement of insurance for the trip cancellation, mileage expenses provided for work-related travelling, indirect routes and personal stopovers will not be reimbursed and the availability of travel reimbursement

3. Accommodation expenses include the reimbursement that covers moderate accommodation expenses and items of personal nature will not be reimbursed.

4. Employee’s own meals will be reimbursed within an organization.

5. Original source documents must be attached to the Expense Reimbursement Form. Appropriate advance payments may be authorised.

6. Employees can approve the expenses detailed in their individual job description. The authorized expenditure should submit their request on a signed form. The source documents must be kept for all purchases and expenses.

7. The CFO will use discretion to reimburse reasonable but unauthorized expenses. The claims that have not been prepared will be returned to the employee with reasons.

Big Red Bicycle (The organization) maintains a petty cash system for allowing authorized personnel to pay for small expenditures in relation with the business activity. For this, one member will be authorized to disburse petty cash in case of emergency and sickness, keep petty cash secure, issue receipts for the cash, bank your amount more than 800 Dollar and record your petty cash as miscellaneous.

Questions

Q1.  Access the budget/financial plans for the work team by accessing budget spreadsheet from the Manager.

Q2. Disseminate relevant details of the agreed budget/financial plans to team members? Explain budget and explain relevance to team member’s accountabilities.

Q3.  Provide support to ensure that team members can competently perform required roles associated with the management of finances?

Q4. Develop a plan for explaining petty cash duties to team member and training team member to develop an appropriate spreadsheet to track expense; plan should contain activities to motivate team member

a. Deliver coaching by including elements of instruction, practice and feedback, positive and emotional elements and elements of collaboration.

b. Explain budgeting elements and activities

c. Explain modifications to a financial contingency plan

d. Demonstrate how to monitor expenditure and control costs

e. Explain key requirements of financial recordkeeping

f. Describe principles and techniques of managing a budget and electronic spreadsheets.

Q4. Determine and access resources and systems to manage financial management processes within the work team?

Assessment task 3

Objective

This assignment aims to describe the ability to control and monitor finances.

Assessment description

Students have to create simple spreadsheet budget in order to capture a simple spreadsheet budget and captures monitoring information. The information given can be helpful in the budget spreadsheet to produce a report on expenditure according with the organizational policies and procedures. Also, you have to modify a contingency plan.

To complete this assessment, students should follow the following procedure:

1. Students can refer a scenario given in Appendix 1 to this assessment task and tasks A and B

2. Design and develop a spreadsheet that captures the budget and actual figures to produce a variance report.

3. Students can access they original budget figures form the important accounting systems and managers.

4. Students can record and monitor actual figures.

5. You can also consider the feedback and produce a variance report according to the requirements of the organization.

6. Students have to consider the information given in the scenario and contingency plan from the given contingency plan and allow them to analyze the variance report.

7. Students have to modify the implementation and contingency plan given in the scenario for the improvement of effectiveness.

8. Submit all the documents needed in the specifications. Also, keep a copy of all the work submitted for your records.

Notes – Students must provide a budget variance report, notes on procedures and a modified contingency plan and implementation plan.

Appendix 1

A. Scenario

Additionally, the Australian operations allow the company to consider overseas manufacturing in order to reduce its cost. The company has also diversified the range of products by reducing the exposure to poor sales of one particular product.

Role

You are a Senior Accountant in a company known as Big Red Bicycle. Here, you have to set the budget and monitor the budgetary performance for the organization.

Task A

According to the Managing Director of the company, you have to implement a process that could monitor both the income and expenditure. You have to prepare a spread sheet that could capture and compare the actual income and expenditures according to the budgeted figures. It must contain columns for each four quarters of the financial year. You have to gather the data important for managers for completing the budget variance report. The report should follow the organizational requirements in policies and procedures that contain absolute variance, percentage variance and columns to show actual account values.

Task B

The scenario in this task is exactly similar to Task B of Assessment 1 and Appendix 1. You only need to consider the implementation and contingency plan from the already implemented portion, named as budget performance monitoring in the variance report prepared by you. Students have to analyze the report in order to determine the effectiveness of implementation and contingency plan.

The Managing Director wanted to submit a revised contingency and implementation plan to bring expenses and income under more effective control.

a. Contingency plan

1. Produce quarterly variance reports to identify income, expenditure and profit shortfalls up to 10%

2. Implement sales training

3. Implement incentive programs and reduce overtime.

b. Implementation plan

1. Monitor variance (completion of variance report)

2. Analysis of report to identify issues (management report)

3. Email to warn employees of risk to jobs (monitoring variance report results)

4. Email to announce rise of commission from 2%-2.5% (Monitoring variance report results)

5. Email to inform employees that overcome will no longer be approved.  (Monitoring variance report results)

6. Email to inform employees of mandatory sales skills training: set program. (Monitoring variance report results)

7. Mandatory training conducted (Monitoring variance report results)

B. Financial delegations

The budget preparation in this task is similar to the Appendix 2 of Assessment 1. Students can make use of certain software applications like Microsoft Windows, Microsoft Excel (for actual variance) and MYOB Account Right (for actual results)

Manager will be highly responsible for:

1. Achieve the revenue budgets.

2. Approve the signature on the necessary paperwork along with the expenditures that fall within their area of responsibility.

3. Manage the expenditures within the budget guidelines for the individual departments.

Format for budgets and reports

All budgets must include the name of the person who prepared the respective budget, name of the report/budget, cost Centre and the period of budget.

Assessment task 3

Monitor and control finances

Students have to demonstrate the knowledge and skills needed in order to control and monitor finances. You have to create a simple spreadsheet budget to capture monitoring information by using the information given in the scenario. To produce a report on expenditure, students can use budget spreadsheet based on the organizational procedures and policies. You can also modify a contingency plan. For this, you must be aware of the information given in the scenario and must get the data for creating a variation report.

To complete this assessment, students must provide a budget variation report, a budget spreadsheet and a modified implementation and contingency plan.

Assessment criteria

Students must follow the criteria to complete this assignment:

1. Submit a budget spreadsheet and variance report

2. Clarify financial plans and negotiate changes

3. Describe the techniques for managing the variance and effects of a 10% variance in project projections.

4. Submit a modified implementation and contingency plan

5. Complete your assignment with strict deadline

Questions

Q1. Implement processes to monitor actual expenditure and to control costs across the work team? According to the information given in the scenario, you must develop a budge spreadsheet to capture the information

Q2. Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns? According to the requirements of the scenario, spreadsheet must contain columns for each quarter of financial year.

Q3. Implement, monitor and modify contingency plans as required to maintain financial objectives?

Q4. Produce contingency plan and implementation plan by:

a. Reducing contract employees by 50%

b. Removing unnecessary changes to overtime policy

c. Make training or coaching a regular activity and receive views before its implementation. It must be relevant to the actual need.

d. Ensure the positive communication and reduce the use of email for negative messages

e. Introduce the consultative program to collect the views of employees on increasing efficiency and reducing waste.

Q5. Report on budget and expenditure in accordance with organizational protocols?

Assessment Task 4

Review and evaluate financial management processes

In this assignment, students must demonstrate the ability to evaluate and review the processes under financial management. The information given in this scenario can be used to answer number of scenario tasks. You have to collect and analyze the financial data and make recommendations in order to improve the existing processes. Also, you have to create a plan to monitor and implement various solutions.

Note - In this assessment, consider the financial information, scenario and tasks.

Appendix 1

Role

As a Senior Accountant, you have to complete the following tasks:

Task A

The risk to the strategic plans of Bicycle Company is a bad debt and poor cash flow due to large trade debtor balances. According to policies, the company offers 30 day terms to debtors, as it does not train sales staff on credit terms. There is no enforcement of credit terms. According to the current leased premises, warehousing of stock is expensive. If the parts of the bicycle are rust, they need to be thrown out. Based on the statement of financial position and current ledger accounts, you can use the following information in the electronic accounting system.

Account

$

Trade debtors

362,500

Trade creditors

80,000

Opening stock

100,000

Closing stock

300,000

Purchases

1,000,000

Questions

Q1. Review the Statement of Financial Performance in Appendix 2 to calculate:

a. The average debtor days ________________

b. The average creditor days _______________

c. The average stock turnover _____________

d. Show calculations and results on your response document for this assessment task.

Q2. Consider the existing BRB ageing debtor’s budget in Appendix 2. You have to make two written recommendations that could improve the existing financial management processes to improve the cash flow. In order to provide support to your recommendations, you can refer organizational needs, data sources and analytical techniques like ledger accounts, scenario information, and statement of financial performance, ratios and ageing debtor’s budget.

Q3. On your response document, list three sources of information of use to complete this activity.

Task B

The bicycle company has considered manufacturing a new range of cheaper bicycles in Indonesia. The Indonesian plant has the capacity to manufacture 8000 units. The strategic goal is to generate a profit of 1 lakh for the next financial year for Indonesian operations. Clients will pay a maximum of 500 Dollar per bicycle, as the possibility to move Indian plant has the capacity for 10,000 units. The market for bicycle is rapidly growing. The company has the limited ability to renegotiate the cost with the suppliers. For this, the cost information and the pricing is as follows:

Bicycle price per unit

$500 (excl. GST)

Current variable costs per unit

$250

Fixed costs

$1,280,000

Questions

Q1. Find:

a. How many units at current variable cost would need to be produced to achieve profit target (show calculations)

b. What the variable costs per unit would need to be to achieve profit target at current manufacturing capacity (show calculations).

Q2. List three sources of information of possible use to complete this activity.

Task C

In this task, you need to prepare a Business Activity Statement (BAS) for the first quarter of financial year.

Questions

Q1. State how many years you will need to keep GST records in order to satisfy ATO requirements?

Q2. Complete the GST budget on the following page to anticipate GST liability.

 

 

July

August

September

Budgeted cash receipts incurring GST:

 

 

 

Cash sales

20,000

10,000

10,000

Cash revenue (besides sales)

0

0

0

Cash receipts from sale of assets (not stock)

0

0

0

Total receipts for GST

20,000

10,000

10,000

Budgeted non-cash receipts incurring GST:

 

 

 

Debtors sales

180,000

230,000

150,000

Total non-cash receipts

180,000

230,000

150,000

Total budgeted receipts incurring GST

200,000

240,000

160,000

Budgeted cash payments incurring GST:

 

 

 

Cash purchases of stock

0

0

0

Cash expenses

4,300

5,200

5,250

Total cash receipts incurring GST

4,300

5,200

5,250

Budgeted credit payments incurring GST:

 

 

 

Credit purchases of stock incurring GST

25,000

30,000

25,000

Credit purchases of assets (besides stock)

4,300

5,200

5,250

Total cash payments incurring GST

29,300

35,200

30,250

Total budgeted cash payments incurring GST

33,600

40,400

35,500

Task D

In this task, you have to choose one of the recommendations from Task A or B and develop an individual action plan for the monitoring and implementation of the recommendations. Also, ensure the inclusion of accurate monitoring, activities, accountabilities and timelines.

Task E

In this task, students have to revisit the five fundamental principles of accounting like the list is important for the effective decision making of the management with the following:

1. Control – Mangers are required to monitor and control the business.

2. Relevance – The decision-makers require timely and useful information.

3. Compatibility – The accounting system is required to match the basic objective of the company.

4. Flexibility – The accounting system is required to adapt the need of the company.

5. Cost-benefit – The benefits of the accounting information system is required to outweigh the cost.

Appendix 2

Financial information

Statement of Financial Performance

Big Red Bicycle Pty Ltd

Statement of Financial Performance

For the year ended 30 June 2012

REVENUE

 

 

Sales

2,900,000

 

Less direct wages and commissions

272,500

 

Opening stock

100,000

 

Purchases

300,000

 

Closing stock

20,000

 

Less cost of goods sold

380,000

Gross Profit

2,247,500

EXPENSES

 

General & Administrative Expenses

 

 

Travel

22,000

 

Legal fees

4,500

 

Bank charges

700

 

Office supplies

4,000

 

Postage & printing

500

 

Dues & subscriptions

600

 

Telephone

11,200

 

Repairs & maintenance

45,000

 

Payroll tax

25,000

Marketing Expenses

 

 

Advertising

208,000

Employment Expenses

 

 

Superannuation

45,000

 

Wages & salaries

500,000

 

Staff amenities

23,000

Occupancy Costs

 

 

Electricity

38,000

 

Insurance

100000

 

Rates

100,000

 

Rent

200,000

 

Water

35,000

 

Waste removal

60,000

TOTAL EXPENSES

1,422,500

NET PROFIT (BEFORE INTEREST & TAX)

825,000

Income Tax Expense

206,250

NET PROFIT AFTER TAX

618,750

Ageing debtors budget

Big Red Bicycle Pty Ltd

AGED DEBTORS BUDGET 2011/12

TOTAL

Qtr 1

Qtr 2

Qtr 3

Qtr 4

Sales

2,900,000

600,000

900,000

800,000

600,000

% Debtors Sales

 

50%

50%

50%

50%

Total Debtors

100%

300,000

450,000

400,000

300,000

Current

65%

195,000

292,500

260,000

195,000

30 Days

20%

60,000

90,000

80,000

60,000

60 Days

12%

36,000

54,000

48,000

36,000

90 Days

3%

9,000

13,500

12,000

9,000

Assessment Task 4

Review and Evaluate Financial Management Processes

In this assessment, students have to:

1. Provide responses to the scenario tasks

2. Complete the assessment within the deadline

Questions

Q1. Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team?

Note – For this, you can refer Tasks A and B and use financial data of the scenario to complete the activities.

Q2. Make financial calculations. Prepare, implement and modify financial contingency plans?

Q3. Identify and explain purpose of, and use, Statement of Financial Performance, including Net Profit after Tax component?

Q4. Describe the principles and accountabilities needed to implement recommendations in the action plan?

Q4. Analyze data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes?

Note – In this, provide evidence of analysis by providing written recommendations.

Q5. Implement and monitor agreed improvements in line with financial objectives of the work team and the organization?

Q6. Describe ‘basic accounting principles’ in a written summary statement?

Additional material required for this assessment

Big Red BicycleProblems that students might face

In BSBFIM501 Manage Budget and Financial Plan, students may face challenges like financial management information given in different scenarios, implementation of different kinds of plans, understanding the concept of budget from the point of view of the company, etc. It is highly important to keep the pace of achieving good grades for this assignment during your examinations. OZ Assignments helps in providing tutorials and academic guidelines in order to solve the queries of students. Get feedback amendment without any additional cost.

Note: Price given for this assessment is valid only for this part. It will not work for other parts.