Part 1- Introduction The report contains the...
BSBFIM601 Manage Finance Diploma Assessment
This is very useful information for the students who are studying the diploma of Manage Finance.
It will help the students to complete their assessments and achieve higher marks.
Manage Finance defines the skills and knowledge essential to take on budgeting, financial forecasting, and reporting and to allow and manage resources to get the required outputs for the business unit.
You are recommended to read this information cautiously and follow all guidelines to get high marks in your assessments.
This assessment has two parts
In part 1 you will be given a portfolio based on that you have to prepare a budget for the specified organization. In part 2 you will have to write a report to monitor and review your budget.
In this task, you have to need a series of rapid questions that analyze you're considerate of major statutory and need a financial management of an organization.
You also require reviewing of financial information and preparing a budget for the given organization.
In this assessment, students need to examine the necessities to take on budgeting, reporting requirement and financial predicting for an organization. Students have to evaluate the provided case study and make a budget and its notes for supply and execution for the given organization.
1. Students will be given a case study to read it carefully.
2. Analyze the information of given case study and answer the questions.
3. analyze the information of given case study and complete the following:
A. Prepare each budget:
Cash flow budget
NOTE- Make sure that each budget should be separated into periodical stages and to define resources use previous financial data.
B. You have to develop budget notes which include:
In budget notes, you have to classify of causes for former profits and losses.
Your statement on the usefulness of current approaches to financial management.
All prospects and sources that made or used to from budgets.
You have to make any important notes regarding implementation and monitoring of budget expenses.
4. Communicate information regarding the budget and answer a series of prompt questions in written or oral form as agreed with your assessor. You may also request your trainer for additional information and may seek help with summarizing of all instructions.
You must provide:
Single spreadsheet of a completed annual budget and a single sheet for a component of the budget.
Budget notes and gives an answer to the questions in a written format.
According to given case study, you have to answer the following questions:
1. Identify the current statutory requirements for tax compliance and list and calculate the tax liabilities for XYZ’s under taxation legislation.
2. Identify the current compliance requirements and liabilities for this organization under the Corporations Act 2001.
3. Review commercially available financial management software to select the most suitable software for XYZ Ltd.
4. Describe how you can apply the below mention principles of accounting in preparing the budgets compulsory for this task.
5. Explain and discuss the implications of probity when preparing and revising budgets.
6. List the critical dates and initiatives that will require or generate resources for XYZ Ltd in the next financial cycle.
7. List the items you would recommend for inclusion in the budgets for XYZ Ltd.
8. List the new or modified internal controls that could improve risk management for XYZ Ltd including the maintenance of audit trails.
In this task, you have to need to monitor the execution of a budget and make a report on the variance, performance, trends of the recognized budgets for an imaginary business and give commendations for continuing financial practicability.
In this assessment, you will need to evaluate the given existing case study information and relate it to the budget you prepare for assessment task 1. After calculating these you will require reporting:
Differences in budget
Approvals for continuing financial practicality.
Appraise of financial management procedures.
According to given case study, you have required to:
1. Develop a variance report based on the format and template provided by XYZ Ltd.
2. Complete a cash flow analysis on the average length of time it takes XYZ Ltd to collect funds from its debtors to determine the trend based on the financial reports in Assessment Task 1.
3. Examine the sales budget, profit budget, cash flow budget and debtor aging summary to identify the following:
Complete and actual variance report (approx. 500 words)
A completed report detailing the variances, issues, recommendations performance and evaluations recognized the financial information. (approx. 750 words)
NOTE: Here the XYZ company name is written for reference purpose only. In your assignments, a real company name is given.