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BSBFIM601 Manage finances

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Added on: 2024-11-20 08:00:10
Order Code: SA Student Ajay Management Assignment(12_23_39041_278)
Question Task Id: 499764

Assessment 1

BSBFIM601 Manage finances

Assessment Tasks and Instructions

Student Name Student Number Course and Code Unit(s) of Competency and Code(s) BSBFIM601 Manage finances

Stream/Cluster Trainer/Assessor Assessment for this Unit of Competency/Cluster Details

Assessment 1 Assignment

Assessment 2 Assessment 3 Assessment conducted in this instance: Assessment 1 FORMCHECKBOX 2 FORMCHECKBOX 3 FORMCHECKBOX

Reasonable Adjustment

Has reasonable adjustment been applied to this assessment?

No FORMCHECKBOX No further information required

Yes FORMCHECKBOX Complete 2.

Provide details for the requirements and provisions for adjustment of assessment:

Student to complete

FORMCHECKBOX My assessor has discussed the adjustments with me

FORMCHECKBOX I agree to the adjustments applied to this assessment

Signature Date 2nd Assessor to complete

FORMCHECKBOX I agree the adjustments applied to this assessment are reasonable

Name Signature Date Assessment Guidelines

What will be assessed

The purpose of his assignment is to assess the underpinning knowledge requirements for the unit BSBFIM601 Manage finances relating to the following aspects:

Identify the requirements for financial probity

Describe the principles of accounting and financial systems

Explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation

Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go.

Place/Location where assessment will be conducted

Resource Requirements

Pen, Paper and access to current legislation and internet.

Instructions for assessment including WHS requirements

Each of the questions overleaf must be addressed and where indicated additional support materials or references must be provided.

Please note that where sources of information are accessed like websites or literature, these must be clearly referenced.

Statement of Authenticity

FORMCHECKBOX I acknowledge that I understand the requirements to complete the assessment tasks

FORMCHECKBOX The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes

FORMCHECKBOX I understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessment

Student Signature: Date: / /201

This assessment: First Attempt FORMCHECKBOX 2nd Attempt FORMCHECKBOX Extension FORMCHECKBOX Date: FORMTEXT / FORMTEXT / FORMTEXT

RESULT OF ASSESSMENT Satisfactory FORMCHECKBOX Not Yet Satisfactory FORMCHECKBOX

Feedback to Student:

Assessor(s) Signature(s): Date: FORMTEXT / FORMTEXT / FORMTEXT

Student Signature Date: FORMTEXT / FORMTEXT / FORMTEXT

Your Tasks:

What are the requirements for financial probity?

Your response needs to provide an overview what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc.

Describe the concepts and principles of accounting:

Accounting Entity Concept

The Reliability Principle

The Going Concern Principle

Describe the principles of and provisions for effective financial systems:

An overview of the common procedures and systems and what these entail:

Transaction recording

Reconciliation Processes

Invoicing

Accounts payable

Account receivable

Cash management

Security measures

Banking procedures

Revenue systems

Financial management systems

Explain the following Australian, international and local legislation and conventions that are relevant to financial management in the organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity.

Australian Consumer Law (ACL)

International Commercial Terms (INCOTERMS)

Warsaw Convention

Trade Agreements

World Trade Organization determinations

Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go. Your response needs to include details for amounts, calculating these, due dates and provisions relevant to different business models e.g. partnership/sole trader or company.

Assessment 2 - Project

BSBFIM601 Manage financesAssessment Tasks and Instructions

Student Name Student Number Course and Code Unit(s) of Competency and Code(s) BSBFIM601 Manage finances

Stream/Cluster Trainer/Assessor Assessment for this Unit of Competency/Cluster Details

Assessment 1 Assignment

Assessment 2 Task Portfolio

Assessment 3 Assessment conducted in this instance: Assessment 1 FORMCHECKBOX 2 FORMCHECKBOX 3 FORMCHECKBOX

Reasonable Adjustment

Has reasonable adjustment been applied to this assessment?

No FORMCHECKBOX No further information required

Yes FORMCHECKBOX Complete 2.

Provide details for the requirements and provisions for adjustment of assessment:

Student to complete

FORMCHECKBOX My assessor has discussed the adjustments with me

FORMCHECKBOX I agree to the adjustments applied to this assessment

Signature Date 2nd Assessor to complete

FORMCHECKBOX I agree the adjustments applied to this assessment are reasonable

Name Signature Date Assessment Guidelines

What will be assessed

The purpose of this task portfolio is to assess the following performance requirements outline for the unit of competency BSBFIM601:

plan for financial management

read and review profit and loss statements, cash flows and aging summaries

prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements

contribute to financial bids and estimates

establish a budget and allocate funds in accordance with statutory and organisational requirements

communicate with other people including:

reporting on financial activity and making recommendations

identifying and prioritising significant issues

ensuring managers and supervisors are clear about budgets.

analyse the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence.

Place/Location where assessment will be conducted

Resource Requirements

An existing Business Plan that can be linked in context to the provided tasks (Must be provided by or with the assistance of the RTO)

Internet access

Pen and paper

Calculator

Relevant workplace documents or an existing budget to assist evaluation and adjustment of budgets.

Instructions for assessment including WHS requirements

Read the following tasks and address each criteria.

There are spreadsheets relevant for each task which form the basis to identify, evaluate or amend data as outlined for each task.

You are required to submit the completed spreadsheet with all details outlined for each task.

Statement of Authenticity

FORMCHECKBOX I acknowledge that I understand the requirements to complete the assessment tasks

FORMCHECKBOX The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes

FORMCHECKBOX I understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessment

Student Signature: Date: / /201

This assessment: First Attempt FORMCHECKBOX 2nd Attempt FORMCHECKBOX Extension FORMCHECKBOX Date: FORMTEXT / FORMTEXT / FORMTEXT

RESULT OF ASSESSMENT Satisfactory FORMCHECKBOX Not Yet Satisfactory FORMCHECKBOX

Feedback to Student:

Assessor(s) Signature(s): Date: FORMTEXT / FORMTEXT / FORMTEXT

Student Signature Date: FORMTEXT / FORMTEXT / FORMTEXT

Task 1

Your Tasks:

Go to the Spreadsheet Activity 1 Support Material and calculate each of the following values in the orange boxes using the correct formulae:

Net Cash Flow from Operations

Net Cash Flow from Investing Activities

Net Cash Flow from Financing Activities

Net Increase in Cash

Cash at End of Year

Task 2

Your Tasks:

Go to the Spreadsheet Activity 2 Support Material. On the first tab Departments you will find an overview of the existing budget figures for the 2014/15 financial year.

Use the template Draft Budget on the second tab of the spreadsheet and perform the calculations below using basic formulas.

Your forecast needs to include the Dollar Figures and the % values for all areas affected by changes outlined below.

The % values must be listed for each expenses item shown in the Expenses Analysis for each department.

You have met with the department heads of Hotel Futura and the following details have been discussed to prepare your draft budget for 2015/16:

Rooms Division:

Due to renovations the rooms available have been reduced to 90%.

The forecasted occupancy rate has been adjusted to 78%.

The revenue per available room needs to be increased to $178.00

The COGS will decrease to 13%

Staff costs need to be increased to 22% to allow for increases in superannuation and awards.

Other Expenses need to increase to 9% to cover electricity price rises.

Catering:

The food revenue will be increased by 15% due to a new marketing campaign and specialty menus

The beverage revenue will increase by 8%.

Staff costs need to be adjusted to 34% of the food budget.

Other Expenses will need to be increased to 7%.

Banquet:

The banquet Division will be directly affected by the new marketing campaign which has been directed at daytime seminars and corporate functions. For this purpose the kitchen has received specialised equipment including multiple combi steamers, hold-o-mats and sous-vide equipment.

The new food revenue budget was set at $1,600,000.00 (1.6 Million) and the beverage revenue was increased by 55%.

The COGS will increase to 29%.

The staff costs have been reduced to 19%.

Other Expenses will need to increase by 14%.

Room Service:

The room service revenue from food needs to be increased by 15%.

Due to a different system to clear floors and organise delivery, the staff costs will be reduced to 34%.

Mini Bar:

The mini bar budget remains unchanged and increased staff costs are absorbed through different processes.

Bar Budget:

The food revenue budget has been increased by 25% with the implementation of a Tapas Menu.

The Beverage Revenue budget has been increased 20% with the introduction of a new cocktail bar and happy hour specials.

Staff costs will need to be adjusted to 32%.

Other Expenses need to be increased to 11%.

Task 3

Your Tasks:

Go to the Spreadsheet Activity 2 Support Material.

Collate the totals for the actual 2014/15 and the draft budget 2015/2016 in the tab comparison.

How do the figures compare overall?

Which areas would need to be investigated?

Go to the tab Draft Budget, create a copy and move this copy to the end. Rename and label this copy Future Potential and manipulate the scenario below:

Due to renovations for your 2015/16 budget as outlined in Task 2, the number of available rooms had been limited to 90%.

How will your budget for 2016/17 be affected once the number of available rooms will be 100% and the occupancy rate will increase to 84% and the average room rate increases to $185.00 per room and Other Expenses increases to 14%?

Task 4

Your Tasks:

Given the suggested changes in the operation for the 2015/2016 as set out in Task 2, discuss which departments you will need to liaise with in terms of financial and HR impacts. Which details will you need to discuss for a successful implementation of the budget?

Which factors need to be considered when the hotel reaches full accommodation capacity based on the future forecast for 2016/17?

Given the modernisation of the operation, the director in conjunction with the F&B director have approached you to prepare for the purchase and implementation of a new stock control system linked to a POS to enhance security provisions and prevent theft. Research a suitable system and provide details for the features and a cost estimate including ongoing costs for maintenance or subscriptions. Attach all information you have obtained to this assessment.

  • Uploaded By : Pooja Dhaka
  • Posted on : November 20th, 2024
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