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ASSESSMENT
Task 1
BSBFIN601 Manage organisational finances
This unit forms part of the following qualification:
BSB60420 Advanced Diploma of Leadership and Management
Contents
Introduction 3
Assessment Task 1: Knowledge questions 4
Introduction
The assessment tasks for BSBFIN601 Manage organisational finances are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Business Works Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully.
Assessment for this unit
BSBFIN601 Manage organisational finances describes the performance outcomes, skills and knowledge required to undertake budgeting, financial forecasting and reporting. This unit also describes the skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity.
For you to be assessed as competent, you must successfully complete two assessment tasks:
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Assessment Task 1: Knowledge questions – You must answer all questions correctly.
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Assessment Task 2: Project – You must work through a range of activities and complete a project portfolio.
Information for students
Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:
· review the advice to students regarding answering knowledge questions in the
Business Works Student User Guide
· comply with the due date for assessment which your assessor will provide
· answer all questions completely and correctly
· submit work which is original and, where necessary, properly referenced
· submit a completed cover sheet with your work
· avoid sharing your answers with other students.
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Assessment information
Information about how you should complete this assessment can be found in Appendix A of the
Business Works Student User Guide.
Refer to the appendix for information on:
· where this task should be completed
· the maximum time allowed for completing this assessment task
· whether or not this task is open-book.
Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide.
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Task 1 – Knowledge questions
Provide answers to all of the questions below:
Question 1.1
List three processes that can be used to identify and review profits and losses from a profit and loss statement.
Question 1.2
Explain the concept of financial probity and its importance to a business.
Question 1.3
List four examples of what would be considered fraudulent behaviour in regard to company finances i.e. not meeting financial probity requirements.
Question 1.4
List five functions of accounting software used to manage finances.
Question 1.5
List three key components of a budget.
Question 1.6
Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.
Question 1.7
Identify the Act that details requirements for financial reporting and auditing and, explain the requirements for companies for preparing and lodging financial reports under this Act.
Question 1.8
Outline the reporting requirements that apply to goods and services tax (GST).
Question 1.9
Explain PAYG withholding and PAYG instalments.
Question 1.10
Review the aged debtor report below:
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Client
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30 Days
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60 Days
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90 Days
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120+ Days
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Current
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Total
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Client 1
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$4,356.00
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Client 2
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$2,714.00
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Client 3
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$3,781.00
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Totals
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$0.00
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$3,781.00
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$4,356.00
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$2,714.00
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$0.00
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$0.00
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Research best practice debtor management and then provide a short report on:
· A summary: an interpretation of the information in the aged debtor report.
· Good practice debtor management as per your research
· Develop at least 5 recommendations that could be adopted any company in response to your analysis. This will also be based on the debtor management research you conducted.
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BSBFIN601 Assessment 1 – Laneway Education Pty Ltd ABN: 91 607 441 412, RTO No: 41504, CRICOS CODE: 106199K Last updated 01/12/2022
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