BSBFIM501 Manage budgets and financial plans Activity-3
BSBFIM501 Manage budgets and financial plans
ASSESSMENT ACTIVITY 3 – Monitor and control finances
BSB51918 Diploma of Leadership and Management
ASSESSMENT ACTIVITY 3 COVER SHEET
Please ensure this form is fully completed prior to submitting.
This page should be on the front of your assessment and needs to be easily accessible.
I hereby certify that:
- This assessment task is my own work based on my personal study/research and not the work of another student and/or source.
- I have acknowledged all material and sources used to prepare this assessment task.
- I have not plagiarised or copied any part of this assessment task from the work of any other student or source either.
- This assessment task has not previously been submitted.
- I am aware of the requirements set by my Trainer & Assessor.
- I have retained a copy of this assessment task for my own records.
- I have completed all my assessments, tasks & activities (on moodle®) successfully.
Student’s Signature: _______________________________ Date: _________________
This assessment must be based on where you work (or have worked most recently).
This Assessment is designed to test the knowledge that you have acquired throughout the unit. Use the following tips to help you answer the questions:
Read each question carefully. Check with your trainer or assessor if you are not sure what the question is asking.
HINT: Use these questions as subheadings to create a business style report to answer your assessment
Your response to each question should aim to provide enough information to answer the question. In most cases, this can be done with just a few paragraphs. Don’t forget to refer to attachments under the heading (question) applicable, e.g. ‘See attached email’.
Important: Your assessment must contain this coversheet and your own coversheet (for your “report”)
Your answers & assessment submission must professional in style (Business), content and format. Maximum font size 11 points: Font Arial or Times New Roman; single spacing; clear paragraphswith appropriate punctuation, spellchecking and final submission will need to be proof-read. (i.e. few missing words or typo’s)
– Use clear, non-discriminatory language
– Avoid the use of jargon
– Write clearly using plain English
– Consider your target audience
– Ensure that your responses meet the needs of the target audience (in this case your trainer or assessor).
All of your work must be original.
Evidence of the ability to:
- use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements
- communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information
- prepare, implement and modify financial contingency plans
- monitor expenditure and control costs
- support and monitor team members
- report on budget and expenditure
- review and make recommendations for improvements to financial processes
- meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
- describe basic accounting principles
- identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)
- explain the key requirements for financiall record keeping and auditing
- describe the principles and techniques involved in managing:
- cash flows
- electronic spreadsheets
- ledgers and financial statements
- profit and loss statements.
Marking and Criteria guide:
Assessor and student must read this carefully before assessment.
A 75% demonstrated competence in the answers is the benchmark only and students & assessors must note that professionally critical aspects/concepts must be included (create budget and financial planning using electronic spreadsheet) .
All parts (criteria) in the marking guide must be completed successfully for the student to achieve competence in this unit.
EDUCATOR to complete
Pre-assessment work completed
ACTIVITY 3 – Monitor and control finances
Did the student explain in detail three aspects of basic accounting principles?
Did the student discuss what information may be required to report to the Australian Taxation Office? In 100 words?
Did the student explain the key requirements for financial record keeping and auditing?
Did the student describe the techniques involved in managing budgets?
Did the student Prepare a Business Activity Statement for their organisation, complying with Australian Tax Office regulations and your organisational protocols.
Assessor to complete:(circle)
Did you observe the student?YesNo
Further comments required
Resubmission required? Yes_________ No___________
Date resubmission must be handed in: ________________________
Assessor’s name and signature: _______________________________
Activity 3 – Monitor and control finances
- Choose and explain in detail three aspects of basic accounting principles. (Word Count: 100 words)
- What information may you be required to report to the Australian Taxation Office? (Word Count: 100 words)
- Explain the key requirements for financial record keeping and auditing (Word Count: 100 words).
- Describe the techniques involved in managing budgets. (Word Count: 100 words).
- Prepare a Business Activity Statement for your organisation, complying with Australian Tax Office regulations and your organisational protocols.
We will be watching a Webinar on the 19th of March at 2pm. https://ato.webex.com/mw3200/mywebex/default.do?nomenu=true&siteurl=ato&service=6&rnd=0.5274750790717782&main_url=https%3A%2F%2Fato.webex.com%2Fec3200%2Feventcenter%2Fprogram%2FprogramDetail.do%3FtheAction%3Ddetail%26internalProgramTicket%3D4832534b00000004ac20ac8201396f0ae65402a83f2eb2d36c7dbd0a7fb3db7cd69bfe21c97b8833%26siteurl%3Dato%26internalProgramTicketUnList%3D4832534b00000004ac20ac8201396f0ae65402a83f2eb2d36c7dbd0a7fb3db7cd69bfe21c97b8833%26cProgViewID%3D740657%26PRID%3Dbbb0e8bfa87dc1108a563b064d9c9c69