BSBFIM601A – Manage finances – My Assignment Tutor

udent WorkbookAssessment Resource SummaryUnit Details BSBFIM601A – Manage financesAssessment Type This is a summative assessment, which requires each student to have adequate practice prior to undertaking this assessmentAssessment Methods Projects Assessment 1 (Part A)(research and prepare the following revenue, expenditure and capital investment proposals)Assessment 1 (Part B)(develop the budgets and plans for your proposals)Assessment 1 (Part C)(Risk Analysis, Financial Management, Communication)Assessment 2(Analysis of company financial position and performance)Assessment 3(Review and evaluate financial software programs)Written Assessment or Project Assessment 4(Written Assessment / Project)Last Modification Date November 2014Proposed Review Date November 2015Unit SummaryThis unit describes the performance outcomes, skills and knowledge required to undertake budgeting, financial forecasting and reporting requirements, and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity.Prerequisite UnitsThere are no recommended pre-requisite units for this competency.Possible Co-requisite UnitsThere are no recommended co-requisite units for this competency.All products purchased remain the intellectual property of Accredited Education & Training. All rights reserved; no part of any publication provided by Accredited Education & Training may be reproduced by any means for use outside the purchasing organisation, without the prior written permission of Accredited Education & Training.How to Conduct these AssessmentsIt is important that prior to conducting this assessment, the assessor undertakes the following:Prior to conducting the assessment• Read the assessment task as detailed throughout this document• Contextualise the task (and checklist) to ensure it reflects the students working environment. (Be sure to check with the mapping document to ensure any contextualisation still covers the unit requirements)• Read the assessor instructions and checklist prior to commencing the assessment• Ensure the workplace (or simulated environment) is suitable for the parameters of the task, to ensure the students will have an appropriate opportunity to demonstrates their skills• Make suitable modifications to the workplace if required to allow all tasks to be observed• If undertaken on the job – discuss the assessment with the workplace supervisor, to so they are aware of what will happen throughout the process• Ensure the student is allocated the appropriate time and resources for the task• If undertaken on the job – Determine and agree with the supervisor an acceptable time frame for each assessment.• Advise the student prior to conducting the assessment of:o what will occur throughout the assessment processo when the assessment will occuro the level of competency expectedo NB: You should not tell the student how to undertake the task, as it would lead the student and render the assessment process invalid. The student should have been taught -How- to perform each task during the training stage, and is expected to know this prior to commencing the assessmento DO NOT give the student a copy of the checklist prior to the assessmentConducting the assessment• Establish and oversee the evidence gathering process to ensure remains valid, reliable, fair and flexible• Advise the student when to commence the assessment• Observe the student undertake the tasks as outlined• Record your observations in the assessor checklist• Where a checklist point is not observed due to an inappropriate environment, or for a reason outside the students control, modify the scenario to allow the student an opportunity to perform the associated task• Where a checklist point is not appropriate, write -N/A- in the space provided• Gather supporting documentation where available and appropriate (as evidence)• Incorporate allowable adjustments to the assessment procedure without compromising the integrity of the assessment• Do not interfere with the assessment unless the students actions impose a risk to themselves or anyone else• If a student performs an action incorrectly, mark it as such. Record what you see, not what you want to see.• Once the assessment is complete, advise the student that the assessment has ceased, and record your comments in the sections providedMaking the decision• The student needs to be deemed satisfactory in the full unit to gain competency.• If you are in doubt, gather further evidence to help guide your decision.• Assess the students on what you see during the assessment period, not on actions before or after the assessment.• Use both the checklist and your professional competency to determine the final outcome for the student.• If you are marking the student NYC, ensure you outline why you have made this decision, and provide advice on how the student can improve their skills / knowledge prior to reassessment.After the assessment• Provide constructive feedback to the student on their performance during the assessment period. Do not make any comments on actions undertaken prior or after the assessment period.• Provide the student with:o Clear and constructive feedback based on the assessment decisiono Information on ways of overcoming any identified gaps in competency revealed by the assessment the opportunity to discuss the assessment process and outcome information on reassessment and the appeals processes.o An opportunity for reassessment if appropriate or requested by the candidateo Information on appeal process as applicable to your organisation• Where the students performance is deemed satisfactory, provide the student with a copy of the completed checklist, ensuring the comments section is completed.• Where the students performance is deemed not-satisfactory – provide a copy of the comments / feedback, but not the checklist. This is to ensure the assessment remains valid on re-assessment.• Record and report the assessment outcome as per your RTO's proceduresASSESSMENT SUMMARY / COVER SHEETThis form is to be completed by the assessor and used as a final record of student competency.All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file.Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and attached to this form.Student Name:Student ID No:Final Completion Date:Unit: BSBFIM601A | Manage financesPlease attach the following documentation to this form ResultS = SatisfactoryNS = Not SatisfactoryNA = Not AssessedAssessment 1 ? Part A – proposal attached? Part B – budgets attached? Part C – Procedures, risk management and contingency planning documentation attached? Checklist attached S | NS | NAAssessment 2 ? Statement of financial position attached? Statement of financial performance attached? Additional analyses attached? Checklist attached S | NS | NAAssessment 3 ? Written assessment / project attached S | NS | NAFinal Assessment Result for this unit C / NYCStudent Feedback: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.Name: ____________________________Signature: ____________________________Date: ____/_____/_____ Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedbackName: ____________________________Signature: ____________________________Date: ____/_____/_____Administrative use onlyEntered onto Student Management Database ? ________________DateInitialsASSESSMENT 1 – STUDENT INFORMATIONThis information is to be handed to each student to outline the assessment requirementsPART AYou are to research and prepare the following revenue, expenditure and capital investment proposals for a business or strategic opportunity of your choice. This opportunity must be for a business that, as a minimum has:• Start-up capital• Overheads including rent, wages, stock, etc• Scope for growthYour strategic opportunity may include one of the following:• New product / service development• New models / revisions of products / services• Expansion / contraction of operational activities• Alliances / joint ventures• Outsourcing / in sourcing• New business opportunitiesThe reports must include:• Financial budgets including start-up capital• Projected profit & loss for 12 months• Cash flow plans• Capital expenditure budgetsWhen undertaking this assessment task, you must:• Express your strategic opportunities in term of tactical and operational objectives• Convert these opportunities into special projects or work programs• Analyse financial trends, and interpret them in context of your objectives• Clearly outline your financial planning objectives, process timeframes and resources.• Consult with all relevant persons / groups when developing your proposals• Consider past experiences, present trends and future expectations• Show how your proposal is linked to your organisational strategic objectives• Incorporate a realistic cost benefit and risk analyses / management plan into all proposals• Detail your organisational investment target rates for capital expenditure proposals• Identify performance measures and tactics for monitoring and control processes for each proposal / action• Describe how your proposals comply with your organisations values, policies, code of conduct, and legal / ethical obligations• Submit your proposal within the time-frame set by your assessor• Provide supporting evidence (cost/benefit analyses, risk management plans, market research results, net present values, interest rate of return, pay pack calculations, etc)The assessor must discuss the proposed business opportunity with the candidate prior to commencing with this assessment.PART BNext, you are to develop the budgets and plans for your proposals developed in PART A. Throughout this process, you assessor will act as your supervisor for all negotiations required.In developing the budgets and plans proposed, you are to include details on how:• Negotiation was undertaken with relevant groups and individuals in ways to build commitment to the plans• You identified and agreed on the links to the achievement of organisation strategies• Your negotiated with your supervisor (your assessor) to obtain a clear agreement of the matters to be incorporated into the budgets and plansYour budgets and plans should:• Show all outcomes confirmed in terms of clear, concise objectives and timeframes• Incorporate the outcomes of your negotiations and meet your organisations approval process• Provide written confirmation of all delegations, accountabilities and responsibilities• Be clearly documented and include a communication planThroughout this project you need to communicate clearly with your assessor. You are to demonstrate professionalism with all communications, as you will be representing your company and position.ASSESSOR will role-play the position of supervisor, and all parties required for negotiation in order to demonstrate competency in this unit.PART CNow you are to take your completed PART A and PART B and arrange an appointment with your assessor, who will role-play a finance specialist. In this meeting, you are to• Manage the meeting direction and progress• Discuss with the finance specialist the aspects of your budgets / financial plans (the package)• Have your package reviewed, ensuring your validate your reasons and proposals• Amend / revise your package as appropriateYou must now:• Detail in writing all delegations and budget accountabilities for implementation and management of your package• Develop a written procedure that details the recording systems and documentation process you will follow for monitoring and controlling all activities against your plans.• Develop a risk management and contingency plan for all your proposed financial plans; along with a policy and procedure to be followed when implementing these plans• Develop a policy and procedure that outlines proper maintenance of records of financial performance and provides for evaluation of the effectiveness of your financial management processThe assessor will be available to role play were required for this assessmentThis project is due for submission on: _____________________________________________ASSESSMENT 1 – ASSESSOR INSTRUCTIONSThese instructions must be followed when assessing the student in this unit. The checklist on the following page is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.Please read the student information sheet for specific task informationThis project may be undertaken in one of the following formats:1. On the job where the development of financial management strategies is required.These assessments must:a. using a registered and operating workplaceb. ensure access to customers relevant to the work role and unit requirementsc. ensure access to staff members / colleaguesd. ensure candidate is working in a suitable role to the unit (i.e. – candidates undertaking units requiring staff supervision must have staff to supervise, and authority to do so)e. ensure access to relevant, working and current tools and equipment as appropriate to the unit requirementf. relating their project to their current or preferred vocational direction2. Classroom / Simulated environment. These assessments musta. As outlined in the TAA04 Training Package Glossary, “”Simulation is a form of evidence gathering that involves the candidate in completing or dealing with a task, activity or problem in an off-the-job situation that replicates the workplace context. Simulations vary from recreating realistic workplace situations such as in the use of flight simulators, through the creation of role plays based on workplace scenarios to the reconstruction of a business situation on a spreadsheet. In developing simulations, the emphasis is not so much on reproducing the external circumstance but on creating situations in which candidates are able to demonstrate:i. technical skillsii. underpinning knowledgeiii. generic skills such as decision making and problem solvingiv. workplace practices such as effective communication.”b. If role plays are required, the assessor must ensure all ‘actors’ or ‘participants’ perform in a professional manner – reflecting an actual workplace. Participants are to be informed of their expected involvement.c. If a simulated workplace is used, it must allow for distractions such as background noises, ringing telephones, interruptions – etc.d. Each student must dress appropriately and professionally in line with workplace standardse. Relating their project to their current or preferred vocational directionf. Business models should be as realistic as possible, and documentation provided to the student should be as close as possible to what they would need to disseminate in a real work environment. You will need to role play the part of the advisor and other liaison contacts for this assessment, and assist the students in determining specific goals, milestones, policies that you deem relevant. Compliance with these set procedures and policies is critical.For each assessment, you are to act as a supervisor and not interfere with the assessment. In the event that the assessment is activities will impact on the safety of a student or bystander, the assessment must be stopped immediatelyASSESSMENT 1 – ASSESSOR CHECKLISTThis checklist is to be used when assessing the students in the associated task. This checklist is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.Please complete belowStudent Name:Student ID No:Assessor Instructions:Please refer to the detailed instructions outlined on the Assessment Instruction Page (previous) that provides more detail as to required observations:? Annual budget attachedWhilst undertaking Assessment 1 (Part A, B + C) did the student: SatisfactoryDate Observed:Student identified a suitable business opportunity ? Yes ? NoStudent undertook discussions with stakeholders as appropriate ? Yes ? NoStudent discussed and reviewed assumptions and budget parameters ? Yes ? NoStudent accessed and evaluated previous financial data if available ? Yes ? NoStudent identified and developed budget objectives ? Yes ? NoStudent clearly detailed the following items:• Cash ? Yes ? No• Expenditure ? Yes ? No• Revenue ? Yes ? NoStudent included milestones in their budget to monitor performance ? Yes ? NoStudent estimated cash flow and cash flow trends ? Yes ? NoStudent identified appropriate software for financial management ? Yes ? NoStudent included performance indicators in their budget to monitor performance ? Yes ? NoProfit targets / goals conformed with budget requirements ? Yes ? NoStudent included detailed breakdown of annual budget into seasonal periods ? Yes ? NoStudent identified any potential financial risks based on given data / information ? Yes ? NoStudent recommended appropriate protection strategies as required ? Yes ? NoStudent identified non-current asset requirements ? Yes ? NoStudent identified alternative asset management strategies ? Yes ? NoCash flow projections were prepared in accordance to business plan ? Yes ? NoStudent included all relevant taxes, including:• GST ? Yes ? No• BAS ? Yes ? NoThe following estimates were realistic based on the provided information:• Future cash flow ? Yes ? No• Future costs ? Yes ? No• Future revenues ? Yes ? No• Capital expenditure budget ? Yes ? No• Financial budget (including start-up capital) ? Yes ? No• Projected P&L for first 12 months ? Yes ? NoStudent competently communicated with stakeholders regarding the following:• Milestones ? Yes ? No• Policies ? Yes ? No• Goals ? Yes ? NoReturn was generated / data entered following set procedures and adhering to Australian accounting standards ? Yes ? NoStudent demonstrated functional keyboard and computing skills ? Yes ? NoStudent demonstrated the ability to read and interpret financial information / statements ? Yes ? NoStudent adhered to the principles of double entry accounting ? Yes ? NoStudent demonstrated basic skills in accrual accounting ? Yes ? NoStudent communicated effectively with instructor / supervisor at all times ? Yes ? NoStudent gathered and verified all data effectively ? Yes ? NoStudent demonstrated good time-management skills by submitting return within acceptable timeframes ? Yes ? NoDuring role-play with finance specialist (assessor), did the student• Communicate professionally ? Yes ? No• Explain proposed budgets effectively ? Yes ? No• Validate reasons and proposals thoroughly ? Yes ? NoStudent detailed all delegations and budget accountabilities for implementation and management of proposal ? Yes ? NoStudent developed procedure for risk management and contingency planning ? Yes ? NoStudent developed policy and procedure for record management ? Yes ? NoCommentsCommentsResult: Satisfactory | Not Satisfactory | Not AssessedStudent Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights. Name: ________________________Signature: ________________________Date: ____/_____/_____Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedbackName: ________________________Signature: ________________________Date: ____/_____/_____ASSESSMENT 2 – STUDENT INFORMATIONThis information is to be handed to each student to outline the assessment requirementsFor this assessment, students are to utilise the information given to complete the comparative balance sheet for TMH Ltd located in Appendix 1. The relevant information needed is also included. Once completed, students are to analyse the performance of TMH Ltd. By undertaking the following tasks:1. Prepare a statement of Financial Position• Include appropriate diagrams and graphs to highlight relevant information• Ensure compliance with AASB standards2. Prepare a statement of Financial Performance• As above, include relevant diagrams and graphs and ensure compliance with relevant legislation and statutory compliance guidelines3. Once the above statements are completed, students should further analyse the company’s performance by comparing the above data with company goals as stated in Appendix 2.• State how the company goals have varied from the actual data• Prepare relevant graphs and diagrams to further highlight these differencesThis assessment is due on: __________________________________ASSESSMENT 2 – ASSESSOR INSTRUCTIONSThese instructions must be followed when assessing the student in this unit. The checklist on the following page is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.For this assessment, students are to utilise the information given to complete the comparative balance sheet for TMH Ltd located in Appendix 1. The relevant information needed is also included. Once completed, students are to analyse the performance of TMH Ltd. By undertaking the following tasks:1. Prepare a statement of Financial Position• Include appropriate diagrams and graphs to highlight relevant information• Ensure compliance with AASB standards2. Prepare a statement of Financial Performance• As above, include relevant diagrams and graphs and ensure compliance with relevant legislation and statutory compliance guidelines3. Once the above statements are completed, students should further analyse the company’s performance by comparing the above data with company goals as stated in Appendix 2.• State how the company goals have varied from the actual data• Prepare relevant graphs and diagrams to further highlight these differencesPlease refer to student checklist for more detailed assessment instructionsSPECIFIC ASSESSOR NOTESThis assessment must be undertaken in a simulated working environment. Students will need access to AASB Accounting Standards and appropriate policy and procedure manuals such as accounting procedure manuals.Observation Checklist outlined overleafASSESSMENT 2 – ASSESSOR CHECKLISTThis checklist is to be used when assessing the students in the associated task. This checklist is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.Please complete belowStudent Name:Student ID No:Assessor Instructions:Please refer to the detailed instructions outlined on the Assessment Instruction Page (previous) that provides more detail as to required observations:? Statement of financial position attached? Statement of financial performance attached? Additional analyses attachedStudent checklist – Analyse business performance SatisfactoryDate Observed:Student accessed required information from supervisor (e.g. company policy / authorisation measures) ? Yes ? NoStudent correctly interpreted and followed given instructions / procedures ? Yes ? NoStudent accessed and correctly interpreted and followed financial report preparation legislation ? Yes ? NoStudent accurately and correctly prepared a statement of financial position as directed, including:• Student included appropriate diagrams / graphs to highlight information ? Yes ? No• Student ensured statement complied with AASB standards and statutory compliance guidelines ? Yes ? No• All graphs / data were clearly displayed, correctly labelled and accurately prepared ? Yes ? NoStudent accurately and correctly prepared a statement of financial performance as directed, including:• Student included appropriate diagrams / graphs to highlight information ? Yes ? No• Student ensured statement complied with AASB standards and statutory compliance guidelines ? Yes ? No• All graphs / data were clearly displayed, correctly labelled and accurately prepared ? Yes ? NoStudent prepared additional graphs / spreadsheets to demonstrate the following clearly and accurately including:• Actual data ? Yes ? No• Company goals ? Yes ? No• Variances between company goals and actual data ? Yes ? NoGraphs / statements were prepared following set procedures and adhering to Australian accounting standards ? Yes ? NoStudent demonstrated functional keyboard and computing skills ? Yes ? NoStudent demonstrated the ability to read and interpret financial information / statements ? Yes ? NoStudent adhered to the principles of double entry accounting ? Yes ? NoStudent demonstrated basic skills in accrual accounting ? Yes ? NoStudent communicated effectively with instructor / supervisor at all times ? Yes ? NoStudent gathered and verified all data effectively ? Yes ? NoStudent demonstrated good time-management skills by submitting return within acceptable timeframes ? Yes ? NoCommentsCommentsResult: Satisfactory | Not Satisfactory | Not AssessedStudent Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights. Name: ________________________Signature: ________________________Date: ____/_____/_____Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedbackName: ________________________Signature: ________________________Date: ____/_____/_____ASSESSMENT 3 – STUDENT INFORMATIONThis information is to be handed to each student to outline the assessment requirementsFor this task you are to identify and evaluate a minimum of 3 commercially available financial management software for its appropriateness within your actual or projected business. You need to consider1. Price2. Usability3. Features and functions4. Compatibility with other programs5. Compatibility with other specialistsProvide your review in the form of a written report, making a recommendation on the most suitable product for you. Be sure to explain your approach, including the pros and cons of each product evaluatedThis assessment is due on: __________________________________ASSESSMENT 3 – ASSESSOR INSTRUCTIONSThese instructions must be followed when assessing the student in this unit. The checklist on the following page is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.Students are to identify and evaluate a minimum of 3 commercially available financial management software for its appropriateness within their current employer or projected business. Students need to consider1. Price2. Usability3. Features and functions4. Compatibility with other programs5. Compatibility with other specialistsStudents are to provide review in the form of a written report, making a recommendation on the most suitable product. They are to explain their approach, including the pros and cons of each product evaluatedSpecific Assessor Notes:1. Set a date for this assessment and advise students of the topic.2. Hand out and explain the Student Information Form and allow opportunities for the student ask questions3. Assess the candidates’ submissions / observations using the following checklistThis assessment may be undertaken in the following formats:• On the job. These assessments must:o using a registered and operating workplaceo ensure access to customers relevant to the work role and unit requirementso ensure access to staff members / colleagueso ensure candidate is working in a suitable role to the unit (i.e. – candidates undertaking units requiring staff supervision must have staff to supervise, and authority to do so)o ensure access to relevant, working and current tools and equipment as appropriate to the unit requiremento relating their project to their current or preferred vocational direction• Classroom / Simulated environment. These assessments musto As outlined in the TAA04 Training Package Glossary, “”Simulation is a form of evidence gathering that involves the candidate in completing or dealing with a task, activity or problem in an off-the-job situation that replicates the workplace context. Simulations vary from recreating realistic workplace situations such as in the use of flight simulators, through the creation of role plays based on workplace scenarios to the reconstruction of a business situation on a spreadsheet. In developing simulations, the emphasis is not so much on reproducing the external circumstance but on creating situations in which candidates are able to demonstrate:? technical skills? underpinning knowledge? generic skills such as decision making and problem solving? workplace practices such as effective communication.”o If role plays are required, the assessor must ensure all ‘actors’ or ‘participants’ perform in a professional manner – reflecting an actual workplace. Participants are to be informed of their expected involvement.o If a simulated workplace is used, it must allow for distractions such as background noises, ringing telephones, interruptions – etc.o Each student must dress appropriately and professionally in line with workplace standardso Relating their project to their current or preferred vocational direction• For each assessment, you are to act as a supervisor and not interfere with the assessment. In the event that the assessment is activities will impact on the safety of a student or bystander, the assessment must be stopped immediatelyASSESSMENT 3 – ASSESSOR CHECKLISTThis checklist is to be used when assessing the students in the associated task. This checklist is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.Please complete belowStudent Name:Student ID No:Assessor Instructions:Please refer to the detailed instructions outlined on the Student Instruction Page (previous)Student checklist – Analyse business performance SatisfactoryDate Observed:Identify 3 different commercially available financial management software ? Yes ? NoConsider and comment on price ? Yes ? NoConsider and comment on appropriateness to business ? Yes ? NoConsider and comment on usability including user support ? Yes ? NoConsider and comment on functions ? Yes ? NoConsider and comment on upgrades (to keep up with ATO changes) ? Yes ? NoConsider and comment on features ? Yes ? NoConsider and comment on compatibility with other software (exporting and importing) ? Yes ? NoCompare each software program ? Yes ? NoJustify comments and decisions appropriately ? Yes ? NoSelect an appropriate financial management software program for business ? Yes ? NoCommentsCommentsResult: Satisfactory | Not Satisfactory | Not AssessedStudent Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights. Name: ________________________Signature: ________________________Date: ____/_____/_____Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedbackName: ________________________Signature: ________________________Date: ____/_____/_____ASSESSMENT 4 – ASSESSOR INSTRUCTIONSWRITTEN ASSESSMENT / PROJECTThis assessment may be undertaken in one of the following formatsWritten assessment1. Set a date for this written assessment.2. Advise students of the topic and how the assessment will be marked.3. Set up room with a gap between each student (staggered formation recommended)4. Set ground rules including no phones, talking, books, etc.5. Pass a copy of the assessment to each student (Ensure the answers have been deleted from the students copy)6. Allow time for reading and questions before commencing assessment.7. Once assessment has commenced, no communication between students is allowed.8. If students repeatedly talk, or are caught cheating, they are to be removed from the classroom, and reported to student administration. Mark the assessment tasks as “incomplete”9. Remember – assessments are a participatory process, so you can help re-word questions, but be careful NOT TO LEAD. We are assessing the students, not you!10. Once completed, mark the assessment accordingly. Refer to the sample answers as direction on expected student responses11. In the event that a question is not answered correctly, discuss the response with the candidate to determine if the student did not know the answer, or did not understand the question.12. In order to achieve competency, all questions that are mapped in the associated mapping document MUST be answered correctly. Answers provided reflect the minimum technical content to be provided by the studentProject1. Set a date for this written assessment.2. Advise students of the topic and how the assessment will be marked.3. Provide the blank project to the student4. Provide student the opportunity to ask questions prior to starting the assessment.5. In the event that a question is not answered correctly, discuss the response with the candidate to determine if the student did not know the answer, or did not understand the question.6. Remember – assessments are a participatory process, so you can help re-word questions, but be careful NOT TO LEAD. We are assessing the students, not you!7. Once completed, mark the assessment accordingly. Refer to the sample answers as direction on expected student responses8. In order to achieve competency, all questions that are mapped in the associated mapping document MUST be answered correctly. Answers provided reflect the minimum technical content to be provided by the student.ASSESSMENT 4 – WRITTEN ASSESSMENT / PROJECTStudent Name: ______________________________________________________________Student ID No: ______________________________________________________________Date: ______________________________________________________________Please refer to the instructions below regarding completing this assessmentWritten Assessment ProjectThis is a closed book written assessment. In the time allocated, you are to answer all of the following questions. Make sure you:• Print Clearly• Answer all questions• Use a pen. Assessments written in pencil will not be accepted.• Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you• Do not talk to your classmates. If you are caught talking, you will be asked to leave and your assessment will not be marked.• Do not cheat or plagiarise the work of others. Anyone caught cheating will automatically be marked Not Yet Competent for this unit. There are NO EXCEPTIONS to this rule. You are to research and answer all of the following questions. Be sure to:• Print Clearly• Answer all questions• Use a pen. Assessments written in pencil will not be accepted.• Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you• Return your assessment by the date set by your assessor• Do not cheat or plagiarise the work of others. Anyone caught cheating will automatically be marked Not Yet Competent for this unit. There are NO EXCEPTIONS to this rule.Questions1 In your own words, describe responsibility accounting?2 Which of the following statements relating to a budget is not true?3 Detail 4 different types of budgets, and their purposes.4 What information would you require to plan and prepare a budget for a new business? Detail where this information would come from.5 Describe what external factors should be taken into consideration when planning and preparing a budget.6 Describe the following term in relation to an organisations budgetary requirements.CAPITAL INVESTMENT7 Describe the following term in relation to an organisations budgetary requirements.CAPITAL EXPENDITURE8 Describe the following term in relation to an organisations budgetary requirements.CASH FLOW9 Describe the following term in relation to an organisations budgetary requirements.BREAK EVEN10 Describe the following term in relation to an organisations budgetary requirements.GROSS PROFIT11 Describe the following term in relation to an organisations budgetary requirements.RISK MANAGEMENT12 What are the financial reporting cycles relevant to your Industry?13 Describe 2 different capital investment evaluation techniques14 What are the benefits of participative budgeting?15 What steps would you take to effectively implement the budget into a team environment?16 What are INCOTERMS?17 Describe the following INCOTERMS codes?18 What is the trades practice Act?19 What is the Warsaw Convention?20 What is the World Trade Organisation?21 What are Bilateral and Regional Free Trade Agreements?22 What is meant by financial probity?23 What records need to be kept for the ATO for a small business with an annual turnover of less than $2million (cash basis)24 Consider the following information:As an accountant to a large production firm, John looks at a proposal to purchase a $900,000 stamping machine to increase output. He determines the following information:• The new machine can do 100 more units per hour• The 4 workers currently doing the stamping can be replaced• The units will be higher quality because they are more uniformJohn calculates the selling price of the 100 units per hour multiplied by the number of production hours per month, plus adding the 3% that aren’t rejected due to the increased quality of the machine output vs. manual stamping. He adds the monthly wages of the workers that are no longer required and in the end you have a healthy benefit calculated.John then calculates the monthly cost of the machine by dividing the purchase price by 12 months per year and divides that by 10 years the machine should last. The manufacturer’s specs state the power consumption of the machine and John calculates the cost of that as well. He subtracts the total cost figure from the total benefit figure and this shows a healthy benefit calculated.24A Consider the above example of cost benefit analysis. Do you think John has done a good job in calculating the benefit of the machine? Has he used the information at his disposal correctly?24B Consider the costs of the new machine. Has John factored in all associated costs? If not, what has he left out?25 Calculate the Equivalent Annual Cost of the following 2 machine purchases to determine which would be the better investment.Machine 1:• Investment Cost: $50,000• Expected Lifespan: 3 years• Annual Maintenance: $13,000Machine 2:• Investment Cost: $150,000• Expected Lifespan: 8 years• Annual Maintenance: $13,000• : $7,500Cost of Capital = 5%Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Name: ________________________Signature: ________________________Date: ____/_____/_____ASSESSOR USE ONLYCommentsAssessment Method: WRITTEN / PROJECTResult(Please Circle) Satisfactory Not Satisfactory IncompleteAssessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Name: ________________________Signature: ________________________Date: ____/_____/_____Appendix 1:TMH Ltd. Comparative Balance Sheets for years ending 30 June 2012 and 2013(To be completed by Students as part of Project 1)2013 2012$ $Assets:Current Assets:Cash 52,000 46,000Accounts Receivable ______ 134,000Inventory 156,000 176,000Total Current Assets: ______ 356,000Land ______ 140,000Buildings ______ 290,000Less Accumulated Depreciation (120,000) (105,000)Total Land and Buildings ______ 325,000Total Assets: ______ 681,000LiabilitiesCurrent LiabilitiesExpense Payable 155,000 124,000Accounts Payable ______ 197,000Total Current Liabilities 322,000 321,000Long-Term Borrowings ______ 139,000Owner’s EquityOrdinary Share Capital 50,000 45,000Retained Earnings ______ 176,000Total Owner’s Equity ______ 681,000Additional Information:• Profit for the year ending 31 June 2012 was $88,448• Profit for year ended 31 June 2013 was $94,000• Cash received from customers totalled $330,000• Cash paid for inventory totalled $170,000• Cash paid for expenses totalled $20,000• Dividends paid during the year were: $67,000• During the year, accounts receivable decreased by $10,000• Cost of new buildings acquired during the year $125,000• No buildings were deposed of• Land account was not affected by any transactions, but the fair market value of the land as of 31 June 2012 was $178,000• Note that expenses included Entertainment Expense of 6,000Appendix 2TMH Management had the following aims for 2013:• To reduce liabilities by 5%• To increase profits by 8%Undertake the tasks in Assessment 1 to demonstrate the variance between management go

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

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