Student Assessment Tasks for BSBFIM501

Student Assessment Tasks
BSBFIM501 Manage budgets and financial plans
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1. Table of Contents
1.Table of Contents...................................................................................................................... 2
2.Assessment Information............................................................................................................ 3
3.Assessment Instructions............................................................................................................ 5
4.Assessment Task 1: Written Questions ....................................................................................7
5.Assessment Task 1 Instructions................................................................................................8
6.Assessment Task 1 Checklist.................................................................................................. 11
7.Assessment Task 2: Budget planning project..........................................................................13
8.Assessment Task 2 Instructions ............................................................................................. 15
9.Assessment Task 2 Checklist.................................................................................................. 18
10.Assessment Task 3: Monitor and control finances project.....................................................19
11.Assessment Task 3 Instructions ........................................................................................... 21
12.Assessment Task 3 Checklist................................................................................................ 22
13.Assessment Task 4: Profit and loss review project................................................................24
14.Assessment Task 4 Instructions ........................................................................................... 25
15.Assessment Task 4 Checklist................................................................................................ 26
16.Assessment Task 5: Debtor management project.................................................................28
17.Assessment Task 5 Instructions ........................................................................................... 30
18.Assessment Task 5 Checklist................................................................................................ 32
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2. Assessment Information
The assessment tasks for BSBFIM501 Manage budgets and financial plans are included in this Student
Assessment Tasks booklet and outlined in the assessment plan below.
To be assessed as competent for this unit, the student must complete all of the assessment tasks
satisfactorily.
Assessment Plan
Assessment Task Overview
1. Written questions Students must correctly answer all questions.
2. Budget planning project Students must complete a budget template and participate in
a meeting to discuss the budget. They must then present the
budget to their team.
3. Monitor and control finances project Students must review budget figures as part of a monitoring
process and report on these.
4. Profit and loss analysis project Students must review financial performance from a profit and
loss account
5. Debtor Management project Students must review and evaluate financial management
processes
Assessment Preparation
Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for
clarification if you have any questions at all.
When you have read and understood this unit’s assessment tasks, print out the Student Assessment
Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file.
Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.
Assessment appeals
If you do not agree with an assessment decision, you can make an assessment appeal as per your Alpha
Institute (Australia’s) assessment appeals process.
Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt
with unfairly or have other appropriate grounds for an appeal.
Naming electronic documents
Students are directed to name documents logically.
Each should include:
Course identification code
Assessment Task number
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Document title (if appropriate)
Student name
Date it was created
For example, BSBFIM501 AT2 Revised Marketing Budget Joan Smith 20/04/18
Additional Resources
The following resources have been added to appendix.
Assessment Task 2
Marketing Budget Template
Finance Policy and Procedures
Assessment Task 3
Marketing Expenditure
Assessment Task 4
Profit and Loss Account
Assessment Task 5
Aged Debtors Report
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3. Assessment Instructions
Each assessment task in this booklet consists of the following:
Assessment Task Cover Sheet
This must be filled out, signed and submitted together with your assessment responses.
If you are submitting hardcopy, the Cover Sheet should be the first page of each Assessment’s submission.
If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit
the file.
The Assessment Cover Sheet will be returned to you with the outcome of the assessment, which will be
satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your
assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your
assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per
your Alpha Institute (Australia’s) re-assessment policy.
Depending on the task, this may include
resubmitting incorrect answers to questions (such as short answer questions and case studies)
resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task
redoing a role play after being provided with appropriate feedback about your performance
being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily
completed the first time, after being provided with appropriate feedback.
Assessment Task Information
This gives you:
a summary of the assessment task
information on the resources to be used
submission requirements
re-submission opportunities if required
Assessment Task Instructions
These give questions to answer or tasks which are to be completed.
Your answers need to be typed up using software as indicated in the Assessment Task Instructions.
Copy and paste each task’s instructions into a new document and use this as the basis for your assessment
task submission. Include this document’s header and footer.
If you are submitting electronically, give the document a file name that includes the unit identification
number, the task number, your name and the date.
Checklist
This will be used by your assessor to mark your assessment. Read through this as part of your preparation
before beginning the assessment task. It will give you a good idea of what your assessor will be looking for
when marking your responses.
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4. Assessment Task 1: Written Questions
Task summary
You need to answer all of the written questions correctly.
Your answers must be word processed.
Required
Access to learning materials
Computer and Microsoft Office
Access to the internet
Timing
Your assessor will advise you of the due date of this assessment.
Submit
Answers to all questions
Assessment criteria
All questions must be answered correctly in order for a student to be assessed as having completed the
task satisfactorily.
Re-submission opportunities
Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you
have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed your assessor will explain why and provide you
written feedback along with guidance on what you must undertake to demonstrate satisfactory performance.
Re-assessment attempt(s) will be arranged at a later time and date.
Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt
with unfairly or have other appropriate grounds for an appeal.
Students are encouraged to consult with their assessor prior to attempting this task if they do not understand
any part of this task or if they have any learning issues or needs that may hinder them when attempting any
part of the assessment.
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Written answer question guidance
The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell
you how you should answer the question. Use the definitions below to assist you to provide the type of
response expected.
Note that the following guidance is the minimum level of response required.
Analyse – when a question asks you to analyse something, you should do so in in detail, and identify
important points and key features. Generally, you are expected to write a response one or two paragraphs
long.
Compare – when a question asks you to compare something, you will need to show how two or more things
are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected
to write a response one or two paragraphs long.
Contrast – when a question asks you to contrast something, you will need to show how two or more things
are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write
a response one or two paragraphs long.
Discuss – when a question asks you to discuss something, you are required to point out important issues or
features, and express some form of critical judgement. Generally, you are expected to write a response one
or two paragraphs long.
Describe – when a question asks you to describe something, you should state the most noticeable qualities
or features. Generally, you are expected to write a response two or three sentences long.
Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments
for and against something. Generally, you are expected to write a response one or two paragraphs long.
Examine – when a question asks you to examine something, this is similar to “analyse”, where you should
provide a detailed response with key points and features and provide critical analysis. Generally, you are
expected to write a response one or two paragraphs long.
Explain – when a question asks you to explain something, you should make clear how or why something
happened or the way it is. Generally, you are expected to write a response two or three sentences long.
Identify – when a question asks you to identify something, this means that you are asked to briefly describe
the required information. Generally, you are expected to write a response two or three sentences long.
List – when a question asks you to list something, this means that you are asked to briefly state information
in a list format.
Outline – when a question asks you to outline something, this means giving only the main points, Generally,
you are expected to write a response a few sentences long.
Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the
main points. Generally, you are expected to write a response a few sentences long.
5. Assessment Task 1 Instructions
Provide answers to all of the questions below:
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1. Explain the basic principle of double entry bookkeeping.
The basic principle reflects that transactions are recorded with both aspects that is debit and credit. In other
words for every entry there is a debit and credit effect.
2. Describe the principle of cash accounting and one advantage and one disadvantage of this method
of accounting.
It is the method in which the payment and the receipts are been recorded when they are actually been paid
and received.
 Advantage: Cash accounting method is counted as simplest method where only cash transactions
is been recorded.
 Disadvantage: Chances of discrepancies are more as only cash related transactions are entered
so business can get it involved in some unfair practices.
3. Describe the principle of accrual accounting and one advantage and one disadvantage of cash
accounting
It is the concept that is to be recorded in period within which it actually occurs instead of the period within
which the cash flows regarding it occurs.
 Advantages: This method takes into consideration both cash as well as credit transaction which in
turn gives a clear picture of the company's records.
 Disadvantage: It requires more and more estimation and judgement as compared to cash basis.
4. Explain the two accounting principles on which the calculation and reporting of deprecation is
based.
 Cost principle- It refers to the principle where amount of depreciation expense that is reported on
P&L and an asset amount on balance sheet must be on the basis of historical cost that is original
cost.
 Matching principle- This principle states that cost of asset allocated in terms of depreciation
expense over useful life of asset. This means that asset's cost must match with revenues earned.
5. Identify and explain three key features of A New Tax System (GST) Act 1999.
 Dual GST
 computing GST based on the method of invoice credit
 Uniform process for collecting GST
6. Identify and then explain the four main taxation and superannuation obligations for a business.
Briefly discuss each obligation.
 Withholding tax from the report and the wages
 Paying super, at least on quarterly basis for the eligible employees
 Reporting and paying the fringe benefits taxes
 FBT obligation
7. According to GST legislation, list four items that do not attract GST.
 Dairy products
 vegetables
 coffee
 Tea
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