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BSBFIM501 Manage budgets and Financial Plans

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Nova Institute of Technology

   

Manage Budgets & Financials (BSBFIM501)

   

Added on  2020-03-01

BSBFIM501 Manage budgets and Financial Plans

   

Nova Institute of Technology

   

Manage Budgets & Financials (BSBFIM501)

   Added on 2020-03-01

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Nova Institute ofTechnologyWRITTEN RESPONSESBSBFIM501 Manage budgets andFinancial PlansFamily NameOffice use only:Staff name :Staff signature:Date received:Given NameID No:Teacher Name:Course codeUnit codeUnit TitleDue dateDatesubmittedAssessment type:(Circle)Knowledge Test Portfolio Project Other(specify):------------------------Student Declaration1.I have kept a copy of this assignment in case the original is misplaced or damaged.2.I have checked that all sections of the documentation are present and complete as required by the brief.3.I confirm that soft copies of relevant assignments are submitted if required by the trainer. 4.I confirm that the soft copies if submitted can be opened and are readable.5.I have produced this assignment myself and it has not been copied from any other student or from any source except where acknowledgement has been made.6.I have not asked any other person to produce this work on my behalf.7.I have not previously used this assignment for any other course/unit.8.I understand that Plagiarism is the unauthorized use or imitation of the creation, and thoughts of another person and presenting them as my own. It is considered cheating and is serious offense that could lead to expulsion. Materials used must be appropriately cited to avoid plagiarism occurring. I confirm that my submission is not a plagiarized one. 9. I give permission for this work to undergo plagiarism detection.10.I give my consent for my marked work to be kept by NOVA for review and comparison including outside examiners.Student Signature: Date: Student Receipt: As proof of submission, retain this part after the authorized staff member signs, along with hard/soft copies of your work. Without this proof, the institute will not entertain any complaint about assessment work submitted. Family NameOffice use only:Staff name :Staff signature:Date received:Given NameID No:Teacher Name:Course codeUnit codeUnit TitleDue dateDatesubmittedAssessment type: (Circle)Knowledge Test Portfolio Project Other(specify):-------------------- BSB51915 Diploma of Leadership & Management Page 1/16 BSBFIM501 Manage Budgets and Financial Plans © Nova Institute of Technology Version 06/16
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Nova Institute ofTechnologyWRITTEN RESPONSESBSBFIM501 Manage budgets andFinancial Plans BSB51915 Diploma of Leadership & Management Page 2/16 BSBFIM501 Manage Budgets and Financial Plans © Nova Institute of Technology Version 06/16BACK SIDE OF THE COVER SHEET
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Nova Institute ofTechnologyWRITTEN RESPONSESBSBFIM501 Manage budgets andFinancial PlansStudent NumberStudent NameGroupSignatureTeacher’s Name BSBFIM501 Manage Budgets and financial PlansWritten ResponsesInstructionsDo not remove staples from this book.You should attempt ALL questions. Electronic or other dictionaries are not permitted in the test.This booklet contains 10 pages.Maximum time provided to finish this booklet is 120 minutes including reading time.You must have a calculator to finish your tasks.To be filled by assessor: The candidate’s underpinning knowledge is: Satisfactory o Not yet Satisfactory oComments: Name of Assessor(s):Signature: Date:SECTION-I1 (a) What is financial Accounting? (b) List 5 Generally Accepted Accounting Principles (GAAP) BSB51915 Diploma of Leadership & Management Page 3/16 BSBFIM501 Manage Budgets and Financial Plans © Nova Institute of Technology Version 06/16
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Nova Institute ofTechnologyWRITTEN RESPONSESBSBFIM501 Manage budgets andFinancial PlansFinancial accounting is regarded as accounting specialized branch that helps in keeping track of all financial transactions of organization. It make use of standardized guidelines for summarizing, recording and presenting financial report. Rules of financial accounting are incorporated in Generally accepted accounting principles. The five generally accepted accounting principles are as follows: 1)Assumptions of economic entity2)Assumption of time period3)Assumption of Unit assumption4)Full Disclosure principle5)Going concern principle 2 (a) What is a budget? (b) Name and briefly explain different types of Budget? (c) What is meant by Financial Management Process? (d) Name 3 Key elements of Financial Management Process? Budget is a quantitative tool that is used as design for choosing on activities that helps in projecting sales, costs and income of an organization.Different types of budget involves operating budget, master budget, capital expenditure budget, operating budget and financial budget. Process of financial management incorporates organizing, planning, controlling and directing financial activities within an organization. Financial management process would help in BSB51915 Diploma of Leadership & Management Page 4/16 BSBFIM501 Manage Budgets and Financial Plans © Nova Institute of Technology Version 06/16
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