Debtor Management Project

This assignment is for Assessment Task 4: Debtor Management Project in the unit BSBFIM601 Manage Finances. Students are required to develop a report on debt management, which includes reviewing the Financial Management Policy and Procedure document provided by their Assessor, evaluating its effectiveness, and commenting on the New Supplier Policy and Purchasing Policy. The report should also include comments on the Financial Performance Report and Meeting with Management reports submitted earlier in the unit.


STUDENT ASSESSMENT
BOOKLET
B S B F I M 6 0 1 M a n a g e F i n a n c e s
 Student Name: _________________________________________________________________________________________

Student ID:________________________________________________________

Version control
Version No. Date Dept. Change
1.0 Training Original
2.0 13/06/2019 Training Updated template
2.1 24/7/2019 Training Revised questions & model answers
Copyright Statement
© Copyright Clinton Institute
Disclaimer
All rights reserved. No part of this publication may be reproduced or transmitted
in any form or by any means, electronic or mechanical, including photocopying,
scanning, recording, or any information storage retrieval system without
permission in writing from Clinton Institute. No patent liability is assumed with
respect to the use of information used herein.
While every effort has been taken in the preparation of this publication, the
publisher and authors assume no responsibility for errors or omissions. Neither is
any liability assumed for damages resulting from the use of information contained
herein.

Contents
Contents..................................................................................................................................................3
Introduction.............................................................................................................................................4
Assessment Plan.....................................................................................................................................8
Assessment Task Cover Sheet – Assessment Task 1..............................................................................9
Assessment TASK 1: WRITTEN QUESTIONS...........................................................................................11
Assessment Task Cover Sheet – Assessment Task 2............................................................................25
Assessment TASK 2: PLANNING PROJECT..............................................................................................27
Assessment Task Cover Sheet – Assessment Task 3............................................................................39
Assessment TASK 3: REVIEW PROJECT.................................................................................................41
Assessment Task Cover Sheet – Assessment Task 4............................................................................45
Assessment TASK 4: DEBTOR MANAGEMENT PROJECT.........................................................................47
OVERALL UNIT - RECORD OF ASSESSMENT OUTCOMES:......................................................................50

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Introduction
Unit code Title Training Package
BSBFIM601 Manage Finances Business Services Training Package
For further information regarding assessment criteria including-
 Application of unit
 Elements and performance criteria
 Assessment requirements
 Modification History
 Performance Evidence
 Knowledge Evidence
 Assessment Conditions.
Please refer to: https://training.gov.au/Training/Details/BSBFIM601
Understanding Assessment Terminolgy
Describe: Give a detailed account by recounting, characterising, outline and relating, in sequence, an event, situation,
theory or point.
Explain: Clarify or elaborate on the facts. Focus on reasons how and why things happen or a why a particular point is
important in the relevant context.
List: Using dot points, list a series of points, steps or stages that relate to the question.
Outline: Leaving out minor details, give an account of thing or a process outlining the main points of a topic.
Review: Provide a summary while analysing and commenting on the evidence, argument or other relevant points.
Summarise: Identify and interpret the most relevant features of a theory, discuss issue or detail, leaving out the finer
details.
Develop: Involves the creation of the materials/activities/procedures to achieve the outcome. This is about designing
and creating,
Implement: After materials/activities/procedures are developed, test all materials/procedures to determine if they are
functional and appropriate for the intended audience.
Evaluate: ensures that the materials/activities/procedures achieve their desired goals and involves a detailed review
including any recommendations for change and reasons.
Plagiarism
While cooperative effort and the sharing of information are encouraged, you must ensure your assignments and
assessments are representative of your own effort, knowledge and skills. You must not take the work of others and
present it as your own. Plagiarism may result in the assignment/assessment being deemed to be “not yet competent” by
the assessor.
Students accused more than once of academic misconduct, including plagiarism, may be dismissed or cancelled from
their course at the discretion of the Clinton Institute Director of Studies.
Plagiarism can take several forms;
 Quoting from a book or an article without acknowledging the source
 Handing in someone else’s work as your own
 Stealing and passing off another person’s words or ideas and claiming them as your own
 Giving incorrect information about the source of a quotation or idea
 Downloading information from the internet without acknowledging the source
 Copying a section of a book or article and submitting it as one’s own work
 Presenting as a new and original idea or produce something which was derived from an existing source

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Referencing Materials
 If you are unfamiliar with how to reference, we recommend that you review
http://www.citethisforme.com/harvard-referencing
 Two types of citations are included:
 In-text citations are used when directly quoting or paraphrasing a source. They are located in the body of the
work and contain a fragment of the full citation.
 Depending on the source type, some Harvard Reference in-text citations may look something like this:
 "After that I lived like a young rajah in all the capitals of Europe…" (Fitzgerald, 2004).
 Reference Lists are located at the end of the work and display full citations for sources used in the assignment.
 Here is an example of a full citation for a book found in a Harvard Reference list:
 Fitzgerald, F. (2004). The great Gatsby. New York: Scribner.*
 National Training prefers that students utilises Harvard Style referencing. Generally, Harvard Reference List
citations follow this format:
 Books: Last name, First Initial. (Year published). Title. City: Publisher, Page(s).
 Journals/publication: Last name, First initial. (Year published). Article title. Journal, Volume (Issue), Page(s).
 Websites: Website name, (Year published). Page title. [Online] Available at: URL [Accessed Day Mo. Year].
Understanding your results
The great thing with competency-based training is that you either deemed 'competent' (you can demonstrate the
required skills and knowledge) or 'not yet competent' (at this time you haven't been able to demonstrate required skills
or knowledge). The key word is "YET”.
Your trainer will provide you with feedback on your assessments so that you know what you have done well in your
assessment and what you need to improve upon or fix. An "NYC" result does not mean that you have failed and that is it -
you have the opportunity to try again. It could be that one question in your assessment was deemed Not Yet Satisfactory
(NYS) and this is the only question that will require review.
Assessment outcomes
Each assessment task will be given an outcome of either Satisfactory (S) or Not Yet Satisfactory (NYS). Students must complete
all tasks for a unit satisfactorily to achieve an overall outcome of Competent (C) for a unit. If one or more of tasks are assessed
as Not Satisfactory, students will be given an overall outcome for the unit of Not Yet Competent (NYC).
Students will be allowed up to two (2) reassessments attempts to complete the task and achieve a Satisfactory outcome.
Students need to be given a timeframe for resubmission and advised what they must include in the resubmission.
There is an Assessment Task # - Outcome Record at the end of each discreet assessment activity. Assessors are to fill this out
for each assessment activity. The summary of the outcomes are to be transferred to the Overall Unit – Record of Assessment
Outcomes located on the last page of the Student Assessment Booklet.
Results Legend
C Competent You have successfully completed unit and has met the minimum
competency criteria and demonstrated the required skills and knowledge
NYC Not Yet Competent You have not met minimum competency criteria for the unit - certain section/s require review
due to not meeting the requirements and being deemed Not Yet Competent
Note: If you have had an initial assessment, a first re-assessment and then a final re-
assessment, you will no longer have an opportunity to re-submit. You will receive a “NYC”
and have to re-enrol in the unit.
S Satisfactory Individual assessment/question is satisfactory
NYS Not Yet Satisfactory Individual has not yet achieved a satisfactory result for a specific assessment activity
Assessment attempts and resubmissions
You will have up to three (3) attempts to achieve a satisfactory outcome for each assessment.

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If after three (3) attempts you cannot achieve a satisfactory result for any assessment activity, the overall outcome with
be Not Yet Competent (NYC) for the Unit.
Resubmission
You will be given the opportunity to resubmit a Not Yet Satisfactory (NYS) Assessment Task up to two (2) times. Following
assessment outcome, the student will be given appropriate feedback on previous attempt. This will enable you to have a
total of three (3) attempts.
Timeframe
You will be provided with an appropriate timeframe by your trainer to resubmit your work, for example; you may be
given 14 days to resubmit incorrect responses to written tasks or projects. Should you require to complete a roleplay or
presentation, your Assessor will make an appointment time, which suits both of you.
Records
The Assessment Task # - Outcome Record at the end of each assessment activity, includes a space to record the details of
any re-attempts and resubmissions. Assessors must ensure that this is comprehensively detailed so that anybody
reviewing the assessment record can tell exactly what occurred, when it occurred, how it occurred, who was involved
and where any further evidence is located. Assessors must also make reference to ensuring that any re-attempt or
resubmission has been assessed in accordance with the model responses and performance descriptors included in this
marking guide.
Task Cover Sheet
Assessors must ensure that students have completed the Assessment Task Cover Sheet for each assessment task.
Assessment appeals
All students have the right to appeal an assessment decision. To make an appeal about an assessment decision, students must
follow the process outlined in the Student Handbook.
Note that the Overall Unit – Record of Assessment Outcomes located on the last page of this document, contains a section
which says “Does the student wish to appeal the result? □ YES □ NO” Assessors must ensure that students tick one of these
boxes.

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A s s e s s m e n t O v e r v i e w
This Student Assessment Booklet includes all your tasks for assessment of BSBFIM601 Manage Finances
About your assessments
There are four assessment tasks for this unit. You must satisfactorily complete all tasks to achieve competency for this unit.
Assessment Task About this task
Assessment Task 1:
Written questions
You must correctly answer all questions to show that you understand the knowledge required of
this unit.
Evidence Required
 You must submit all completed questions
Assessment Task 2:
Planning project
You must plan for financial management. In Part A, you will review financial data and prepare
budgets; and in Part B you will communicate budgets and financial reporting requirements and
delegations to managers in a simulated meeting. .
Evidence Required
You must submit:
 Financial Performance Report
 Completed Budget for 2019 – 2020
 Key financial compliance Report
Assessment Task 3:
Review project
You must review interim financial data and revise budgets as required.
Evidence Required
 You must submit a report on Performance, including revision to budget
Assessment Task 4:
Debtor management
project
You must review an aged debtor report and develop a report on best practice debtor
management.
Evidence Required
 You must submit a Debtor Management Report
How to submit your assessments
 When you have completed each assessment task you will need to submit it to your assessor.
 Instructions about submission can be found at the beginning of each assessment task.
 Make sure you photocopy your written activities before you submit them – your assessor will put the documents you
submit into your student file. These will not be returned to you.
Assessment Task Cover Sheet
 At the beginning of each task in this booklet, you will find an Assessment Task Cover Sheet. Please fill it in for each task,
making sure you sign the student declaration.
 Your assessor will give you feedback about how well you went in each task, and will write this on the page following the
Task Cover Sheet.
Assessment appeals
 You can make an appeal about an assessment decision by putting it in writing and sending it to us. Refer to your Student
Handbook for more information about our appeals process.

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Assessment Plan
The following outlines the requirements of your final assessment for this unit. You are required to satisfactorily complete
all tasks to demonstrate competency for this unit.
Your assessor will provide you with the due dates for each assessment task. Write them in the table below.
Assessment Requirements Due date
1. Written questions
2. Planning project
3. Review project
4. Debtor management project
AGREEMENT BY THE STUDENT
Read through the assessments in this booklet before you fill out and sign the agreement below. Make sure you
sign this before you start each assessments activity.
Have you read and understood what is required of you in terms of assessment?  Yes  No
Do you understand the requirements of this assessment?  Yes  No
Do you agree to the way in which you are being assessed?  Yes  No
Do you have any special needs or considerations to be made for this
assessment?
If yes, what are they?
 Yes  No
Do you understand your rights to appeal the decisions made in an assessment?  Yes  No
Student Name: __________________________________________________________________________________
Student Signature: ___________________________________________________ Date: _______________________
Assessor Name: _________________________________________________________________________________
Assessor Signature: ___________________________________________________ Date: _______________________
Assessor Note: If the student ticks ‘NO’ for any item except the reasonable adjustment, the assessor must not
commence the assessment activity until the matter has been resolved and records of the resolution in the Student
Management System (SMS).
If a student identifies any specific needs or considerations, Assessors must provide a detailed record of how the
situation was managed in the assessment outcome record for this assessment

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Assessment Task Cover Sheet – Assessment Task 1
Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work.
Name:
Date of submission:
Unit:
BSBFIM601 Manage Finances
STUDENT DECLARATION
I <Insert your name>________________________________________ declare that these tasks are my own work.
□ None of this work has been completed by any other person.
□ I have not cheated or plagiarised the work or colluded with any other student/s.
□ I have correctly referenced all resources and reference texts throughout these assessment tasks.
□ I understand that if I am found to be in breach of policy, disciplinary action may be taken against me.
Student Signature: ____________________________________________________________________________________

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ASSESSOR FEEDBACK
Assessors: Please return this cover sheet to the student with assessment results and feedback.
In addition, a copy must be supplied to the office and kept on the student’s file with the evidence.
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Assessor Signature: _______________________________________________________________________________________
Assessor Name: __________________________________________________________________________________________
Date: __________________________________________________________________________________________________

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Assessment TASK 1: WRITTEN QUESTIONS
TASK SUMMARY:
 This is an open book assessment
 You are to answer all the questions in this task.
 You will have four (4) hours to complete this assessment.
RESOURCES AND EQUIPMENT REQUIRED TO COMPLETE THIS TASK
 Student learn guide for this Unit.
Note: Clinton Institute provides students with access to learning materials, a computer and internet
WHEN AND WHERE DO I COMPLETE THIS TASK?
 This task is to be completed in the Classroom. Your assessor will advise on which date and time of assessment.
WHAT DO I NEED TO SUBMIT AND DO?
What you need to do: What evidence is required:
Complete all fifteen (15) questions You will need to submit your answers to all fifteen (15)
questions.
DECISION MAKING RULES
Assessors will compare student responses/performance with the model responses and performance descriptors
contained in the Assessors Marking Guide. Student responses do not have to be verbatim (unless otherwise specified),
but must convey the same meaning as each component listed. Similarly, students do not have to perform exactly as
described in the marking guide (unless otherwise specified), but must address each performance components listed.
Students must achieve a satisfactory result for every question and component to achieve a satisfactory result for this
assessment activity.
WHAT HAPPENS IF I GET SOMETHING WRONG?
 If your assessor marks any of your answers as incorrect, they will talk to you about resubmission. You will need to do
one of the following:
 Answer the questions that were incorrect in writing.
 Answer the questions that were incorrect verbally.
INSTRUCTIONS
 This is an open book test – you can use your learning materials (Learner Guide for this Unit) as referenced.
 You need to answer all questions correctly to achieve a satisfactory outcome. Where a question contains sub-
questions, students much achieve a satisfactory result for each sub-question to achieve a satisfactory result for that
question.
 You must answer the questions by writing in the space provided. (Writing skills are indicative of this industry)
 If you need more space, you can use extra paper. Make sure you write on each extra piece of paper your name, the
assessment task number and the question number/s you are answering.
 Assessor are required to tick either □ Satisfactory OR □ Not yet satisfactory for each question and sub-questions.

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Assessment Task 1: Written Questions
QUESTION 1
Briefly explain the six (6) main taxation and superannuation obligations of an Australian company, including taxes that
are paid through the Australian Tax Office.
1. retain charge (PAYG retaining) from their wages and report and pay the retained adds up to us
□ Satisfactory OR □ Not yet satisfactory
2.
pay super, at any rate quarterly, for qualified workers
□ Satisfactory OR □ Not yet satisfactory
3. report and make good on incidental advantages regulatory expense (FBT) in the event that you give your worker
incidental advantages.
□ Satisfactory OR □ Not yet satisfactory
4. they for the most part take care of their own assessment commitments, so you don't need to retain from installments to
them except if they don't cite their ABN to you, or you have an intentional concurrence with them to retain charge from
their installments
□ Satisfactory OR □ Not yet satisfactory
5. you may in any case need to pay super for individual contractual workers if the agreement is basically for their work
□ Satisfactory OR □ Not yet satisfactory
6. you don't have FBT commitments.
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory

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QUESTION 2
Answer the following questions relating to GST in Australia:
a) When does a business/enterprise and non-profit organisations have to register for GST? You are required to list four
(4) items.
b) When do you need a tax invoice to claim a GST credit?
c) What eight (8) details must be identifiable on a tax invoice for sales over AUD $1,000.00?
d) What accounting method would a small business with an aggregated turnover of less than $2 million use to account
their GST?
a) 1) In the event that you haven't enlisted for GST, and you become mindful that your GST turnover will
surpass the $75,000 every year limit, you should enlist for GST inside 21 days.
□ Satisfactory OR □ Not yet satisfactory
2) It's a smart thought to check every month to guarantee you're not prone to go over the over the point of
confinement. Watching out for your GST turnover is significant so you can enroll if essential.
□ Satisfactory OR □ Not yet satisfactory
3) In the event that your GST turnover is underneath the $75,000, enlisting for GST is discretionary.
□ Satisfactory OR □ Not yet satisfactory
4) You may enlist if your GST turnover is underneath the $75,000 edge, anyway this implies once enrolled, paying
little heed to your turnover, you should incorporate GST in your charges and guarantee GST credits for your
business buys.
□ Satisfactory OR □ Not yet satisfactory
b) You should have a tax receipt to guarantee a GST credit for buys that cost more than A$82.50 (including GST).
Your provider has 28 days to give you an assessment receipt after you demand one. Hold up until you get it
before you guarantee the GST credit, regardless of whether this is in a later revealing period.
□ Satisfactory OR □ Not yet satisfactory

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c)  1) that the report is planned to be a duty receipt
□ Satisfactory OR □ Not yet satisfactory
 2) the vender's personality
□ Satisfactory OR □ Not yet satisfactory
 3) the vender's Australian business number (ABN)
□ Satisfactory OR □ Not yet satisfactory
 4) the date the receipt was issued
□ Satisfactory OR □ Not yet satisfactory
 5) a concise portrayal of the things sold, including the amount (if pertinent) and the cost
□ Satisfactory OR □ Not yet satisfactory
 6) the GST sum (assuming any) payable – this can be demonstrated independently or, if the GST sum is
actually one-eleventh of the absolute cost, for example, an explanation which says 'All out cost incorporates
GST'.
□ Satisfactory OR □ Not yet satisfactory

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 7) the degree to which every deal on the receipt is an assessable deal (that is, the degree to which every
deal incorporates GST).
□ Satisfactory OR □ Not yet satisfactory
 8) Address of the vendor and the sold items.
□ Satisfactory OR □ Not yet satisfactory
d) Organizations with a collected turnover (of under $10 million), can represent their GST utilizing the money
bookkeeping strategy. Bookkeeping on a money premise implies you represent GST on the Business Activity
Statement (BAS) for deals and buys that cash is gotten or paid for in this period.
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
QUESTION 3
Outline below, what is the definition of a 'company' as defined by the Australian Tax Office.
Definition: An organization as per the ATO is a lawful substance with higher set-up and organization costs.
Organizations likewise have extra announcing prerequisites. An organization is controlled by its chiefs and claimed by
its investors. While an organization gives some benefit insurance, its executives can be lawfully at risk for their
activities and, now and again, the obligations of the organization. Organizations are managed by the Australian
Securities and Investments Commission (ASIC).
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
QUESTION 4
To work as a business and be entitled to an ABN, what five (5) activities might you be undertaking according to the
Australian Taxation Office?

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1) Tax file number (TFN) and the TFNs of any partners – eg accomplices, executives and trustees.
□ Satisfactory OR □ Not yet satisfactory
2) Tax agent registration number is required.
□ Satisfactory OR □ Not yet satisfactory
3) Professional advisor number is required – in case you're utilizing the administrations of an expert consultant, you can give
their permit number eg Australian Financial Services permit (AFS permit)
□ Satisfactory OR □ Not yet satisfactory
4) recently held ABN to be provided.
□ Satisfactory OR □ Not yet satisfactory
5) Australian company number (ACN) or Australian enrolled body number (ARBN). Organizations and registrable
associations can enroll for an ACN or ARBN through the Australian Securities and Investments Commission (ASIC)
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
QUESTION 5
According to the ATO website, what four (4) obligations are you likely to have if you have an ABN?
1)
2)
3)
4)
Outcome for question: □ Satisfactory OR □ Not yet satisfactory

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QUESTION 6
Outline the key requirements around tax for companies in Australia including:
a) how annual tax is reported
b) the methods by which it can be paid
c) the name and value of the two tax rates for Australian companies and when each applies
d) The small business tax rates for FY (Financial Year) 2019, FY 2020, FY 2021 and FY 2022
a)
□ Satisfactory OR □ Not yet satisfactory
b)
□ Satisfactory OR □ Not yet satisfactory
c) 1)
□ Satisfactory OR □ Not yet satisfactory
2)
□ Satisfactory OR □ Not yet satisfactory
d) FY – 2019 = ___________
□ Satisfactory OR □ Not yet satisfactory
FY – 2020 = ___________
□ Satisfactory OR □ Not yet satisfactory
FY – 2021 = ___________
□ Satisfactory OR □ Not yet satisfactory
FY -2022 = ___________
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory

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QUESTION 7
Answer the following questions relating to pay-as-you-go (PAYG) tax in Australia:
a) Explain the difference between PAYG withholding and PAYG Income Tax Instalments.
b) If you make payments subject to withholding, what are the four (4) things the Australian Tax Office requires
a business owner to do?
a)
□ Satisfactory OR □ Not yet satisfactory
b) 1)
□ Satisfactory OR □ Not yet satisfactory
2)
□ Satisfactory OR □ Not yet satisfactory
3)
□ Satisfactory OR □ Not yet satisfactory
4)
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
QUESTION 8
Explain the three (3) principles of cash accounting. Include two (2) advantages and two (2) disadvantages of cash
accounting in your response.
Principles of
Cash
Accounting:
Money bookkeeping is basic and clear. Exchanges are recorded just when cash goes in or out
of a record.
Money bookkeeping doesn't fill in too for bigger organizations or organizations with an
enormous stock since it can cloud the genuine monetary position.
The choice to money bookkeeping is collection bookkeeping where exchanges are recorded
when a request is made instead of paid.

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□ Satisfactory OR □ Not yet satisfactory
Advantages: 1) Cash accounting guarantees that duties are not paid on monies that have not yet been
gotten; this improves income and guarantees that assets are accessible for assessment
consumptions.
□ Satisfactory OR □ Not yet satisfactory
2) This can be particularly significant for people and independent ventures where income
might be confined at specific occasions.
□ Satisfactory OR □ Not yet satisfactory
Disadvantages: 1) Since cash accounting is so basic, it doesn't take into account following the genuine
dates of offers and buys.
□ Satisfactory OR □ Not yet satisfactory
2) Moreover, it normally does not give a methods for coordinating these exchanges to
explicit things of stock.
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
QUESTION 9
Explain the principle of accrual accounting. Include two (2) advantages and two (2) disadvantages of accrual accounting
in your response.
Principles of
Accrual
Accounting:
Two ideas, or standards, that the gathering premise of bookkeeping uses are the income
acknowledgment rule and the coordinating guideline.
□ Satisfactory OR □ Not yet satisfactory
Advantages: 1) It concedes increasingly helpful business investigation.
□ Satisfactory OR □ Not yet satisfactory
2) It takes into account simple arranging.
□ Satisfactory OR □ Not yet satisfactory
Disadvantages: 1) It represents a few challenges.

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□ Satisfactory OR □ Not yet satisfactory
2) It can prompt double dealing.
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory

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QUESTION 10
Describe the following terms:
a) Financial accounting
b) Management accounting
c) Accounting standards
d) Financial accounting system
a)
Financial accounting is a specific part of bookkeeping that stays with track of a's monetary exchanges. Utilizing
institutionalized rules, the exchanges are recorded, outlined, and exhibited in a budgetary report or fiscal
summary, for example, a salary explanation or an accounting report.
Organizations issue fiscal summaries on a standard timetable. The announcements are viewed as outer in light of
the fact that they are given to individuals outside of the organization, with the essential beneficiaries being
proprietors/investors, just as specific loan specialists. On the off chance that an enterprise's stock is traded on an
open market, in any case, its fiscal summaries (and other money related reportings) will in general be broadly
circled, and data will probably arrive at auxiliary beneficiaries, for example, contenders, clients, representatives,
work associations, and venture experts.
□ Satisfactory OR □ Not yet satisfactory
b) The management accounting, likewise called administrative bookkeeping or cost bookkeeping, is the way toward
breaking down business expenses and activities to plan inner budgetary report, records, and record to help
administrators' basic leadership process in accomplishing business objectives. At the end of the day, it is the
demonstration of comprehending money related and costing information and making an interpretation of that
information into valuable data for the board and officials inside an association.
□ Satisfactory OR □ Not yet satisfactory
c) An accounting standard is a typical arrangement of standards, measures and methods that characterize the
premise of money related bookkeeping approaches and practices. Bookkeeping measures improve the
straightforwardness of budgetary revealing in all nations. In the United States, the Generally Accepted
Accounting Principles structure the arrangement of bookkeeping gauges broadly acknowledged for getting
ready budget reports. Universal organizations pursue the International Financial Reporting Standards, which
are set by the International Accounting Standards Board and fill in as the rule for non-U.S. GAAP organizations
announcing fiscal reports.
□ Satisfactory OR □ Not yet satisfactory
d) FAS is a bookkeeping framework where the budgetary information of the association is kept up. Budgetary
information contains any exchange which charges or credits the record balance. The Financial Accounting
System must be characterized in Billing and CRM arrangement application. This is done through Financial
Accounting System Lookup Code.

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□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
QUESTION 11
Explain what is meant by audited financial statements?
" Audited financial statements" signifies a supplier's budget summary that has been set up as per proper accounting rules
and that has been inspected by an autonomous guaranteed open bookkeeper as per by and large acknowledged examining
models and incorporates notes to the budget summary that state whether the network is in consistence with its hold
prerequisites.
Outcome for question: □ Satisfactory OR □ Not yet satisfactory

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QUESTION 12
Explain what a financial audit is and the purpose of a financial audit report.
What is a financial audit?
A financial audit is an autonomous, target assessment of an association's monetary reports and money related revealing
procedures. The basic role for monetary reviews is to give controllers, speculators, executives, and directors sensible
confirmation that fiscal reports are precise and complete.
□ Satisfactory OR □ Not yet satisfactory
What is the purpose of a financial audit report?
The audit opinion is proposed to give sensible confirmation, yet not total affirmation, that the budget reports are displayed
decently, in every single material regard, and additionally give a genuine and reasonable view as per the budgetary
announcing structure. The motivation behind a review is to give a target autonomous assessment of the fiscal reports,
which builds the worth and believability of the budget summaries delivered by the executives, in this way increment
client trust in the fiscal report, diminish speculator hazard and thus decrease the expense of capital of the preparer of
the fiscal reports.
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
QUESTION 13
Explain the concept of financial probity. In your response, outline at least six (6) principles that underpin ethics and
probity.
Probity Probity is the proof of moral conduct, and can be characterized as complete and affirmed
trustworthiness, uprightness and genuineness in a specific procedure.
□ Satisfactory OR □ Not yet satisfactory
Principles 1) Authorities must act morally, as per the APS Values (set out in segment 10 of the Public
Service Act 1999) and Code of Conduct (set out in area 13 of the Public Service Act 1999),
consistently in embraced obtainment.
□ Satisfactory OR □ Not yet satisfactory

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2) Authorities must not utilize their position.
□ Satisfactory OR □ Not yet satisfactory
3) Authorities ought to abstain from setting themselves in a position where there is the
potential for cases of inclination.
□ Satisfactory OR □ Not yet satisfactory
4) Authorities must not acknowledge cordiality, endowments or advantages from any
potential providers.
□ Satisfactory OR □ Not yet satisfactory
5) Offices must not try to profit by provider rehearses that might be deceptive, exploitative or
risky.
□ Satisfactory OR □ Not yet satisfactory
6) All givers must be dealt with evenhandedly. This implies all givers must be dealt with
reasonably - it doesn't really imply that they are dealt with similarly.
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
QUESTION 14
Provide four (4) examples of what would be considered fraudulent behaviour in regard to company finances.
.
1)
insider managing and market misuse
□ Satisfactory OR □ Not yet satisfactory
2)
illegal tax avoidance
□ Satisfactory OR □ Not yet satisfactory
3)
renumeration
□ Satisfactory OR □ Not yet satisfactory

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4) false and unjust exchanging, and general crime in the administration of an organization
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory

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QUESTION 15
Discuss the difference between Generally Accepted Accounting Principles (GAAP) and the International Accounting
Standards and why there was a need for harmonisation.
Generally Accepted Accounting Principles (GAAP)
Generally Accepted accounting Principles (GAAP) allude to a typical arrangement of acknowledged bookkeeping
standards, gauges, and strategies that organizations and their bookkeepers must pursue when they aggregate
their fiscal reports. GAAP is a blend of definitive gauges (set by strategy sheets) and the regularly acknowledged
methods for chronicle and detailing bookkeeping data. GAAP improves the clearness of the correspondence of
monetary data.
□ Satisfactory OR □ Not yet satisfactory
International Accounting Standards
International Accounting Standards (IAS) are more seasoned bookkeeping benchmarks that were supplanted in
2001 by International Financial Reporting Standards (IFRS), issued by the International Accounting Standards
Board (IASB), a free universal standard-setting body situated in London.
□ Satisfactory OR □ Not yet satisfactory
Why there was a need for harmonisation
The first and most significant preferred position of harmonization of revealing models is to accomplish
equivalence in budget summaries. Because of various arrangements of monetary announcing norms, the manner
in which fiscal reports arranged and introduced are not the same as one another which make it convoluted to
think about them. This is significantly increasingly discernible in worldwide organizations when they work in
something other than one nation. In the event that worldwide harmonization is accomplished, the degree of
global similarity likewise builds making it simpler for organizations to set up the fiscal summaries under one lot of
standards; speculators who comprehend the budget reports because of the idea of IFRS and settle on all around
idea venture choices.
□ Satisfactory OR □ Not yet satisfactory
Outcome for question: □ Satisfactory OR □ Not yet satisfactory
**** END OF ASSESSMENT TASK 1 ****

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What do I need to hand in for this task? Have I completed this?
Your answers to each question (Q1-15) 

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ASSESSMENT TASK 1: WRITTEN QUESTIONS- OUTCOME RECORD
Comments
Attempt 1
Yes/No
Date:___________
Attempt 2
Yes/No
Date:___________
Attempt 3
Yes/No
Date:___________
Did the student answer all written questions
correctly? (Please note which questions
were answered incorrectly for which
attempt, if applicable.)
If ‘no’ to the above, please detail what gaps
you identified to the student and detail all
reassessment arrangements. Note that the
reassessment arrangements must clearly
detail all aspects of the reassessment
process.
OR
If ‘yes’ to the above, assessor is to insert N/A
in this section.
Assessors are required to provide feedback to the student about this task on the Assessment Cover Sheet. Keep a copy of the completed Assessment Task Cover Sheet. Please also transfer the attempt results and dates
to the Overall Unit - Record of assessment outcome sheet on the last page of this Student Assessment Booklet
Please note any reasonable adjustments for this task below.
Assessment Task 1 Outcome Satisfactory  Not Satisfactory  Date:
Student name:
Trainer/assessor name:
Trainer/assessor signature:

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Assessment Task Cover Sheet – Assessment Task 2
Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of your work.
Name:
Date of submission:
Unit:
BSBFIM601 Manage Finances
STUDENT DECLARATION
I <Insert your name> _______________________________________ declare that these tasks are my own work.
□ None of this work has been completed by any other person.
□ I have not cheated or plagiarised the work or colluded with any other student/s.
□ I have correctly referenced all resources and reference texts throughout these assessment tasks.
□ I understand that if I am found to be in breach of policy, disciplinary action may be taken against me.
Student Signature: ________________________________________________________________________________________

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ASSESSOR FEEDBACK
Assessors: Please return this cover sheet to the student with assessment results and feedback.
In addition, a copy must be supplied to the office and kept in the student’s file with the evidence.
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
Assessor Signature: _______________________________________________________________________________________
Assessor Name: __________________________________________________________________________________________
Date: __________________________________________________________________________________________________

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Assessment TASK 2: PLANNING PROJECT
TASK SUMMARY:
 This assessment task is in two parts.
 For Part A, the student is required to complete the following:
Activity 1 - Review existing financial information,
Activity 2 - Prepare a financial report; and
Activity 3 - Develop a budget.
 For Part B, the student is required to complete the following:
Activity 1 – Develop a Report
Activity 2 – Present report at a Meeting to discuss budgets, as well as reporting requirements and delegations.
 This assessment task will be introduced on conclusion of training and you must complete by the end date of the Unit
as per your timetable. Your assessor will make an individual time with you to present your report in a simulated
meeting and potentially participate in other meetings.
RESOURCES AND EQUIPMENT REQUIRED TO COMPLETE THIS ASSESSMENT
 Computer and Microsoft Office
 Access to the internet for research and to access web sites such as the Australian Tax Office:
 Printer to print off meeting documents
 Meeting space
 2018 – 2019 Profit and Loss Statement
 2018 - 2019 Cash Flow Statement
 Aged Debtors Summary (as at 30th June 2018)
 Financial Performance Report Template
 Budget Template 2019 – 2020
 Business Plan Grow Management Consultants
 Financial Management Policy and Procedure
 Estimated Conference/e-book Costs and Income for 2019 - 2020
Note: Clinton Institute will provide all the forementioned to complete this assessment
WHEN AND WHERE DO I COMPLETE THIS TASK?
This task will be done in the classroom during class time. Your assessor will advise of the date and time.
WHAT DO I NEED TO SUBMIT AND DO?
What you need to do: What evidence is required:
Review existing financial information Nothing (this will contribute to your financial report)
Prepare a financial report You need to submit a financial report
Develop a budget You will need to submit the budget you have developed
Develop a Report You will need to submit the report you have developed
Present report at a Meeting to discuss budgets, as well as
reporting requirements and delegations.
You will need to present you report and budget at a
simulated meeting run at Clinton Institute.
DECISION MAKING RULES
Assessors will compare student responses/performance with the model responses and performance descriptors
contained in the marking guide. Student responses do not have to be verbatim (unless otherwise specified), but must
convey the same meaning as each component listed. Similarly, students do not have to perform exactly as described in
the marking guide (unless otherwise specified), but must address each performance components listed.

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Students must achieve a satisfactory result for every question and component to achieve a satisfactory result for this
assessment activity.
WHAT HAPPENS IF I GET SOMETHING WRONG?
 If your assessor sees that you have not completed all parts of this task satisfactorily, the details of resubmission will
be discussed with you directly. You will only need to redo the parts that are not satisfactory, however you will need
to resubmit the entire assessment.

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INSTRUCTIONS:
Complete Part A and then Part B of this assessment task.
Assessment Task 2 – Part A – Analyse finances and prepare budget
Grow Management Consultants is a consultancy business specialising in leadership consultancy and has been
operational for the last five years. The company offers a range of services to assist companies to assess leadership
behaviour of existing managers and performance metrics and to design and implement customised leadership
programs based on the assessment. Services are offered Australia-wide.
The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior Consultant,
an Administration Officer and Receptionist.
Over the last two years, the company has diversified and offers regular professional development workshops on all
aspects of leading and managing staff. These workshops are conducted approximately every 3 months in major cities
including Sydney, Brisbane and Melbourne. In 2017 – 2018, the company ran a total of 36 workshops. The company
has also recently produced an E-book about leadership techniques.
The intention is to replace the workshops with the annual conference in the next financial year as the workshops were
not well attended and client feedback indicates a personalised, company focused approach in the form of consulting
services is the service of choice.
The E-book has had reasonable sales but there needs to be a wider selection of books, as well as more marketing. The
plan is to generate $10,000 worth of sales for the e-books during the next financial year and increasing over time.
As the General Manager for the company and with responsibility for finances, you are currently completing the
financial planning for the year ahead. This involves a review of the company’s business plan, previous year’s profit and
loss statement, the current business plan and strategic directions and cash flow statements. Based on the review, you
will be establishing budgets and allocating funds. In developing the budget, you are to assume a 5% increase in cost of
sales, as well as a 10% increase in sales for consulting services and executive search.
As per the business plan, the company plans to run an annual conference starting in 2019. The costs for the conference
have been estimated by the Principal Consultant as set out in the Estimated Conference Costs document. Conference
attendance is aimed at 80 people paying $610 (early bird) - $690 (standard) each. You will be provided with a copy of
the Estimated Conference and E-book cost and Income, for the purpose of this assessment.
The Principal Consultant has also asked you to review the current accounting software used by the business. The
company is currently using MYOB but as it has grown, the Principal Consultant wishes to review whether this is the
best accounting software for the business. He has also requested that the software have a cloud feature.
Complete the following activities:
Activity 1
Conduct research in preparation for your financial performance report.
a) Review the scenario information above and the following document which will be provided to you:
-2018-2019 Profit and Loss Statement;
- 2018-2019 Cash Flow Statement
-Business Plan Grow Management Consultants
-Aged Debtors Summary (As at 30th June 2019)
-Financial Management Policy & Procedures
-Estimated Conference/e-book Costs and Income for 2019 – 2020
Using this information, identify areas of the business that have generated a profit and those that have generated a
loss.
b) Conduct research to establish why those areas have made a profit or loss. Your research should include a review
of the financial data provided to you, economic conditions and business trends that may have resulted in the profit
or loss. You will be required to report on your findings in the financial performance report as outlined below in
activity 2.
c) Conduct research on financial software systems as per the scenario information. Make notes for use in your
report.

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Activity 2
Prepare a financial performance report for the Principal Consultants using the template provided by your assessor that
includes an:
a) Overview of the purpose of the report.
b) Analysis the 2018 – 2019 Profit and Loss Statement and report on the following:
 Overview
 The revenue generated (gross profit, cost of sale, net profit)
 The gross profit margin ratio
 The net profit margin ration
 The Workshops and Publications (profit or loss)
 Highest cost of the business
c) Outline overall business highlights including;
 Consulting
 Workshops
 Executive search services
 e-book
d) Outline five (5) reasons for the profit & loss of the business, based on your analysis of the data and research on
economic conditions and business trends.
e) Analysis of the organisation’s goals and priorities for the upcoming financial year as documented in the Strategic
Business Plan and financial resources required to achieve these goals. Ensure you include:
 Outline of the operational plan
 Resources required
 Profit margin goal
 Goal for growing the business and staff base
f) An analysis of cash flow trends as per the cash flow statements.
g) Outline the businesses statutory requirements for compliance and tax including:
 GST obligations
 PAYG obligations
 Company tax obligations (including when this is paid and how it is calculated)
 Payroll Tax obligations
 Superannuation obligations (including payment dates)
h) Outline what due diligence checks you completed when preparing this analysis
i) List any discrepancies you identify between the 2018- 2019 Profit & Loss and Cash Flow Statements
j) Review and analyse at least four (4) financial software packages (with cloud feature) that the business could use.
Ensure one of the software packages you analyse is MYOB. In your analysis you must include the following:
 Advantages of each
 Disadvantages of each
 Cost for each system
k) Analysis of the businesses Ageing Debtor Summary and include the following:
 Total debit owed
 Percentage of debit total, which is currently not cause for concern
 Debits over 120 days and what action has been taken
 Amount of debit that is 30 days past due
 Amount of debit that is 90 days past due
 The percentage of 90 days past due, over the total debit amount

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 Make two (2) recommendations to the business, to assist in their debit recovery
Activity 3
Develop budget forecasts for the next financial year.
Now that you have analysed the previous year’s financial performance, your manager has now asked you to develop a month-
month budget for the upcoming financial year, using the template provided.
The budget you develop must be comprehensive and reflect business needs and goals for the upcoming year.
Your budget must use informed estimates of new items that need to be included based on the business’ goals and your own
research about how this will be achieved.
The Principal Consultant would like a new venue for the conference this year and would like you to research local options for
the new venue and find out prices of the venue, and then help prepare a bid for the new venue. This must be allowed for you in
your budget.
Your budget must be developed in accordance with the Financial Management Policy and Procedure provided and developed in
Excel. You must use the same income and expense accounts as per the existing financial statements, unless the item is a new
addition. Your budget must show all allocations for payroll tax, income tax, and superannuation.
To prepare your budget, ensure you:
a) Use the information in the business plan to establish critical dates and new initiatives that the organisation intends to
implement in the upcoming year that will generate income. Ensure these are reflected appropriately in your budget.
b) Ensure budget includes the estimated income and costs for the conference based on the estimates provided to you.
c) Consider any resources required to implement new initiatives and account for them in your budget.
d) Ensure that the analysis of the previous year’s data and future plans as indicated in the business plan are taken into
account in determining projected income and expenditure.
e) Ensure your budget includes the revenue growth that the organisation intends to make and any cost impacts this will have.
f) Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting and executive recruitment
service. Input costs and income for the conference and e-book as per the data provided in the conference document.
g) Include a list of assumptions you have applied to develop your budget, including but not limited to:
 Estimated revenue for e-book will be received in one month (September)
 Utility bills are paid quarterly
 Repairs & Maintenance are paid twice a year (October & April)
 Accounting fees are paid once a year (September)
 Expenses have been broken down into equal monthly expenses

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PART B: MEET WITH MANAGEMENT TEAM
The Principal Consultant has approved the budget for the upcoming financial year of 2019 – 2020. You are now
required to meet with the senior managers to communicate the budgets you have developed. You are also required to
explain reporting requirements and financial delegations as outlined in the company’s financial policy and procedures,
as well as explain the company’s compliance requirements and tax liabilities.
Complete the following activities:
Activity 1
Prepare for your meeting. Conduct research and develop a report on key financial compliance requirements and
liabilities for tax in preparation for your meeting.
a) Develop a short report to provide to the management team at the meeting. The report must explain:
i. Date of report & name of author
ii. GST reporting requirements (the company is required to report quarterly)
iii. PAYG withholding obligations
iv. PAYG income tax instalment
v. Payroll tax obligations (state government)
vi. Superannuation entitlements and requirement to comply with legislation regarding frequency of
payment, choice of fund and reporting to staff.
b) Review the financial management policy and procedures and include the following:
i. The roles and responsibilities of each authorised person
ii. Identify two (2) potential financial risks you have identified for the business.
c) Ensure your report is accurate and error free, and set out in a standard business format.
d) Print copies of your Financial Compliance report and your budget that you have developed for your meeting.

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Activity 2
Participate in the budget meeting. (Note that this will be run in the classroom with others students acting as senior
managers. The Assessor will observe your participation in the meeting and check that you have covered all
requirements, whilst communicating effectively).
a) At the meeting you will need to discuss and perform the following:
i. Circulate copies of your budget and report your prepared for the meeting to all present at the meeting
ii. Discuss the budget historical financial activity, the budget you have developed and the rationale for the
budget
iii. Discuss the amounts allocated to activity, including the conference and the e-book.
iv. Identify and prioritise significant issues
v. Provide an outline of the financial policy and procedure so as to ensure that roles and responsibilities
are understood and risks of misappropriation of funds/incorrect recording of financial transactions is
minimised.
vi. Explain the company’s key financial compliance requirements (due diligence) and tax liabilities.
b) At the meeting ensure you provide your assessor with all required documentation and you will need to
demonstrate effective communication skills by:
i. Speaking clearly
ii. Providing concise information in a language that is appropriate for the audience
iii. Ask questions to check that managers and supervisors are clear about the budget.
iv. Using active listening techniques to confirm or clarify information
****END OF ASSESSMENT TASK 2 ****
What do I need to hand in for this task? Have I completed this?
Financial performance report 
Completed Budget for 2018- 2019 
Key financial compliance report 

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Meeting Observation Checklist
Date of meeting:
Name of Student being assessed:
Location of meeting:
List of attendees at the meeting:
Meeting Start time:
Meeting end time:
Assessor are to write “yes” or “no” for each line item. If the student gets the item correct on the first
attempt, the second and third attempt columns do not have to be completed. If a student gets the item
correct on the second attempt, there will be a “no” on the first attempt, a “yes” on the second attempt and
the third attempt will be left blank. Students are allowed a total of three attempts.
Note that to obtain a satisfactory outcome for this assessment activity, students must achieve a satisfactory
outcome for every line item.
Date:
Did the Student: Attempt 1 Attempt 2 Attempt 3
Circulate copies of their budget and report to each
participant
Discuss the budget historical financial activity, and the
rational for their budget
Discuss the amounts allocated to activity, including the
conference and the e-book.
Identify and prioritise significant issues
Provided an outline of the financial policy and procedure.
Ensuring that roles and responsibilities are understood and
risks of misappropriation of funds/incorrect recording of
financial transactions is minimised.
Explained the company’s key financial compliance
requirements (due diligence) and tax liabilities.
Speak and communicate clearly
Providing concise information in a language that is
appropriate for the audience
Ask questions to check that managers and supervisors are
clear about the budget.
Using active listening techniques to confirm or clarify
information
Outcome for Task: □ Satisfactory OR □ Not yet satisfactory
Assessors Comments

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Student Signature: Date:
Assessors Signature: Date:

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ASSESSMENT TASK 2: PLANNING PROJECT – PART A – OUTCOME RECORD
Relevant Performance Criteria Comments
Attempt 1
Yes/No
Date:___________
Attempt 2
Yes/No
Date:___________
Attempt 3
Yes/No
Date:___________
Did the student:
Satisfactorily Complete Activity 1:
Review all required Documents
Satisfactorily Complete Activity 2:
Develop the Financial Performance Report with all
required information
Satisfactorily Complete Activity 3:
Develop the Budget with all required information.
Assessor to provide full details of any re-assessment
arrangements for Assessment Task 2: Planning Project –
Part A

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ASSESSMENT TASK 2: PLANNING PROJECT – PART B- OUTCOME RECORD
Relevant Performance Criteria Comments
Attempt 1
Yes/No
Date:___________
Attempt 2
Yes/No
Date:___________
Attempt 3
Yes/No
Date:___________
Did the student:
Satisfactorily Complete Activity 1:
Develop Report on Key Financial Compliance
Requirements
Satisfactorily Complete Activity 2:
Meeting – Observation Checklist
Assessor to provide full details of any re-assessment
arrangements for Assessment Task 2: Planning Project –
Part B
Assessors are required to provide feedback to the student about this task on the Assessment Cover Sheet. Keep a copy of the completed Assessment Task Cover Sheet. Please also transfer the attempt results
and dates to the Overall Unit – Record of assessment outcome sheet on the last page of this Student Assessment Booklet
Assessor to provide full details of any re-assessment arrangements for Assessment Task 2: Planning Project – Part B
Please note any reasonable adjustments for this assessment below.
Part A outcome Satisfactory  Not Satisfactory  Date: Part B outcome Satisfactory  Not Satisfactory  Date
Student name:
Trainer/assessor name:
Trainer/assessor signature:

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Assessment Task Cover Sheet – Assessment Task 3
Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of
your work.
Name:
Date of submission:
Unit:
BSBFIM601 Manage Finances
STUDENT DECLARATION
I <Insert your Name> ______________________________________ declare that these tasks are my own work.
□ None of this work has been completed by any other person.
□ I have not cheated or plagiarised the work or colluded with any other student/s.
□ I have correctly referenced all resources and reference texts throughout these assessment
tasks.
□ I understand that if I am found to be in breach of policy, disciplinary action may be taken
against me.
Student Signature: ____________________________________________________________________________________

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ASSESSOR FEEDBACK
Assessors: Please return this cover sheet to the student with assessment results and feedback.
In addition, a copy must be supplied to the office and kept in the student’s file with the evidence.
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
Assessor Signature: ___________________________________________________________________________________
Assessor Name: _______________________________________________________________________________________
Date: _________________________________________________________________________________________________

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Assessment TASK 3: REVIEW PROJECT
TASK SUMMARY:
 This assessment task requires you to review the profit and loss statement from 2018 – 2019, as
well as the 2019- 2020 Interim cash flow statement for Grow Management Consultants.
 You will have four (4) hours to complete this assessment
RESOURCES AND EQUIPMENT REQUIRED TO COMPLETE THIS ASSESSMENT
 Computer and Microsoft Office
 Profit and Loss Statement 2018 – 2019
 Interim Cash flow Statement 2019 – 2020
Note: Clinton Institute will provide all of the above
WHEN AND WHERE DO I COMPLETE THIS TASK?
This task will be completed in the classroom. Your assessor will advise you of the date and time.
WHAT DO I NEED TO SUBMIT AND DO?
Written report on Business Performance & Proposed Additional Conference.
What you need to do: What evidence is required:
Prepare a Report You need to submit a Report on Business Performance &
Proposed Additional Conference
DECISION MAKING RULES
Assessors will compare student responses/performance with the model responses and performance
descriptors contained in the marking guide. Student responses do not have to be verbatim (unless
otherwise specified), but must convey the same meaning as each component listed. Similarly,
students do not have to perform exactly as described in the marking guide (unless otherwise
specified), but must address each performance components listed.
Students must achieve a satisfactory result for every question and component to achieve a
satisfactory result for this assessment activity.
WHAT HAPPENS IF I GET SOMETHING WRONG?
If your assessor sees that you have not completed all parts of this task satisfactorily, the details of
resubmission will be discussed with you directly. You will only need to redo the parts that are not
satisfactory, however you will need to resubmit the entire assessment.

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INSTRUCTIONS:
It is now six months later and you are required to review the 2019 – 2020 interim Cash flow
Statement.
The Principal Consultant has also asked you to focus on reviewing the conference costs as while
there was very positive feedback from the conference and the company wishes to run another in
the second half of the year (May). The budget needs to be revised to include this conference with a
proposed price increase for the conference fee to make the conference more profitable.
The Principal Consultant would like you to report on a proposed conference fee given a 10%
increase in all the recorded costs for the conference as shown in the interim Cash Flow Statement.
Assuming 70 people will attend the 2020 conference in May. The Principal Consultant would also like
a 20% return on the conference costs.
Complete the following activities:
Activity 1
Analyse financial information and develop a written report on Business Performance & Proposed Additional
Conference.
Analyse the information provided in the 2018 – 2019 profit and loss statement and 2019-2020 interim cash flow
statement, and develop a written report including each of the following:
1) Calculate the variation in actual versus budgeted amounts, at the six-month point, for each income source to
maintain an audit trail.
2) Review the business expenses over the last 6 months. Budget v’s Actual and provide comments to if the
business is Over – Under – On Track.
3) Identify and prioritise any significant issues in the 2019- 2020 interim Cash Flow Statement.
4) Focusing on the proposed May conference in 2020, develop a budget for this event applying a 10% increase to
previous expenses and include the required participant fee to achieve 20% on expenses.
5) Based on 70 conference participants, what is the new proposed conference fee for each participant?
6) Outline below your comments on any contingencies you have for the proposed conference
****END OF ASSESSMENT TASK 3****
What do I need to hand in for this task? Have I completed this?
Written Report on Business Performance &
Proposed Additional Conference. 

Student Assessment Booklet
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ASSESSMENT TASK 3: REVIEW PROJECT – OUTCOME RECORD
Relevant Performance Criteria Comments
Attempt 1
Yes/No
Date:___________
Attempt 2
Yes/No
Date:___________
Attempt 3
Yes/No
Date:___________
Did the student:
Did the student answer all written
questions correctly? (Please
note which questions were
answered incorrectly for which
attempt, if applicable.)
If ‘no’ to the above, please detail what
gaps you identified to the student and
detail all reassessment arrangements.
Note that the reassessment arrangements
must clearly detail all aspects of the
reassessment process.
OR
If ‘yes’ to the above, assessor is to insert
N/A in this section.
Assessors are required to provide feedback to the student about this task on the Assessment Cover Sheet. Keep a copy of the completed Assessment Task Cover Sheet. Please also transfer the attempt results and
dates to the Overall Unit - Record of assessment outcome sheet on the last page of this Student Assessment Booklet
Assessor to provide full details of any re-assessment arrangements for Assessment Task 3 Review Project
Please note any reasonable adjustments for this task below
Assessment Task 3 Outcome Satisfactory  Not Satisfactory  Date:
Student name:
Trainer/assessor name:
Trainer/assessor signature:

Student Assessment Booklet
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Student Assessment Booklet
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Assessment Task Cover Sheet – Assessment Task 4
Students: Please fill out this cover sheet clearly and accurately. Make sure you have kept a copy of
your work.
Name:
Date of submission:
Unit: BSBFIM601 Manage Finances
STUDENT DECLARATION
I <Insert your Name> ______________________________________ declare that these tasks are my own work.
□ None of this work has been completed by any other person.
□ I have not cheated or plagiarised the work or colluded with any other student/s.
□ I have correctly referenced all resources and reference texts throughout these assessment
tasks.
□ I understand that if I am found to be in breach of policy, disciplinary action may be taken
against me.
Student Signature: ____________________________________________________________________________________

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ASSESSOR FEEDBACK
Assessors: Please return this cover sheet to the student with assessment results and feedback.
In addition, a copy must be supplied to the office and kept in the student’s file with the evidence.
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_______________________________________________________________________________________________________
Assessor Signature: ___________________________________________________________________________________
Assessor Name: _______________________________________________________________________________________
Date: _________________________________________________________________________________________________

Student Assessment Booklet
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Assessment TASK 4: DEBTOR MANAGEMENT PROJECT
TASK SUMMARY:
 This assessment task requires you to review and evaluate financial management processes.
 You will have two (2) hours to complete this assessment
RESOURCES AND EQUIPMENT REQUIRED TO COMPLETE THIS ASSESSMENT
 Computer and Microsoft Office
 Access to the internet for research
 Aged debtor summary
 Finanical Management Policy & Procedures
Note: Clinton Institute will provide the above
WHEN AND WHERE DO I COMPLETE THIS TASK?
This task will be completed in the Classroom. Your assessor will advise of the date and time.
WHAT DO I NEED TO SUBMIT AND DO?
What you need to do: What evidence is required:
Develop a Report You will need to submit the Debtor Management Report
you developed.
DECISION MAKING RULES
Assessors will compare student responses/performance with the model responses and performance
descriptors contained in the marking guide. Student responses do not have to be verbatim (unless
otherwise specified), but must convey the same meaning as each component listed. Similarly,
students do not have to perform exactly as described in the marking guide (unless otherwise
specified), but must address each performance components listed.
Students must achieve a satisfactory result for every question and component to achieve a
satisfactory result for this assessment activity.
WHAT HAPPENS IF I GET SOMETHING WRONG?
If your assessor sees that you have not completed all parts of this task satisfactorily, the details of
resubmission will be discussed with you directly. You will only need to redo the parts that are not
satisfactory, however you will need to resubmit the entire assessment.

Student Assessment Booklet
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Assessment Task 4: Debtor Management Project
INSTRUCTIONS:
1. Report on Debt Management
Review the Financial Management Policy and Procedures and the aged debtor summary as at 30th June 2019. Analyse the
information and using the Internet, research best practice for debtor management.
Note: The businesses usual terms of payment are 10 days from the date of the invoice.
Provide a report for your CEO (your assessor) based on your analysis. You will not be provided a template for this report,
as you are required to develop your own. Your report must include:
1) An evaluation of the effectiveness of the company’s management of aged debtor collection processes.
2) Develop at least five (5) recommendations that could be adopted by the company in response to your analysis.
This will also be based on the debtor management research you conducted.
3) Make two (2) recommendations to ensure the financial viability of the organisation (which relate to aged
debtors)
4) Review the Financial Management Policy and Procedure document provided by your Assessor and evaluate
effectiveness. Include your comments in the of the:
 New Supplier Policy
 Purchasing Policy
****END OF ASSESSMENT TASK 4 ****
What do I need to hand in for this task? Have I completed this?
Report on Debt Management 

Student Assessment Booklet
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 ASSESSMENT TASK 4: DEBTOR MANAGEMENT PROJECT – OUTCOME RECORD
Relevant Performance Criteria Comments
Attempt 1
Yes/No
Date:___________
Attempt 2
Yes/No
Date:___________
Attempt 3
Yes/No
Date:___________
Did the student:
Did the student all questions
satisfactorily in the report?
(Please note which questions
were answered incorrectly for
which attempt, if applicable.)
If ‘no’ to the above, please detail what
gaps you identified to the student and
detail all reassessment arrangements.
Note that the reassessment arrangements
must clearly detail all aspects of the
reassessment process.
OR
If ‘yes’ to the above, assessor is to insert
N/A in this section.
Assessors are required to provide feedback to the student about this task on the Assessment Cover Sheet. Keep a copy of the completed Assessment Task Cover Sheet. Please also transfer the attempt results and
dates to the Overall Unit - Record of assessment outcome sheet on the last page of this Student Assessment Booklet
Assessor to provide full details of any re-assessment arrangements for Assessment Task 4 – Debtor Management Project
Please note any reasonable adjustments for this task below.
Assessment Task 4 Outcome Satisfactory  Not Satisfactory  Date:
Student name:
Trainer/assessor name:
Trainer/assessor signature: