Assessment Information
The assessment tasks for BSBFIM601 Manage finances are included in this student assessment tasks booklet and outlined in the assessment plan below.
To be assessed as competent for this unit, you must complete all of the assessment tasks with satisfactory.
Assessment Plan
Assessment plan of BSBFIM601 Manage finances assignment – Richmond School Of Business
Additional Resources
You will be provided with the following resources before you begin each Assessment Task.
Assessment Task 1
- Cash Flow Statement 2017/18
- Estimated Costs and Income
- Finance Policy and Procedures
- Finance Report Template
- Profit and Loss 2017/18
- Strategic Business Plan
- Budget Forecast Template
Assessment Task 2
- Profit and Loss 2017/18
- Profit and Loss 2018/19
- Cash Flow Statement 2017/18
- Cash Flow Statement 2018/19
- Financial Performance Report Template
Assessment Task 3
- Aged Debtors Report
Answers the following questions:
- Identify and describe financial probity requirements for businesses.
- Identify four examples of what would be consider fraudulent behaviour in regard to company finances.
- Identify the requirements for audited accounts and the purpose of an audit report.
- Describe the principle of cash accounting as well as one advantage and one disadvantage of cash accounting.
- Describe the principle of accrual accounting and one advantage and one disadvantage of accrual accounting.
- Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.
- Identify the Act that details requirements for financial reporting and auditing and, explain the requirements for companies for preparing and lodging financial reports under this Act.
- Explain the requirements for registered foreign companies regarding preparing and lodging financial reports.
- Identify the current company tax rate for both smaller and larger businesses.
- Explain the process by which a business reports GST to the Australian Tax Office.
- Identify the penalty rate to be applied if a supplier does not provide an ABN?
- A non-profit organisation needs to register for GST after it has a turnover of more than how much?
- Explain the difference in Pay As You Go withholding obligations for employees and contractors.
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