BSBFIN501

Introduction

Assessment Task 1: Knowledge questions

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Assessment information

Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

· where this task should be completed

· the maximum time allowed for completing this assessment task

· whether or not this task is open-book.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

Type of accounting method

Description

One advantage and one disadvantage of this method

Cash accounting

Accrual accounting

Cash flow statements

Balance sheets

Ledgers

Profit and loss statements

Student’s name:

Did the student provide a sufficient and clear answer that addresses the suggested answer for the following?

Completed successfully?

Comments

Yes

No

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Question 11

Question 12

Question 13

Question 14

Task outcome:

· Satisfactory

· Not satisfactory

Assessor signature:

Assessor name:

Date:

Assessment Task 2: Project Portfolio

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Assessment information

Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

· where this task should be completed

· how your assessment should be submitted.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

This assessment requires you to demonstrate your skills and knowledge in managing budgets and financial plans.

This project can be based on the case study business in the BSBFIN501 Simulation Pack or you may like to base this on your own business, or a business you are currently working for or are familiar with. Speak to your assessor to get approval if you want to base this on your own business or one you work for.

You will be collecting evidence for this unit in a Project Portfolio. The steps you need to take are outlined below.

Make sure you are familiar with the business you are basing this assessment on and have read through the necessary background information and policies and procedures. For the case study business, this is all of the documents included in the BSBFIN501 Simulation Pack. If it’s your own business or a business where you are working or are familiar with, it’s important at this step that you have your business or case study approved by your assessor.

Complete Page 4 of your Project Portfolio for this unit.

Read through the requirements of Section 1, 2, 3 and 4 of your Project Portfolio which include detailed guidance relevant to all the assessment activities.

Remember to create logical folders for all of your work and in the final assessment task you will submit a screenshot of these folders. This will ensure you follow record keeping requirements.

You are required to plan financial management approaches for a business. This involves:

· Accessing, reviewing and then reporting on the budget and financial plans relevant to your team or department.

· Evaluating budget and financial plan outcomes.

· Preparing contingency plans in case plans need to be varied.

· Identifying if any changes need to be made to the budget and financial plans and negotiating these changes.

If you are completing this for the case study business, you will answer all the questions in your Portfolio based on your Simulation Pack. If it is your own business, you will need to access the budgets and financial plans relevant to your team or department, as well as relevant workplace policies and procedures.

Complete Section 1 of your Project Portfolio.

Submit your Portfolio to your assessor.

You are to prepare a presentation to provide to your team. This can be any format you wish as per the instructions in your Portfolio. The purpose of the presentation is to:

· communicate the details of the agreed budget and financial plans

· provide support to your team in order to implement the budgets and financial plans

· provide information to your team about financial management processes to monitor expenditure, controls costs and adjust contingency plans as required.

Prepare your presentation following the guidelines in your Portfolio. Make sure your presentation has a logical structure and is in language that your team can understand. Your presentation will last for approximately 15 minutes and you will need to ensure you provide the opportunity for other students to answer questions.

Complete Section 2 of your Project Portfolio.

Submit your Portfolio to your assessor. Your assessor will then advise you of the date and time of your presentation, as well as the students who will be participating.

In a group round-table style discussion with a student group of approximately two or three, you will provide your presentation.

Each person will have a turn (15 minutes per person) to present their work.

Your assessor will be looking to see that you can:

· demonstrate effective communication skills including:

· Speaking clearly and concisely

· Using non-verbal communication to assist with understanding

· Asking questions to identify required information

· Responding to questions as required

· Using active listening techniques to confirm understanding

· Use language that your audience can understand.

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This can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.

If you are using the case study business you are to complete this activity. If you are using your own business, you may analyse information on the budget and expenditure. If this is not possible, you may also complete this same activity.

Assume it is the end of the reporting period. Review the information in the simulation pack and report on:

· Expenditure and income

· Actual versus forecasted budget

· Effectiveness of the financial management processes as per the team’s feedback

· Recommended improvements to financial management processes.

Work on Section 3 of your Project.

You are to implement one of the recommendations you have identified in the previous activity and provide the required evidence. Follow the instructions in your Portfolio to complete this task.

Complete Section 3 of your Project Portfolio.

Submit your Portfolio to your assessor.

You are to evaluate the improvement you implemented in the previous activity and provide the required evidence. Follow the instructions in your Portfolio to complete this task.

Complete Section 4 of your Project Portfolio.

Make sure you have completed all sections of your Project Portfolio, answered all questions, provided enough detail as indicated and proofread for spelling and grammar as necessary.

Submit to your assessor for marking.

Student’s name:

Did the student:

Completed successfully?

Comments

Yes

No

Manage the budget and financial plan of an organisation for one reporting period?

Access and review budget and financial plans for work team?

Evaluate budget and financial plan outcomes?

Negotiate at least one change required to be made to budget and financial plans?

Develop contingency plans in case that the initial budget/financial plan needs to be varied?

Communicate details of agreed budget and financial plans to relevant team members?

During the presentation, demonstrate effective communication skills including:

· speaking clearly and concisely

· using non-verbal communication to assist with understanding

· asking questions to identify required information

· responding to questions as required

· using active listening techniques to confirm understanding?

Support team members to access resources and systems to perform required roles?

Implement processes to monitor actual expenditure, control costs and modify contingency plans and according to financial objectives?

Report on budget and expenditure?

Collect and assess information on effectiveness of financial management processes within work team?

Analyse variance between actual and budgeted finances?

Identify and recommend improvements to existing financial management processes?

Implement agreed improvements as per the financial objectives of work team and organisation?

Evaluate and report on agreed improvements to financial management processes?

Task outcome:

Satisfactory

Not satisfactory

Assessor signature:

Assessor name:

Date:

Final results record

Student name:

Assessor name:

Date

Task

Type

Result

Satisfactory

Unsatisfactory

Did not submit

Assessment Task 1

Knowledge questions

S

U

DNS

Assessment Task 2

Project Portfolio

S

U

DNS

Overall unit results

C

NYC