BSBFIM601A Manage Finances Trainer Assessment Guide

7/25/2019 BSBFIM601A Manage Finances Trainer Assessment Guide

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OF TECHNOLOGYCRICOS Provider Code 02552G RTO No 21438

BSBFIM601A Manage Finances

Trainer Guide


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Assessen% C"&er S'ee%

BSB%I&'01( n#ge %in#nes(!! setions of this for* *ust /e o*!eted rior to the su/*ission of #n" evidene for#ssess*ent /" the student-

Student I Nu*/er Student N#*e

Tr#iner N#*e C!#ss I

(ssess*ents for this nit

Assessen%Tas(s Assessen% Nae C

")e%enc*

d ,ue ,a%e

T#s+ 1 Pre#re Budgets Su**#tive S Session 21


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#ord#ne ith the o!i" #nd roedure I h#ve re#d- Refer to student

h#nd/oo+ for further infor*#tion-

Student Sign#ture #te of Su/*ission : : 20

nit esritor

This unit desri/es the erfor*#ne outo*es s+i!!s #nd +no!edge reuired to

undert#+e /udgeting ;n#ni#! fore#sting #nd reorting reuire*ents #nd to #!!o#te

#nd *#n#ge resoures to #hieve the reuired oututs for the /usiness unit- It in!udes

ontri/uting to ;n#ni#! /ids #nd esti*#tes #!!o#ting funds *#n#ging /udgets #nd

reorting on ;n#ni#! #tivit"-

No !iensing !egis!#tive regu!#tor" or erti;#tion reuire*ents #!" to this unit #t the

ti*e of endorse*ent-

(!i#tion of the nit

This unit #!ies to eo!e ho h#ve *#n#geri#! resonsi/i!ities hih in!ude


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BSBFIM601A Manage Finances! Sessi"n 3$an

BIT H"urs! 9:

T"%a$ N"7 Sessi"ns! /:

Eac' Sessi"n! 87; Hrs7

Res"urces! IBSA S%uden%


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As

Ta

% /

' #udge%s and

.unds

uden%


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Su

n

Assessen% Re+uireen%sThere #re to 26 #ssess*ent t#s+s in!uded in this /oo+!et- The to 26 #ssess*entst#s+s !isted /e!o i!! #ssess #!! the e!e*ents erfor*#ne riteri# s+i!!s #nd +no!edge#nd riti#! #sets of evidene for the unit of o*eten"BSBFIM601A Manage Finances

Assessen% Tas( 1 3re)are Budge%sAssessen% Tas( / M"ni%"r and Re&ie5 Budge%

Assessen% Tas(s are de&e$")ed %'r"ug' c"nsu$%a%i"n 5i%' indus%r*c"nsu$%a%i"ns and %'e ."$$"5ing assessen% e%'"ds 'a&e #een deeeda))r")ria%e ."r %'is uni% used ."r %'is uni%7 S%uden%s 5"u$d #e a#$e .u$>$ a$$assessen% e%'"d"$"gies #* sa%is.ac%"r* c")$e%i"n ". Tas(-1 /7

Assessen% Tas(s Assessen% Me%'"d"$"gies

Tas(-1! 3re)are Budge%s

; Case S%ud*


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,e"ns%ra%i"n S%uden%s are re+uired %" )r"&ide ea)$es ".

)re)ared #udge%s as 5e$$ as &ariance re)"r%s7

S%uden%s are a$s" re+uired %" de"ns%ra%e %'e s(i$$s

and (n"5$edge re+uired %" )$an ."r >nancia$anageen% and "ni%"r resu$%s7


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#ssist#ne- If "ou #re uno*fort#/!e ith #n" of these uestions !e#se ont#t "our#ssessor-

To s#tisf#tori!" o*!ete the #ssess*ent *ethodo!ogies "ou #re reuired to o*!etethe ho!e #ssess*ents T#s+ 1 F26- To do this "ou i!! need to #nser #!! T#s+s orret!"#nd de*onstr#te "ou h#ve #hieved the reuired +no!edge to industr" st#nd#rds-(nser ALL T#s+s on the #ssess*ent #er un!ess instruted otherise- T'is 5i$$in&"$&e rec"rding and )r"&iding res)"nses in a dieren% ."ra% i. ins%ruc%ed4eg in a 5"rd d"cuen% and Ece$


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Ti*e #nd d#te of the #ssess*ent #s noted #nd #greed to /" the Student- If#!i#/!e6

#te Ti*e


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future #ssess*ents or retif"ing # Not S#tisf#tor" resu!t- ou h#ve three 36 #tte*ts #tthe #ssess*ent /efore "ou i!! /e referred to #stor#! #re for *ore suort #nd


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I%e ,e%ai$s ,"ne

P!#nned sessions #ve "ou #!igned the sessions to "our

org#nis#tion9s de!iver" #nd #ssess*entshedu!eH

#ndouts o "ou h#ve suient rinted oies of

h#ndouts for e>#*!e s!ides fro* e#h

session9s PoerPoint resent#tionH

(ssess*ent T#s+

sheets

(re the (ssess*ent T#s+ sheets re#d" for

distri/ution #*ong !e#rnersH

Student or+/oo+ #ve "ou re#d the Student Eor+/oo+

o*!ete!"H

Ge%%ing *"urse$. read* %" Train Assess

Read a$$ %raining a%eria$s


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67 Assessen% Tas(s

BSBFIM601A Manage Finances

Assessen% Tas(s ,escri)%i"n

Assessen% Tas( ,escri)%i"n

T#s+.1 Pre#re

/udgets

Students #re reuired to interret the sen#rio for # ;tion#!

/usiness #nd #ur#te!" re#re /udgets in #ord#ne ith

org#nis#tion#! reuire*ents #nd deter*ine the !egis!#tive

reuire*ents #!i#/!e-

T#s+.2 &onitor #nd

revie /udget

Students #re reuired to revie the rovided #se stud"

infor*#tion #nd #n#!"se the infor*#tion deve!oed in the

revious #ssess*ent to deter*ine v#ri#nes #nd signi;#nt


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Assessen% Tas(-1 3re)are Budge%s

Trainer Assess"r Assessen% Tas(-1 Ins%ruc%i"ns

Re+uired d"cuen%s and e+ui)en%

J r+ing Guide

J (ssess*ent T#s+ 1

J (ess to Co*uter !#/s:Co*uter ith &iro.soft Oe Suit Eord =>e! F

PoerPoint6 #nd Internet #ess-

This t#s+ reuires Students to resond to # r#nge of ro*t uestions th#t e>#*ine theirunderst#nding of +e" reuire*ents of ;n#ni#! *#n#ge*ent #nd !egis!#tion- It #!so

reuires Students revie #v#i!#/!e ;n#ni#! infor*#tion #nd est#/!ish /udgets for # #se

stud" org#nis#tion-

3$anning %'e assessen%

J Co*!ete the #ssess*ent #t the on!usion of Session 21-

J ( ith St d t t / it th i itt ! t


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Assessen% Tas(-1! 3re)are Budge%s

T'e Assessen% Tas( is due "n Sessi"n /17

N"%e! (n" v#ri#tions to this #rr#nge*ent *ust /e #roved in riting /" "our (ssessor

hoever the #ssess*ent t#s+ isNO LATER #eted 14 d#"s #fter the o*!etion of this

unit- P!e#se onsu!t the ourse ti*et#/!e for the st#rt #nd ;nish d#te-

Su#i% %'is d"cuen% 5i%' an* re+uired e&idence a%%ac'ed7 See s)eci>ca%i"ns

#e$"5 ."r de%ai$s7

3er."rance O#ec%i&e! F"r %'is %as( S%uden% is re+uired %" res)"nd %" a range

". )r")% +ues%i"ns %'a% eaine *"ur unders%anding ". (e* $egis$a%i&e and

>nancia$ anageen% re+uireen%s ."r a case s%ud* "rganisa%i"n7 T'is

assessen% a$s" re+uires *"u %" re&ie5 a&ai$a#$e >nancia$ in."ra%i"n and

es%a#$is' a #udge% ."r %'e "rganisa%i"n7

Assessen% ,escri)%i"n! T'is assessen% re+uires S%uden% %" de%erine %'e

i % % d % ( # d %i > i $ . %i d %i


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ii7 *"ur c"en% "n %'e eec%i&eness ". eis%ing >nancia$

anageen% a))r"ac'es

iii7 a$$ assu)%i"ns and #asis %'a% 'a&e #een ade "r used %" ."r

#udge%s

i&7 an* re$e&an% n"%es regarding i)$een%a%i"n and "ni%"ring ".

#udge% e)endi%ure7

:7 C"unica%e in."ra%i"n regarding %'e #udge% and ans5er a series ".

)r")% +ues%i"ns in 5ri%%en "r "ra$ ."r as agreed 5i%' *"ur assess"r7

S)eci>ca%i"ns!

S%uden% us% )r"&ide!

J ( o*!eted #nnu#! /udget in # sing!e sre#d sheet ith # se#r#te sheet for

e#h /udget o*onent


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Case s%ud*


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ou h#ve reent!" /een #ointed #s the /usiness *#n#ger of ou@it Pt"


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The #"ro!! s"ste* deduts ithho!ding t#> fro* the e*!o"ees #nd re*its this #!ong

ith the ;r*9s #" #s "ou go P(G6 inst#!*ent e#h u#rter #s reorted on the ;r*9s

/usiness #tivit" st#te*ent- Ino*e t#> return for the o*#n" #nd its #nnu#! st#te*ent

is o*!eted /" the ;r*9s #ount#nt- T#>es #nd fees due #re #id /" the due d#tes-

%in#ni#! reords #re +et #t ou@it9s rini!e !#e of /usiness-

ou@it h#ve Dust ugr#ded their o*uters #nd h#ve ;ve ne des+to PCs hih i!! /e

used /" the ;n#ne st#A- The" #re urrent for 20106 sei;#tion *#hines ith i5 CPs

#nd 4G/ R(& e#h #nd #!! h#ve Eindos K Profession#! #nd Norton9s 3'0 inst#!!ed ith

the rofession#! version of &irosoft Oe S*#!! Business #s e!!- Other st#A i!! use

their *#hines #t v#rious ti*es so it is i*ort#nt th#t the soft#re reuires # !ogin to

#ess d#t# #nd th#t d#t# stored /" the soft#re #nnot /e #essed in #n" other #"-

C"r)"ra%e ,e%ai$s


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The C=O #nts to /e given #!! the /udgets e>et for the #ged de/tors /udget hih the

#ount#nt #nd #ounts reeiv#/!e !er+ #n *onitor- The C=O rodued # su**#r" of

the urrent /usiness !#n th#t overed the /udget "e#r to high!ight so*e of the +e"

go#!s o/Detives #nd str#tegies he ou!d !i+e inoror#ted into the /udget-


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Business 3$an Suar*

1- The #ntii#tion th#t the o*ing ;n#ni#! "e#r ou!d *#int#in the

s#*e s#!es groth #s the groth th#t too+ !#e /eteen 2008:0 to200:10-

2- To /udget for #n inre#se in in?#tion to 4 er #nnu* #nd th#t #!!

osts su/Det to in?#tion shou!d inoror#te this #rtiu!#r inre#se-

3- ( ne #r osting QK4'' in!uding GST h#s /een !#nned for in the

o*ing eriod to re!#e the ;ve "e#r o!d vehi!e urrent!" used /" the

h#ir*#n- This fue! ineient #r i!! #ttr#t # !u>ur" #r t#>-

4- S#!es /re#+u over the de#rt*ents is #ntii#ted to /e /#throo*;ttings 30 /edroo* ;ttings 25 *irrors 15 #nd deor#tive ite*s

10 together ith the reent!" #dded !ighting ;>tures 20-

5- Pro;ts #re to /e /ui!t on seuring # groing usto*er /#se hih i!!

gener#te !o"#!t" s#!es #nd /eo*e the refer other usto*ers to the

org#nis#tion- The suerior #fter.s#!es servie is the +e" str#teg" to

#hieve this-

' R d i h i i ! f h ! / f Q100 000


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(fter going through the /usiness !#n su**#r" the C=O g#ve "ou the revious "e#r9s

;n#ni#! reorts #nd #s+ed "ou to se#+ ith the #ount#nt Ce!in# P#te! to get so*e of

the ;gures #nd det#i!ed e>et#tions for the o*ing "e#r-

ou #rr#nge # *eeting ith Ce!in# P#te! ou@it9s #ount#nt #nd she gives "ou thefo!!oing insight into the histori#! e>ense re!#tionshis #nd the urrent st#tutor"

o*!i#ne !i#/i!ities-

Sa$es and 3r">% Budge% In."ra%i"n!Ce!in# e>!#ined th#t the on!" /udget she *onitors on # d#".to.d#" /#sis is the #sh ?o

/udget #nd the store *#n#ger is ri*#ri!" resonsi/!e for the s#!es /udget-

These #re the notes "ou t#+e #t the *eeting

J The over#!! s#!es for 2011:12 t#rget set /" the /usiness !#n shou!d /e #ortioned

#ross the u#rters in the s#*e #s #s #hieved in 2010:11-

This #s

=%r 1 =%r / =%r 8 =%r : /010?11

3142822 3KK138' 4085''8 4K14232 15K14108


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Insur#ne ) #ortioned in eu#! #*ounts e#h u#rter-

Store su!ies ) is #!u!#ted for to e#h u#rter using the s#*e #s

deter*ined /" the s#!es for e#h u#rter-

C!e#ning ) is #!u!#ted for e#h u#rter using the s#*e #s deter*ined /"the s#!es for e#h u#rter-

Re#irs #nd *#inten#ne ) #ortioned in eu#! #*ounts e#h u#rter-

Rent ) #ortioned in eu#! #*ounts e#h u#rter-

Te!ehone ) is #!u!#ted for to e#h u#rter using the s#*e #s deter*ined

/" the s#!es for e#h u#rter-

=!etriit" ) is #!u!#ted for to e#h u#rter using the s#*e #s deter*ined/" the s#!es for e#h u#rter-

J%ringe /ene;ts t#> is e>eted to /e the s#*e #s 2010 #nd #id in eu#! #*ounts

e#h u#rter-

JE#ges #nd s#!#ries #re #!u!#ted for e#h u#rter using the s#*e #s

deter*ined /" the s#!es for e#h u#rter-

JThe st#tutor" reuire*ents #re


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H"uKi% 3%* L%d

F"r 1/ "n%'s ended

3r">% L"ss Ac%ua$s /009?0@ /00@?10 /010?11 /011?1/

Revenue

S#!es 124K433' 134K2315 14550100 15K14108

) Cost Of Goods So!d '8'001 K40KK3 8002555 8K00

Gross Pro;t 5'134'5 '0'2542 '54K545 '14208

=>enses

) (ounting %ees 5500 '500 8500 000

) Interest =>ense 45000 '5000 '508 0508

) B#n+ Ch#rges 1200 1300 1580 1'00

) erei#tion 1K0000 1K0000 1K0000 1K0000


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Net Pro;t Before T#>6 843220 1044554 121582 145'428

Ino*e T#> 252'' 3133'' 3'4K5 43'28

Net Pro;t 50254 K31188 851188 1014

H"uKi% 3%* L%d

S%a%een% ". Financia$ 3"si%i"n

As a% 80 une /00@?10 /010?11

Asse%s

Current (ssets) C#sh On #nd 50000 55000

) Cheue (ount 144842 1'0314

) eosits P#id 50000 50000

) Tr#de e/tors 850000 K5000

) &erh#ndise Inventor" 1530000 1430000


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) ino*e T#> P#"#/!e 3'4K5 43'28

) P(G Eithho!ding P#"#/!e '5000 448K2

Tot#! Current


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J o/ ro!es ere not !e#r!" de;ned so th#t resonsi/i!ities #nd !i#/i!it" #n /e

identi;ed-

J There #s !itt!e rostering of duties #nd #sh reeits ere not re.nu*/ered-

Of #rtiu!#r onern to C#r! #s the diretive given /" the /o#rd to ensure th#t #udittr#i!s ere re#ted #nd *#int#ined- These in!uded

J Signing the ti*esheets for e*!o"ees under the #uthorit" of # de#rt*ent

*#n#ger-

J inten#ne of # nu*/ered #sh reeits /oo+-

J sing seuened heues #s # s"ste*#ti #" of evidening #!! *onies #id out-

J =nsuring roer oding of evidened tr#ns#tions #g#inst #rori#te gener#!

!edger #ount #nd ost entre-

J =nsuring reoni!i#tions /eteen o*#n" /oo+s #nd third #rt" /#n+ st#te*ents

#re erfor*ed-

GST Cas' F$"5 Budge%St#tutor" reuire*ents for GST is 10 of the reorded #*ounts in s#!es- The on!" #it#!


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CASH FLO>>> >>>> >>>> >>>> >>>>

>>> >>>> >>>> >>>> >>>>

GST P#"#/!e C#!u!#ti

on

C#!u!#ti

on

C#!u!#ti

on

C#!u!#ti

on

C#!u!#ti

on

,e#%"rs Ageing Budge%The histori#! reords sho th#t the de/tors /#!#ne #t the end of e#h u#rter is usu#!!"

#/out 20 of the u#rter9s s#!es- (t #n" ti*e in the de/tors /#!#nes 1 of the tot#!de/tors is overdue 0 d#"s #nd over 5 is '0 d#"s overdue 10 is 30 d#"s overdue

#nd the /#!#ne of the tot#! de/tors is urrent- The #ged de/tors9 /udgets #re on!"

distri/uted to the #ount#nt #nd the #ounts reeiv#/!e !er+-

ou@it Budgeting Po!i" #nd Proedures

Budge% ,e&e$")en% 3r"cess


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J #nnu#!!" to over the ne>t ;n#ni#! "e#r

for the 12 *onth eriod fro* the /eginning to the end of the ;n#ni#! "e#r

/udget to in!ude four u#rter *i!estones in !ine ith se#son#! trends

identi;ed fro* rior "e#r d#t# initi#! re#r#tion in!udes # re!i*in#r" overvie of the ;n#ni#! "e#r #he#d

s#!es /udget for ne>t "e#r to /e re#red /" de#rt*ent /" u#rter

ro;t /udget in!uding det#i!ed e>enses6 for the ne>t "e#r to /e re#red

/" u#rter

#sh ?o eAet of the GST #"#/!e er u#rter to /e re#red shedu!ed

o*!i#ne #"*ent d#te is the 21

st

d#" #fter the end of the u#rter6J To s#tisf" the st#tutor" reuire*ents re!#ting to the urrent #nd short.ter*

so!ven" of the o*#n"

three *onth!" ro!!ing fore#st of #sh ?os to /e re#red

J To u#!if" the str#tegi !#ns for the ne>t 3)5 "e#rs !#nning "!e

ro;t #nd C(P= /udget to /e re#red-


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BRIGHTONINSTITUTE


J Reort ith e>!#n#tions #nd reo**end#tions to /e o*!ete ithin seven

or+ing d#"s of u#rter end #nd /e given to the C=O-

J (n#!"sis #nd investig#tion of v#ri#nes i!! in!ude the fo!!oing riorit"

1- =st#/!ish the ri*#r" #uses for v#ri#nes to +e" erfor*#ne indi#tors oftot#! s#!es gross ro;t #nd net ro;t Q-

2- =st#/!ish re#sons for those individu#! ite*s in the v#ri#ne reort th#t

reresent the gre#test Q v#ri#ne-

3- =st#/!ish re#sons for those individu#! ite*s in the v#ri#ne reort th#t

reresent the gre#test v#ri#ne-

J Shedu!es re!#ting to o*!i#ne due d#tes *ust /e re#red #nd *onitored /"

the #ount#nt- n#gers su!"ing infor*#tion to the #ount#nt reg#rding theo*!i#ne shedu!e *ust su/*it it #t !e#st ;ve or+ing d#"s rior to the due d#te

de#d!ine-

S%andard F"ra%sThe fo!!oing for*#ts i!! /e used hen re#ring ou@it /udgets #nd v#ri#ne reorts-

Sa$es and 3r">% Budge%s!


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BRIGHTONINSTITUTE


) (dvertising >>>> >>>> >>>> >>>> >>>>

) C!e#ning >>>> >>>> >>>> >>>> >>>>

) Re#irs F

inten#ne

>>>> >>>> >>>> >>>> >>>>

) Rent >>>> >>>> >>>> >>>> >>>>

) Te!ehone >>>> >>>> >>>> >>>> >>>>

) =!etriit" =>ense >>>> >>>> >>>> >>>> >>>>

) ur" C#r T#> >>>> >>>> >>>> >>>> >>>>

) %ringe Bene;ts T#> >>>> >>>> >>>> >>>> >>>>

) Suer#nnu#tion >>>> >>>> >>>> >>>> >>>>

) E#ges F S#!#ries >>>> >>>> >>>> >>>> >>>>

) P#"ro!! T#> >>>> >>>> >>>> >>>> >>>>

) Eor+ers9

Co*ens#tion

>>>> >>>> >>>> >>>> >>>>


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BRIGHTONINSTITUTE


Aged ,e#%"rs

AGE, ,EBTORS

BU,GET

TOTAL =%r 1 =%r / =%r 8 =%r :

S#!es >>>> >>>> >>>> >>>> >>>>

e/tors S#!es

Tot#! e/tors C#!u!#ti

on

C#!u!#ti

on

C#!u!#ti

on

C#!u!#tio

n

Current C#!u!#ti

on

C#!u!#ti

on

C#!u!#ti

on

C#!u!#tio

n

30 #"s C#!u!#ti

on

C#!u!#ti

on

C#!u!#ti

on

C#!u!#tio

n

'0 #"s C#!u!#ti

on

C#!u!#ti

on

C#!u!#ti

on

C#!u!#tio

n

0 #"s C#!u!#ti C#!u!#ti C#!u!#ti C#!u!#tio


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BRIGHTONINSTITUTE


2- Identif" the urrent o*!i#ne reuire*ents #nd !i#/i!ities for this org#nis#tion under

the Corporations Act 2001-

3- Revie o**eri#!!" #v#i!#/!e ;n#ni#! *#n#ge*ent soft#re to se!et the *ost

suit#/!e soft#re for ou@it Pt"


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,id %'e S%uden% su#i%!Sa%is.ac%"r*Yes N"

(!! rese#rh uestions #nseredH(!! /udget notes in # ritten for*#tHC!e#r!" o**uni#te the infor*#tion ithin the /udget:s #nd orret!"

#nser # series of uestionsH(!! *#teri#!s identi;ed #/ove6 ithin the #greed ti*efr#*eH

3er."rance Indica%"rs

,id %'e S%uden%4 as necessar* and a))r")ria%e ans5ers

)r"&ided a* n"% #e e'aus%i&e2!

Sa%is.ac%"r*

Yes N"Out!ine st#tutor" reuire*ents for t#> !# o*!i#neH

(s neess#r" #nd #rori#te7 #nsers rovided *#" not /e

e>h#ustive-6

J Goods #nd servies t#> ) o!!et GST on #!! s#!es /" #dding 10

to the tr#ns#tion rie- Re*it this *one" u#rter!" to the

(ustr#!i#n T#> Oe vi# the /usiness #tivit" st#te*ent-

J P#"ro!! t#> to st#te govern*ents one # #ges #nd s#!#ries


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BRIGHTONINSTITUTE


,id %'e S%uden%4 as necessar* and a))r")ria%e ans5ers)r"&ided a* n"% #e e'aus%i&e2!

Sa%is.ac%"r*Yes N"

*#n#ge*ent of the o*#n"-

J iretors #re to #t ithin the resri/ed !i*its-

J iretors *ust +ee ritten reords of *inutes #nd reso!utions-

J Notif" (SIC of the registered oe #nd rini!e !#e of

/usiness-

J se o*#n" n#*e #nd (CN on #!! u/!i dou*ents /usiness

re*ises heues #nd (SIC !odged dou*ents-

J


35/59

BRIGHTONINSTITUTE



Sa%is.ac%"r*Yes N"

esri/e i*!i#tions of ;n#ni#! ro/it"H


e>h#ustive-6

J %in#ni#! ro/it" reuires the re#rer of /udgets to do so ith

honest" integrit" #nd in #n ethi#! #"- This ou!d reuire

o/Detivit" #nd ondut th#t ensures th#t no on?it of interest

e>ists or is ereived to e>ist in the re#r#tion of /udgets-

J Others *ust /e #dvised to /e truthfu! in their #ssess*ents

resonses #nd the dou*ent#tion of ;n#ni#! tr#ns#tions #nd

notes to the /udgets-

Out!ine riti#! d#tes:initi#tives th#t i!! reuire or gener#te resouresH


e>h#ustive-6

J ( ne #r for the h#ir*#n hih i!! #!so #ttr#t !u>ur" #r t#>-

J Redue the rini#! on the !o#n /" Q100000 on 31 ee*/er-

J Co*!ete # de/tor #n#!"sis to redue #sh tied u in outst#nding

de/ts-


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BRIGHTONINSTITUTE



Sa%is.ac%"r*Yes N"

o*!eted vouher s"ste* in #"*ents du!" #uthorised

d#t# entr" to identif" soure ross oded soure ith

e!etroni entr"-

P#eror+ ) #eror+ ith o*!ete det#i!s *ust /e

rovided #s evidene of #n" reeit or #"*ent of #sh-

Seond#r" ontro! ) reeit of #sh i!! h#ve # seond#r"

*onitoring s"ste* !i+e # #sh register or # seond erson-

,erif" ith #n indeendent reord-

Proer #uthorit" ) #!! #"*ents *ust /e #uthorised /" the

erson resonsi/!e for the de#rt*ent or ost entre-

eve!o #n #nnu#! /udgetH(s neess#r" #nd #rori#te7 #nsers rovided *#" not /e

e>h#ustive-6

See completed examples in the Appendix of this guide.

J (!! /udgets *ust /e for eriod 2010:2011-

J (!! /udgets *ust sho four u#rter!" eriods-

J (!! /udgets s#!es /udget ro;t /udget GST #sh ?o /udget

de/tors #geing su**#r"6 *ust /e in the for*#t #s desri/ed in


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Sa%is.ac%"r*Yes N"

;>tures 20-

Inre#se the #dvertising /udget /" QK0000 over the

200:10 ) Q200000 is !#nned for the ;rst u#rter ith the

/#!#ne #ortioned eu#!!" over the fo!!oing three

u#rters-

Inre#se #ges #nd s#!#ries /" Q1K2500 over the 200:10

#*ounts-

2010:11 t#rget #ortioned #ross the u#rters in the

s#*e #s #s #hieved in 200:10-

(ounting fees ;>ed #*ount of Q10000-

Interest h#rges Q84508- B#n+ h#rges s#*e #s 200-

Ne e>ense store su!ies6 )2008:0 resu!ts #s Q3500

of the !e#ning e>ense #nd Q3'05 of the 200:10 resu!t-

erei#tion is e>eted to /e the s#*e #s 200 #nd

#!!o#ted in eu#! #*ounts e#h u#rter-Resond to uestions resent /" Mi* Shnieder9



38/59

BRIGHTONINSTITUTE


Assessen% Tas(-/ M"ni%"r and Re&ie5 Budge%Trainer Assess"r Assessen% Tas(-/ Ins%ruc%i"ns

Re+uired d"cuen%s and e+ui)en%

J r+ing Guide

J (ssess*ent T#s+ 2-


39/59

BRIGHTONINSTITUTE


Assessen% Tas(-/ M"ni%"r and Re&ie5Budge%

The (ssess*ent T#s+ is due on Session 24- (n" v#ri#tions to this #rr#nge*ent *ust /e

#roved in riting /" "our #ssessor-

Su/*it this dou*ent ith #n" reuired evidene #tt#hed- See sei;#tions /e!o for

det#i!s-

Perfor*#ne o/Detive

This (ssess*ent T#s+ reuires "ou to *onitor the i*!e*ent#tion of # /udget #nd reort

on the v#ri#nes trends #nd erfor*#ne of the est#/!ished /udget for # ;tion#!

/usiness #nd rovide reo**end#tions for ongoing ;n#ni#! vi#/i!it"-

(ssess*ent desrition

ou i!! need to revie the rovided urrent #se stud" infor*#tion #nd o*#re it to the

/udget "ou est#/!ished in (ssess*ent T#s+ 1- (fter ev#!u#ting these "ou i!! need to


40/59

BRIGHTONINSTITUTE


these issues- In!ude in this issues of ;n#ni#! ro/it" th#t "ou h#ve

identi;ed or onsidered hen *onitoring these /udgets-

/- ,#ri#nes

i- Co*!ete #n #tu#!.to./udget v#ri#ne reort using the te*!#te

rovided in the #se stud"-

ii- Identif" v#ri#nes /" o*#ring #tu#! resu!ts ith the est#/!ished

/udget #nd rovide re#sons h" these v#ri#nes *#" h#ve ourred-

- Perfor*#ne

i- Co*#re ;n#ni#! erfor*#ne of the org#nis#tion #ording to

;n#ni#! infor*#tion rovided6 to industr" /enh*#r+s for this

org#nis#tion in !ine ith the ret#i! tr#de setor-

ii- Resond to the erfor*#ne uestions rovided /" the C=O #s rovided

/" the /o#rd of ou@it

iii- eter*ine # trend of the #ver#ge de/tor d#"s #nd the i*#t to the

#sh ?o of ou@it-

d- Reo**end#tions


41/59

BRIGHTONINSTITUTE


J =videne th#t "ou revieed the rovided #se stud" infor*#tion to deve!o #n

ev#!u#tive reort onerning the rogress of the /udget-

Case S%ud*

Soon #fter the end of the ;rst u#rter i* Shneider the C=O of ou@it #s+ed "ou tofo!!o u ith Ce!in# P#te! ou@it9s #ount#nt to see ho the #tu#! resu!ts o*#red

ith the /udget "ou h#d re#red three *onths #go- ou e>!#ined th#t "ou h#d #

*eeting ith Ce!in# th#t #fternoon to get the resu!ts #nd th#t "ou ou!d reort /#+ #s

soon #s "ou h#d done so*e #n#!"sis-

The +e" uestions th#t the /o#rd #s *ost interested to h#ve #nsered fro* the

/udgets #nd the v#ri#ne reorts ere

J MTo h#t e>tent do the reorts suort the vie of the /o#rd th#t ou@it is

;n#ni#!!" vi#/!eH9

J MEi!! e /e #/!e to *#int#in our gross ro;t *#rgins in the redited donturnH9

i* #nd "ou /oth #greed th#t it h#d /een # tough u#rter ith the eono*" sti!! in

reession #nd the i*#t this #s h#ving on the ret#i! setor- B#n+s #re r#ising interest

r#tes in !ine ith the inre#sed u#rd intern#tion#! ressure #nd ou@it h#s # signi;#nt


42/59

BRIGHTONINSTITUTE


ou *et th#t #fternoon ith Ce!in# #nd she rovided "ou ith the fo!!oing reort on the

#tu#! resu!ts for the u#rter ended 30 Sete*/er 2010-

H"uKi% 3%* L%d

Ac%ua$ Resu$%s =%r 1

Revenue

S#!es 33K1200

) Cost Of Goods So!d 1552'

Gross Pro;t 141504

Gross Pro;t 42

=>enses) (ounting %ees 2500

) Interest =>ense 28150

) B#n+ Ch#rges 380

) erei#tion 42500

) Insur#ne 3348


43/59

BRIGHTONINSTITUTE


GST cas' "5 Ac%ua$

C#sh ?o #n#!"sis )

GST

Ltr 1

GST Co!!eted 33K120


44/59

BRIGHTONINSTITUTE


) (ounting %ees >>>> >>>> >>>> > % or

) Interest =>ense >>>> >>>> >>>> > % or

) B#n+ Ch#rges >>>> >>>> >>>> > % or

) erei#tion >>>> >>>> >>>> > % or

) Insur#ne >>>> >>>> >>>> > % or

) Store Su!ies >>>> >>>> >>>> > % or

) (dvertising >>>> >>>> >>>> > % or

) C!e#ning >>>> >>>> >>>> > % or

) Re#irs F >>>> >>>> >>>> > % or


45/59

BRIGHTONINSTITUTE


Tot#! =>enses C#!u!#tion

C#!u!#tion

>>>> > % or

Net Pro;t BeforeT#>6

C#!u!#tion

C#!u!#tion

>>>> > % or

Ino*e T#> C#!u!#tion

C#!u!#tion

>>>> > % or

Net Pro;t C#!u!#tion

C#!u!#tion

>>>> > % or

N"%e!% U %#vour#/!e U nf#vour#/!e

,e#%"r ageing ra%i" %e)$a%e

/00@?10 /010?11 /011?1/

Tr#de e/tors

S#!es

e/tor #"s


46/59

BRIGHTONINSTITUTE


,id %'e S%uden% su#i%!

Sa%is.ac%"r*

Yes N"

( o*!eted #tu#!.to./udget v#ri#ne reort #ording toorg#nis#tion#! reuire*entsH

( o*!eted de/tor #geing r#tio for reuired eriodsH

Infor*#tion det#i!ing issues re#sons for v#ri#nes erfor*#ne

#nd reo**end#tionsH

(!! *#teri#!s identi;ed #/ove6 ithin the #greed ti*efr#*eH

3er."rance Indica%"rs

,id %'e S%uden%!

Sa%is.ac%"r*


47/59

BRIGHTONINSTITUTE


,id %'e S%uden%!

Sa%is.ac%"r*

Yes N"

erfor*#ne revie ) high ;n#ni#! ro/it" ou!d

ensure th#t the de#rt*ent#! reorts for "our on

de#rt*ent ou!d /e re#red o/Detive!" #nd M#t

#r*9s !ength9-

Provide resonses for v#ri#nes th#t re?et the fo!!oingH


e>h#ustive-6

See completed &ariance report in the Appendix of this

guide.

J S#!es .1 ) not #!! #dvertising sent7 reession-

J Gross ro;t don fro* 43 to 42 ) rie disounts-

J Interest e>ense u 33 ) Intern#tion#! ressure u on


48/59

BRIGHTONINSTITUTE


,id %'e S%uden%!

Sa%is.ac%"r*

Yes N"

hoever there shou!d not /e # onern to #sh ?o #s "et

#s # *#Dorit" of de/tors re*#in ithin 30 d#"s-

J Resonses to /o#rd uestions

;n#ni#! vi#/i!it" ) ro;t on t#rget for the ;rst u#rter

hih is the se#son#!!" s!oest u#rter of the "e#r

gross ro;t *#rgins ) "es the v#ri#ne reort

identi;es th#t the o*#n" #s #/!e to *#int#in its

gross ro;t *#rgin in !ine ith the /udget-

J Referene to the (BS Ret#i! Tr#de ;gures #v#i!#/!e vi# the

(ustr#!i#n Bure#u of St#tistis shou!d /e onsidered #s #rt

of the erfor*#ne infor*#tion-

Provide resonses for reo**end#tions th#t re?et the

fo!!oingH


49/59

BRIGHTONINSTITUTE


,id %'e S%uden%!

Sa%is.ac%"r*

Yes N"

o!i" #nd roeduresH

Ou%c"e! S#tisf#tor" Non.S#tisf#tor"

C"en%s?.eed#ac( %" S%uden%

Assess"r,ec$ara%i"n

I de!#re th#t I h#ve onduted # f#ir v#!id re!i#/!e #nd ?e>i/!e

#ssess*ent ith this student #nd I h#ve rovided #rori#te

feed/#+-Assess"r Nae!Assess"rSigna%ure!


50/59

BRIGHTONINSTITUTE


=>enses

) (ounting %ees 2500 2500 . 0 %

) Interest =>ense 2112K 28150 K023 33

) B#n+ Ch#rges 400 380 20 6 .5 %

) erei#tion 42500 42500 . 0 %

) Insur#ne 3348 3348 . 0 %

) Store Su!ies K50 K0 40 5

) (dvertising 200000 150000 50000

6

.25 %

) C!e#ning 325' 3325 ' 2

) Re#irs F

inten#ne

1'0'8 1'150 82 1

) Rent ''012K ''012K . 0 %


51/59

BRIGHTONINSTITUTE


,e#%"r Ageing Ra%i"

/00@?10 /010?11 /011?1/

Tr#de e/tors 850000 K5000 1118325

S#!es 14550100 15K14108 1'K123K

e/tor #"s 21 22 24


52/59

BRIGHTONINSTITUTE


Assessen% ,a%e!

BIT e!o*es "our feed/#+ #s one #" of i*roving our ourse- Students #re

enour#ged to rovide feed/#+ #s #rt of our i*rove*ent roess for tr#ining #nd

#ssess*ent-

Infor*#tion rovided on this for* is used for ev#!u#tion of our #ssess*ent s"ste*s #nd

roesses-

Infor*#tion "ou rovide is c"n>den%ia$#nd he!s us /etter serve our students

3$ease %ic( Yes "r N" ."r %'e +ues%i"ns #e$"5! Yes N"

id "ou reeive infor*#tion #/out these #ssess*ents rior to the dued#teH

Eere the instrutions to these #ssess*ents !e#r #nd e#s" to

underst#ndH

id "ou underst#nd the urose of this #ssess*entH


53/59

BRIGHTONINSTITUTE


C")e%enc* Rec"rding S'ee%

UNIT CO,E NAME BSBFIM601A Manage Finances

Student N#*e

Student Nu*/er

#te Co*!eted #nd :or Su/*itted

Assessen% Tas(sAssessen% Me%'"d"$"gies

S ?

NS,a%e

Tas(-1! 3re)are Budge%s Case S%ud*

S ?

NS

3"r%."$i" ".


54/59

BRIGHTONINSTITUTE


Sign#ture #te

P!e#se det#h this Reord Sheet #nd for#rd to Resu!ts (d*inistr#tion no !#ter th#n

fourteen 146 d#"s #fter nit o*!eted on ti*et#/!e-


55/59

Res"urce and Assessen% Ma))ing ,"cuen%

E$een% 1! 3$an ."r Financia$ Manageen% Assessen% Tas(! 1

/

Assessen% Me%'"ds

1-1 Revie #nd #n#!"se revious fnancial datato est#/!ish #re#s hihh#ve gener#ted # ro;t or !oss-

T#s+.2 &onitor #nd

Revie Budget-

C#se stud"7 Portfo!io-

1-2- ndert#+e rese#rh to revie re#sons for revious ro;t #nd !oss T#s+.2 &onitor #nd

Revie Budget-


1-3- Revie /usiness !#n to est#/!ish riti#! d#tes #nd initi#tives th#t i!!reuire or gener#te resoures in ne>t ;n#ni#! "!e-

T#s+.1Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7

e*onstr#tion Portfo!io-1-4- (n#!"se #sh ?o trends- T#s+.2 &onitor #nd

Revie Budget-


1-5 Revie st#tutor" reuire*ents for o*!i#ne #nd !i#/i!ities for t#>- T#s+.1 Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7 Portfo!io-1-'- Revie e>isting soft#re #nd its suit#/i!it" for ;n#ni#! *#n#ge*ent T#s+.1 Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7 Portfo!io-


56/59

E$een% /! Es%a#$is' #udge%s and a$$"ca%e .unds Assessen%- 1 Assessen% Me%'"ds

2-1- se revious ;n#ni#! d#t# to deter*ine #!!o#tions for resoures T#s+.1 Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7

e*onstr#tion Portfo!io-2-2- +e infor*ed esti*#tes of ne ite*s for in!usion in /udget T#s+.1 Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7e*onstr#tion Portfo!io-2-3 Pre#re /udgets in #ord#ne ith organisational

requirements#nd statutory requirements

T#s+.1 Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7

e*onstr#tion Portfo!io-

E$een% 8 I)$een% #udge%s Assessen%-1 / Assessen% Me%'"ds3-1- Ciru!#te /udgets #nd ensure *#n#gers #nd suervisors #re !e#r#/out /udgets reorting reuire*ents #nd ;n#ni#! de!eg#tions

T#s+.1 Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7


3-2- n#ge ris+s /" he+ing there #re no oortunities for*is#rori#tion of funds #nd th#t s"ste*s #re in !#e to roer!" reord#!! ;n#ni#! tr#ns#tions

T#s+.1Pre#reBudgets

C#se Stud"7 ErittenLuestioning7

e*onstr#tion Portfo!io-3-3- Revie ro;t #nd !oss st#te*ents #sh ?os #nd #geing su**#ries

Evaluate#nd rioritise ris+s for tre#t*entT#s+.2 &onitor #nd

Revie Budget-


3-4- Revise /udgets #s reuired to de#! ith ontingenies T#s+.2 &onitor #nd

Revie Budget-


3-5- int#in #udit tr#i!s to ensure #ur#te tr#+ing #nd to identif"discrepancies/eteen #greed #nd #tu#! #!!o#tions

T#s+.1 Pre#re

Budgets

T#s+.2 &onitor #nd

Revie Budget

C#se Stud"7 Eritten

Luestioning7


3-'- =nsure o*!i#ne ith due di!igene T#s+.1 Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7 Portfo!io-


57/59

E$een% :Re)"r% "n >nances Assessen%- 1 / Assessen% Me%'"ds4-1- =nsure struture #nd ormatof reorts #re !e#r #nd onfor* toorg#nis#tion#! #nd st#tutor" reuire*ents

T#s+.1 Pre#re

Budgets

T#s+.2 &onitor #nd

Revie Budget

C#se Stud"7 Eritten

Luestioning7


4-2- Identif" #nd rioritise signi;#nt issuesin st#te*ents in!uding

o*#r#tive ;n#ni#! erfor*#nes for revie #nd deision *#+ingT#s+.2 &onitor #nd

Revie Budget


4-3- Pre#re recommendationsto ensure ;n#ni#! vi#/i!it" of theorg#nis#tion

T#s+.2 &onitor #nd

Revie Budget


4-4- =v#!u#te the eAetiveness of ;n#ni#! *#n#ge*ent roesses- T#s+.1 Pre#re

Budgets

C#se Stud"7 Eritten

Luestioning7


Re+uired S(i$$s Assessen% Tas( Assessen% Me%'"ds

1- o**uni#tion s+i!!s to e>!#in /udgets #nd reorting reuire*ents

#nd to de#! ith uestions

T#s+.1 Pre#re

Budgets

T#s+.2 &onitor #nd

Revie Budget

C#se Stud"7 Eritten

Luestioning7


2- *#the*#ti#! s+i!!s to re#d #nd interret /udgets T#s+.1 Pre#re

Budgets

T#s+.2 &onitor #nd

Revie Budget

C#se Stud"7 Eritten

Luestioning7


3- Tehno!og" s+i!!s to or+ ith ;n#ni#! soft#re- T#s+.1 Pre#re

Budgets

T#s+.2 &onitor #nd

Revie Budget

C#se Stud"7 Eritten

Luestioning7



58/59

Re+uired n"5$edge Assessen% Tas( Assessen%

Me%'"ds

1- ;n#ni#! ro/it" T#s+.1 Pre#re Budgets

T#s+.2 &onitor #nd

Revie Budget

C#se Stud"7 Eritten

Luestioning7

e*onstr#tion

Portfo!io-

2- rini!es of #ounting #nd ;n#ni#! s"ste*s T#s+.1 Pre#re Budgets

T#s+.2 &onitor #nd

Revie Budget

C#se Stud"7 Eritten

Luestioning7

e*onstr#tion

Portfo!io-

3- Re!ev#nt (ustr#!i#n intern#tion#! #nd !o#! !egis!#tion #ndonventions suh #s /i!#ter#! or region#! tr#de #gree*ents7Intern#tion#! Co**eri#! Ter*s INCOT=R&S67 Tr#de Pr#ties (t7E#rs# Convention7 Eor!d Tr#de Org#ni@#tion deter*in#tions

T#s+.1 Pre#re Budgets C#se Stud"7 Eritten

Luestioning7

e*onstr#tion

Portfo!io-

4- Reuire*ents of the (ustr#!i#n T#> Oe in!uding Goods #ndServies T#> Co*#n" T#> P(G-


Luestioning7

e*onstr#tionPortfo!io-

Cri%ica$ As)ec%s Assessen% Tas( Assessen%

Me%'"ds


59/59

1- re#r#tion of /udgets hih #!ign ith the /usiness !#n userevious ;n#ni#! d#t# #nd *eet #!! o*!i#ne reuire*ents


Luestioning7

e*onstr#tion

Portfo!io-

2- (n#!"sis of the eAetiveness of e>isting ;n#ni#! *#n#ge*ent#ro#hes-

T#s+.1 Pre#re Budgets

T#s+.2 &onitor #nd

Revie Budget

C#se Stud"7 Eritten

Luestioning7

e*onstr#tion

Portfo!io-

3- no!edge of the reuire*ents of the (ustr#!i#n T#> Oe- T#s+.1 Pre#re Budgets C#se Stud"7 Eritten

Luestioning7

e*onstr#tion

Portfo!io-

Documents

BSBFIM601A Manage Finances Trainer Assessment Guide