Assessment Task

RTO No: 91223

Assessment Task 1

BSBFIN601 Manage Organisational Finances

Assessment Task 1 Cover Sheet

Student Declaration

To be filled out and submitted with assessment responses

I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).

I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.

I have correctly referenced all resources and reference texts throughout these assessment tasks.

Student name

Student ID number

Student signature

Date

Assessor declaration

I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.

Assessor name

Assessor signature

Date

Assessment outcome

S

NS

DNS

Resubmission Y N

Feedback

Student result response

My performance in this assessment task has been discussed and explained to me.

I would like to appeal this assessment decision.

Student signature

Date

A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

Assessment Task 1: Knowledge questions

Information for students

Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:

review the advice to students regarding answering knowledge questions in the Business Works Student User Guide

comply with the due date for assessment which your assessor will provide

answer all questions completely and correctly

submit work which is original and, where necessary, properly referenced

submit a completed cover sheet with your work

avoid sharing your answers with other students.

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.

Questions

Provide answers to all of the questions below:

List three processes that can be used to identify and review profits and losses from a profit and loss statement.

Explain the concept of financial probity and its importance to a business.

List four examples of what would be considered fraudulent behaviour in regard to company finances i.e. not meeting financial probity requirements.

List five functions of accounting software used to manage finances.

List three key components of a budget.

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.

Outline the reporting requirements that apply to goods and services tax (GST).

Explain PAYG withholding and PAYG instalments.

Review the aged debtor report below:

Client

30 Days

60 Days

90 Days

120+ Days

Current

Total

Client 1

 

 

$4,356.00

 

 

 

Client 2

 

 

 

$2,714.00

 

 

Client 3

 

$3,781.00

 

 

 

 

 

 

 

 

 

 

 

Totals

$0.00

$3,781.00

$4,356.00

$2,714.00

$0.00

$0.00

Research best practice debtor management and then provide a short report on:

A summary: an interpretation of the information in the aged debtor report.

Good practice debtor management as per your research

Develop at least 5 recommendations that could be adopted any company in response to your analysis. This will also be based on the debtor management research you conducted.

Assessment Task 1: Checklist

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

Task outcome:

Satisfactory

Not satisfactory

Assessor signature:

Assessor name:

Date: