Assessment Tasks and Instructions
Student Name
Student Number
Course and Code
Unit(s) of Competency and Code(s) BSBFIM601 Manage finances
Stream/Cluster
Trainer/Assessor
Assessment for this Unit of Competency/Cluster Details
Assessment 1 Assignment
Assessment 2
Assessment 3
Assessment conducted in this instance: Assessment 1 1 2 0 3 0
Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No 0 No further information required
Yes 0 Complete 2.
2. Provide details for the requirements and provisions for adjustment of assessment:
Student to complete
0
My assessor has discussed the adjustments with me
0
I agree to the adjustments applied to this assessment
Signature Date
2nd Assessor to complete
0
I agree the adjustments applied to this assessment are reasonable
Name
Signature Date
Assessment Guidelines
What will be assessed
The purpose of his assignment is to assess the underpinning knowledge requirements for the unit BSBFIM601 Manage finances relating to the following aspects:
1. Identify the requirements for financial probity
2. Describe the principles of accounting and financial systems
3. Explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation
4. Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go.
Place/Location where assessment will be conducted
Resource Requirements
Pen, Paper and access to current legislation and internet.
Instructions for assessment including WHS requirements
Each of the questions overleaf must be addressed and where indicated additional support materials or references must be provided.
Please note that where sources of information are accessed like websites or literature, these must be clearly referenced.
Statement of Authenticity
0
I acknowledge that I understand the requirements to complete the assessment tasks
0
The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes
0
I understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Date: / /201
This assessment: First Attempt 0
2nd Attempt 0
Extension 0 – Date: / /
RESULT OF ASSESSMENT Satisfactory 0 Not Yet Satisfactory 0
Feedback to Student:
Assessor(s) Signature(s): Date: / /
Student Signature Date: / /
Your Tasks:
1. What are the requirements for financial probity?
Your response needs to provide an overview what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc.
2. Describe the concepts and principles of accounting:
a) Accounting Entity Concept
b) The Reliability Principle
c) The Going Concern Principle
3. Describe the principles of and provisions for effective financial systems:
An overview of the common procedures and systems and what these entail:
a) Transaction recording
b) Reconciliation Processes
c) Invoicing
d) Accounts payable
e) Account receivable
f) Cash management
g) Security measures
h) Banking procedures
i) Revenue systems
j) Financial management systems
4. Explain the following Australian, international and local legislation and conventions that are relevant to financial management in the organisation. Where these are not relevant to your organisation, provide a detailed example for each of these applied to a suitable business activity.
1. Australian Consumer Law (ACL)
2. International Commercial Terms (INCOTERMS)
3. Warsaw Convention
4. Trade Agreements
5. World Trade Organization determinations
5. Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go. Your response needs to include details for amounts, calculating these, due dates and provisions relevant to different business models e.g. partnership/sole trader or company.