BSBFIM601 Manage finances

BSBFIM601 Manage finances :

BSBFIM601 Manage finances ASSESSMENT INFORMATION FOR STUDENTS

Throughout your training we are committed to your learning by providing a training and BSBFIM601 Manage finances assessment framework that ensures the knowledge gained through training is translated into practical on the job improvements.

You are going to be assessed for:

• Your skills and knowledge using written and observation activities that apply to the workplace.
• Your ability to apply your learning.

• Your ability to recognise common principles and actively use these on the job.

All of your assessment and training is provided as a positive learning tool. Your assessor will guide your learning and provide feedback on your responses to the assessment materials until you have been deemed competent in this unit.

HOW YOU WILL BE ASSESSED

The process we follow is known as competency-based BSBFIM601 Manage finances assessment. This means that evidence of your current skills and knowledge will be measured against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit.

Your Trainer will discuss with you whether your current or past workplaces are suitable to use and a basis for your assessments.

Where you have a workplace that is supportive and resourced the preferred choice is that you will complete the assessment tasks on their workplace using a similarly sized and similarly complex project. This may provide better BSBFIM601 Manage finances assessment outcomes for you. This choice should be negotiated with the Trainer.

If you do not have a suitable workplace on which to base you assessment, the Trainer / Assessor may create a simulated workplace via a case study or sets of instructions based on your needs or use a standard pre prepared case study/simulated environment.

Because of variations within organisations and learner access it is permissible to use a combination of workplace and the simulated business to complete the assessment tasks. Discuss this with your Trainer.

The assessment tasks have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence to successfully demonstrate competency at the required standard.

Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to be collected and how it will be collected, for example; a written activity, case study, or demonstration and observation.

The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment.

What happens if your result is ‘Not Yet Competent’ for one or more assessment tasks?

Our assessment process is designed to answer the question “has the desired learning outcome been achieved yet?” If the answer is “Not yet”, then we work with you to see how we can get there.

In the case that one or more of your assessments has been marked ‘NYC’, your trainer will provide you with the necessary feedback and guidance, in order for you to resubmit your responses.

What if you disagree on the assessment outcome?

You can appeal against a decision made in regards to your assessment. An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against a specific unit and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent. You must be able to adequately demonstrate that you have the skills and experience to be able to meet the requirements of units you are appealing the assessment of.

Your trainer will outline the appeals process, which is available to the student. You can request a form to make an appeal and submit it to your trainer, the course coordinator, or the administration officer. The RTO will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to the appeal form.

What if I believe I am already competent before training?

If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit, speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL).

Assessor Responsibilities

Assessors need to be aware of their responsibilities and carry them out appropriately. To do this they need to:

• Ensure that participants are assessed fairly based on the outcome of the language, literacy and numeracy review completed at enrolment.
• Ensure that all documentation is signed by the student, trainer, workplace supervisor and assessor when units and certificates are complete, to ensure that there is no follow-up required from an administration perspective.
• Ensure that their own qualifications are current.

• When required, request the manager or supervisor to determine that the student is ‘satisfactorily’ demonstrating the requirements for each unit. ‘Satisfactorily’ means consistently meeting the standard expected from an experienced operator.
• When required, ensure supervisors and students sign off on third party assessment forms or third party report.
• Follow the recommendations from moderation and validation meetings.

How should I format my assessments?

Your assessments should be typed in a 11 or 12 size font for ease of reading. You must include a footer on each page with the student name, unit code and date. Your assessment needs to be submitted as a hardcopy or electronic copy as requested by your trainer.

How long should my answers be?

The length of your answers will be guided by the description in each assessment, for example:

Type of Answer	Answer Guidelines
Short Answer	4 typed lines = 50 words, or 5 lines of handwritten text
Long Answer	8 typed lines = 100 words, or 10 lines of handwritten text = 1⁄3of a foolscap page
Brief Report	500 words = 1 page typed report, or 50 lines of handwritten text = 11⁄2foolscap handwritten pages
Mid Report	1,000 words = 2 page typed report 100 lines of handwritten text = 3 foolscap handwritten pages
Long Report	2,000 words = 4 page typed report 200 lines of handwritten text = 6 foolscap handwritten pages

How should I reference the sources of information I use in my assessments?

Include a reference list at the end of your work on a separate page. You should reference the sources you have used in your assessments in the Harvard Style. For example:

Website Name – Page or Document Name, Retrieved insert the date. Webpage link.

For a book: Author surname, author initial Year of publication, Title of book, Publisher, City, State

finances ASSESSMENT GUIDE

The following table shows you how to achieve a satisfactory result against the criteria for each type of assessment task. The following is a list of general assessment methods that can be used in assessing a unit of competency. Check your assessment tasks to identify the ones used in this unit of competency.

Assessment Method	Satisfactory Result	Non-Satisfactory Result
You will receive an overall result of Competent or Not Yet Competent for the unit. The assessment process is made up of a number of assessment methods. You are required to achieve a satisfactory result in each of these to be deemed competent overall. Your assessment may include the following assessment types.
Questions	All questions answered correctly	Incorrect answers for one or more questions
	Answers address the question in full; referring to appropriate sources from your workbook and/or workplace	Answers do not address the question in full. Does not refer to appropriate or correct sources.
Third Party Report	Supervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operator	Could not demonstrate consistency. Could not demonstrate the ability to achieve the required standard
Written Activity	The assessor will mark the activity against the detailed guidelines/instructions	Does not follow guidelines/instructions
	Attachments if requested are attached	Requested supplementary items are not attached
	All requirements of the written activity are addressed/covered.	Response does not address the requirements in full; is missing a response for one or more areas.
	Responses must refer to appropriate sources from your workbook and/or workplace	One or more of the requirements are answered incorrectly. Does not refer to or utilise appropriate or correct sources of information
Observation/Demonstration	All elements, criteria, knowledge and performance evidence and critical aspects of evidence, are demonstrated at the appropriate AQF level	Could not demonstrate elements, criteria, knowledge and performance evidence and/or critical aspects of evidence, at the appropriate AQF level
Case Study	All comprehension questions answered correctly; demonstrating an application of knowledge of the topic case study.	Lack of demonstrated comprehension of the underpinning knowledge (remove) required to complete the case study questions correctly. One or more questions are answered incorrectly.
	Answers address the question in full; referring to appropriate sources from your workbook	Answers do not address the question in full; do not refer to appropriate sources.

	and/or workplace
Practical Activity	All tasks in the practical activity must be competed and evidence of completion must be provided to your trainer/assessor. All tasks have been completed accurately and evidence provided for each stated task.	Tasks have not been completed effectively and evidence of completion has not been provided.
	Attachments if requested are attached	Requested supplementary items are not attached

ASSESSMENT COVER SHE ET

Assessment Cover Sheet
Student’s name:
Assessors Name:			Date:
Is the Student ready for assessment?			Yes	No
Has the assessment process been explained?			Yes	No
Does the Student understand which evidence is to be collected and how?			Yes	No
Have the Student’s rights and the appeal system been fully explained?			Yes	No
Have you discussed any special needs to be considered during assessment?			Yes	No
The following documents must be completed and attached
o Written Activity Checklist The student will complete the written activity provided to them by the assessor. The Written Activity Checklist will be completed by the assessor.			S	NYS
o Observation / Demonstration The student will demonstrate a range of skills and the assessor will observe where appropriate to the unit. The Observation Checklist will be completed by the assessor.			S	NYS
o Questioning Checklist The student will answer a range of questions either verbally or written. The Questioning Checklist will be completed by the assessor.			S	NYS
I agree to undertake assessment in the knowledge that information gathered will only be used for professional development purposes and can only be accessed by the RTO:
Overall Outcome                             oCompetent             oNot yet Competent
Student Signature:		Date:
Assessor Signature:		Date:

Result and Feedback
Feedback to Student:
Overall Outcome                                          oCompetent                                   oNot yet Competent
Assessor Signature:		Date:

A1   WRITTEN ACTIVITY

For this assessment you will need to perform the following tasks. These tasks will need to be completed and submitted in a professional, word processed, format. Each task must be 1000 words minimum in length.

Where references are made to the ‘workplace’ or the ‘organisation’, please refer to “ASSESSMENT INFORMATION FOR STUDENTS” for instructions on choosing a suitable workplace for this assessment

Task 1

You will need to write a report outlining the following:

1. What methods would you use to plan for financial management including:

1. how will you review and analyse in order to find information on previous profit/loss?
   1. How would investigate the reasons for previous profit/loss?

• How would you Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
  • How would you analyse cash flow trends?

• What requirements might you have in relation to for compliance and liabilities for tax?
  • What types of software might you need for financial management?

• Then discuss the steps involved in creating a budget including how you will:

1. Use previous financial data to determine allocations for resources

• Make informed estimates of new items for inclusion in budget

• Prepare budgets in accordance with organisational requirements and statutory requirements

• Then you will need to discuss the methods you will use to implement a budget including:

1. Circulation methods, including how you will make managers and supervisors clear about budgets, reporting requirements and financial delegation.
   1. Risk management and check there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
   1. Review profit and loss statements, cash flows and ageing summaries

• How to deal with contingencies

• Maintain audit trails to ensure accurate tracking

• Compliance, due diligence and statutory requirements

• Identifying types discrepancies

• Then discuss the types of reports you would need to prepare and how you would prepare them including:
  • Formats for reports so that they are clear and conform to organisational and statutory requirementsHow you will Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making?How you will Prepare recommendations to ensure financial viability of the organisation ?
  • How you will Evaluate the effectiveness of financial management processes

Once you have completed this assessment you must submit it to your trainer for marking.

Task 2

For this task you must discuss in your own words the answers to the following questions:

1. Identify the requirements for financial probity. Use Example in the Learner Resource

• Describe the principles of accounting and financial systemsKE3

• Explain Australian, international and local legislation and conventions that are relevant to financial management in the organization

A1 WRITTEN ACTIVITY CHE CKLIST

Written Activity Checklist
For this assessment, the student must complete the written activity.   The written activity is a stand-alone activity that will allow the student to display the required knowledge and skills that are essential when deciding overall competency.
Student’s name:
Assessor’s name:
		Has the student satisfactorily completed the written activity?
		Yes	No
Did the Student provide evidence of their ability to:
plan for financial management including:		□	□
o How will you review and analyse in order to find information on previous profit/loss?		□	□
o How would investigate the reasons for previous profit/loss?		□	□
o How would you Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle		□	□
o How would you analyse cash flow trends?		□	□
o What requirements might you have in relation to compliance and liabilities for tax?		□	□
o What types of software might you need for financial management?		□	□
Then discuss the steps involved in creating a budget including how you will:Use previous financial data to determine		□	□

allocations for resources   Make informed estimates of new items for inclusion in budgetPrepare budgets in accordance with organisational requirements and statutory requirements
Then you will need to discuss the methods you will use to implement a budget including:	□	□
o Circulation methods, including how you will make managers and supervisors clear about budgets, reporting requirements and financial delegation.	□	□
o Risk management and check there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions	□	□
o Review methods profit and loss statements, cash flows and ageing summaries	□	□
o How to deal with contingencies	□	□
o Maintain audit trails to ensure accurate tracking	□	□
o Compliance, due diligence and statutory requirements	□	□
o Identifying types discrepancies	□	□
Then discuss the types of reports you would need to prepare and how you would prepare them including:	□	□
o Formats for reports so that they are clear and conform to organisational and statutory requirements	□	□
o How you will Identify and prioritise significant issues in statements, including comparative financial performances for review and decision	□	□

making?
o How you will Prepare recommendations to ensure financial viability of the organisation ?	□	□
o How you will Evaluate the effectiveness of financial management processes	□	□
For this task you must discuss in your own words the answers to the following questions:
Identify the requirements for financial probity	□	□
Describe the principles of accounting and financial systems	□	□
Explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation	□	□
Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go.	□	□
Feedback to Student:
Result             o Satisfactory                       o Not Yet Satisfactory
Assessor’s Signature:	Date:

A2 OBSERVATION / DEMONSTRATION

Where references are made to the ‘workplace’ or the ‘organisation’, please refer to “ASSESSMENT INFORMATION FOR STUDENTS” for instructions on choosing a suitable workplace for this assessment

For this assessment you will need to perform the following observation in a workplace or simulated environment.

You will need to be observed performing the following actions in a workplace or simulated environment:

1. Planning for financial management including:

1. Reviewing and analysing previous financial data

• Undertaking research to review reasons for profit/loss

• Reviewing the business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
  • Analysing cash flow trends

• Reviewing statutory requirements for compliance and liabilities for tax

• Reviewing existing software and its suitability for financial management

• Preparing budgets which align with the business plan, use previous financial data and meet all organisational and statutory compliance requirements
• Establish And Allocate funds as required

• Analysing the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence
• Reporting on the finances of the organisation/business including:

1. Ensuring structure and format of reports are clear and conform to organisational and statutory requirements
   1. Identifying and prioritising significant issues in statements including comparative financial performances for review and decision making
   1. Preparing recommendations to ensure financial viability of the organization

• Evaluating the effectiveness of financial management processes

• Implementing the budget including:

1. Ensuring managers and supervisors are clear about budgets, reporting requirements and financial delegations
   1. Managing risks and check there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
   1. Reviewing profit and loss statements, cash flows and ageing summaries

• Revising budgets to deal with contingencies

• Maintaining audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations
• Using your knowledge of the requirements of the Australian tax office including Goods and Services Tax, Company Tax, Pay As You Go
• Contributing to financial bids and estimates

Your trainer/assessor will provide you with access to:

• Financial data

1. Relevant legislation and Australian tax office requirements

1. Examples of business plans, profit and loss statements, cash flows and aging summaries
2. Organisational financial policies and procedures

1. Financial management software

A2 OBSERVATION/ DEMONSTR ATION CHECKLIST

*Multiple copies of the checklist will need to be printed if the observation is to be observed more than once.

Observation/Demonstration Checklist
The observation/demonstration checklist is used by the assessor to observe the student demonstrating the application of the required skills and knowledge. For details on how to conduct and contextualise for competency, please refer to the section on contextualisation above.   *The assessor needs to ensure that they take detailed notes on the performance of the student in the comments section provided.
Student Name:
Assessor Name:
The student is able to demonstrate competency by:
		Yes	No	How and where actions were observed:
You will need to be observed performing the following actions in a workplace or simulated environment:
Planning for financial management including:
o Reviewing and analysing previous financial data
o Undertaking research to review reasons for profit/loss
o Reviewing the business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle
o Analysing cash flow trends

o Reviewing statutory requirements for compliance and liabilities for tax
o Reviewing existing software and its suitability for financial management
Preparing budgets which align with the business plan, use previous financial data and meet all organisational and statutory compliance requirements
Establish And Allocate funds as required
Analysing the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence
Reporting on the finances of the organisation/business including:
o Ensuring structure and format of reports are clear and conform to organisational and statutory requirements
o Identifying and

prioritising significant issues in statements including comparative financial performances for review and decision making
o Preparing recommendations to ensure financial viability of the organisation
o Evaluating the effectiveness of financial management processes
Implementing the budget including:
o Ensuring managers and supervisors are clear about budgets, reporting requirements and financial delegations
o Managing risks and check there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions
o Reviewing profit and loss statements, cash flows and ageing summaries
o Revising budgets to deal with contingencies
o Maintaining audit trails to ensure accurate

tracking and to identify discrepancies between agreed and actual allocations
Using your knowledge of the requirements of the Australian tax office including Goods and Services Tax, Company Tax, Pay As You Go
Contributing to financial bids and estimates
Your trainer/assessor will provide you with access to:
Financial data
Relevant legislation and Australian tax office requirements
Examples of business plans, profit and loss statements, cash flows and aging summaries
Organisational financial policies and procedures
Financial management software

Feedback Given to Student:
Result             o Satisfactory                       o Not Yet Satisfactory
Assessor Signature	Date:

A3  QUESTIONS

The following questions may be answered verbally with your assessor or you may write down your answers. Please discuss this with your assessor before you commence. Short Answers are required which is approximately 4 typed lines = 50 words, or 5 lines of handwritten text.

Your assessor will take down dot points as a minimum if you choose to answer them verbally. Answer the following questions either verbally with your assessor or in writing.

Where references are made to the ‘workplace’ or the ‘organisation’, please refer to “ASSESSMENT INFORMATION FOR STUDENTS” for instructions on choosing a suitable workplace for this assessment

1. What does a balance sheet enable you to do? PEA.A

• Poor cash flow may arise from what?

• Monitoring expenditure has important advantages. What are they?

• Why do you need a good financial record keeping system?

• Give a description of the 3 most common programs used for financial input.

• Give a detailed description of the below types of expenditure and income:
  • Gross profit

• Net profit

• Stock turnover

• Describe what the following 3 phrases mean in detail:
  • Converting financial data to ratios or percentages

• A ratio by itself means little unless it is benchmarked

• The benefits of financial analysis

• What does “Tax Liability” mean?

• Effectively auditing a budget requires an estimation process that is acceptable and/or reasonable. What are some issues to consider?

1. Explain the terms used to describe variations and what can the unfavourable variances be further classifies into?

1. What are 3 pieces of financial documentation necessary to verify expenditure? Give an explanation for each.

1. To ensure that you are in a good position to negotiate your budget submission what should you do?

A3 QUESTIONS CHECKLIST

Questioning Checklist
The assessor needs to indicate whether they have conducted the questioning as written questions or as verbal questions by ticking the box below.
o Written Questioning			o Verbal Questioning
The assessor must provide evidence with the assessment tool. For written questions, the assessor must provide the student’s original written responses. For verbal questioning, the assessor must provide dot points as a minimum on the student’s responses. For details on how to conduct and contextualise this form of assessment, please refer to the questioning checklist explanation in the assessor guide.
Student’s name:
Assessor’s name:
If questions are answered verbally, the assessor must write detailed answers in the sections provided below. The space below does not indicate the size of the answer anticipated. Keep typing and the space will expand. If answers are recorded separate to this document, they must be attached to the assessment documents.				Satisfactory response
				Yes	No
1	What does a balance sheet enable you to do?			□	□
2	Poor cash flow may arise from what?			□	□
3	Monitoring expenditure has important advantages. What are they?			□	□
4	Why do you need a good financial record keeping system?			□	□
5	Give a description of the 3 most common programs used for financial input.			□	□
6	Give a detailed description of the below types of expenditure and income: Gross profitNet profitStock turnover			□	□

7	Describe what the following 3 phrases mean in detail: Converting financial data to ratios or percentagesA ration by itself means little unless it is benchmarkedThe benefits of financial analysis		□	□
8	What does “Tax Liability” mean?		□	□
9	Effectively auditing a budget requires an estimation process that is acceptable and/or reasonable. What are some issues to consider?		□	□
10	Explain the terms used to describe variations and what can the unfavourable variances be further classifies into?		□	□
11	What are 3 pieces of financial documentation necessary to verify expenditure? Give an explanation for each.		□	□
12	To ensure that you are in a good position to negotiate your budget submission what should you do?		□	□
Feedback to Student:
Result             o Satisfactory                       o Not Yet Satisfactory
Assessor’s Signature:		Date:

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