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.
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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.
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| 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.
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 completedthe maximum time allowed for completing this assessment taskwhether 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.
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| Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? | Completed successfully? | Comments |
| Yes | No | |
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| Task outcome: | Satisfactory | Not satisfactory |
| Assessor signature: | ||
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