BSBFIM601 Manage finances Assessment

LearnersAssessment GuideAssessment 1RTO No: 21595 | CRICOS Code: 02634EBSBFIM601 Manage finances Assessment 1 Page 1 of 4Copyright Academia International 2019 Version 3 Approved by: B. WadeAssignment CoversheetName:Student ID:Email Address:Class:Unit name:Unit Code:Assignment name:Student DeclarationI declare that a. The evidence I have submitted for assessment is my own work, andb. The evidence I have submitted for assessment has not been shared with otherstudents, and I have taken all reasonable precautions to ensure that my work cannotbe accessed by other students that may seek to submit my work as their own, andc. All of the sources of information used to prepare my work have been, or may beaccurately cited, andd. I retain a copy of all my original for my own records, or for resubmission if required byAcademia Australia, ande. I have read and understood Academia Australias policy regarding plagiarism, and Iaccept the right of Academia Australia to investigate suspected plagiarism, and to actin accordance with the policy and procedure I have read.Student Signature: __________________________________________Date of Submission: ___ / /RTO No: 21595 | CRICOS Code: 02634EBSBFIM601 Manage finances Assessment 1 Page 2 of 4Copyright Academia International 2019 Version 3 Approved by: B. WadeAssessment Information You must achieve a satisfactory outcome for each of the required criteria of thisassessment to be deemed satisfactory for this assessment. You must achieve asatisfactory result for the assessments for this unit of competency to achieve acompetent result for the unit. If one or more of the assessment results are notsatisfactory, you will be Not Yet Competent for this unit. You may follow the Assessment Appeals process in the Student Handbook(www.academia21.com) if you are not satisfied with:othe assessment result; or o the way an assessment was carried out by your trainer; oro the conditions or structure of the assessmentThe student handbook has the steps for reassessment if you receive a NotYet Competent mark and do not want to appeal.Reasonable adjustment for assessmentWhere students have highlighted Language, Literacy and Numeracy issues reasonableadjustment to the assessment can be made. Should you receive a Not Yet Competent orResubmit result for the assessment you will be given the opportunity to re-submit yourassessment work with any amendments requested by your trainer.The adjustment may include actions such as: Student demonstrating knowledge through verbal discussion to identify correct answers Student demonstrating knowledge through applied skills Allowing additional time relating to disability Through consultation amending assessment timeframes Assistance in the form of the training location to allow easier access Accessing relevant equipment or aids to assist the student Adjustments to the assessment methods to cater for any special needs (without effectingthe integrity of the outcome)If a student requests or is identified as requiring reasonable adjustment to the training andassessment process a detailed training and assessment plan including timetables, notesregarding the required adjustments, and any related communications regarding theadjustments must be maintained in the students file.The RTO Manager must review and authorise any request for reasonable adjustment toensure that any adjustments and resulting outcomes are not affecting the integrity of thetraining and assessment process.Location of and completion timeframes for assessmentThe location of the assessment will depend upon the nature of the assessment.Assessments such as; role plays, in class activities, presentations and knowledge questionswill be conducting in the classroom. The timeframes and due dates for these assessments,as well as any reports, projects or research assignments, are documented in the stageoutlines. Stage outlines are handed out at the beginning of each term.RTO No: 21595 | CRICOS Code: 02634EBSBFIM601 Manage finances Assessment 1 Page 3 of 4Copyright Academia International 2019 Version 3 Approved by: B. WadeAssessment 1 Research1. What are the requirements for financial probity? Your response needs to provide an overview whatfinancial probity entails and what this typically would require from you as an employee and anorganisation for various business activities like e.g. tenders, procurement etc.2. Describe the following concepts and principles of Accounting:a) Accounting Entity Conceptb) The Reliability Principlec) The Going Concern Principle3. For the following listed terminology, describe the principles of and provisions for effective financialsystems and also provide an overview of the common procedures and systems and what theseentails:a) Transaction recordingb) Reconciliation Processesc) Invoicingd) Accounts payablee) Account receivablef) Cash managementg) Security measuresh) Banking proceduresi) Revenue systemsj) Financial management systems4. Explain the following Australian, international and local legislation and conventions that arerelevant to financial management in your organisation. Where these are not relevant to yourorganisation, provide a detailed example for each of these applied to a suitable business activity.a) Australian Consumer Law (ACL)b) International Commercial Terms (INCOTERMS)c) Warsaw Conventiond) Trade Agreementse) World Trade Organization determinations5. 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, calculatingthese, due dates and provisions relevant to different business models e.g. partnership/sole traderor company.RTO No: 21595 | CRICOS Code: 02634EBSBFIM601 Manage finances Assessment 1 Page 4 of 4Copyright Academia International 2019 Version 3 Approved by: B. WadeMarking Criteria ResearchNot AttemptedNot SatisfactorySatisfactoryExcellentComments0123BSBFIM601 Manage financesWhat are the requirements for financial probityThe concepts and principles of accounting:The principles of and provisions for effective financial systemsAustralian, international and local legislation and conventions thatare relevant to financial management in the organisationOutline the requirements of the Australian Tax OfficeTotal Marks out of 15 Student is satisfactory for this assessment task: Yes Not Yet ________________________________Trainers Signature___ / ___ / _____Date

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