Mercury Colleges
BSBFIM601
Manage Finances
Student Assessment 1
Knowledge Questions

Customisation
V1.1 April 2020 Mercury Colleges customisation for OS student cohort and delivery and submission through Moodle.
V1.0 March 2020 Master file from RTO Works © 2020 RTO Works

Assessment Instructions for Knowledge Questions
Instructions to student:
This is the knowledge assessment for the unit.
The information contained here is instruction on how to complete the assessment then submit for marking, feedback and results.
(1) Students are expected to learn and practice before completing the assessments. Students can attend Assessor information sessions in TEAMS to prepare for the assessment and get further instructions. The information sessions are notified direct to your Mercury Colleges email address. Make sure you log in and attend these sessions.
(2) You are required to individually complete the Knowledge Questions by the due date.
(3) The questions must be completed in written format. You may use the supplied document here to hand write or type in your answers.
(4) Submit into ELearn using your student login.
If you are using a computer, save the file according to the submit procedure into ELearn.
If you are competing the assessment by hand-written answers, then you will need to scan the document and save the file according to the same submit procedure into ELearn.
(5) This is not a closed book exam assessment. The unit resources in ELearn including the Learner Guide can be used as a reference. However, students must not copy a full answer or plagiarise from the Learner Guide or other sources unless this is indicated as acceptable in the question. So, the answer must be in your own words.
(6) Please note that your responses can (where appropriate) use dot point format or a full sentence. See below for an example of a dot point response and a full sentence response. There is a word count a guidance to what is a full and complete answer.
Dot point format Presentation Plan includes the following:
• outcomes
• needs of the audience
• context.
Full sentence format When you are preparing for a Presentation, there are a number of tasks that must be carried out. These are; listing the outcomes that you want to achieve, followed by the identification of the needs of your audience. When you have completed these two tasks, you then check on the room you will be conducting the simulation in etc.
(7) The Mercury Colleges Academic Misconduct Policy that has more information about cheating and not submitting your own genuine work (also known as plagiarism). You have made a student declaration to be sure you are ready to do this assessment and that you understand College policy, your rights and obligations.
(8) Each question will be marked in a recording form by the Assessor. You are expected to complete and get every question correct.
(9) You will get feedback on your result and will be able to re-submit answers that are not correct.
(10) The final mark is S - satisfactory or NYS - not yet satisfactory. Satisfactory mean all questions are answered correctly. See the Result form uploaded in ELearn (Gradebook) for your mark and feedback.
(11) Follow the Mercury Colleges ELearn submission steps for file naming and the procedures set by for uploading. You can read these procedures in the ELearn platform.
Declaration
Your assessor will go through the assessment for this unit. It is important that you understand this assessment. To confirm that you have been given this overview and the opportunity to do an information session, we ask you to complete the following Student Declaration.
Read each checklist item provided below and tick for YES to confirm your understanding or x for NO if you disagree. You can ask for support here is the declaration and follow up with your assessor. We ask you to sign this Declaration.
STUDENT DECLARATION COVER SHEET
Student Name:
Student ID No:
Submission Date:
Unit Code: BSBFIM601 Unit Title: Manage Finance
TASK Assessment 1 - Knowledge Questions
Student Declaration
Tick each statement or Add a X cross and comment at bottom • Learn then do the assessment - I had time to learn then practice before the assessments.
• Information session - I had the opportunity to attend an information session in TEAMS where the Assessor has gone through the Instructions
• I understand that this is a formal assessment.
• Authentic – It is my work - I understand I must demonstrate the knowledge and skills for this unit myself in my own words
• Recordings - I understand the Assessor will use recording form to observe practical tasks and role play and may take photos or screen shots from TEAMS or other technology that is used to prove this was authentic and real. I give permission for the use of these images for this assessment purpose only.
• Computer, Email, Internet etc - I have the technology required to participate in the assessment or if I do not, I know that Mercury College will support and supply me with the technology assistance.
• ELearn Submit - I have username and log in and can follow procedures to submit the assessments
• I understand I will get results and feedback at the end of the assessment
• I have read about the re-submits, the reassessments and appeals
• I know I can talk to the Assessor if I have any support needs to help me do this assessment. I will follow this up if needed.
• I am ready for assessment and sign here.
Concerns raised by student (Marked X) • I will make contact or talk to the Assessor about my concerns and how I will be able to do the assessment and I will ask to discuss support or adjustments.
Student
Signature
Assessment 1 Knowledge Questions
Question 1
Identify and describe financial probity requirements for businesses
(Answer can be a short sentence that explains concept then 3 dot points for each elements) *}
Financial Probity requires that….
Elements of a business culture that promotes and demonstrates high standards of probity include..
{*
Question 2
Identify four examples of what would be considered fraudulent behaviour in regard to company finances.
(Answer can be dot points or a short sentence for each) *}
Fraudulent behaviour example 1:
Fraudulent behaviour example 2:
Fraudulent behaviour example 3:
Fraudulent behaviour example 4:
{*
Question 3
Identify the types of businesses that are required to have annual audited accounts and briefly describe the purpose of an audit report. (Dot points and about 50 words for the brief description) *}
Types of businesses that are required to have annual audited accounts
The purpose of an audit report..
{*
Question 4
Describe the principle of cash accounting as well as one advantage and one disadvantage of cash accounting. (Word count should be about 30 words for the description then listing) *}
Cash accounting is. . . .
one advantage of cash accounting.
one disadvantage of cash accounting.
{*
Question 5
Describe the principle of accrual accounting and one advantage and one disadvantage of accrual accounting. (Word count should be about 30 words for the description then listing) *}
Accrual accounting is. . . .
one advantage of accrual accounting.
one disadvantage of accrual accounting.
{*
Question 6
Explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation. (Listing then word count should be about 50 words for each description) *}
1
2
3
4
{*
Question 7
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. (List the Act then word count should be about 50 words) *}
{*
Question 8
Explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation (Word count should be about 80 words) *}
*{List four conventions that are unilaterally accepted as sound financial management practices (each convention should be approximately 50 words.) *}
{*
Question 9
Explain the requirements for registered foreign companies regarding preparing and lodging financial reports. (Word count should be about 50 words) *}
Question 10
{*Identify the current company tax rate for both small and large businesses for the financial years as below: *}
Small Business
( Defined as an aggregate turnover of less than $50million) FY2019/2020 FY2020/2021
Large Business
{*
Question 11
Give a short explanation of the process – the type of reporting and timing of reporting, by which a business reports GST to the Australian Tax Office. (Short answer or dot points are acceptable) *}
{*
Question 12
Identify the penalty rate to be applied if a supplier does not provide an ABN? (Short answer or dot points are acceptable) *}
{*
Question 13
A non-profit organisation needs to register for GST after it has a turnover of more than how much?
(Short answer or dot points are acceptable) *}
*{
Question 14
Give a short explanation of the difference in employer Pay As You Go withholding obligations for employees and contractors.
(Short answer then word count of 30 words for each) *}
PAYG obligation category The employers PAYG obligation - explanation
Employees
Contractors
----------------------- End of knowledge questions ------------------------------------
{*
Mercury Colleges
BSBFIM601
Manage Finances
Student Assessment 2
Project Tasks 2,3 & 4
Customisation
V2.0 April 2020 Mercury Colleges customisation for OS student cohort and delivery and submission through Moodle.
V1.0 March 2020 Master file from RTOWorks

Assessment Instructions for a Project
Instructions to student:
This is the project assessment for the unit.
The information contained here is instruction on how to complete the project and its tasks then submit for marking, feedback and results.
(1) Students are expected to learn and practice before completing the assessments. Students can attend Assessor information sessions in TEAMS to prepare for the assessment and get further instructions. The information sessions are notified direct to your Mercury Colleges email address. Make sure you log in and attend these sessions.
(2) You are required to individually complete the Project and its tasks by the due dates.
(3) The project has a series of assessment tasks that are completed in different formats. Here is a summary of what you will be doing:
? Reading the business case study, thinking then answering in written format. You may use the supplied documents to type in your answers.
? Read the business case study and access the financial data and the business templates, thinking then filling in template documents that are supplied. We expect typed responses.
? Read the business case study scenarios then prepare for practical role plays and conduct of practical tasks that are part of the project. These practical tasks are observed by your Assessor. You must prepare, participate in, and maybe report on the task.
? Put each of these project tasks together following the submission checklist. Then submit.
(4) Submit into ELearn using your student login.
If you are using a computer, save the file or files and documents according to the submit procedure into ELearn. You may need to scan some task work as a document and save the file according to the same submit procedure into ELearn.
(5) This assessment is a project. The project is a business simulation supported with resources here is the document and in ELearn. These are reference materials. However, students must not copy a full answer or plagiarise from the Learner Guide or other sources unless this is indicated as acceptable in the task. So, the answer must be in your own words or your own calculations and workings using the data provided.
(6) Please note that your written responses can (where appropriate) use dot point format or a full sentence. See below for an example of a dot point response and a full sentence response. There is a word count as guidance to what is a full and complete answer.
Dot point format Presentation Plan includes the following:
• outcomes
• needs of the audience
• context.
Full sentence format When you are preparing for a Presentation, there are a number of tasks that must be carried out. These are: listing the outcomes that you want to achieve, followed by the identification of the needs of your audience. When you have completed these two tasks, you then check on the room you will be conducting the simulation in etc.
(7) The Mercury Colleges Academic Misconduct Policy that has more information about cheating and not submitting your own genuine work (also known as plagiarism). You have made a plagiarism declaration before downloading this assessment in ELearn.
(8) Each section of the project will be marked in a recording form by the Assessor. You are expected to complete and get every section of the project correct.
(9) You will get feedback on your result and will be able to re-submit parts of the project that are not correct.
(10) The final mark is S - satisfactory or NYS - not yet satisfactory. Satisfactory mean all questions or tasks are answered correctly. See the Result form uploaded in ELearn (Gradebook) for your mark and feedback.
(11) Follow the Mercury Colleges ELearn submission steps for file naming and the procedures set by for uploading. You can read these procedures in the ELearn platform.
Declaration
It is important that you are ready for assessment.
To confirm that you have been given this overview and the opportunity to do an information session, we ask students to complete the following Student Declaration.
Instruction - Read each checklist item provided below and tick for YES to confirm your understanding or x for NO if you disagree. You can ask for support here is the declaration and follow up with your assessor. We ask you to sign this Declaration and submit it as the cover sheet to the Assessment - Project.
STUDENT DECLARATION COVER SHEET
Student Name:
Student ID No:
Assessment Submission Date:
Unit Code: BSB FIM601 Unit Title: Manage Finances
TASK Assessment – Project
Student Declaration
Mark (YES) ?or
(NO) X for each statement. •
•
•
•
•
•
•
•
•
•
• Learn then do the assessment - I had time to learn then practice before the assessments.
Information session - I had the opportunity to attend an information session in TEAMS where the Assessor has gone through the Instructions
I understand that this is a formal assessment.
Authentic – It is my work - I understand I must demonstrate the knowledge and skills for this unit myself in my own words.
Recordings - I understand the Assessor will use a recording form to observe practical tasks and role play and may take photos or screen shots from TEAMS or other technology that is used to prove this was authentic and real. I give permission for the use of these images for this assessment purpose only.
Computer, Email, Internet etc - I have the technology required to participate in the assessment or if I do not, I know that Mercury College will support and supply me with the technology assistance.
ELearn Submit - I have username and log in and can follow procedures to submit the assessments
I understand I will get results and feedback at the end of the assessment
I have read about the re-submits, the reassessments and appeals
I know I can talk to the Assessor if I have any support needs to help me do this assessment. I will follow this up if needed.
I am ready for assessment and sign here.
Concerns raised by student (Marked as X) • I will make contact or talk to the Assessor about my concerns and HOW I will be able to do the assessment and I will ask to discuss support or adjustments.
Student
Signature
Assessment information
The assessments for BSBFIM601 Manage finances are outlined in the assessment plan below.
This document has the instructions provided to the student for each task
To be assessed as competent for this unit, the student must complete all assessment tasks satisfactorily.
Assessment plan
Tasks Overview
Assessment 1 – Knowledge questions
Task 1 – Written questions Students must correctly answer all questions
Assessment 2- Project
Task 2 - Financial management planning project Students must plan for financial management by reviewing financial data, as well as preparing budgets.
Students must also communicate budgets and financial reporting requirements and delegations to managers.
Task 3 - Review budget project Students must review interim financial data and revise budgets as required.
Task 4 - Aged debtor project Students must review an aged debtor report and develop a report on best practice debtor management.
Additional resources
The additional resources are located in the Case Study Resources folder. The additional resources are listed in the instruction at the start of each assessment task.
Grow Management Consultancy Business Case Study Resources folder
Please ensure you access these documents before you begin the assessment tasks.
The files can be viewed and downloaded under the project files in E Learn.
Assessment Task 2:
• Cash Flow Statement Data 17/18
• Estimated Costs and Income
• Finance Policy and Procedures
• Finance Report Template
• Profit and Loss 2017/18
• Strategic Business Plan
• Budget Forecast Template
Assessment Task 3:
• Profit and Loss 2017/18
• Profit and Loss 2018/19
• Cash Flow Statement Data 2017/18
• Cash Flow Statement Data 2018/19
• Estimated Costs and Income
• Financial Performance Report Template
Assessment Task 4:
• Aged Debtors Report
Assessment instructions
Each assessment task consists of the following:
Assessment task information
This gives you:
• a summary of the assessment task
• information on the resources to be used
• a checklist of the submission requirements
Assessment task instructions
Instructions include questions to answer or tasks which must be completed
Students’ answers must be typed using software as indicated in the assessment task instructions.
Icons
Icons are used in task instructions to indicate some of the common stages that will occur within assessment tasks.
This icon shows that students will need to meet with you (and possibly other students) to complete a meeting or role play.
This icon shows that students will need to communicate via email or send documents via email.
This icon indicates that students will need to submit an item of evidence.
This icon indicates all other stages during the task, which may include research, developing documents, brainstorming ideas and so on.

Written answer question guidance
The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.
Note that the following guidance is the minimum level of response required.
Analyse: when a question asks you to analyse something, you should do so in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.
Compare: when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.
Contrast: when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.
Describe: when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.
Discuss: when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.
Evaluate: when a question asks you to evaluate something, you should put forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.
Examine: when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.
Explain: when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.
Identify: when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.
List: when a question asks you to list something, this means that you are asked to briefly state information in a list format.
Outline: when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.
Summarise: when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.
ASSESSMENT 2 – PROJECT
Task 2: Financial Management Planning Project
Task summary
This assessment is to be completed in the simulated work environment set up in the case study information – Grow Management Consultants.
The student is required, in the role of the General Manager for Grow Management Consultants, to review existing financial information and prepare budgets for the following financial year based on their review. This task will also require you to review existing financial software to ensure that it is meeting the company’s needs.
The student is then required to meet with the management team (your assessor) to discuss the budgets he has prepared for the upcoming financial year, as well as to confirm reporting requirements and financial delegations as documented in the financial management policy and procedure.
The student is also required to research and report on a guide for managers, about the business’s financial compliance requirements, as well as tax liabilities.
Required
• Strategic Business Plan
• Profit and Loss 2017/18
• Cash Flow Statement Data 2017/18
• Estimated Costs and Income
• Finance Policy and Procedures
• Finance Report Template
• Budget Forecast Template
• Computer with Microsoft Office and internet access
• Printer
• Meeting space
• Roleplay participant (your assessor)

Assessment Task 2 Instructions to the student
Carefully read the following business case study information
Grow Management Consultants
Grow Management Consultants specialises in leadership consultancy.
It has been operational for five years. The company offers a range of services to assist companies to assess leadership behaviour of existing managers and performance metrics. They also design and implement customised leadership programs based on the assessment. Services are offered Australia-wide.
Our people
The company employs a General Manager (you), 2 Principal Consultants (who are also Directors), 1 Senior Consultant, an Administration Officer and Receptionist.
Services and future plans
Over the last two years, the company has diversified, and now offers regular professional development workshops on all aspects of leading and managing staff. These workshops are conducted approximately every 3 months in all major cities including Sydney, Brisbane and Melbourne. In 2017 – 2018, the company ran a total of 36 workshops. The company has also recently produced an E-book about leadership techniques.
The intention is to replace the workshops with the annual conference in the next financial year, as the workshops were not well attended. Client feedback and continued business indicates a personalised, company-focused approach in the form of consulting services is the service of choice.
The E-book has had reasonable sales, but there needs to be a wider selection of books, as well as more marketing. The plan is to generate $10,000 worth of sales for the e-books during the next financial year and increasing over time.
The General Manager is completing financial planning for the year ahead.
As the General Manager for the company and with responsibility for finances, you are currently completing the financial planning for the year ahead. This involves:
o a review of the company’s strategic business plan and strategic directions
o a review of the previous year’s profit and loss statement,
o a review of the cash flow statements.
Based on the review, you will be establishing budgets and allocating funds.
In developing the budget, you are to assume a 5% increase in expenses, as well as a 10% increase in sales for consulting services and executive search.
As set out in the business plan, the company plans to run an annual conference each year starting in 2019.The costs for the conference have been estimated by the Principal Consultant and are set out in the Estimated Costs and Income document.
Conference attendance is aimed at 100 people paying $750 each.
The Principal Consultant has also asked you to review the current accounting software used by the business. The company is currently using MYOB but as it has grown, the Principal Consultant wishes to review whether this is the best accounting software available for their needs. He has also requested that the software have a cloud feature.
Grow Management’s Consultants requires company reports to be developed using the specified templates where they are available. If there are no templates for a specific type of report then reports need to be set up in the same style and format as the templates the organisation uses.
Task 2.1 Prepare a finance report
Review the case study scenario above, as well as the information provided in Profit and Loss 2017/18 and Cash Flow Statement Data 2017/18.
Using this information, identify areas of the business that have generated a profit and those that have generated a loss.
Conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you and economic conditions and business trends that may have resulted in the profit or loss.
Use the Finance Report Template to guide your completion of this report.
Your report should include the following:
• An introduction that is an overview of the purpose of the report.
• Analysis of the previous year’s (2017 – 2018) profit and loss statement for Grow Management Consultant, including revenue generated, cost of sales, as well as gross profit/loss margin and net profit/loss margin.
• Analysis of overall business performance, as well as performance of each of the income streams for 2017 – 2018.
• Outline of the reasons for profit or loss based on your analysis of the data and research on economic conditions and business trends.
• Analysis of the organisation’s goals and priorities for the upcoming financial year as documented in the Strategic Business Plan and financial resources required to achieve these goals, as well as key dates.
• An analysis of cash flow trends as per the cash flow statement data.
• Review and analysis of at least three other financial software products that the business could use, including the advantages and disadvantages of each, as well as the advantages and disadvantages of MYOB that is currently used.

Task 2.2 Develop budget forecasts
Use the Budget Forecast Template to guide your completion of this task
Develop budget forecasts, ensuring that the analysis of the previous year’s data and future plans as indicated in the business plan is taken into account in determining projected income and expenditure.
Ensure that your budget includes the estimated income and costs for the conference and e-book to be implemented in 2019 in the document Costs and Income.
Assume a 5% increase in all general costs, as well as a 10% increase in income for consulting and executive recruitment service. Input costs and income for the conference and e-book as set out in the Costs and Income data.
Task 2.3 Develop a financial compliance and tax liabilities report
You are required to write a report on the company’s key financial compliance requirements and its current tax liabilities.
Your Financial compliance and tax liabilities report should be between one and two pages long. (word count guide - 500 words)
To ensure that the company’s financial risks in relation to the misappropriation of funds and recording of transactions are managed adequately, you are required to outline reporting requirements and financial delegations as outlined in the company’s Finance Policy and Procedures. These include the sections on:
• Issuing petty cash
• Reconciling petty cash
• Use of business credit card procedures
Research and report on the business’ key financial compliance requirements and liabilities for tax.
The report should explain:
• GST reporting requirements (the company is required to report quarterly)
• PAYG withholding obligations
• PAYG income tax instalment
• Payroll tax obligations ( NSW state government)
• Superannuation entitlements and requirement to comply with legislation regarding frequency of payment, choice of fund and reporting to staff.
You will need to use information from the ATO web site to complete this task.
https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/
https://www.ato.gov.au/Business/PAYG-withholding/
https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/Instalment-notices-for-GST-and-PAYG-instalments/
Task 2.4 Send an email to the Principal Consultant (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. (word count guide - 50 words)
It should introduce and summarise the contents of the attachments. Ask them to read the documents in preparation for discussing them at the upcoming meeting.
Attach the following to the email:
• Financial report
• Budget forecast
• Financial compliance and tax liabilities report
Task 2.5 Prepare for meeting
The Principal Consultant has approved your budget for the upcoming financial year, 2018 – 2019. You are now required to meet with the Senior Managers to communicate the budgets you have developed.
Print off a copy of the following to take with you to the meeting:
• The budget that you have developed.
• The Financial Policy and Procedures. You will be required to explain key reporting requirements to the Managers attending the meeting, as well as financial delegations. Review this document and highlight the relevant passages.
• Your report on key financial compliance requirements and liabilities for tax
At the meeting, you will need to:
• Discuss the budget you have developed and the rationale for the budget figures.
• Discuss the amounts allocated to activity, including the conference and the e-book.
• Explain that there will be no more workshops conducted.
• Provide an outline of the financial policy and procedures to ensure that roles and responsibilities are understood and risks of misappropriation of funds/incorrect recording of financial transactions is minimised.
• Explain the company’s key financial compliance requirements and tax liabilities and the importance of following procedure to maintain the necessary audit trail.
Task 2.6 Conduct the meeting.
Conduct the meeting as set out in the requirements above and the check sheet below making sure that you provide the senior manager with all the required documentation.
The meeting can be conducted face to face or using video conferencing technology
(such as skype, WhatsApp, zoom, TEAMS)
Allow 20 minutes for this meeting.
Here is the detail of the observation check sheet the assessor will use to assess your meeting skills. You can use this to prepare for the meeting.
Task 2.6 Conduct the meeting - with Senior Manager and General Manager
(the student in a role play)
Be prepared and organised and ready to conduct the meeting
Speak about the budget and the rationale for the budget figures
Speak about the amounts allocated to activity, including the conference and the e-book and that there will be no more workshops conducted
Speak about the financial policy and procedures to confirm reporting requirements and delegations
Speak about the company’s key financial compliance requirements and tax liabilities and the importance of following procedure to maintain the necessary audit trail
During the meeting, the student demonstrated effective communication skills including:
• Presenting in an organised manner and referring to the reports
• Speaking clearly and concisely
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
• Using non-verbal communication to assist with understanding
• Kept to time allocated – around 20 minutes

? SUBMIT Task 2 Financial Management Planning Project
The student must submit the required documents and evidence as set out in the project tasks and the checklist here. The project must be submitted into ELearn following College submission procedures including location and naming conventions.
Checklist for submission:
Checklist for submission
• Written responses for Assessment 2 – Project Task 2
• The financial report
• The budget forecasts
• The financial compliance and tax liabilities report
• The email to the Principal Consultant (your assessor).
• Authentication evidence of the completed meeting as a role play with Senior Manager (Assessor)
• The meeting completed and Observation Check sheet 1 – filled in by Assessor
• Upload the files together to ELearn

ASSESSMENT 2 – PROJECT
Assessment Task 3: Budget Review Project
Task summary
This assessment is to be completed in the simulated work environment set up in the case study information – Grow Management Consultants.
This assessment task requires the student to review Grow Management Consultants’ Profit and Loss and Cash Flow Statement Data for 2018-19 and write a financial performance report on this.
Required
• Profit and Loss 2017/18
• Profit and Loss 2018/19
• Cash Flow Statement Data 2017/18
• Cash Flow Statement Data 2018/19
• Financial Performance Report Template
• Estimated Costs and Income

Assessment Task 3 Instructions to the students
Carefully read the following business case study information
Grow Management Consultants
It is now 1 year later, and you are required to review the profit and loss account for 2018 – 2019, as well as the Cash Flow Statement.
The Principal Consultant has asked you as General Manager to review finances and the conference budget one year later.
The Principal Consultant has asked you to review the conference costs, as the conference will not be repeated if it continues to lose money. Revisions need to be made to the conference budget and the conference fee increased to make it profitable.
The review will be submitted to the company’s management as a bid to host the conference again.
To ensure that the revised conference budget is accepted with confidence by management, you are required to state the source of the data that you use. This will make it easier for them to be checked and verified.
The Principal Consultant would like you to propose a cost-covering conference fee given a 10% increase in all the recorded costs for the conference as shown in the profit and loss statement (and that match the conference costs for the document you reviewed in Assessment Task 2) and assuming 70 people will attend the 2020 conference.
The Principal Consultant would like a 20% return on the conference costs.
Task 3.1 Write a financial performance report.
Review the case study scenario above, as well as the information provided in the reports and data.
Using this information, identify areas of the business that have generated a profit and those that have generated a loss.
Conduct research to establish why those areas have made a profit or loss. Your research should include a review of the financial data provided to you and economic conditions and business trends that may have resulted in the profit or loss.
Use the Financial Performance Report Template to guide your work.
Write a financial performance report.
Analyse the information provided in the following files:
• Profit and Loss 2017/18
• Profit and Loss 2018/19
• Cash Flow Statement Data 2017-18.xlsx
• Cash Flow Statement Data 2017/18
• Cash Flow Statement 2018/19
Based on your analysis, develop a short report for the Principal Consultant that includes:
• Review of overall performance and total income, expenses and profit margins.
• Calculation of variation in actual versus budgeted amounts for each income source.
• Calculation of variation in actual versus budgeted costs.
• Identify the discrepancies between agreed budget allocations for the conference and the actual data.
• Recommended revisions to the 2020 conference budget to deal with contingencies.
• Proposed conference fee for 2019 conference assuming attendance of 70 people and to make a profit of at least 20%. Show your calculations.
• Word count guidance 300 words
Task 3.2 Send an email to the Principal Consultant (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. ( word count guide 50 words)
It should introduce and summarise the contents of the attachment.
Attach your financial performance report to the email.

? SUBMIT Task 3 Budget Review Project
The student must submit the required documents and evidence as set out in the project tasks and the checklist here. The project must be submitted into ELearn following College submission procedures including location and naming conventions.
Checklist for submission:
Checklist for submission
• Written responses for Assessment 2 – Project Task 3
• The Financial Performance Report
• The email to the Principal Consultant (your assessor).
• Upload the files together to ELearn

ASSESSMENT 2 – PROJECT
Assessment Task 4: Debtor Management Project
Task summary
This assessment is to be completed in the simulated work environment set up in the case study information – Grow Management Consultants.
This assessment task requires the student to review and evaluate financial management processes in relation to debtor management and to ensure Grow Management’s financial due diligence.
Required
• Computer with Microsoft Office and internet access
• Aged Debtors Report

Assessment Task 4 Instructions to students
Grow Management Consultants
You are continuing in your role as General Manager for the management consultants.
Complete the following activities:
Task 4.1 Write a debtor management report
Review the Aged Debtor Report, noting that the company’s usual terms are payment 10 days from invoice.
Using the Internet, research best practice debtor management and make notes on your findings.
Your report should be approximately 300 – 500 words.
Provide a report for your CEO based on your analysis that includes:
• A summary: an interpretation of the information in the aged debtor report
• Good practice debtor management
• Develop at least 5 recommendations that could be adopted by the company in response to your analysis. This will also be based on the debtor management research you conducted.
Task 4.2 Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.(word count guide 50 words)
It should introduce and summarise the contents of the attachment and seek approval to implement best practice debtor management processes.
Attach your debtor management report to the email.

? SUBMIT Task 4 Debtor Management Project
The student must submit the required documents and evidence as set out in the project tasks and the checklist here. The project must be submitted into ELearn following College submission procedures including location and naming conventions.
Checklist for submission:
Checklist for submission
• Written responses for Assessment 2 – Project Task 4
• The Debtor Management Report
• The email to the Principal Consultant (your assessor).
• Upload the files together to ELearn
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