BSBFIM601: Cash Flow - Expenses and Overheads - Accounting and Finance Assignment Help

Assignment Task

Activities
Complete the following activities individually or in a group (as applicable to the specific activity and the assessment environment).

Where applicable, a signed observation by either an approved third party or the assessor will need to be included in these activities as proof of completion.

Objective Toprovideyouwithan opportunity tomake informed estimates of new items for inclusion in budget. 
Activity Identify a new item you could add to the budget in your business. Estimate the costs of the new item and how it would be included in the budget.

You need to estimate both upfront and ongoing costs.

Objective To provide you with an opportunity to understand how tomanage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions.
Activity Identify five different ways staff could misappropriate company funds and suggest a resolution for each. 

Objective Toprovideyouwithan opportunity tounderstandhowtomaintain audit trailstoensure accurate tracking andtoidentifydiscrepanciesbetweenagreedandactualallocations.
Activity Give an example of how you could use an audit trail to identify a discrepancy in budget allocations. 

Objective To provide you with an opportunity to ensure structure and format of reports are clear and conform to organisational and statutory requirements. 
Activity Identify a report used in your workplace and list all of your organisation’s specifications here, including format and style. 

Objective To provide you with an opportunity to understand how toprepare recommendations to ensure financial viability of the organisation.
Activity Explain how you would use each of the following to determine the financial viability of the organisation:

Cash flow
Changes in business activity, including markets, goods or services traded
Consolidation 
Expenses and overheads
Labour costs, including decisions to move production to other locations or sites
Loss
Profit
Write-offs.

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