BSBFIN601: Manage Organisational Finances Establish Budgets for a Case Study Organisation - Accounting and Finance Assignment Help

Assignment Task:

Task:

Assessment Task 1

Instructions 1.

Assessment Task 1: Student Instructions This task requires candidates to respond to a range of prompt questions that examine their understanding of key requirements of financial management and legislation. It also requires candidates review available financial information and establish budgets for a case study organisation.

Planning the assessment

 Recommended date for assessment: After Session 4.

 Time required for assessment: This assessment task will vary according to the skill level of the candidate and the depth of analysis, and should be negotiated with candidates.

 The candidate must submit:

 a completed annual budget in a single spread sheet with a separate sheet for each budget component  budget notes and question answers in a written format.

 Arrange with candidates to submit their written or oral response at an agreed time. Performance objective For this task you are required to respond to a range of questions that examine your understanding of key legislative and financial management requirements for a case study organisation. This assessment also requires you to review available financial information and establish a budget for the organisation. Assessment description This assessment requires you to determine the requirements to undertake budgeting, financial forecasting and reporting requirements for an organisation. You will also need to review the case study provided and prepare a budget (in electronic spreadsheet format) and budget notes for distribution and implementation in the organisation.

Procedure Part 1 1. Read and analyse the case study information (including business plan summary and previous financial data) and complete the following.

a) Develop a sales budget, profit budget, cash flow budget and debtor ageing summary using electronic spread sheets (as separate worksheets) making sure each budget is divided into quarterly periods and that you use previous financial data to determine allocations for resources.

i Ensure each budget you prepare complies with the organisational and policies and procedures as provided.

a. Develop budget notes that include:

i. identification of reasons for previous profits and losses

ii. your comment on the effectiveness of existing financial management approaches

iii. all assumptions and bases that have been made or used to form budgets iv. any relevant notes regarding implementation and monitoring of budget expenditure.

Part 2 1. Communicate information regarding the budget and answer a series of eight questions (see end of this task) in written .

2. Specifications You must submit:

 a completed annual budget in a single spread sheet with a separate sheet for each budget component

budget notes and question answers in a written format. Vanshraj Enterprises Pty Ltd T/A Victorian Academy of Commerce and Startups ACN: 60007886 | RTO Code: 41428 |

? evidence that you understand, and can explain, the required legislative requirements of financial management (and outline statutory requirements of ATO, GST, company tax, PAYG)

? evidence that you can outline compliance requirements for the Corporations Act 2001

? evidence that you can identify and recommend use of suitable software for financial management

? evidence that you have clearly communicated information regarding the budget and correctly responded to a series of questions (e.g. describe the principles of accounting and financial systems)

? evidence that you can describe implications of financial probity

? evidence that you can outline the critical dates/initiatives that will require or generate resources

? evidence that you have provided for additional items (as necessary and appropriate) in the budget

? evidence that you have recommended new or modified internal controls that could improve risk management and maintenance of audit trails

? evidence that you have developed an annual budget, as appropriate

? evidence that you have developed appropriate budget notes

? evidence that you have responded appropriately to the questions presented by ‘Jim Schnieder’, the CEO in the case study in this assessment task.

2. Assessment Task 1: Case Study

Houzit Pty Ltd You have recently been appointed as the business manager of Houzit Pty Ltd having been a store manager for the past three years. Houzit Pty Ltd is a 15 store retail chain located in Brisbane. Houzit is the leading homewares retailer, catering to the growing need for furnishing new and renovated dwellings in the greater Brisbane area. The assortment on offer of bathroom fittings, bedroom fittings, mirrors and decorative items together with the recently added lighting fixtures has positioned Houzit as a leader in homewares retailing in Australia. Houzit has grown over the past five years from a single store to the current chain. Houzit prides itself on superior after sales service which has been a key reason for the continued growth in sales and corresponding profit increases. Today Houzit employs over 150 staff. Houzit Pty Ltd is a proprietary limited company (ACN 34 765 234 02) registered with the Australian Securities and Investment Commission. The registered address is with Houzit’s solicitors (Langs Lawyers, 535 Queen Street, Brisbane, QLD 4000) and the principle place of business is 505 Boundary Street Spring Hill Brisbane QLD 4000.

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