BSBFIM601 Manage Finances Assessment 1
Assessment Tasks and Instructions
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Student Name | |
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Student Number | |
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Course and Code | |
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Unit(s) of Competency and Code(s) |
BSBFIM601 Manage finances |
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Stream/Cluster | |
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Trainer/Assessor |
Assessment Guidelines
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What will be assessed |
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The purpose of his assignment is to assess the underpinning knowledge requirements for the unit BSBFIM601 Manage finances relating to the following aspects: 1. Identify the requirements for financial probity 2. Describe the principles of accounting and financial systems 3. Explain Australian, international and local legislation and conventions that are relevant to financial management in the organization 4. Outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go. |
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Place/Location where the assessment will be conducted |
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Resource Requirements |
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Pen, Paper, and access to current legislation and internet. |
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Instructions for assessment including WHS requirements |
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Each of the questions overleaf must be addressed and where indicated additional support materials or references must be provided. Please note that where sources of information are accessed like websites or literature, these must be clearly referenced. |
Your Tasks:
1. What are the requirements for financial probity?
Your response needs to provide an overview of what financial probity entails and what this type would require from you as an employee and an organization for various business activities like e.g. tenders, procurement, etc.
2. Describe the concepts and principles of accounting:
- Accounting Entity Concept
- The Reliability Principle
- The Going Concern Principle
3. Describe the principles of and provisions for effective financial systems:
An overview of the common procedures and systems and what these entail:
- Transaction recording
- Reconciliation Processes
- Invoicing
- Accounts payable
- Account receivable
- Cash management
- Security measures
- Banking procedures
- Revenue systems
- Financial management systems
4. Explain the following Australian, international and local legislation and conventions that are relevant to financial management in the organization. Where these are not relevant to your organization, provide a detailed example for each of these applied to suitable business activity.
- Australian Consumer Law (ACL)
- International Commercial Terms (INCOTERMS)
- Warsaw Convention
- Trade Agreements
- World Trade Organization determinations
5. 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, calculating these, due dates, and provisions are relevant to different business models e.g. partnership/sole trader or company.
