Subject Code : | BSBFIM601 |
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Performance objective
The candidate will demonstrate the ability to undertake budgeting, financial forecasting, and reporting and to allocate and manage resources to achieve the required outputs for the business unit.
Assessment description
This assessment consists of preparing a one-year budget and projected financial statement including income & expenses and liabilities & assets using the given data. You may consult with your trainer/assessor if any additional support and guidance are required.
Procedure
This Assessment Task has two (2) parts – Part A and Part B.
PART A: (BSBFIM601)
For this assessment, students are to utilize the data in the Appendices regarding Ed’s Whitegoods. The instructor can role-play the part of Edward Tan, the proprietor and will give any additional information required, including company policies and procedures, milestones, etc.
Students are to undertake the following:
Students must ensure that estimates of future cash flow, costs and revenues are realistic in the context of the available information at the time of creating the budget. Changes in circumstances should be anticipated as best as possible with an emphasis on financial risks and creating protection strategies in accordance with organizational procedures. Any liaison with the proprietor of the business to determine milestones, policies, goals, etc. should be carried out with your instructor, who will role-play the relevant parts.
PART B: (BSBFIM601)
Now you are to take your completed budget and arrange an appointment with your assessor, who will role-play a finance specialist. In this meeting, you are to
Specifications
You must now:
The detail in writing all delegations and budget accountabilities for implementation and management of your package
Your assessor will be looking for your ability to:
Appendix
Ed’s Whitegoods Ltd Assumptions for the 2015 financial year
Following research on market trends and consumer confidence, as well as inflation and other factors, Ed has provided you with the following set of assumptions for the 2015 business year.
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