This assessment will assess your skills and knowledge in the 'BSBFIN601 Manage organisational finances unit of...

     

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This assessment will assess your skills and knowledge in the 'BSBFIN601 Manage organisational finances unit of competence. The following table maps the assessment activity against elements of performance criteria: Questions All Questions (holistic) Element 1 2 Performance criteria PC 1.1 to 1.4 PC 2.1 to 2.5 The assessment tasks for the unit assume that you will work in the Business Services industry. Case studies/ exercises used in this assessment reflect a workplace scenario. The student must have access to a Computer, Printer and Microsoft Office Suite Applications (2003 or 2007) for doing the assessment for this unit. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. If the assessment is not satisfactory, the trainer will allow one more attempt to the assessment item. The responses to assessment questions should be in your own words and examples from workplace should be used wherever possible. Part A- Short answer questions 1. Write short notes on following: a) Business Plans b) Operating Profit Term IV 2022 c) ASIC d) AASB e) Financial systems BSBFIN601 Manage organisational Finances Pacific College of Technology CRICOS: 02668F Assessment 2 1 2. Financial management sits at the intersection of two fields of accounting. Identify what are those two fields (of accounting) with the appropriate examples. 3. The matching principle matches all revenues with the expenses generated to earn those revenues during the accounting period. Explain how the matching principle relates to accrual accounting. 4. Identify some of the basic financial records that a company should keep as per the requirements of Corporations Act. 5. Explain Budgets, its types and steps involved in financial Budgeting in a company. 6. Describe the main areas of taxation legislation that applies in the areas of financial management. 7. The National Privacy principles regulate the way information is handled by the private sector organizations such as creditors and debt collectors. Write down the principles stated by the office of the Privacy commissioner regarding personal information. Part B- Calculations 1. Below is the extract from the financial statement of ABC Company: Calculate: a. Debtors Ageing Ratio b. From the following figures calculate average age of creditors and creditor turnover ratio: c. Calculate inventory turnover and days inventories outstanding for ABC, Inc. based on the information given below: Accounts Receivable Credit Sales Term IV 2022 Opening Balance Closing Balance 55000 45000 BSBFIN601 Manage organisational Finances Assessment 2 400000 2 Pacific College of Technology Creditor (closing) Bills payable (closing) Total purchases Cash purchases Purchases returns Days of year Opening inventories Closing inventories Cost of goods manufactured CRICOS: 02668F $ 54200 5800 338000 28500 9500 365 $25,000 $30,000 $245,000 2. Jelly Fences has sales of $250,000; the cost of fences for the year 2016 was $78,000 and the administration costs were $12,000. The depreciation charge was $45,000 and the interest paid was $63,000. What was the profit for the year and the operating cash flows for Outback Fences if the tax rate is 30%? Required: Calculate Cash-flow for Jelly Fences for the year 2016. This assessment will assess your skills and knowledge in the 'BSBFIN601 Manage organisational finances unit of competence. The following table maps the assessment activity against elements of performance criteria: Questions All Questions (holistic) Element 1 2 Performance criteria PC 1.1 to 1.4 PC 2.1 to 2.5 The assessment tasks for the unit assume that you will work in the Business Services industry. Case studies/ exercises used in this assessment reflect a workplace scenario. The student must have access to a Computer, Printer and Microsoft Office Suite Applications (2003 or 2007) for doing the assessment for this unit. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. If the assessment is not satisfactory, the trainer will allow one more attempt to the assessment item. The responses to assessment questions should be in your own words and examples from workplace should be used wherever possible. Part A- Short answer questions 1. Write short notes on following: a) Business Plans b) Operating Profit Term IV 2022 c) ASIC d) AASB e) Financial systems BSBFIN601 Manage organisational Finances Pacific College of Technology CRICOS: 02668F Assessment 2 1 2. Financial management sits at the intersection of two fields of accounting. Identify what are those two fields (of accounting) with the appropriate examples. 3. The matching principle matches all revenues with the expenses generated to earn those revenues during the accounting period. Explain how the matching principle relates to accrual accounting. 4. Identify some of the basic financial records that a company should keep as per the requirements of Corporations Act. 5. Explain Budgets, its types and steps involved in financial Budgeting in a company. 6. Describe the main areas of taxation legislation that applies in the areas of financial management. 7. The National Privacy principles regulate the way information is handled by the private sector organizations such as creditors and debt collectors. Write down the principles stated by the office of the Privacy commissioner regarding personal information. Part B- Calculations 1. Below is the extract from the financial statement of ABC Company: Calculate: a. Debtors Ageing Ratio b. From the following figures calculate average age of creditors and creditor turnover ratio: c. Calculate inventory turnover and days inventories outstanding for ABC, Inc. based on the information given below: Accounts Receivable Credit Sales Term IV 2022 Opening Balance Closing Balance 55000 45000 BSBFIN601 Manage organisational Finances Assessment 2 400000 2 Pacific College of Technology Creditor (closing) Bills payable (closing) Total purchases Cash purchases Purchases returns Days of year Opening inventories Closing inventories Cost of goods manufactured CRICOS: 02668F $ 54200 5800 338000 28500 9500 365 $25,000 $30,000 $245,000 2. Jelly Fences has sales of $250,000; the cost of fences for the year 2016 was $78,000 and the administration costs were $12,000. The depreciation charge was $45,000 and the interest paid was $63,000. What was the profit for the year and the operating cash flows for Outback Fences if the tax rate is 30%? Required: Calculate Cash-flow for Jelly Fences for the year 2016.

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