BSBFIN501 MANAGE BUDGETS AND FINANCIAL

PLANS

ASSESSMENT MANUAL
ASSESSMENT OVERVIEW

About this Assessment Manual

This Assessment Manual provides you with assessment information and the assessment
tasks you will be required to complete for this unit.

Why are assessment tasks important?

The assessment tasks are an important part of your course as they provide: an opportunity
for you to apply what you have learned; and feedback on your progress.

How will you be assessed?

To demonstrate competency in this unit, you must complete all of the assessment tasks
below. Your trainer and assessor will provide you with a due date for each assessment task
during the first class of the unit. Write the due dates down in the space provided. You will
also find information on due dates once you log in to the e-Learning platform.

Assessment Plan

Assessment Number Method of Assessment Due Date

Assessment Task 1 Short answer questions

Assessment Task 2 Portfolio & Roleplay

Assessment Task 3 Portfolio

What is required for successful completion?

To be assessed as 'Competent' for this unit, you must complete the above assessment tasks
satisfactorily.

Assessment Tasks

The information provided under each assessment task gives the assessor and the student:

• Instructions to outline the purpose of the assessment task and conditions to consider
when conducting the task (e.g. resources, place, submission requirements and
timeframes).
• Assessment context/scenario information.
• Activities/questions to be completed by the student.

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 • An outline of the evidence to be submitted by the student - Evidence Submission
Checklist.

How to submit assessments

You must type your responses using MS Office Suite programs (or similar). Please note that
some assessment tasks require you to submit completed forms and templates. You will find
these forms and templates in a separate document named 'Appendices and templates'.

In some role-play scenarios, you may be required to work in a small group. If this is the case,
you will still be required to submit your assessment evidence individually, and your assessor
will still assess your performance separately.

Your assessor will check your assessment evidence before submission and provide interim
feedback on the unsatisfactory performance.

You must submit your assessment work via the e-Learning platform by the due date.

Assessment Submission Declaration

Before submitting your assessment work to your trainer and assessor for marking, you must
accept the following assessment submission declaration.

I declare that the evidence provided for this task is my own work; none of this work has been
completed by another person; I have not cheated or plagiarised the work or colluded with any other
student(s); I have correctly referenced all resources and reference texts where applicable; I
understand that if I am found in breach of the Academic Misconduct Policy, disciplinary action may be
taken against me; and I know my assessment appeal rights.

The above declaration is an agreement from you that all the assessment evidence you
submit is your own work and that you understand the consequences of academic
misconduct.

Assessment Task and Unit Outcomes

Once the assessor marks your work, you will receive either a 'Satisfactory' or 'Not
Satisfactory' result for each assessment task.

If you receive a 'Satisfactory' result for all assessment tasks, you will receive a 'Competent'
result for this unit.

Receive a 'Not Satisfactory' result for any of the tasks or miss any of the tasks. You will
receive a 'Not Competent' result for this unit.
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Academic Misconduct and Referencing

You must provide your responses in your own words. You can refer to the unit's learner
guide or other sources. Still, you cannot copy sentences and paragraphs directly from these
sources. Suppose your responses are found to have been copied directly from the learner
guide or other sources. In that case, your result will be 'Not Satisfactory'.

You will still need to provide references of sources you relied upon to prepare your
assessment work.

You must also ensure that your assessment work must be current and relevant to the given
task and case study scenario.

You will be dealt with as per VIA Education's Academic Misconduct Policy if you are
engaged in academic misconduct involving plagiarism, cheating, or collusion. You can find
more details on this policy and referencing in the Student Handbook available on the VIA
website.

Reassessments

VIA Education will give you a reattempt opportunity if you receive a 'Not Competent' (NC)
result for this unit. You will have two reattempt opportunities for each 'Not Satisfactory' task
during your course. Please note that each reattempt will be subject to a reassessment fee.
Please refer to the Student Handbook available on the VIA website to know more about the
reassessment process.

What can you do if you do not agree with the assessment outcomes (results)?

Suppose you disagree with the assessment outcome or believe mistreatment has happened
to you during the assessment process. In that case, you can appeal the decision using VIA
Education's Complaints and Appeals Policy (refer to the Complaints and Appeals policy in
the Student Handbook available on the VIA website).

The first step is to discuss the matter with your trainer and assessor. If you are still unhappy
with the outcome, you can request a review of your assessment by lodging a formal appeal.

Retaining copies of the submitted assessments

Please make sure you keep a copy of all work submitted.

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 ASSESSMENT TASK ONE

Short Answer Questions

Instructions

• The purpose of this task is to assess your knowledge relating to managing budgets
and financial plans.
• You must answer all nineteen (19) questions. Where applicable, a guide to the
length of your response for each question is provided next to each question.
• You must complete this task by the due date set by your trainer and assessor.
• You will need access to the following resources to complete this task:
o Learner Guide and class notes
o Computer with MS Office Suite (or similar) and internet access.
• You will complete this task at home in your own time.
• You must submit evidence as per the ‘Evidence Submission Checklist’ by the due
date.

Questions

1. Explain the basic principle of double entry bookkeeping. (in 20 to 30 words)

2. Describe the principle of cash accounting and one (1) advantage and one (1)
disadvantage of this method of accounting. (in 60 to 80 words)

3. Describe the principle of accrual accounting and one (1) advantage and one (1)
disadvantage of this method of accounting. (in 60 to 80 words)

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 4. Explain how depreciation of asset is calculated and reported in following accounting
principles. (in 40 to 50 words each)

a) Cost Principle

b) Matching Principle

5. Identify and explain three (3) key features of A New Tax System (GST) Act 1999.

6. Identify four (4) main taxation and superannuation obligations for a business. Briefly
discuss each obligation. (in 20 to 30 words each)

7. According to GST legislation, list four (4) items that do not attract GST.

8. Answer the following questions related to Australian Taxation system

a) Explain the process by which a business reports GST to the Australian Taxation
Office. (in 10 to 20 words)

b) What is the penalty rate to be applied if a supplier does not provide an ABN?

c) A non-profit organisation needs to register for GST after it has a turnover of more
than how much?

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 9. List the key information that must be included on a tax invoice for sales of $1,000 or
more.

10. Identify and explain three (3) types of financial statements and their purpose. (in 20
to 30 words each)

11. Describe the type of entity that is required to have financial reports audited. (in 20 to
30 words)

12. Explain the purpose of a financial audit and auditor’s report. (in 100 to 120 words)

13. Describe why companies may choose to develop budgets. (in 40 to 60 words)

14. Explain the main steps in the budgeting process. (in 40 to 60 words)

15. List five (5) ways to improve cash inflow and give examples.

Ways to improve cash inflows Example

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 16. Explain the use of electronic spreadsheets in developing budgets and give two (2) of
their key features. (in 50 to 70 words)

17. Explain three (3) key principles relating to the management of a chart of accounts.
(in 20 to 30 words)

18. Explain the purpose of a profit and loss statement and give two (2) of its key
features. (in 60 to 80 words)

19. Explain five (5) ways how a manager could manage work teams

Evidence Submission Checklist

Evidence to be submitted Have I completed this?

Answers to all questions 

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 ASSESSMENT TASK TWO

Portfolio & Roleplay

Instructions

• The purpose of this assessment task is to assess your skills and knowledge
relating to planning and implementing financial management approaches.
• You must complete this task by the due date set by your trainer and assessor.
• You will need access to the following resources to complete this task:
o King Edward VII College-Case study scenario information
o Appendices and templates provided by your assessor
o Business technology and office equipment including computer with MS Office
Suite (or similar) and internet access
o Space/technology to conduct meetings/presentations
• You must provide your responses in your own words. You can refer to the Learner
Guide, case study scenario or other sources when preparing evidence, but you are
not allowed to copy sentences and/or paragraphs directly from these sources. If
your responses are found to have been copied directly from learner guide, case
study scenario or other sources, your result for this task will be Not Satisfactory.
• You will complete the research and documentation type of activities at home in your
own time and the practical type (role-plays and presentations) activities in simulated
assessment environment under the assessor’s supervision.
• After completing the activities, you must submit evidence as per the ‘Evidence
Submission Checklist’ by the due date. For observation type activities, your assessor
records your performance using a checklist, so you do not need to submit anything
unless the activity asks you specifically.

Part A Scenario

You are the Marketing Manager for King Edward VII College. You are required to review the
budget you have been assigned for the upcoming financial year and to participate in a
meeting with the CEO (role-played by your assessor) to discuss and negotiate the budget.
You are then required to meet with your team to discuss the budget allocation for the year,
as well as explain the key features of the company’s financial policy and procedure.

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Carefully read the King Edward VII College case study (Appendix 1), the Finance Policy
and Procedures (Appendix 2) and Marketing budget template (Excel Sheet provided), and
then complete the following activities.

Part A Activities

1. Develop a draft marketing budget

As the Marketing Manager for King Edward VII College, you are required to develop
a budget for marketing for the year. Review the case study information provided to
you and, based on amounts allocated to each marketing activity, develop a marketing
budget using the Marketing Budget Template (Excel sheet provided) to discuss at a
meeting with the CEO.

Save this document as Draft Marketing Budget.

2. Participate in a budget meeting

Role play Scenario

You have just completed the draft marketing budget. You would like to conduct a TV
advertising campaign and have been quoted a price of $30,000 to run the campaign. As
this is obviously well over the budget limit, you need to negotiate an increase in budget. In
order to negotiate this increase, you will need to research and present an argument for
using TV advertising and the benefits to the company. You are meeting with the CEO
(roleplayed by your assessor) to discuss the draft marketing budget and request for an
increase in the budget for television advertising.

Conditions

You will play the role of Marketing Manager for King Edward VII College.

Your assessor will play the role of the CEO.

Your assessor will prepare the environment for the meeting.

The meeting starts when your assessor (CEO) welcomes you (Marketing manager) to the
meeting.

During the meeting, you are required to:

• Explain each of the planned marketing activities

• Confirm the amount allocated to each of the marketing activities, including the
amount allocated for contingencies.

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 • Negotiate to increase the budget to accommodate the TV advertising campaign
you wish to run (as per the case study information, you will need to present the
benefits of television advertising to convince the CEO).

• Present information about financial issues and requirements using structure and
language to suit audience

• Use active listening and questioning to clarify information and to confirm

understanding

Before the conclusion of the meeting, you are to obtain confirmation on increase of the
budget from the CEO.

Meeting should take no more than 15 minutes.

3. Revise the marketing budget

Following the meeting, revise your marketing budget to incorporate the feedback
from the CEO.

Save this document as Revised Marketing Budget.

4. Meet with your team to discuss the budget.

Role play Scenario

You need to meet with your team to confirm the budget for the year. You are also required
to introduce to the team the company’s Finance Policy and Procedures (Appendix 2), so
revise this before the meeting, and write a short summary of it to share with your team.

You are required to meet with your team members to discuss the overall budget allocation
and to introduce the company’s Finance Policy and Procedure.

Conditions

You will play the role of Marketing Manager for King Edward VII College.

Your assessor will play the role of the team members.

Your assessor will prepare the environment for the meeting.

During the meeting, you are required to:

• Discuss the overall budget allocation

• Discuss the amounts allocated to each marketing activity

• Discuss the amount allocated for contingencies

• Provide an outline of the Finance Policies and Procedures

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 • Present information about financial issues and requirements to a range of
audiences using structure and language to suit audience

• Use active listening and questioning to clarify information and to confirm

understanding

Meeting should take no more than 15 minutes.

Part B Scenario

As per company policy, you (in the role of Marketing Manager) are required to monitor and
control finances for the marketing department for King Edward VII College and provide a
budget and expenditure report to the CEO.

The finance department has provided you with Marketing Expenditure (Appendix 3), a
report on expenditure for 2019/20. There will also be some notes included to assist you to
complete this task.

Note: that the company deems a standard variance in budgets of up to 5% acceptable.

Part B Activities

1. Update the marketing budget

Enter the amounts of marketing expenditure into your budget under actual expenses.
Save this document as Updated Marketing Budget.

2. Write a report on the budget and expenditure

Write a report on the budget and expenditure using Report on budget and
expenditure template (Appendix 4).
Your budget report should include:
• Projected budget and actual budget and variations
• Overall level of variance, as well as variance for individual marketing activities
• Reasons for overruns
• Proposed solutions for following year’s budget

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Evidence Submission Checklist

Evidence to be submitted Have I completed this?

Draft Marketing Budget 

Revised Marketing Budget 

Updated Marketing Budget 

Report on the budget and expenditure 

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 ASSESSMENT TASK THREE

Portfolio

Instructions

• The purpose of this task is to assess your skills relating to reviewing and evaluating
financial management processes.

• You must complete this task by the due date set by your trainer and assessor.

• You will need access to the following resources to complete this task:

o King Edward VII College Case study scenario information

o Appendices and templates provided by your assessor
o Business technology and office equipment including computer with MS Office
Suite (or similar) and internet access
• You must provide your responses in your own words. You can refer to the Learner
Guide, case study scenario or other sources when preparing evidence, but you are
not allowed to copy sentences and/or paragraphs directly from these sources. If
your responses are found to have been copied directly from learner guide, case
study scenario or other sources, your result for this task will be Not Satisfactory.
• You will complete the research and documentation type of activities at home in your
own time and the practical type (role-plays and presentations) activities in a
simulated assessment environment under the assessor’s supervision.
• After completing the activities, you must submit evidence as per the ‘Evidence
Submission Checklist’ by the due date. For observation type activities, your assessor
records your performance using a checklist, so you do not need to submit anything
unless the activity asks you specifically.

Scenario

For this task, you are to assume the role of Operations Manager. You are required to report
on an interim profit and loss account and review and evaluate financial management
processes of the King Edward VII College.

Carefully read and analyse the Profit and Loss Account (Appendix 5) and Aged Debtor
Summary (Appendix 6) and complete the following activities.

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Activities

1. Write a report for the CEO on the College’s performance for the last six months.

Analyse the information provided in the interim Profit and Loss Account (Appendix 5)
and write a short report on this.

Your performance report should:

• Outline financial performance based on the figures in the profit and loss account
• Identify variances higher than 10%
• Compare the performance of each campus
• Recommend solutions in relation to expenditure items where variances are higher
than 10%

2. Write an Aged Debtor Report

Analyse the information in the Aged Debtor Summary (Appendix 6).

Note that the company’s usual terms are payment 14 days from invoice.

Research best practice debtor management and then an Aged Debtor Report.

Your report should include following and be approximately 1 page long:

• An outline of the information in the Aged Debtor Summary.
• What this says about the company’s aged debtor processes.
• At least 5 recommendations that could be adopted by the company in response
to your analysis. This should be based on the debtor management research you
conducted.
Use the Aged Debtors Report (Appendix 7) for the CEO.

3. Implement debtor management procedures

Assume that the CEO advises that in response to your recommendations that a debtor
management procedure should be developed and implemented in relation to customer
invoices.

You are required to develop a simple debtor management procedure for customer
payments. Your procedure should be approximately one page and should include a
range of simple steps from a friendly reminder to sending a formal letter of demand.

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4. Write email to the CEO

Assume it is six months later and you are required to review a summary of current aged
debts to determine the effectiveness of the implementation of the debtor management
procedure. Review the Aged Debtor Monitoring Summary (Appendix 8). Compare it
against the previous Aged Debtor Summary to determine the effectiveness of the
procedure.

Write an email to CEO (your assessor) summarising your findings regarding your
analysis of the Aged Debtor Monitoring Summary

Evidence Submission Checklist

Evidence to be submitted Have I completed this?

Financial performance report 

Aged Debtor Report 

Debtor Management Procedure 

Email to CEO summarising the analysis of Aged Debtor monitoring


report

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