Bsbfim601a manage finances

Assessment Task 2 BSBFIM601A Manage Finances

Attribution to © 2011 Innovation and Business Assessment Task 2 - BSBFIM601A Hospitality Sem 1, 2016

Industry Skills Council Ltd 1st edition version: 2 Author: Paul Coulter

Last Updated: 20 April 2016 Page 1 of 18

Assessment Task 2: Prepare Budgets Case Study

Submission details Big Bob’s Burgers

The Assessment Task is due on the date specified by your assessor. Any variations to this

arrangement must be approved in writing by your assessor.

Submit documents with any required evidence attached. See specifications below for

details.

 Submit signed cover sheet with your Report, comprising printed budget

spreadsheets and word document answers in a professionally presented format

 An electronic version of spreadsheets is to be emailed to assessor

 The task may be completed in groups of two (preferable). Group members are

jointly and severally responsible for each others work.

Performance objective

For this task you are required to respond to a range of prompt 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 budgets (in electronic spreadsheet format)

and budget notes and answers for distribution and implementation in the organization (in

word document). This assessment will cover aspects of Elements 1, 2 and 3.

Procedure

1. Read the case study.

2. Analyse the case study information and respond to the questions. Copy the

questions and set up an appropriate word document.

3. Analyse the case study information (including business plan summary and previous

financial data) and complete the following.

a. Develop a sales budget, profit budget, GST cash flow budget and debtor

ageing summary using electronic spreadsheets (as separate worksheets)

making sure each budget is divided into quarterly periods and that you use

previous financial data to determine allocations for resources.

Ensure each budget you prepare complies with the organisational and

policies and procedures as provided.

Assessment Task 2 BSBFIM601A Manage Finances

Attribution to © 2011 Innovation and Business Assessment Task 2 - BSBFIM601A Hospitality Sem 1, 2016

Industry Skills Council Ltd 1st edition version: 2 Author: Paul Coulter

Last Updated: 20 April 2016 Page 2 of 18

b. Develop budget notes (to be answered in Question 9, p18) which 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 basis that have been made or used to form

budgets

iv. any relevant notes regarding implementation and monitoring of budget

expenditure.

4. Communicate information regarding the budget and answer a series of prompt

questions in written or oral form as agreed with your assessor.

Specifications

You must provide:

● 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.

Your assessor will be looking for:

● evidence that you understand the required legislative requirements

● evidence that you can identify suitable software for financial management

● evidence you have reviewed the case study information provided by submitting an

appropriate budget with budget notes

● evidence that you have clearly communicated information regarding the budget and

correctly responded to a series of questions.

Procedure:

● assessment mode: Report