Manage budgets and financial plans

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School

TAFE NSW - Sydney Institute *

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Course

BSB50420

Subject

Accounting

Date

Jun 11, 2024

Type

docx

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Uploaded by PresidentElementReindeer36

Skills assessment Criteria Unit code and name BSBFIN501 | Manage budgets and financial plans Qualification/Course code and name Select your Qualification/Course code and name from the dropdown. Student details Student number Student name Assessment declaration Note: If you are an online student, you will be required to complete this declaration on the TAFE NSW online learning platform when you upload your assessment. This assessment is my original work and has not been:  plagiarised or copied from any source without providing due acknowledgement.  written for me by any other person except where such collaboration has been authorised by the Teacher/Assessor concerned. Student signature and date Document title: BSBFIN501 _AE_Sk2of2 Page 1 of 22

Version: 20220616 Date created: 20 December 2021 For queries, please contact: Technology & Business Services Ultimo © 2021 TAFE NSW RTO Provider Number 90003 | CRICOS Provider Code: 00591E This assessment can be found in the: Learning Bank The content in this document is copyright © TAFE NSW 2021 and should not be reproduced without the permission of TAFE NSW. Information contained in this document is correct at the time of printing: 9 June 2024. For current information please refer to our website or your Teacher/Assessor as appropriate. Document title: BSBFIN501 _AE_Sk2of2 Page 2 of 22

Assessment instructions Table 1 - Assessment instructions Assessment details Instructions Assessment overview The purpose of this assessment task is for you to demonstrate your ability to manage the budget and financial performance of an organisation for one reporting period (one quarter). Assessment event number 2 of 2 Instructions for this assessment This assessment is divided into five key tasks as follows: 1. Access and analyse organisational budgets and financial statements. 2. Negotiate changes to budgets and financial plans. 3. Implement and communicate budgets and financial plans to the work team. 4. Monitor financial performance in line with the budget. 5. Evaluate and report on financial performance for one reporting period. Each task outlines specific instructions and criteria that must be met for successful completion. Note : This assessment contains links to external resources. If a link does not work, copy and paste the URL directly into your browser. The assessment includes several tasks which are required to be observed by your assessor. In these cases, your assessor will use observation checklists (contained in this document) to ensure your performance meets the relevant criteria. Feedback will be provided after each observation. Submission instructions On completion of this assessment, you are required to submit it to your Teacher/Assessor for marking. Where possible, submission and upload of all required assessment files should be Document title: BSBFIN501 _AE_Sk2of2 Page 3 of 22

Assessment details Instructions via the TAFE NSW online learning platform. It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE and complete the assessment declaration when submitting the assessment. What do I need to do to achieve a satisfactory result? To achieve a satisfactory result for this assessment you must meet all the criteria outlined in each of the five tasks. In the case of tasks that are observed by your assessor, all parts of the observable task must be performed to a satisfactory level as indicated in the criteria section of the observation checklist. All questions must be answered correctly to be deemed satisfactory in this assessment task; however, Teachers/Assessors may ask you additional questions to confirm your understanding of the task. What do I need to provide? TAFE NSW student account username and password. Access to: • computer with relevant software • internet • student workbook, training materials and other research you have completed • interaction with others, including persons that you source to participate in your role play, where required • participants to support your tasks • video recording device such as a smartphone What the Teacher/Assessor will provide Access to the workplace or simulated environment Access to:  learning materials, student workbook and online learning platforms  supporting resources for you to complete your assessment  TAFE NSW library resources Document title: BSBFIN501 _AE_Sk2of2 Page 4 of 22

Assessment details Instructions Video recording instructions Long URL: https://share.tafensw.edu.au/share/items/744af7d4-a241-45e2- adb0-0e13f2fe4950/0/?attachment.uuid=01c3c87a-4599-48c2- 91f0-68a00b5bbb4c Due date Time allowed Venue The assessment must be submitted by the due date noted on the Unit Assessment Guide. Students should allow a minimum of five hours to complete this assessment. Students may need additional time for preparation, research, revision group work and stakeholder engagement activities to ensure you have responded to each question satisfactorily. TAFE NSW campus/ TAFE Digital Campus/ TAFE NSW Moodle/ a location determined by your Teacher/Assessor Assessment feedback, review or appeals In accordance with the TAFE NSW policy Manage Assessment Appeals, all students have the right to appeal an assessment decision in relation to how the assessment was conducted and the outcome of the assessment. Appeals must be lodged within 14 working days of the formal notification of the result of the assessment. If you would like to request a review of your results or if you have any concerns about your results, contact your Teacher/Assessor or Head Teacher. If they are unavailable, contact the Student Administration Officer. Contact your Head Teacher/Assessor for the assessment appeals procedures at your college/campus. Document title: BSBFIN501 _AE_Sk2of2 Page 5 of 22

Task 1: Access and analyse organisational budgets and financial statements. For this task, you need to read a case study, analyse several financial statements and then answer a series of questions. Supporting documentation To complete this task, you will need to access the following financial statements provided in the appendix below.  Perfect Plants Profit and Loss Statement Q2 FY2021-22.  Perfect Plants Quarterly Budget Q2 FY2021-22.  Perfect Plants Quarterly Budget Q3 FY2021-22. You will also be required to access the ATO website to prepare your responses and provide adequate referencing where applicable. Case Study Scenario Perfect Plants Pty Ltd is a mid-sized wholesale plant nursery based in the western suburbs of Sydney. As well as their wholesale business, they have a small retail operation and propagation facility where they grow a select number of specialist varieties of orchids. You are the Sales Manager for the Wholesale Department at Perfect Plants Pty Ltd. You have a team of nine salespeople and one horticulturalist who assists in the filling of specialist orders. Due to the volatility of the environment that you operate in, the revenue or cost figures usually fluctuate. Also, in the last couple of days, the company has gone through internal changes and fluctuations as well. Market Fluctuations:  Over the past few months, the market has witnessed an increased inclination in consumers to spend on plants for their homes and businesses. Also, given the increased income in the hands of buyers, there has been an increase in sales of nurseries in the country. The average increase in sales for these competitor nurseries has been 20%, as per a market report.  The fuel and transport costs have risen throughout the country. This has been due to the oil crises that have recently hit the world economy. This increase in fuel costs will also cascade in the cost of raw materials being transported throughout the country Document title: BSBFIN501 _AE_Sk2of2 Page 6 of 22

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