BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 1 of 23
SIT60316 Advanced Diploma of Hospitality Management
BSBFIM601 Manage finances
ASSESSMENT 1: Assignment
Student’s Name
Student No
Student Declaration I declare that the work submitted is my own. It has not been
copied or plagiarised from any other person or source.
Student’s Signature
Date Submitted
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Assessor use only
BSBFIM601 Manage finances Assignment Marking Guide
Checklist
Did the student:
Links to
Performance
Criteria
Satisfactory
Not
Satisfactory
Access required information from supervisor and discussed and reviewed
relevant information including
financial data
previous profit and loss
cash flow trends
Statutory requirements for compliance and liabilities for tax
software and its suitability for financial management
1.1,1.2,
1.3,1.4,
1.5
Generate budget and financial statement following set procedures and
adhering to Australian accounting standards including:
Sales forecast, taking into account additional information
Estimated expenses / inventory costs
Estimated profits
2.1,2.2,
2.3
Conduct role-play meeting with financial specialist to discuss financial
aspects of the budget / financial plans
3.1
Develop procedure for risk management and contingency planning 3.2,3.3,
3.4,3.5
Develop and submit the following:
revised budget
budget assessment report
feasibility report
4.1,4.2,
4.3,4.4
Prepare the research report on commercially available softwares 1.6
Result: Satisfactory Not Satisfactory Assessor signature: Date:
Feedback to student:
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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GENERAL INFORMATION ABOUT ASSESSMENT
Please read the following carefully
Assessments are to be completed according to the instructions provided in the
assessment document. Your trainer-assessor will go through the instructions with you.
Assignments (e.g. projects) are to be completed at home, in your own time.
If you are not sure about any aspect of an assessment, ask your trainer/assessor to
explain the requirements.
All parts of each assessment (questions and/or tasks) must be answered unless the
individual assessment instructions tell you something different.
You need to complete, sign and date the front page and attach it to your assignment.
All assignments must be typed in 12 point type on A4 paper
Make sure you keep a photocopy of your assignment before you hand it in.
All assignments must be your own work – your own words. All quotes from reference
sources (e.g. books and websites) must be acknowledged and listed at the end of your
assignment. You must also ensure that the information you provide in assessment
evidence must be current i.e. recent enough.
Group or Team Work: In some cases, you will be required to work on a project in small
groups, and your trainer will allocate you to a group to work as a team. You may even be
allocated a particular role. If you are working as part of a group, you will still be required
to submit your assessment individually, and your performance will be assessed on an
individual basis. Therefore, you must keep and submit with your assignment a record of
the specific contribution you have made to the project, as well as keep notes of team
meetings to include in your final submission.
If you are unable to submit any assignment by the due date, you need to discuss this with
your trainer/assessor beforehand and obtain an extension of time.
If you do not follow the above rules, you may need to be re-assessed.
Please remind your trainer of any special needs you may have. Where possible reasonable
adjustment to the assessment will be made, provided that does not affect the validity of
the assessment.
After you have completed an assessment, your assessor will give you feedback about your
performance and tell you whether the result is “satisfactory” or “not satisfactory” (that is,
your trainer /assessor considers you need more training and experience).
If your performance is not satisfactory, you will be advised about any gaps in your
knowledge or skills and given an opportunity to be re-assessed.
If you think the assessment process was flawed, you may appeal against the assessment
decision.
After you have completed all the assessments for a unit (or group of units in some cases),
you will be awarded C (Competent) if the assessor is satisfied you have provided enough
appropriate evidence to meet all criteria. If you are unable to meet this requirement, you
will receive the result NYC (Not Yet Competent).
If you are deemed Not Yet Competent by your trainer /assessor and require reassessment, you will be informed of the process.
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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BSBFIM601 ASSESSMENT INFORMATION
You need to complete two assessments for this unit of competency. Details are provided
below.
Assessment Number Assessment Task
ASSESSMENT 1: Assignment
Your trainer will give you this during the first classroom
session for this unit of competency, together with any
other relevant information required to complete the
assessment.
You are required to submit the assessment in the last
week of class for the unit. Your trainer will tell you the
due date during the first classroom session.
This assessment is based on a
case study of “ EDs
Whitegoods” provided in the
additional information section
of this assessment
ASSESSMENT 2: Written Exam
During the last week of classes for this unit, you will be
required to do an exam covering the content of the unit.
During the first classroom session for the unit, your
trainer will tell you the date of the exam.
This is a 2 hour exam that you
will complete in class under
your trainer-assessor’s
supervision. You are allowed to
refer to your class notes and
other resources.
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Assessment 1 – Project
This assessment project is to be completed in addition to the learning and assessment
activities you complete in class. The project is designed to assess the knowledge and skills
required to undertake budgeting, financial forecasting and reporting and to allocate and
manage resources to achieve the required outputs for the business unit. It includes
contributing to financial bids and estimates, allocating funds, managing budgets and
reporting on financial activity.
If you are not sure about any aspect of the assessment or would like to discuss your
particular needs, please speak to your trainer. Your trainer will tell you the date you need
to submit your assignment.
All parts of the project will be given to you at the same time. You need to complete all parts
and submit them together by the due date. This will be in the last week of classes for the
unit.
This project assignment is to be completed using the information provided under Appendix
1-5.
The checklist and scope of submission table will identify the records that you are required
to prepare and submit (as a single submission).
Your assignment must be typed (in 12 point type on A4 paper) and attached to the front
page of this assessment document, which you need to complete as an Assessment Cover
Page.
Make sure you keep a copy of your assignment before you hand it in to your trainer.
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Part 1.
Task 1
For this part, students are to utilise 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:
List all personnel you would consult with in order to gain adequate advice prior to
commencing your reports.
Consult with your instructor to determine management requirements
Prepare a 1-year budget & projected financial statement including:
– Sales forecast, taking into account additional information in Appendix 5
– Estimated expenses / inventory costs
– Estimated profits
Ensure report layout and format comply with management information
requirements, are clear and error-free
Note: Students must use spreadsheet to undertake this task.
Students must ensure that estimates of future cash flow, costs and revenues are realistic in
context of the available information at the time of creating the budget. Changes in
circumstances should be anticipated as best as possible with particular emphasis on
financial risks and creating protection strategies in accordance with organisational
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.
Task 2
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
Manage the meeting direction and progress
Discuss with the finance specialist the aspects of your budgets / financial plans (the
package)
Review and ensure to validate your reasons and proposals
Amend / revise your package as appropriate
You must now:
Detail in writing all delegations and budget accountabilities for implementation and
management of your package
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Develop a written procedure that details the recording systems and documentation
process you will follow for monitoring and controlling all activities against your
plans.
Develop a risk management and contingency plan for all your proposed financial
plans; along with a policy and procedure to be followed when implementing these
plans
Develop a policy and procedure that outlines proper maintenance of records of
financial performance and provides for evaluation of the effectiveness of your
financial management process
Part 1. Checklist and Scope of Submission
Before you hand in part 1, use the checklist below to make sure you have completed all the
tasks and have included all the relevant information. I have:
Developed and submitted annual budget
Detailed all delegations and budget accountabilities for implementation and
management of proposal
Developed a plan and policy and procedure for risk management and contingency
Developed a policy and procedure for proper maintenance of records
Part 2.
Task 1
You are required to compare their budgeted figures against actual figures located below:
Ed’s Whitegoods 1 year result:
Total Sales: $1,623,000
Total Purchases: $701,400
Total Expenses: $402,000
You are to undertake the following:
Prepare a variance analysis between budgeted and actual figures
Ensure report demonstrates major differences
What was the discrepancy?
– Is the discrepancy a positive or negative one?
– Locate the area and give at least 5 reasons why the discrepancy may have
occurred
Utilise the data provided to determine the effectiveness of the cost budgeting
techniques used
Lastly, you should give recommendations as to how their variance may be corrected
for future budgets for the business.
The variance report should be submitted along with a written report detailing answers to
the above questions.
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Part 2. Checklist and Scope of Submission
Before you hand in these assessment tasks, use the checklist below to make sure you have
completed all the tasks and have included all relevant information. I have:
developed and submitted the following
o revised budget
o budget assessment report
o feasibility report
Part 3.
Task 1
For this task you are to identify and evaluate a minimum of 3 commercially available
financial management software for its appropriateness within your actual or projected
business. You need to consider
1. Price
2. Usability
3. Features and functions
4. Compatibility with other programs
5. Compatibility with other specialists
Provide your review in the form of a written report, making a recommendation on the most
suitable product for you. Be sure to explain your approach, including the pros and cons of
each product evaluated
Part 3. Checklist and Scope of Submission
Before you hand in these assessment tasks, use the checklist below to make sure you have
completed all the tasks and have included all relevant information. I have:
Prepared and submitted the research report.
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Appendix 1 – Big Ed’s Whitegoods Ltd
Edward Tan owns a medium sized whitegoods retail store. He provides you with the
following information which is current as of 1 October 2014. All sales and purchasing
figures are inclusive of GST.
Assets:
Cash (Bank) $245,000
Computer equipment $16,400
Delivery Van $26,000
Phones $2,300
Office Equipment $4,500
Debtors $13,580
Stock $117,303
Expenses
Phone Service / Calls $780
Electricity $1590
Gas $600
Water $550
Insurance $1300
Payroll $465,000
Cleaning $850
Finance Costs $1650
Advertising $560
Rent $25,000
Petrol $560
Accountants Fees $370
Maintenance $1405
Bank Fees $210
Office Supplies $600
Creditors:
JRL Holdings $22,626
Innovating Technology Ltd $3,653
LMS Marketing $1,200
Rowlings & Sons $35,622
Ed has 3 customers that purchase a large quantity of stock through him which he delivers
to their premises. To keep these customers happy, Ed is providing this service on credit
to the customers listed below. The listed customers have a debt owing to Ed as listed:
Debtors:
P.L Farthings $1,323
J Smyth & Co $800
L.L Incorporated $356
National Appliances Direct $4,233
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Appendix 2 – Big Ed’s Whitegoods Ltd Transactions October 2014
Ed sold the following items:
Each sold at:
12 fridges $1600
15 freezers $800
13 microwaves $470
11 Range hoods $190
6 ovens $2100
16 cook tops $560
18 dishwashers $990
22 Vacuums $390
14 Coffee makers $600
25 Toasters $99
5 Irons $156
16 Mixers $89
13 Deep fryers $99
4 Portable A/Cs $350
0 Hairdryers $35
14 Irons $45
14 Scale Sets $24
13 Kettles $78
15 Small Bins $40
7 Large Bins $60
9 Wine coolers $299
5 Washing Machines $340
4 Dryers $330
TOTAL $111837
All Sales for cash
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Ed purchased the following items:
Each purchased for:
10 fridges $800 Purchased on credit from JRL
15 freezers $250 Purchased on Credit from JRL
10 microwaves $150
10 Range hoods $80
5 ovens $900
15 cook tops $200
15 dishwashers $450
20 Vacuums $130 Purchased on credit from
Innovative Tech
10 Coffee makers $250 Purchased on credit from
Innovative Tech
20 Toasters $35
5 Irons $78
15 Mixers $45
10 Deep fryers $45
0 Portable A/Cs $180
0 Hairdryers $9
10 Irons $19
10 Scale Sets $12
10 Kettles $34
10 Small Bins $13
5 Large Bins $22
15 Wine coolers $130
5 Washing Machines $220 Purchased on credit from
Rowlings
5 Dryers $210
TOTAL $40605
All Invoices paid at time of purchase unless otherwise stated
The following amounts were paid to creditors:
JRL Holdings $5,000
Innovating Technology Ltd $2,000
Rowlings & Sons $5,000
Deliver services were provided on credit to the following:
P.L Farthings $300
J Smyth & Co $150
L.L Incorporated $362
National Appliances Direct $600
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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The following was paid in expenses
Phone Service / Calls $65
Electricity $132.50
Gas $50
Water $45.83
Insurance $108.33
Payroll $38750
Cleaning $70.83
Finance Costs $137.50
Advertising $46.67
Rent $2083.33
Petrol $46.67
Accountants Fees $30.83
Maintenance $117.08
Bank Fees $17.50
Office Supplies $ 50
TOTAL EXPENSES $41,752.08
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Bank Statement October 2014
1-Oct BALANCE FORWARD $245,000.00 CR
3-Oct Loan Costs (National) $137.50 $244,862.50 CR
4-Oct Telsta Invoice 3365432 $65.00 $244,797.50 CR
5-Oct HLH Electricity $132.50 $244,665.00 CR
6-Oct Ultimate Gas $50.00 $244,615.00 CR
8-Oct Wages $19,375.00 $225,240.00
8-Oct Rent $2,083.33 $223,156.67 CR
9-Oct Cash Deposit $6,000.00 $229,156.67 CR
13-Oct JRL Holdings $5,000.00 $224,156.67 CR
15-Oct Innovative Technology $2,000.00 $222,156.67 CR
17-Oct Cash Deposit $25,837.00 $247,993.67 CR
22-Oct Cash Withdraw $500.00 $247,493.67 CR
22-Oct Wages $19,375.00 $228,118.67 CR
22-Oct Purchase 11451 $12,620.00 $215,498.67 CR
23-Oct Shell $46.67 $215,452.00 CR
23-Oct Purchase 11452 $8,630.00 $206,822.00 CR
25-Oct Cash Withdraw $500.00 $206,322.00 CR
25-Oct Purchase 11453 $1,405.00 $204,917.00 CR
25-Oct LMS Marketing $46.67 $204,870.33 CR
25-Oct Cash Withdraw $50.00 $204,820.33 CR
26-Oct Water $45.83 $204,774.50 CR
26-Oct Insurance Direct Debit $108.33 $204,666.17 CR
27-Oct Corporate Cleaning Ltd $70.83 $204,595.34 CR
27-Oct Rowlings & Sons $5,000.00 $199,595.34 CR
27-Oct Cash Deposit $35,000.00 $234,595.34 CR
28-Oct Fees $17.50 $234,577.84 CR
28-Oct P.L.Harris Repairs $117.08 $234,460.76 CR
29-Oct Yarra Valley $45.83 $234,414.93 CR
30-Oct Cash Deposit $45,000.00 $279,414.93 CR
30-Oct Cash Withdraw $500.00 $278,914.93 CR
30-Oct Office Supplies $50.00 $278,864.93 CR
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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Appendix 3 – Ed’s Whitegoods Ltd Transactions November 2014
Ed sold the following items:
Each sold at:
8 fridges $1600
10 freezers $800
6 microwaves $470
15 Range hoods $190
5 ovens $2100
18 cook tops $560
18 dishwashers $990
26 Vacuums $390
18 Coffee makers $600
13 Toasters $99
7 Irons $156
11 Mixers $89
9 Deep fryers $99
6 Portable A/Cs $350
2 Hairdryers $35
16 Irons $45
18 Scale Sets $24
14 Kettles $78
14 Small Bins $40
17 Large Bins $60
10 Wine coolers $299
10 Washing Machines $340
4 Dryers $330
TOTAL $103136
All Sales for cash
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 15 of 23
Ed purchased the following items:
Each purchased for:
5 fridges $800 Purchased on credit from JRL
5 freezers $250 Purchased on Credit from JRL
5 microwaves $150
10 Range hoods $80
5 ovens $900
10 cook tops $200
10 dishwashers $450
20 Vacuums $130 Purchased on credit from
Innovative Tech
10 Coffee makers $250 Purchased on credit from
Innovative Tech
10 Toasters $35
5 Irons $78
10 Mixers $45
5 Deep fryers $45
5 Portable A/Cs $180
0 Hairdryers $9
15 Irons $19
15 Scale Sets $12
10 Kettles $34
10 Small Bins $13
5 Large Bins $22
5 Wine coolers $130
0 Washing Machines $220 Purchased on credit from
Rowlings
0 Dryers $210
TOTAL $26910
All Invoices paid at time of purchase unless otherwise stated
The following amounts were paid to creditors:
JRL Holdings $5,000
Innovating Technology Ltd $2,000
LMS Marketing $1,200
Rowlings & Sons $5,000
Deliver services were provided on credit to the following:
P.L Farthings $200
J Smyth & Co $350
L.L Incorporated $462
National Appliances Direct $490
TTNT $336
BSBFIM601 Assessment 1: Assignment, v1, October 2016
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As of December 2014, Ed gains another valuable customer, TTNT, who he sets up on the
same credit delivery scheme as his other regular customers.
The following was paid in expenses
Phone Service / Calls $65
Electricity $132.50
Gas $50
Water $45.83
Insurance $108.33
Payroll $38750
Cleaning $70.83
Finance Costs $137.50
Advertising $46.67
Rent $2083.33
Petrol $46.67
Accountants Fees $30.83
Maintenance $117.08
Bank Fees $17.50
Office Supplies $ 50
TOTAL EXPENSES $41,752.08
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 17 of 23
Bank Statement November 2014
1-Nov BALANCE FORWARD $278,864.93 CR
3-Nov Loan Costs (National) $137.50 $278,727.43 CR
4-Nov Telsta Invoice 3365433 $65.00 $278,662.43 CR
5-Nov HLH Electricity $132.50 $278,529.93 CR
6-Nov Ultimate Gas $50.00 $278,479.93 CR
8-Nov Wages $19,375.00 $259,104.93
8-Nov Rent $2,083.33 $257,021.60 CR
9-Nov Cash Deposit $3,606.00 $260,627.60 CR
13-Nov JRL Holdings $5,000.00 $255,627.60 CR
15-Nov Innovative Technology $2,000.00 $253,627.60 CR
17-Nov Cash Deposit $9,000.00 $262,627.60 CR
22-Nov Cash Withdraw $500.00 $262,127.60 CR
22-Nov Wages $19,375.00 $242,752.60 CR
22-Nov Purchase 11454 $7,209.00 $235,543.60 CR
23-Nov Shell $46.67 $235,496.93 CR
23-Nov Purchase 11455 $5,695.00 $229,801.93 CR
25-Nov Cash Withdraw $500.00 $229,301.93 CR
25-Nov Purchase 11456 $3,656.00 $225,645.93 CR
25-Nov LMS Marketing $1,200.00 $224,445.93 CR
25-Nov LMS Marketing $46.67 $224,399.26 CR
25-Nov Cash Withdraw $50.00 $224,349.26 CR
26-Nov Water $45.83 $224,303.43 CR
26-Nov Insurance Direct Debit $108.33 $224,195.10 CR
27-Nov Corporate Cleaning Ltd $70.83 $224,124.27 CR
27-Nov Rowlings & Sons $5,000.00 $219,124.27 CR
27-Nov Cash Deposit $46,530.00 $265,654.27 CR
28-Nov Fees $17.50 $265,636.77 CR
28-Nov P.L.Harris Repairs $117.08 $265,519.69 CR
29-Nov Yarra Valley $45.83 $265,473.86 CR
30-Nov Cash Deposit $44,000.00 $309,473.86 CR
30-Nov Cash Withdraw $500.00 $308,973.86 CR
30-Nov Office Supplies $50.00 $308,923.86 CR
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 18 of 23
Appendix 4 – Ed’s Whitegoods Ltd Transactions December 2014
Ed sold the following items:
Each sold at:
16 fridges $1600
15 freezers $800
6 microwaves $470
8 Range hoods $190
8 ovens $2100
14 cook tops $560
14 dishwashers $990
29 Vacuums $390
26 Coffee makers $600
19 Toasters $99
9 Irons $156
16 Mixers $89
13 Deep fryers $99
8 Portable A/Cs $350
1 Hairdryers $35
21 Irons $45
22 Scale Sets $24
19 Kettles $78
31 Small Bins $40
16 Large Bins $60
16 Wine coolers $299
15 Washing Machines $340
8 Dryers $330
TOTAL $133860
All Sales for cash
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 19 of 23
Ed purchased the following items:
Each purchased for:
10 fridges $800 Purchased on credit from JRL
10 freezers $250 Purchased on Credit from JRL
10 microwaves $150
15 Range hoods $80
10 ovens $900
15 cook tops $200
15 dishwashers $450
30 Vacuums $130 Purchased on credit from
Innovative Tech
25 Coffee makers $250 Purchased on credit from
Innovative Tech
20 Toasters $35
10 Irons $78
18 Mixers $45
15 Deep fryers $45
10 Portable A/Cs $180
5 Hairdryers $9
25 Irons $19
25 Scale Sets $12
20 Kettles $34
30 Small Bins $13
15 Large Bins $22
15 Wine coolers $130
10 Washing Machines $220 Purchased on credit from
Rowlings
10 Dryers $210
TOTAL $55335
All Invoices paid at time of purchase unless otherwise stated
The following amounts were paid to creditors:
JRL Holdings $10,000
Innovating Technology Ltd $4,000
Rowlings & Sons $8,600
Deliver services were provided on credit to the following:
P.L Farthings $965
L.L Incorporated $332
National Appliances Direct $695
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 20 of 23
The following was paid in expenses
Phone Service / Calls $65
Electricity $132.50
Gas $50
Water $45.83
Insurance $108.33
Payroll $38750
Cleaning $70.83
Finance Costs $137.50
Advertising $46.67
Rent $2083.33
Petrol $46.67
Accountants Fees $30.83
Maintenance $117.08
Bank Fees $17.50
Office Supplies $ 50
TOTAL EXPENSES $41,752.08
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 21 of 23
Bank Statement December 2014
1-Dec BALANCE FORWARD $308,923.86 CR
3-Dec Loan Costs (National) $137.50 $308,786.36 CR
4-Dec Telsta Invoice 3365434 $65.00 $308,721.36 CR
5-Dec HLH Electricity $132.50 $308,588.86 CR
6-Dec Ultimate Gas $50.00 $308,538.86 CR
8-Dec Wages $19,375.00 $289,163.86
8-Dec Rent $2,083.33 $287,080.53 CR
9-Dec Cash Deposit $32,615.00 $319,695.53 CR
13-Dec JRL Holdings $10,000.00 $309,695.53 CR
15-Dec Innovative Technology $4,000.00 $305,695.53 CR
17-Dec Cash Deposit $58,565.00 $364,260.53 CR
22-Dec Cash Withdraw $500.00 $363,760.53 CR
22-Dec Wages $19,375.00 $344,385.53 CR
22-Dec Purchase 11457 $9,643.00 $334,742.53 CR
23-Dec Shell $46.67 $334,695.86 CR
23-Dec Purchase 11458 $11,555.00 $323,140.86 CR
25-Dec Cash Withdraw $500.00 $322,640.86 CR
25-Dec Purchase 11459 $11,287.00 $311,353.86 CR
25-Dec Cash Withdraw $600.00 $310,753.86 CR
25-Dec LMS Marketing $46.67 $310,707.19 CR
25-Dec Cash Withdraw $50.00 $310,657.19 CR
26-Dec Water $45.83 $310,611.36 CR
26-Dec Insurance Direct Debit $108.33 $310,503.03 CR
27-Dec Corporate Cleaning Ltd $70.83 $310,432.20 CR
27-Dec Rowlings & Sons $8,600.00 $301,832.20 CR
27-Dec Cash Deposit $20,652.00 $322,484.20 CR
28-Dec Fees $17.50 $322,466.70 CR
28-Dec P.L.Harris Repairs $117.08 $322,349.62 CR
29-Dec Yarra Valley $45.83 $322,303.79 CR
30-Dec Cash Deposit $22,028.00 $344,331.79 CR
30-Dec Cash Withdraw $500.00 $343,831.79 CR
30-Dec Office Supplies $50.00 $343,781.79 CR
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 22 of 23
Appendix 5 – Ed’s Whitegoods Ltd Assumptions for 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.
1. Purchase cost of goods is set to rise by 5%
2. Decreased consumer confidence means that sales are expected to decrease by 12%
3. Ed believes he can increase his sale prices by 8% which should have minimal impact
on overall sales, perhaps reducing total sales by a further 3%
4. Ed plans on reducing his expenses by laying off one of his part time staff members
who has a yearly salary of $47,000. This is hoped to have only minimal impact on
productivity, however a decrease
Appendix 6 – Ed’s Whitegoods Ltd Historic Data
2015 Business Year
Total Sales: 1366000
Total Purchases: 643000
Total Expenses: 186000
Jan – September 2014
Total Sales: 1080000
Total Purchases: 477000
Total Expenses: 378000
BSBFIM601 Assessment 1: Assignment, v1, October 2016
© Apex Institute of Education Page 23 of 23
BSBFIM601 Manage finances – Observation Checklist for Role-Play
Student No & Name
Did the student do the following? Satisfactory Assessor’s Notes Yes No
Adhere to the principles of double entry accounting
Demonstrate skills in accrual accounting
Gather and verified all data effectively
When undertaking the role-play:
Communicate professionally
Explain proposed budgets effectively
Validate reasons and proposals thoroughly
Detailed all delegations and budget accountabilities for implementation and
management of proposal
Assessor’s name Assessor’s signature Date
