BSBFIM601 Assessment Answer – Manage Finances – Financial Management
The students pursuing education in finance and writing BSBFIM601: Manage Finances – Financial Management Assessment Answer needs to understand that the unit of the course lets them imbibe the skills and knowledge. These will help them to learn about essentials in budgeting, financial forecasting, reporting. On the other hand, it will teach them how to assign and management of resources that are important to get the results or outputs of a business unit.
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Financial Management Assignment Help
The BSBFIM601 assessment has various parts in the assignment. The students have to answer those questions in order to pass the course unit with good grades.
Here are the few things which you should include in the BSBFIM601 assignment.
- Describe the relationship between Australian accounting standards and the principles of accounting.
- Define ‘financial probity’
- What is the reason for the balance sheet not providing a correct picture of the probability of an organization?
- What is the breakeven analysis performance value?
- Where are FBT payments of an organization recorded in the accounts? Why there is a need for an organization to register and remit fringe benefits tax (FBT)?
- Define the ratio which is used to calculate the trends of an organization’s cash flow under a certain number of the period? Why?
BSBFIM601 Part B
Under this section of the BSBFIM601 assignment, the students are required to study the implementation of the budgets of the organization. The organization can be of the student’s choice. Whether it can be in his close link or an organization for whom the student has worked in the past. It can be a previous training provider, a non-profitable organization for volunteering, sporting or a social club, etc.
- Documentation of organizational planning and cycle of finances.
- Assessment of the organization’s business and the ability of accounting software which can meet the requirements of statutory and organizational. Describe in own words.
- Describe the current profit and loss statement of your organization. If the student is not currently working for an organization and is presenting its statement then calculate its annual report. The calculations should be based on the details from annual statements.
Also, calculate the following for an organization:
- Profit and loss margin
- Margin of non-profit
- Net profit ratio
- Return on equity of the owner
- Return on assets
- Complete research work on the tax obligations of an organization and later answer the following.
- What are the last dates for paying the GST and lodging?
- Last dates for paying the income tax and lodging?
- What are the last dates for paying state or territory tax and lodging?
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Learning Outcomes of BSBFIM601: Manage Finances – Financial Management Assessment Answer
below are few learning outcomes of the BSBFIM601 assessment
- Planning of financial managements
- Reviewing and reading of profit and loss statements, cash flows, and summaries the aging.
- Contribution to estimates and the financial bids
- Communication with people while including:
- Report on financial activities and recommendations
- Identifying and arranging the issues which are important
- The managers and supervisors are known to budget.
- Establishment of budget and managing the funds according to the statutory and requirements of an organization.
- Analyzing the effectiveness of the current financial management approach which involves the financial management software, handling the risks of funds, the systematic conditions of the transactions and its records, maintenance of audit trail, etc.
- Preparation, implementation, and revision of a budget that goes with the business plan. It should be based on the research and past financial data, cash flow trends. Also, it should meet the compliance requirements.
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