BSBFIM601: Area That Has Mainly Contributed To Profit And Loss: Manage Finances Assessment, VU, Australia
|University||Victoria University [VU]|
|Subject||BSBFIM601: Manage Finances|
1. Write a report and discuss the following
a) The area that has mainly contributed to profit and loss
b) Reason for-profit and loss
c) List critical dates and initiative outlined in the business plan that will be required or generate resources in the future
d) Provide cash flow trend analysis
e) List statutory requirements for compliance and tax obligation
f) Review the current financial software used and provide recommendation for future use
g) Identify risk related to misappropriation of funds
2. Develop following budgets ensuring complies with the organizational requirement such as resource allocation and its policy and procedures. You need to consider previous financial data given in the case study and make estimates of new items for inclusion in the budget.
a) Cashflow budget
b) Sales budget
c) Profit/Loss budget
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d) Budget notes including new items that will be included in the budget
e) Debtor aging summary
3. Meet with your managers to circulate budgets the following
a) The budget that you have prepared
b) Discuss contingencies you will consider to meet business plan, organizational policy, and compliance
c) Any significant issues that you have identified and it’s priorities
d) Any recommendation such as using different software and/or resource allocation to meet compliance and business plan
4. Prepare a revised budget taking into contingencies that you have considered that aligns with the business plan and meets all the compliance requirements.
5. Discuss the effectiveness of the existing financial management approach taking into account the following
a) Reason for maintaining audit trails
b) Systems to properly record all financial transactions
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c) Ways to minimize misappropriation of funds allocation
d) Ways to ensure compliance and due diligence
6. Since, you have revised your budget to deal with the contingencies. Now you are required to report/present to your assessor. First, you need to prepare variance analysis, different ratios analysis, and comparative financial statement analysis to measure and analyze performance.
a) Prepare variance report for 2019/20
b) Calculate the following ratios
i) Gross profit margin
ii) Working Capital
iii) Current Ratio
iv) Quick Ratio
d) Comparative financial performance (Horizontal Analysis) of two successive period
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