Student_assessment_BSBSMB406-edited

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Charles Sturt University *

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BSBSMB406

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Accounting

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Apr 3, 2024

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docx

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12

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PreparationDate:AUG2020 ProposedReviewDate:AUG2021– VerifiedBy:trainingManager| Approvedby CEO RTO No: 31250 | CRICOS Provider Code: 03579K Assessment Resource Summary Unit Details BSBSMB406 - Manage small business finances Assessment Type This is a summative assessment , which requires each student to have adequate practice prior to undertaking this assessment This assessment has been contextualised for Building and Construction, and must be undertaken in a real or simulated Building and Construction environment Assessment Written reports etc. Assessment 1 - 4 Written assessment Assessment 5 (Written Assessment attached) Last Modification Date AUG2020 Verified By: Training Manager Proposed Review Date AUG2021 Approved by: CEO Version no. UED- 001
PreparationDate:AUG2020 ProposedReviewDate:AUG2021– VerifiedBy:trainingManager| Approvedby CEO RTO No: 31250 | CRICOS Provider Code: 03579K Unit Summary This unit describes the skills and knowledge required to implement and review financial management strategies on a regular basis. It applies to individuals who operate a small business that stands alone, or is part of a department within a larger organisation. Individuals in this role interpret financial reports and other numerical data to develop financial management strategies.
PreparationDate:AUG2020 ProposedReviewDate:AUG2021– VerifiedBy:trainingManager| Approvedby CEO RTO No: 31250 | CRICOS Provider Code: 03579K ASSESSMENT SUMMARY / COVERSHEET This form is to be completed by the assessor and used a final record of student competency. All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file. Student results are not to be entered onto the Student Database unless all relevant paperwork is completed and attached to this form. Student Name: Student ID No: Final Completion Date: Unit Code: BSBSMB406 Unit Title: Manage small business finances Please attach the following documentation to this form: Result S = Satisfactory NS = Not Satisfactory Assessment 1 Explanatory memorandum attached S | NS Assessment 2 Updated cash flow statement attached List of a minimum of two people Business letter to the sales manager S | NS Assessment 3 Proposal document for equipment purchase Calculation of the debt ratio S | NS Assessment 4 Copy of profit and loss account with calculated gross and net profit amount attached Financial performance analysis and 3 marketing strategies S | NS Assessment 5 Written assessment attached S | NS Final Assessment Result for this unit C / NYC Student Feedback: ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________
PreparationDate:AUG2020 ProposedReviewDate:AUG2021– VerifiedBy:trainingManager| Approvedby CEO RTO No: 31250 | CRICOS Provider Code: 03579K ________________________________________________________________________________ ________________________________________________________________________________ Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights. Name: ________________________________ Signature: ____________________________ Date: ____/_____/_____ Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Name: ________________________________ Signature: ____________________________ Date: ____/_____/_____ Administrative use only Entered onto Student Management Database ________________ Date Initials Student Instructions BSBSMB406 - Manage small business finances Metharom Construction (MC) plans to become a leading provider of housing construction and renovation services in the South-East Melbourne area. The company's overall strategy will be based on a continuing improvement process of setting objectives, measuring results, and providing feedback to facilitate further growth and progress. They have been involved in large scale construction for 3 years and are now branching out to residential housing. During this unit, you will need to take on the role of an administration manager. Your responsibilities are to: lodge payments from clients, reconcile departmental finances, accounts payable, assist in resolving financial disputes, prepare pricing of subcontractors, analyse expenses, and provide supporting documentation for financial records, financial analysis. For more information regarding Metharom Construction, please see the appendices and
PreparationDate:AUG2020 ProposedReviewDate:AUG2021– VerifiedBy:trainingManager| Approvedby CEO RTO No: 31250 | CRICOS Provider Code: 03579K company policy documentation. Assessment 1: Prepare an explanatory memorandum about financial performance and record keeping requirements. (Maximum of 500 words) The operations manager of Metharom Construction has asked you to prepare an explanatory memorandum for the accounting staff. They have requested that you include the following information: A) a description of a minimum of 5 financial records that the company must maintain METHROM ACCOUNTING Staff employment records — hours of work, overtime, remuneration or other benefits, leave, superannuation benefits, termination of employment, type of employment, personal details of workers, employee personal contact and employment details sales records — invoice books, receipt books, cash register tapes, credit card documentation, credit notes for goods returned and a record of goods used by the business owner personally proof of purchases — cheque butts (larger purchases), petty cash system (smaller cash purchases), receipts, credit card statements, invoices, any other documents relating to purchases including copies of agreements or leases a cash book or financial accounting program — that records cash receipts and cash payments bank accounts — cheque books, deposit books and bank statements B) any three factors while selecting software that could assist with finance management for small business User-Friendly Software The ease of use is a prime factor to consider when buying accounting system. The user- friendly software provides you with a dashboard that shows charts giving the financial status of your company. Secure Data The market trend is to use web-based accounting software. You should also invest in such tool and not in the desktop-based ones. The heydays of desktop-based software tools are
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