Student_assessment_BSBSMB406-edited
.docx
keyboard_arrow_up
School
Charles Sturt University *
*We aren’t endorsed by this school
Course
BSBSMB406
Subject
Accounting
Date
Apr 3, 2024
Type
docx
Pages
12
Uploaded by siriwardanaj
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
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
1
arrow_forward
Which SDLC stage is being performed?
Writing operating procedures manuals
Developing program and process controls
Identifying alternative systems designs
Developing a logical model of the systems
Identifying external and administrative controls
Testing the system
Training personnel
Evaluating the existing system
Analysing the achievement of the systems benefits
Modifying and alternating programs
Analysing total quality management (TQM) performance measures
Conducting a feasibility analysis
Aligning AIS development plans with business objectives
arrow_forward
Write a paper on performance measurement systems by comparing and contrasting between traditional and contemporary performance measurement systems. Learners are required to refer to at least THREE published journal articles. Use APA format for in-text citations and references.
arrow_forward
K Incorporation follows the Total quality Management (TQM) technique. While preparing a cost of quality report, what would be the quality cost classification of Employee training?
a.appraisal
b.prevention
c.internal failure
d.external failure
arrow_forward
Choose from the following selections the best definition of the Manufacturing
Operations process.
Develop a long-term outlook of production activities
Schedule production
O Transform product ideas into product specifications
O Manufacture the products
arrow_forward
a) The acronym TELOS which provides guidance for accessing project feasibility. The term stands for technical, economic, legal, operational and schedules feasibility. Discuss these feasibilities briefly. And elaboratecost-benefit analysis under economic feasibility. b) Accountants should be involved in the detailed design and implementation of the system development life cycle. Comment on the statement.
(350 words)
arrow_forward
Each group should identify one public company’s product to evaluate. The team should gather all the information it can about the product.
Requirement
Develop a list of key performance indicators for the product.
arrow_forward
assess if task costing or process costing would be a more suitable method of accounting.
• *An assisted-living facility* Landscape design and maintenance services
arrow_forward
A product's life cycle is the period of time from initial expenditure on research and development (R&D) to the time at which support to customers is withdrawn (Drury, 2018). Choose a product that you are familiar with and critically analyse the product's life cycle. Leamers are required to refer to at least THREE latest published journal articles to support the argument. Use APA format for in-text citations and references.
arrow_forward
BrightenUp Corp. uses a set of quantitative tools to assess employee data such as performance, compensation, designations, and benefits. This is done to arrive at decisions based on accurate findings from analyses that can help the firm achieve its goals. BrightenUp is engaging in the practice of\\n\\nQuestion 1 options:\\n\\ntraining and development.\\n\\njob design.\\n\\nemployee relations.\\n\\ntalent management.\\n\\nworkforce analytics.
arrow_forward
Advise Flyers plc’s senior executive team on the commentsmade by Changying Simmonds and Travis van Riemsdyk. Youradvice should include an explanation of the characteristics ofinvestment appraisal decisions and the advantages anddisadvantages of the IRR.
arrow_forward
Which is an allowed method to measure progress towards complete satisfaction of a performance obligation that is satisfied over time?
Group of answer choices
Cost-to-cost method
Based on machine hours used
Survey of performance completed to date
All of these are allowed
arrow_forward
Which of the following is defined as comparing actual performance to planned performance and determining whether corrective action is needed?
OA. Training
OB. Organizing
OC. Performance forecast
OD. Directing
OE. Evaluating
arrow_forward
What are the basic requirements and costs of participating in the Malcolm Baldrige National Quality Award? What are the benefits of participating? Include a brief example of a company that has participated and their experiences. ?
arrow_forward
1. Please explain main points of Docket 046: Quality Control (PCAOB). 2. What is/was the major focus of that standard - setting project concerning standard - setting activity? 3. Why does the
subject matter to accountants and auditors in the future? 4. What was the result or conclusion reached (if the standard has been issued already), or what seems to be the main direction of the
standard - setting project as of the date you reviewed it? 5. How might practitioners apply the article's recommendations or strategies in the real world of the auditing profession?
arrow_forward
What mechanism is used to provide a systematic
assessment of an organization's performance in
implementing socially responsible programs,
often based on predefined goals? Question 34
options: sustainability program code of ethics
financial audit social audit
arrow_forward
2
arrow_forward
TASK A. Problem Solving. Analyze the given problems and use the worksheet provided
for your answers.
1) Amore
Companyproducestwoproductsinasinglefactory.Thefollowingproductionandcostinformationhasbe
endetermined:
Model1
1,000
100
Model2
200
Unitsproduced
Materialmoves(total)
Testingtime(total)
Directiaborhoursperunit
40
250
125
Thecontrollerhasdetermined
totaloverhead
to
beP480,000.P140,000relatestomateriaimoves;P150,000relatestotesting;theremainderisr
elatedtolabortime.
a) If Amore uses direct labor hours to allocate overhead to ach model, what would
overhead per unit be for Model 2?
b) If Amore uses activity-based costing to allocate overhoad to each model, what would
overhead per unit be for Model 2?
2) GLPower Company manufactures a line of high-end laundry equipment. The accountant has
proposed changing from a traditional costing syslem to an activity-based costing system. The
president is not convinced of making the changes, so he requests that the next large order for
equipment…
arrow_forward
1. For each numbered (1-10) performance measure characteristic, select the appropriate lettered (A-J) descriptor that best explains the characteristic.
Financial _____ A. Readily quantified
Internal _____ B. Monetary units
Mandatory _____ C. Processes and capabilities
Lead _____ D. Performance drivers
Objective _____ E. Required by regulator
Nonfinancial _____ F. Discretion of management
Subjective _____ G. Nonmonetary units
External _____ H. Customers and shareholders
Lag _____ I. Judgment based
Optional _____ J. Outcome results
arrow_forward
which are the performance measures necessary to implement and guarantee the proper functioning of the operations considering the following aspects:
-Financial
-Quality
-Human resources
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
Related Questions
- 1arrow_forwardWhich SDLC stage is being performed? Writing operating procedures manuals Developing program and process controls Identifying alternative systems designs Developing a logical model of the systems Identifying external and administrative controls Testing the system Training personnel Evaluating the existing system Analysing the achievement of the systems benefits Modifying and alternating programs Analysing total quality management (TQM) performance measures Conducting a feasibility analysis Aligning AIS development plans with business objectivesarrow_forwardWrite a paper on performance measurement systems by comparing and contrasting between traditional and contemporary performance measurement systems. Learners are required to refer to at least THREE published journal articles. Use APA format for in-text citations and references.arrow_forward
- K Incorporation follows the Total quality Management (TQM) technique. While preparing a cost of quality report, what would be the quality cost classification of Employee training? a.appraisal b.prevention c.internal failure d.external failurearrow_forwardChoose from the following selections the best definition of the Manufacturing Operations process. Develop a long-term outlook of production activities Schedule production O Transform product ideas into product specifications O Manufacture the productsarrow_forwarda) The acronym TELOS which provides guidance for accessing project feasibility. The term stands for technical, economic, legal, operational and schedules feasibility. Discuss these feasibilities briefly. And elaboratecost-benefit analysis under economic feasibility. b) Accountants should be involved in the detailed design and implementation of the system development life cycle. Comment on the statement. (350 words)arrow_forward
- Each group should identify one public company’s product to evaluate. The team should gather all the information it can about the product. Requirement Develop a list of key performance indicators for the product.arrow_forwardassess if task costing or process costing would be a more suitable method of accounting. • *An assisted-living facility* Landscape design and maintenance servicesarrow_forwardA product's life cycle is the period of time from initial expenditure on research and development (R&D) to the time at which support to customers is withdrawn (Drury, 2018). Choose a product that you are familiar with and critically analyse the product's life cycle. Leamers are required to refer to at least THREE latest published journal articles to support the argument. Use APA format for in-text citations and references.arrow_forward
- BrightenUp Corp. uses a set of quantitative tools to assess employee data such as performance, compensation, designations, and benefits. This is done to arrive at decisions based on accurate findings from analyses that can help the firm achieve its goals. BrightenUp is engaging in the practice of\\n\\nQuestion 1 options:\\n\\ntraining and development.\\n\\njob design.\\n\\nemployee relations.\\n\\ntalent management.\\n\\nworkforce analytics.arrow_forwardAdvise Flyers plc’s senior executive team on the commentsmade by Changying Simmonds and Travis van Riemsdyk. Youradvice should include an explanation of the characteristics ofinvestment appraisal decisions and the advantages anddisadvantages of the IRR.arrow_forwardWhich is an allowed method to measure progress towards complete satisfaction of a performance obligation that is satisfied over time? Group of answer choices Cost-to-cost method Based on machine hours used Survey of performance completed to date All of these are allowedarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Financial Reporting, Financial Statement Analysis...FinanceISBN:9781285190907Author:James M. Wahlen, Stephen P. Baginski, Mark BradshawPublisher:Cengage Learning
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning