BSBFIN601 - Written Questions (1)

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Victorian Institute of Technology *

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MISC

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Accounting

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May 1, 2024

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BSBFIN601 Manage Finances Assessment Task 1 BSBFIN601 Manage Finances The assessment task that you need to complete: Task 1a) – Written Questions Student Full Name Assessor Name Date of Assessment Purpose: The purpose of assessment is to determine competency in BSBFIN601 Manage Finances The assessment is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Assessment tasks are used to measure your skills and knowledge in relation to competencies for a unit. Evidence will be gathered, through the Tasks set, to satisfy the conditions of the unit as set out on training.gov.au . Each task addresses specified aspects of these competencies. To demonstrate competence in a unit, you must undertake all the assessment tasks and have each of them deemed satisfactory by the assessor. Assessment outcomes There are two outcomes for any assessment: S = Satisfactory and NS = Not Satisfactory. If your first submission is deemed Not Satisfactory your trainer will provide feedback within 14 calendar days of assessment submission. You will then be offered a chance to resubmit. Plagiarism Plagiarism is regarded as a serious act. It includes: - presenting someone else’s ideas, words, or diagrams as your own - submitting assessments copied from another source, including a person, text, or the internet - submitting assessments that are the result of unauthorised collaboration with others If it is identified that you have plagiarised within a submission, a meeting will be held to discuss this with you and further action may be taken, including a recorded outcome of Not Satisfactory for the submission involved and you will be Required: to resubmit.  For more information on Assessment outcomes, Plagiarism, Special needs & Appeals processes, please refer to your course on CANVAS under the E-Learning tab.  If you have any questions at all please discuss them with your trainer – we are here to help! CRICOS Provider No. 03188C Author: WAIFS Current Version: 1.0 RTO Provider No. 52128 Initial Issue date: 03/04/23 Current Version Issue Date: 03/04/23 Next review date: 03/04/24 Page 1 of 11

BSBFIN601 Manage Finances Assessment Task 1 Assessment agreement Make sure you understand what is Required: of you before signing this agreement. Please sign and date this agreement before you begin the assessment process.  I understand the following:  The assessment has been explained to me.  I should discuss any special needs I have with my assessor before commencement of the assessment to determine appropriate adjustments to the assessment.  I know how the assessment decision will be made.  I can re-attempt the assessment if I need to.  I can discuss my assessment result if I am unhappy with the decision.  I have been told the date, time and place for assessment. Student name: Student signature: Date: Assessor name: Assessor signature: Date: CRICOS Provider No. 03188C Author: WAIFS Current Version: 1.0 RTO Provider No. 52128 Initial Issue date: 03/04/23 Current Version Issue Date: 03/04/23 Next review date: 03/04/24 Page 2 of 11

BSBFIN601 Manage Finances Assessment Task 1 1a) Written Questions You must type the questions and your answers to them in a word document and upload this to Canvas by the given deadline. All questions must be answered correctly to be marked Satisfactory for this assessment. Question 1 You have established a new business known as Ice Cream Delights. You have developed a new type of ice cream and have received sales orders, for the next three months, from major supermarkets, valued at $81,000. You have not yet supplied any ice cream to any business. You are not sure of your responsibilities with respect to the goods and services tax. Require A Does Ice Cream Delights have to register for GST? Explain why. Word limit: 20 to 50 words. B If the expected sale of Ice Cream Delights are $250,000 per annum, how often each year will this business report and pay GST to the Australian Taxation Office? Word limit: 20 to 50 words. Question 2 A) How often each year does the Australian Taxation Office usually require a business to send it PAYG payments? Word limit: 50 words. B) How often each year must superannuation be paid into the fund nominated by an employee? Word limit: 50 words. Question 3 A supermarket has the following procedures in place for the handling and recording of cash: The chief casher collects the money received from customers from the other cashiers and is responsible for recording in the accounting system the amount of cash received from customers each day. The chief cashier also deposits the money received from customers in the bank on the last working day of each month. Required: Identify any weaknesses in the above operating procedures of the supermarket. Word limit: 50 to 100 words. Question 4 Describe three internal control procedures for the efficient management of the inventory of a business. Word limit: 50 to 100 words. CRICOS Provider No. 03188C Author: WAIFS Current Version: 1.0 RTO Provider No. 52128 Initial Issue date: 03/04/23 Current Version Issue Date: 03/04/23 Next review date: 03/04/24 Page 3 of 11

BSBFIN601 Manage Finances Assessment Task 1 Question 5 The Popular Restaurant Chain Limited operates three restaurants in suburbs of Perth. The company has supplied you with the following sales and expenses for each of their restaurants for the last year. Annual Results Restaurant in Suburb A Restaurant in Suburb B Restaurant in Suburb C Sales $350,000 $497,000 $210,000 Wages $91,000 $160,000 $83,000 Cost of goods sold $110,000 $160,000 $215,000 Other expenses $27,000 $15,000 $18,000 Required: Prepare income statements, also known as profit and loss statements, for each of the suburban restaurants. Which, if any, of the above restaurants would you recommend be closed based on the performance of each restaurant as disclosed in the income statements. Word limit: 50 to 100 words. Worksheet: Item Income Statement Restaurant in Suburb A Income Statement Restaurant in Suburb B Income Statement Restaurant in Suburb C Question 6 Describe three criteria that should be part of an evaluation of the computer software requirements of a business. This business is moving from MS Excel to an accounting software package. Word limit: 50 to 100 words. CRICOS Provider No. 03188C Author: WAIFS Current Version: 1.0 RTO Provider No. 52128 Initial Issue date: 03/04/23 Current Version Issue Date: 03/04/23 Next review date: 03/04/24 Page 4 of 11

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