Identify two basic accounting principles and briefly explain how each is applied in the workplace.

Hi, there are total 17 questions in the knowledge test which you need to answer.

There is no word limit. Just need to answer all questions in the same file attached and in detail.

header-01

Unit Code

BSBFIN501

Unit Name

Manage budgets and financial plans

Name of the Document

Student Guide

About the student guide

This assessment booklet and tool has been designed for students undertaking face to face mode of study to provide information before students take assessments and contains assessment tools to assess the skills and knowledge required from students to be deemed competent in this unit.

This booklet might not be suitable for students taking other modes of study e.g. online or work based.

Please read all the information given to you when you receive this assessment booklet. If you do not understand any part of this booklet, please inform your assessor/trainer.

The assessment booklet contains two (2) parts:

PART 1: Assessments information: This part contains information on assessments for this unit of competency and how assessment will be conducted throughout the unit to achieve the competency. It includes:

· Application of the unit of competency.

· Purpose of assessment.

· Elements, performance evidence and knowledge evidence requirements of the unit.

· Conditions, context, required resources and location of the assessment.

· Assessment tasks.

· Outline of evidence to be collected.

· Administration, recording and reporting the requirements including special adjustments, appeals, reasonable adjustments and assessors’ intervention.

PART 2: Assessment tasks: This part contains the information to successfully undertake the assessment task. In each assessment task, students will find the following information:

· Task instructions.

· Role play / Practical Demonstration information.

· Information on resources required, where applicable

· Appendix 1- Assessment resource

Assessment Information

The following section within the document specifies and provides information regarding the assessments that the students will complete for this unit of competency.

You will find all the necessary information to complete the assessment tasks, such as:

Purpose of the assessment

Context and Conditions for the assessment

The resources required

Performance evidence

Knowledge Evidence

Brief description of the assessment tasks to be conducted

Purpose of the Assessment

The purpose of the assessment is to determine competency in the unit BSBFIN501 – Manage budgets and financial plans.

Context and Conditions for Assessment

To comply with the assessment conditions of this unit:

You must demonstrate adequate skills and knowledge evidence by providing a satisfactory outcome for each assessment task. You will be marked against the recommended model answers in the Trainer and Assessor guide.

You will have access to suitable facilities, equipment and resources, including template documentation, e.g., Meeting minutes’ template, Meeting Agenda template, Contingency Plan Template, etc. to undertake the assessment tasks for this unit of competency.

ASOC will conduct the practical assessment for this unit in its classroom located at Level 4, 123 Lonsdale Street, Melbourne, VIC 3000.

Knowledge assessment for this unit will be conducted at the ASOC classroom at the location identified on the timetable.

All ASOC Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Resources Required

In addition to the resources specified below, you will be required to have access to task resource requirements specified before each task:

Computers with access to the internet and MS Office Applications, including MS Word, Adobe Acrobat Reader and working web browser.

ASOC learner's resource for BSBFIN501 – Manage budgets and financial plans.

Access to ASOC simulated business environment.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

Manage the budget and financial plan of an organisation for one reporting period:

In the course of the above, the candidate must:

Communicate with relevant people to clarify budget and financial plans, negotiate changes and disseminate information

Prepare, implement and modify financial contingency plans

Monitor expenditure and control costs

Support and monitor team members

Report on budget and expenditure

Review and make recommendations for improvements to financial processes

Meet record-keeping requirements for Australian Taxation Office (ATO) and for auditing purposes

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

Basic accounting principles

Types of budgets and financial plans

Legislation and current ATO requirements, including the Goods and Services Tax (GST)

Key requirements for financial record keeping and auditing

Principles for managing work teams

Principles and techniques involved in managing:

Budgeting

Cash flows

Electronic spreadsheets

Goods and Services Tax

Ledgers and financial statements

Profit and loss statements

Evaluation of budget and financial plans

Assessment Tasks

To achieve competency in this unit, you must satisfactorily complete all the following assessment tasks within the date and time specified in the session plan. This will demonstrate that you have all the required skills and knowledge for this unit.

Assessment tasks

Assessment description

Location of the assessment

Assessment Task 1 (AT1): Knowledge Test

This assessment includes a series of questions that students are required to answer. You will need to answer all questions correctly.

You will be given 4 hours to complete this task.

This assessment will be conducted in the ASOC classroom.

Assessment Task 2 (AT2): Project

This project requires you to complete a set of tasks that includes written practical tests and role-play activity. You may complete the projects in a simulated environment (ASOC Institute) with access to all the resources specified in Task resource requirements.

This assessment will be conducted at the ASOC simulated business environment.

Assessment Tasks

This section contains all the assessment tasks students will complete for BSBFIN501 – Manage budgets and financial plans.

You will have access to all the resources as specified in the Task Resource Requirements.

Assessment Cover Sheet: Assessment Task 1 (AT1)

Student Detail

Student Name

Student Id:

Group No (If Applicable):

Assessment Details

Unit of Competency

BSBFIN501 – Manage budgets and financial plans.

Assessment Task

Knowledge Test

Due Date

Date of Submission

Date

Student Plagiarism Declaration: By submitting this assessment to the college, I declare that this assessment task is original and has not been copied or taken from another source except where this work has been correctly acknowledged. I have made a photocopy or electronic copy or photograph of my assessment task, which I can produce if the original is lost.

Assessor

Student

I declare that I have conducted a fair, valid, reliable and flexible assessment with this student. I have provided appropriate feedback to the student and declare that I have undertaken the indicated assessment integrity checks.

I have received, discussed and accepted my result as above for this task and I am aware of my appeal rights.

To be completed by the Assessor (Please tick the appropriate option)

Google check for plagiarism

· Yes

· No

Check for copying/collusion

· Yes

· No

Check for authenticity (own work)

· Yes

· No

Cheating or use of sample response

· Yes

· No

Assessor Signature

Student Signature

Assessment Task 1: Knowledge Test

Task Resource Requirements

You must have access to the below listed resources in addition to the resources listed in 'Resources Required' in 'Assessment Information'

Student Assessment Booklet

Pen

ASOC learner's resource for BSBFIN501 – Manage budgets and financial plans.

Instructions for the Student

This assessment will be conducted in the ASOC classroom/computer lab with access to the resources listed above. This is an Open/Closed book assessment.

You must answer all knowledge questions as part of this assessment and they can submit answers in either electronic or paper-based. The assessor may verify the authenticity of your' work by asking questions regarding the answers provided.

Planning the Assessment

Recommended date for assessment – [assessor to set a date as per timetable]

Access all resources mentioned in the required resources, either printed copies or access via the internet

Time required for assessment: 4 hours

You must:

Answer all the questions satisfactorily to be deemed competent.

Complete the assessment and submit it in due timelines.

Submit with a completed assessment cover sheet.

Your assessor must set a time to provide feedback.

Evidence Specifications

At the end of the assessment, you will be required to submit the following evidence before the due date specified by the assessor:

You are required to submit a completed knowledge test with all questions answered.

Completed and signed cover sheet for assessment.

Evidence Submission

Documentation can be submitted electronically or paper-based.

Your assessor will record the assessment outcome on the assessment cover sheet.

Question 1

Identify two basic accounting principles and briefly explain how each is applied in the workplace.

Accounting Principle

Explanation of How Each Principle is Applied in the Workplace

Question 2

Identify the two types of ageing accounts found in ageing summaries and briefly explain how each is used using your own words.

Types of Ageing Accounts

Explanation of How Each is Used

Question 3

Identify the three types of cash flow activities and briefly explain each using your own words.

Types of Cash Flow Activities

Explanation of Each Cash Flow Activity

Question 4

Identify two types of petty cash books and briefly explain how petty cash is recorded on each using your own words.

Types of Petty Cash Books

Explanation of How Petty Cash is Recorded

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