The australian securities and investments commission asic

BSBFIN601 Manage organisational finances

The information includes the following:

 Information related to the unit of competency

1.1 How you will be assessed

The process we follow is known as competency-based assessment. This means that evidence of your current skills and knowledge will be measured against national standards of best practice, not against the learning you have undertaken either recently or in the past. Some of the assessment will be concerned with how you apply your skills and knowledge in the workplace, and some in the training room as required by each unit.

Your assessor will ensure that you are ready for assessment and will explain the assessment process. Your assessment tasks will outline the evidence to be collected and how it will be collected, for example, a written activity, case study, or demonstration and observation.

The assessor will also have determined if you have any special needs to be considered during assessment. Changes can be made to the way assessment is undertaken to account for special needs and this is called making Reasonable Adjustment.

You can appeal against the decision made on your assessment. An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against a unit of competency and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent. You must be able to adequately demonstrate that you have the skills and experience to be able to meet the requirements of units you are appealing the assessment of.

Your trainer will outline the appeals process, which is available to the student. Nova Institute’s Complaints and Appeals Policy is on the Nova Institute website. You can request a form from Reception to make an appeal and submit it to your trainer, the course coordinator, or the Student Support Officer. Nova will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to the appeal form.

Your assessments should be typed in a 11 or 12 size font for ease of reading. You must include a footer on each page with the complete student name (not just a first name), unit code and date. Your assessment needs to be submitted as an electronic copy as requested by your trainer. Your trainer will provide you with an email address to send it to.

How long should my answers be?

ASSESSMENTS THAT DO NOT HAVE APPROPRIATE REFERENCING WILL NOT BE ACCEPTED. If you have problems referencing your assessment, see your trainer or the Training and Compliance Manager for help.

1.2 Guide to satisfactory assessment completion

 If a third submission is required, the student must pay the reassessment fee of $200

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Provide your response to each question in the box below.

Revenues, expenditures, and expenses are summed up in the profit and loss statement, a financial statement. Profit and loss statements, together with balance sheets and cash flow statements, are required regularly and yearly for every publicly traded firm.

For every company, the P&L statement is a crucial tool for making informed choices. After deducting all expenses, it shows clearly if the company's activities generate a profit or a loss. If necessary, the firm may make adjustments because of this.

c) Ratio Analysis

d) Trend Analysis

c) Ratio Analysis

Ratio analysis is a mathematical approach of analysing financial documents like the balance sheet and income statement to learn about a company's liquidity, operational efficiency, and profitability. Equity fundamental analysis relies heavily on ratio analysis.

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What are the requirements for financial probity? Answer in 100 – 150 words.

The Australian Department of Finance defines "probity" as "full and confirmed integrity, uprightness, and honesty in a given procedure," which is proof of ethical conduct. This implies that a company must act in a lawful, ethical, and transparent manner with regards to all financial transactions. Financial probity checks are often performed while seeking money or providing services to other firms or governments. Reviewing your company's financial processes to ensure they are ethical, fair, and honest is a crucial step in this direction. The financial records of a company and their compliance with all applicable laws and regulations are often audited during a probability check. For certain businesses, such as those dealing in gambling or other legal activities, it may be necessary to do a criminal background check as part of the pre-employment screening process. Considering this definition, you might think of Financial Probity as a company's policies, processes, and systems designed to reduce losses from monetary dealings. Examples include shopping, making sta payments, signing contracts, and interacting with clients. When opting for a partnership, it's important to factor on the partner's probability. Principles of Probity include: treating all tender participants fairly and equally; conducting Public Construction Procurement in an open and transparent manner; ensuring defensibility of processes; and carrying out Public Construction Procurement in accordance with relevant legislation, policy, guidance, and any mandatory requirements in these Directions.

Cost Principle

Financial statements should include all relevant information without any gaps that might mislead readers. By doing so, you can ensure that key stakeholders in your business are informed of crucial developments at your firm.

Objectivity Principle

1. Reporting:

Making a financial report on a piece of paper or in many spreadsheets is a tedious and time-consuming process. Now consider your present reporting procedure, in which financial data and transactions are recorded in many places. Data from several sources must be collected, processed, and analysed in a consolidated fashion in order to create a report. Data input mistakes and nonsensical information are common outcomes of having to rekey this information into a spreadsheet. Therefore, manual reports seldom provide a clear picture of company performance but rather a jumble of incomprehensible data that is of little help in the decision-making process because of its mistakes and the fact that it

with the aid of financial management software. As national and international accounting standards are updated, financial management software may be programmed to automatically update to ensure that organisations are in compliance. Businesses will not only be able to monitor the immediate effects of changes in financial rules on their operations, but they will also be able to remain legally compliant. As a result of using financial management software, small firms may be more adaptable and efficient in their financial transactions, which in turn helps them expand.

Q10 What are the four (4) key components of a financial budget? Answer in 150-200 words.

To put it another way: not all costs are equal. Separating them into these three buckets can let you see exactly where your money is going and where you may make cuts, if required.

Monthly fixed costs are those that cannot be changed due to necessity. Things like HOA dues and automobile bills are included. You have a set monthly expenditure if you can't alter the amount you pay.

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In its most basic form, a budget cannot be made by anything other than a human individual. Your team members are crucial. A poor budget is usually the result of a lackadaisical or unaccountable person. Where do you draw the line? In the beginning, be sure to provide some kind of justification for doing this. Making sure they know how crucial their input is to making a successful budget will help motivate them to submit honest estimates of their time and energy spent. Don't simply offer them a blank budget template and expect them to find time in their busy schedules to fill it out; instead, give them the resources they need to create a budget that meets their needs.

Data

Legal requirements and social norms in Australia

The Australian Taxation Office (ATO), the Australian Securities Exchange (ASX), the Australian Securities and Investments Commission (ASIC), and the Australian Accounting Standard Board all establish laws and standards for corporate financial management in Australia (AASB). Rules for filing and paying taxes, as well as those for BAS, GST, capital gains tax, and other taxes, are established by the ATO. The stock market's rules and regulations are laid down in law by the ASX and the ASIC. Contrarily, AASB provides extensive norms and recommendations for record keeping.

(as determined by the local government) are required to be followed. The International Financial Reporting Standards are established by the International Accounting Standards Board (IASB), an autonomous organisation. The AASB provides interpretation and updates to these standards, which are subsequently applied to the financial commitments of Australian firms.

• Laws and conventions at the national, provincial, and territorial levels:

c) National Employment Standards under the Fair Work Act 200

Write your answer in 200-250 words.

Privacy Act 1988:

The Privacy Act 1988 (Privacy Act) regulates the handling of personal information by Australian Government agencies and organisations with an annual revenue of more than $3 million, as well as certain other organisations, with the goal of promoting and protecting the privacy of persons.

National Employment Standards under the Fair Work Act 200

In Australia, workers are guaranteed at least the national minimum wage and the National Employment Standard (NES). No registered award, employment contract, business agreement, or other arrangement may include terms that are less favourable than the NES. The NES must be included.

Write 150-200 words for each.

Goods and Services Tax:

There may be different requirements for non-residents.

Outside of certain circumstances, GST registration is voluntary.

Basic rate entity beginning with the 2017–18 income year; small business entity during the 2015–16 and 2016–17 tax years.

Base rate firms are required to use the 25% company tax rate beginning with the 2021-2022 tax year. Previous years' rates were 27.5% for 2017-18 through 2019-20, and 26% for 2020-21.

Q15: What are the main responsibilities of the Australian Tax Office (ATO)? Answer in 70-120 words

In order to provide for and finance services for Australians, it is the ATO's responsibility to manage and shape the tax and superannuation systems. Our responsibilities include enforcing tax and superannuation laws, as well as advising the Treasury on tax policy matters.

Assessor’s name:

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 You must be concise, to the point and write answers according to the given word limit to each question and not

provide irrelevant information.