EDUC306 California State STEM Implementation in K 12 Schools Research Paper I uploded 2 files that have all the information about this homework .. plz make

EDUC306 California State STEM Implementation in K 12 Schools Research Paper I uploded 2 files that have all the information about this homework .. plz make sure that u read the instructions carefully.. English is my second language , so plz make sure that u don’t use too many advanced words im not sure about the number of the pages .. but I need a minimum of 1500 words. Assessment Task 4
BSBFIM501 Manage budgets and financial plans
Review and evaluate financial
management processes
Submission details
Candidate’s name
Phone no.
Assessor’s name
Phone no.
Assessment site
Assessment date/s
Time/s
The assessment task is due on the date specified by your assessor. Any variations to this
arrangement must be approved in writing by your assessor.
Submit this document with any required evidence attached. See specifications below
for details.
Performance objective
The candidate will demonstrate the ability to review and evaluate financial management
processes.
Assessment description
Using the scenario information supplied, you will respond to a number of scenario tasks. You
will collect and analyse financial data and make recommendations to improve existing
processes. You will also create a plan to implement and monitor solutions.
Procedure
1. Consider the scenario, tasks and financial information contained in the appendices of
this assessment task.
2. On a separate electronic document, provide written responses to the following five
tasks (i.e. tasks A to E).
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 1 of 10
Assessment Task 4
BSBFIM501 Manage budgets and financial plans
3. Submit a document containing your responses to your assessor as per the
specifications outlined below. Ensure you keep a copy of all work submitted for your
records.
Specifications
You must:
● provide responses to the five tasks provided in this assessment task
● submit answers on an electronic document such as Microsoft Word.
Your assessor will be looking for:
● numeracy skills to read and understand a budget and perform cost accounting
calculations
● knowledge of basic accounting principles to identify and use account balances
● knowledge of organisational requirements related to financial management
● knowledge of current requirements of the Australian Taxation Office with respect to
GST
● knowledge of principles and techniques involved in:
○ budgeting
○ cash flow
○ electronic spreadsheets
○ GST
○ ledgers and financial statements
○ profit and loss statements.
Adjustment for distance-based learners
● No variation of the task is required.
● A follow-up interview may be required (at the discretion of the assessor).
● Documentation can be submitted electronically or posted in the mail.
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 2 of 10
Assessment Task 4
BSBFIM501 Manage budgets and financial plans
Appendix 1 – Scenario
Big Red Bicycle Pty Ltd is a bicycle manufacturer based in Bendigo, Victoria. The company
produces bicycles which it sells to retailers in the domestic Australian market.
The senior management structure of the company appears below:
Person
Position
Michelle Yeo
Chief Executive Officer (CEO)
Tom Copeland
Managing Director
John Black
Chief Financial Officer (CFO)
Stuart LaRoux
Operations General Manager
Pat Roberts
Senior Accountant
Sam Gellar
Sales General Manager
Charles Pierce
Production Manager
Holly Burke
HR Manager
According to company strategic plans, the company had aimed to achieve a net profit before
tax of $1,000,000. Actual figures showed the company fell short approximately $175,000 of
this goal.
After successful labour cost cutting measures and improved sales team performance, the
company aims to generate a net profit before tax of $1,200,000 from Australian operations
alone.
This year, in addition to Australian operations, the company is considering manufacturing
overseas to take advantage of reduced costs. The company is also considering diversifying its
product range to reduce exposure to poor sales of one product.
The board of directors of Big Red Bicycle feels that more cash will be needed to make
investments to achieve strategic aims. One significant risk to plans is bad debt and poor cash
flow due to large and unsustainable trade debtor balances quarter by quarter.
Note: Strategic plans dictate that Big Red Bicycle must reduce its debt levels and so
additional financing to increase cash flow is not an option.
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 3 of 10
Assessment Task 4
BSBFIM501 Manage budgets and financial plans
Role
You are the Senior Accountant. As part of your role, you will need to complete the following
tasks.
Task A
As you are aware, one risk to the strategic plans of Big Red Bicycle (BRB) is bad debt and
poor cash flow due to large trade debtor balances. Consider the following:
● According to its policies, BRB offers 30 day terms to debtors.
● BRB does not currently train sales staff on credit terms.
● There is currently no enforcement of credit terms.
● Warehousing of stock is expensive at current leased premises.
● Many bicycles need to be thrown out if parts rust; this problem exacerbates the
problem of waste expense.
You have the following information from the Statement of Financial Position and current
ledger accounts in the electronic accounting system (MYOB AccountRight).
Account
$
Trade debtors
362,500
Trade creditors
80,000
Opening stock
100,000
Closing stock
300,000
Purchases
1,000,000
Complete the following.
1. Review the Statement of Financial Performance in Appendix 2 to calculate:
a. The average debtor days __________________
b. The average creditor days _________________
c. The average stock turnover _______________
d. Show calculations and results on your response document for this assessment
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 4 of 10
Assessment Task 4
task.
BSBFIM501 Manage budgets and financial plans
2. Consider the existing BRB ageing debtors budget in Appendix 2. On your response
document, make two written recommendations for improvement to existing
financial management processes to improve cash flow. To support your
recommendations, refer to data sources, organisational needs, and analytical
techniques, for example:
a. Statement of Financial Performance
b. ledger accounts
c. scenario information
d. ageing debtors budget
e. ratios.
3. On your response document, list three sources of information of use to complete
this activity.
Task B
In addition to its Australian business, Big Red Bicycle is considering manufacturing a new
range of cheaper bicycles in Indonesia. The following information is available:
● The Indonesian plant has capacity to manufacture 8,000 units.
● Big Red Bicycle’s strategic goal is to generate a pretax profit of $1,000,000 for the next
financial year for Indonesian operations.
● Clients will pay a maximum of $500 per bicycle
● Possibility exists for move to Indian plant with capacity for 10,000 units.
● Market for bicycles is growing rapidly and BRB will be able to sell all units produced.
● Limited ability to renegotiate costs with suppliers.
● Pricing and cost information is as follows.
Bicycle price per unit
Current variable costs per unit
Fixed costs
© 2015 Innovation and Business Industry Skills Council Ltd
$500 (excl. GST)
$250
$1,280,000
1st edition version: 1
Page 5 of 10
Assessment Task 4
Complete the following.
BSBFIM501 Manage budgets and financial plans
1. On your response document, work out:
a. how many units at current variable cost would need to be produced to
achieve profit target (show calculations)
b. what the variable costs per unit would need to be to achieve profit target at
current manufacturing capacity (show calculations).
2. On your response document, make one written recommendation based on your
analysis. To support your recommendation ensure you refer to the organisational
needs or situation, and any analytical techniques used. You may also suggest
possible actions for BRB to take depending on possible future scenarios.
3. On your response document, list three sources of information of possible use to
complete this activity.
Task C
Soon you will need to prepare a Business Activity Statement (BAS) for the first quarter on
2012/13.
Complete the following.
1. State how many years you will need to keep GST records in order to satisfy ATO
requirements.
2. Complete the GST budget on the following page to anticipate GST liability.
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 6 of 10
Assessment Task 4
BSBFIM501 Manage budgets and financial plans
July
August
September
20,000
10,000
10,000
Cash revenue (besides sales)
0
0
0
Cash receipts from sale of assets (not stock)
0
0
0
20,000
10,000
10,000
Debtors sales
180,000
230,000
150,000
Total non-cash receipts
180,000
230,000
150,000
Total budgeted receipts incurring GST
200,000
240,000
160,000
0
0
0
Cash expenses
4,300
5,200
5,250
Total cash receipts incurring GST
4,300
5,200
5,250
25,000
30,000
25,000
4,300
5,200
5,250
Total cash payments incurring GST
29,300
35,200
30,250
Total budgeted cash payments incurring GST
33,600
40,400
35,500
Budgeted cash receipts incurring GST:
Cash sales
Total receipts for GST
Budgeted non-cash receipts incurring GST:
Budgeted cash payments incurring GST:
Cash purchases of stock
Budgeted credit payments incurring GST:
Credit purchases of stock incurring GST
Credit purchases of assets (besides stock)
GST cash budget calculations
a) Cash receipts
b) Cash payments
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 7 of 10
Assessment Task 4
c)
BSBFIM501 Manage budgets and financial plans
GST liability
Task D
Choose one of the recommendations from Task A or B and develop an action plan to
implement and monitor the recommendation. Ensure you include appropriate activities,
monitoring, timelines and accountabilities.
Task E
Reflecting on the tasks you have undertaken and on your knowledge of financial
management and planning principles:
1. describe basic accounting principles
2. describe cash flows
3. describe ledgers and financial statements
4. describe profit and loss statements.
Summarise your reflections in a short, written statement and submit this to your assessor.
You may revisit the five fundamental principles of accounting. For example, the list is said to
be crucial to effective management decision-making:
1. Control – managers need to control and monitor the business.
2. Relevance – decision-makers need information that is timely, useful etc.
3. Compatibility – the accounting systems should match the aims of a company.
4. Flexibility – the accounting systems need to adapt to the company’s needs.
5. Cost-benefit – the benefits of the accounting information system need to outweigh
the cost.
What do you think?
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 8 of 10
Assessment Task 4
BSBFIM501 Manage budgets and financial plans
Appendix 2 – Financial information
Statement of Financial Performance
Big Red Bicycle Pty Ltd
Statement of Financial Performance
For the year ended 30 June 2012
REVENUE
Sales
2,900,000
Less direct wages and commissions
272,500
Opening stock
100,000
Purchases
300,000
Closing stock
Less cost of goods sold
Gross Profit
20,000
380,000
2,247,500
EXPENSES
General & Administrative Expenses
Travel
Legal fees
Bank charges
Office supplies
22,000
4,500
700
4,000
Postage & printing
500
Dues & subscriptions
600
Telephone
11,200
Repairs & maintenance
45,000
Payroll tax
25,000
Marketing Expenses
Advertising
208,000
Employment Expenses
Superannuation
45,000
Wages & salaries
500,000
Staff amenities
23,000
Occupancy Costs
Electricity
38,000
Insurance
100000
Rates
100,000
Rent
200,000
Water
© 2015 Innovation and Business Industry Skills Council Ltd
35,000
1st edition version: 1
Page 9 of 10
Assessment Task 4
BSBFIM501 Manage budgets and financial plans
Waste removal
60,000
TOTAL EXPENSES
1,422,500
NET PROFIT (BEFORE INTEREST & TAX)
825,000
Income Tax Expense
206,250
NET PROFIT AFTER TAX
618,750
Ageing debtors budget
Big Red Bicycle Pty Ltd
AGED DEBTORS BUDGET
2011/12
TOTAL
Qtr 1
Qtr 2
Qtr 3
Qtr 4
2,900,000
600,000
900,000
800,000
600,000
50%
50%
50%
50%
100%
300,000
450,000
400,000
300,000
Current
65%
195,000
292,500
260,000
195,000
30 Days
20%
60,000
90,000
80,000
60,000
60 Days
12%
36,000
54,000
48,000
36,000
90 Days
3%
9,000
13,500
12,000
9,000
Sales
% Debtors Sales
Total Debtors
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 10 of 10
Assessment Task 3
BSBRSK501 Manage risk
Monitor risk and evaluate processes
Submission details
Candidate’s name
Phone no.
Assessor’s name
Phone no.
Assessment site
Assessment date/s
Time/s
The assessment task is due on the date specified by your assessor. Any variations to this
arrangement must be approved in writing by your assessor.
Submit this document with any required evidence attached. See specifications below for
details.
Performance objective
For this task you are required to review the implementation of the risk management action
plan you developed in Assessment Task 2 and prepare a monitoring report.
Assessment description
For the MacVille Pty Ltd simulated business scenario provided, you are required to assume
the role of Brisbane store Assistant Manager, Ash, who has just been promoted to be
Manager of a new store. Ash has been tasked with conducting a risk management analysis of
this new venture.
There are three stages to this project: (1) review, (2) analyse and plan, and (3) monitor. This
project is divided into three assessment tasks as follows:
Assessment Task 1
Assessment Task 2
Assessment Task 3
Risk review report,
email to
stakeholders and
meeting with CEO
Risk analysis report,
action plan and risk
treatment
Monitoring report
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 1 of 5
Assessment Task 3
BSBRSK501 Manage risk
For this task, you are to review the implementation of the risk management action plan you
developed in Assessment Task 2 against the simulated business information provided in this
task. Then, you will need to prepare a monitoring report evaluating the outcomes of the
action plan and risk management process.
Procedure
1. Review the MacVille simulated business scenario information provided in the
Appendix of this task.
2. Develop a report for the CEO (your assessor), which examines the ongoing
implementation of the risk management action plan.
a. Ensure you include the following sections in your report:
i.
Plan – a clear summary of the initial risk and the plan implemented to
manage it.
ii. Implementation – a summary of all actions taken to date in attempting to
manage identified risks.
iii. Outcomes – a clear statement identifying continued and/or reduced risks,
with supporting information in tables or graphs where available.
iv. Evaluation – a clear analysis of the effectiveness of the risk management
plan, including risk assessment (e.g. risk matrix), by comparing the
implementation with the outcomes.
Note: Ensure your report is written in a style appropriate to your stakeholder
audience, for example, using appropriate language and including appropriate
illustrative material (such as checklists, diagrams or flow charts) and attachments to
support your findings and process.
3. Submit the required documents for assessment as per the specifications below. Be
sure to keep a copy for your records.
Specifications
You must provide:
● a monitoring report.
Your assessor will be looking for:
● reading skills to review, interpret and analyse text-based business information from a
range of sources in order to evaluate effectiveness of risk management
implementation
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 2 of 5
Assessment Task 3
BSBRSK501 Manage risk
● written skills to organise and deliver information to effectively communicate
evaluation of activities to stakeholders
● numeracy skills to interpret mathematical data when reviewing and evaluating
scenario business information effectiveness of activities
● ability to work independently to analyse scenario information and evaluate
effectiveness of activities
● ability to interact with others using appropriate conventions when communicating to,
and consulting with, stakeholders
● ability to sequence and schedule activities and manage communication
● ability to analyse relevant information to identify and evaluate effectiveness of
activities
● ability to use familiar digital technology to access information, document findings and
communicate them to stakeholders.
Adjustment for distance-based learners
● No variation of the task is required.
● A follow-up interview may be required (at the discretion of the assessor).
● Documentation can be submitted electronically or posted in the mail.
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 3 of 5
Assessment Task 3
BSBRSK501 Manage risk
Appendix: Scenario – MacVille Pty Ltd simulated
business
Implementation information
It has now been six months since you delivered your risk management action plan.
In accordance with the action plan, an external audit was completed and has been presented
to the MacVille Board. The audit investigated the status of the planned actions on the risks
identified.
A summary of the findings
● The financial controller had taken out $5,000 on insurance cover for cash held on the
premises overnight from the launch week as planned.
● The company bank account that was planned to be opened in the first week was
actually opened about four weeks after the café’s launch at the bank two doors down
the street. As it is not MacVille’s regular bank, there are difficulties with getting the
same level of service that MacVille stores receive in Brisbane.
● The teleconferencing system, planned for six months after launch, has not yet been
installed, due in part to the delay in the rollout of the federal government’s National
Broadband Network.
● The weekly management meetings are finishing close to 3.00 pm as planned but
sometimes the manager has to stay on at the request of the head office team. The
manager has not yet been issued with an excusal letter by the CEO as agreed, and
feels that they do not have the authority to just walk out at 3.00 pm.
● The assistant manager training has been shifted to the mornings, allowing the
manager to leave before 1.00 pm as planned.
● The Board of Directors and CEO included a new policy regarding compliance with the
Toowoomba by-law on water conservation as planned, but the specific procedure has
not yet been written. However, it appears that compliance is being achieved.
● The plants have been changed to natives that require minimal water as planned. The
installation of dual-flush toilets were planned for completion six months after
settlement, and although the dual-flush toilets have been ordered and are in stock,
they cannot be installed due to the backlog of work by district plumbers. The five-star
rated (WELS) dishwasher was installed by the supplier within the six-month timetable
as planned.
● The application to ‘make good’ by Goldsmith Partners on behalf of MacVille was
accepted by the Toowoomba City Council; however, the grace period to comply with
by-law ends in 14 days and the store is still above the acceptable benchmark for water
use.
© 2015 Innovation and Business Industry Skills Council Ltd
1st edition version: 1
Page 4 of 5
Assessment Task 3
BSBRSK501 Manage risk
● The training on daily banking appears to have been successfully completed as planned.
An audit of the bank deposit book shows that there is no banking entry for the day’s
sales on only two occasions in the past six months.
● There ha…
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