BSBFIM501 Manage budgets and Financial plans Assessment Task 2

BSBFIM501 – Assessment Task 2.

Ensure you have the attachment for this assessment downloaded and available to review and use to perform the following tasks.

NB: You will need to research standard business practices and financial management in conjunction with this document.

ONLY upload this task sheet with all details completed appropriately.  There is no need to send the attachment through.

Part A)

Review the tabled credit card receipts in the attachment.

Determine the following and answer below:

1) Is this considered appropriate credit card use by general business standards?

2) Explain your answer and align it with references you have researched.

3) How would you plan to reduce credit card usage?

4) What control measure/s would you put in place to ensure the appropriate use of the credit card?

5) How often you plan to monitor/evaluate this plan and why?

Part B)

Review the Balance Sheet that runs over 5 years in the attachment.

Answer or provide the following information from your analysis:

1) What has occurred in 2017 to cause a decrease in the companies closing balance?

2) Analyse the year of 2018 and outline 5 distinct changes that occurred compared to 2017

3) What makes 2020 the most successful year yet (and it is NOT the closing balance – Look harder!)

4) Outline control measures that you think may have been put in place across the 5 year period based on the figures provided

5) Outline control measures that NEED to be put in place in comparing years 2019 to 2020

Clearly explain your answers.