BSBFIM501 Manage Budgets and Financial Plans

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ASSESSMENT TASK COVER SHEET – ASSESSMENT TASK 1

ASSESSMENT TASK 1:

Task Summary:

In this assessment you are taking the role of centre manager at Bounce Fitness.

It is the time of year where you will be analysing the current financial plans of Bounce Fitness

 Interpret the following:

a) Ageing Summary:

• Interpretation may include but is not limited to:
  • How will you address the unpaid invoices?
  • What action must be taken to convert this to cash?
  • Is this covered in the associated policy? Does it need updating or inserting – if so explain how.

b) Petty Cash:

• Interpretation may include but is not limited to:
  • Will the current petty cash suffice for the organisation?
  • Is the petty cash accounted for in your budget?
  • How is this accounted for in that organisations financial policy?

c) Cash Flow Statement:

• Interpretation may include but is not limited to:
  • Is the expected income going to be appropriate in a forecasted period of 12 months based on the trends of your cash flow statement?

d) Profit and Loss Statement:

• Interpretation may include but is not limited to:
  • Will the proposed budgets meet the expected expenses and costs?

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