BSBFIM501A Manage budgets and financial plans/Alternative Financial Management Assessment
1. Prepare a checklist for team members that’s suitable for giving at an induction that
defines the following basic accounting terms and principles, and explains their
importance in the financial process in respect of your organisation. Use the
following table or produce your own.
2. Use a flow chart or diagram to describe the financial management processes a
manager of a work team is likely to be responsible for in your organisation. Show
what tasks they are responsible for and those delegated to group members.
3. Explain how a manager might ensure that legislative requirements for financial
management are complied with. Outline the procedures followed by your
organisation to ensure that the management of those budgets satisfies the
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