Assessment Tasks and Instructions <\/p>\n
Student Name Yebeen <\/p>\n
Student Number Cti2017190<\/p>\n
Course and Code Unit(s) of Competency and Code(s) SITXFIN003 Manage finances within a budget<\/p>\n
Stream\/Cluster Trainer\/Assessor Assessment for this Unit of Competency\/Cluster Details<\/p>\n
Assessment 1 Short Answers<\/p>\n
Assessment 2 Project<\/p>\n
Assessment 3 Assessment conducted in this instance: Assessment 1 FORMCHECKBOX 2 FORMCHECKBOX 3 FORMCHECKBOX <\/p>\n
Reasonable Adjustment<\/p>\n
Has reasonable adjustment been applied to this assessment?<\/p>\n
No FORMCHECKBOX No further information required<\/p>\n
Yes FORMCHECKBOX Complete 2. <\/p>\n
Provide details for the requirements and provisions for adjustment of assessment:<\/p>\n
Student to complete<\/p>\n
FORMCHECKBOX My assessor has discussed the adjustments with me<\/p>\n
FORMCHECKBOX I agree to the adjustments applied to this assessment<\/p>\n
Signature Date 2nd Assessor to complete<\/p>\n
FORMCHECKBOX I agree the adjustments applied to this assessment are reasonable<\/p>\n
Name Signature Date Assessment Guidelines<\/p>\n
What will be assessed<\/p>\n
The purpose of this assessment is to assess your underpinning knowledge to complete the tasks outlined in the elements and performance criteria for this unit of competency and relating to the following aspects:<\/p>\n
types of financial records:<\/p>\n
bank deposit documentation<\/p>\n
bank statements<\/p>\n
banking summaries<\/p>\n
business activity statements<\/p>\n
cheque books<\/p>\n
credit card transaction statements<\/p>\n
invoices<\/p>\n
journal entries<\/p>\n
labour and wages reports<\/p>\n
merchant statements<\/p>\n
merchant summaries<\/p>\n
transaction reports<\/p>\n
types of budgets:<\/p>\n
cash budgets<\/p>\n
cash flow budgets<\/p>\n
departmental budgets<\/p>\n
event budgets<\/p>\n
project budgets<\/p>\n
purchasing budgets<\/p>\n
sales budgets<\/p>\n
wage budgets<\/p>\n
whole of organisation budgets<\/p>\n
factors for consideration in the preparation of financial and statistical reports:<\/p>\n
cash flow<\/p>\n
commercial account activity<\/p>\n
commission earnings<\/p>\n
covers and financial return<\/p>\n
daily, weekly and monthly transactions<\/p>\n
expenditure<\/p>\n
income<\/p>\n
occupancy rates and financial return<\/p>\n
performance of department, project and\/or products and services<\/p>\n
sales performance<\/p>\n
sales returns<\/p>\n
staff costs<\/p>\n
stock levels<\/p>\n
variance in income and\/or expenditure<\/p>\n
wastage<\/p>\n
yield<\/p>\n
use, contents of and formats for:<\/p>\n
budgets<\/p>\n
financial reports<\/p>\n
statistical reports<\/p>\n
budget terminology<\/p>\n
specific industry sector and organisation:<\/p>\n
use of budgets to control costs and enhance profitability<\/p>\n
importance of budget control<\/p>\n
techniques for maximising budget performance<\/p>\n
financial reporting procedures and cycles<\/p>\n
features and functions of accounting software programs used to manage budgets.<\/p>\n
Place\/Location where assessment will be conducted<\/p>\n
RTO to complete<\/p>\n
Resource Requirements<\/p>\n
Pen, Paper or computer <\/p>\n
Instructions for assessment including WHS requirements<\/p>\n
You are required to address all questions to achieve competence. Your trainer will provide you with instructions for time frames and dates to complete this assessment.<\/p>\n
Once completed, carefully read the responses you have provided and check for completeness. Your trainer will provide you with feedback and the result you have achieved. <\/p>\n
Statement of Authenticity<\/p>\n
FORMCHECKBOX I acknowledge that I understand the requirements to complete the assessment tasks<\/p>\n
FORMCHECKBOX The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes<\/p>\n
FORMCHECKBOX I understand the consequences of plagiarism and confirm that this is my own work and I have acknowledged or referenced all sources of information I have used for the purpose of this assessment<\/p>\n
Student Signature: Date: \/ \/201<\/p>\n
This assessment: First Attempt FORMCHECKBOX 2nd Attempt FORMCHECKBOX Extension FORMCHECKBOX \u2013 Date: FORMTEXT \u2002\u2002 \/ FORMTEXT \u2002\u2002 \/ FORMTEXT \u2002\u2002<\/p>\n
RESULT OF ASSESSMENT Satisfactory FORMCHECKBOX Not Yet Satisfactory FORMCHECKBOX <\/p>\n
Feedback to Student:<\/p>\n
Assessor(s) Signature(s): Date: FORMTEXT \u2002\u2002 \/ FORMTEXT \u2002\u2002 \/ FORMTEXT \u2002\u2002\u2002\u2002<\/p>\n
Student Signature Date: FORMTEXT \u2002\u2002 \/ FORMTEXT \u2002\u2002 \/ FORMTEXT \u2002\u2002\u2002\u2002<\/p>\n
Assessment 1<\/p>\n
Your Task:<\/p>\n
Answer the following questions below. All questions must be answered.<\/p>\n
Question 1<\/p>\n
List 8 examples for financial records<\/p>\n
1. General account books<\/p>\n
2. Cash book records<\/p>\n
3. Banking records<\/p>\n
4. Creditors\u2019 records<\/p>\n
5. Debtors\u2019 records<\/p>\n
6. Details of any contracts<\/p>\n
7. Tax invoices and other relevant tax records<\/p>\n
8. Stock records<\/p>\n
Question 2<\/p>\n
List 4 different types of budgets. <\/p>\n
1.master budget<\/p>\n
2.wage budgets<\/p>\n
3.cashflow budgets<\/p>\n
4.project budgets<\/p>\n
Question 3<\/p>\n
What is the purpose of preparing a draft budget?<\/p>\n
The purpose of a draft budget is to give you a visual description of the expected financial results of your business activities.<\/p>\n
Question 4<\/p>\n
What should you do with the feedback from the draft budget? <\/p>\n
Once the feedback from the draft budget has been received, whether in a meeting or from the individuals, you must analyse the feedback. It is very rare for a draft budget to simply become the final budget, so some changes are to be expected. When looking at the feedback, it is important to consult others if you are unsure as to the relevance of the change.<\/p>\n
Question 5<\/p>\n
List 2 people the final budget might need to be distributed to. <\/p>\n
1.Owners<\/p>\n
2.Senior management<\/p>\n
Question 6<\/p>\n
Why is it important for each department head to understand their part of the budget? <\/p>\n
they should be informed of any changes made from the draft budget and be provided with an explanation for the change or why something that was requested to be changed wasn\u2019t<\/p>\n
Question 7<\/p>\n
Why should all staff have some knowledge of the budget for their area? <\/p>\n
The management team should be informed of the budget outcomes and its impact on their operation.<\/p>\n
Question 8<\/p>\n
Once the final budget has been approved, how often should it be monitored? <\/p>\n
Managers are required to provide a report on their department for the month.<\/p>\n
Question 9<\/p>\n
As well as receiving the final budget the management team should be advised of their reporting duties. What <\/p>\n
should their report contain? <\/p>\n
Accounting regulation ,tax laws and financial statement <\/p>\n
Question 10<\/p>\n
Name 2 financial reports you might generate from your accounting system to check your budget against<\/p>\n
actual income or expenditure. <\/p>\n
1. sales reports<\/p>\n
2.expenditure reports<\/p>\n
Question 11<\/p>\n
Every revenue and expense item on the Profit and Loss Statement should be compared to what? <\/p>\n
Compared to the budgeted figure.<\/p>\n
Question 12<\/p>\n
When revenue variances occur, why should you talk to the staff to help identify, and find options to <\/p>\n
address the issue? <\/p>\n
Every situation will require a different approach for the business to rectify it<\/p>\n
Question 13<\/p>\n
List 2 factors that can cause variances in staff budgets. <\/p>\n
1.wages<\/p>\n
2.wastage<\/p>\n
Question 14<\/p>\n
List 3 colleagues you may advise if you noticed that there were deviations between your budget and your <\/p>\n
targets.<\/p>\n
1. Manager<\/p>\n
2.operational staff<\/p>\n
3.Administration to financial staff<\/p>\n
Question 15<\/p>\n
List 2 ways you might research new approaches to managing your budget. <\/p>\n
1.any changes that are made to the budget should be recorded so that future budgets can be made based on this information, rather than using the outdated information from the start of the year<\/p>\n
2.a new department head may have different ideas and ways of the running the department and may need more budget in some areas and less budget in others<\/p>\n
Question 16<\/p>\n
List 3 things you need to include in your budget report, to give the decision maker enough information to do a <\/p>\n
clear cost versus benefit analysis of the budget request. <\/p>\n
1. expense<\/p>\n
2.revenue<\/p>\n
3.cost<\/p>\n
Question 17<\/p>\n
If you are cutting expenditure, why must you be careful that the cuts do not cause the level of service and <\/p>\n
product to fall? <\/p>\n
the same amount of maintenance work will need to be done more efficiently, <\/p>\n
some maintenance work will have to be deferred, or<\/p>\n
some maintenance work will not be able to be done at all.<\/p>\n
Question 18<\/p>\n
Name an accounting program you can use to help manage budgets. <\/p>\n
Xero, MYOB, Quicken and turbo tax<\/p>\n","protected":false},"excerpt":{"rendered":"
Assessment Tasks and Instructions Student Name Yebeen Student Number Cti2017190 Course and Code Unit(s) of Competency and Code(s) SITXFIN003 Manage<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-42429","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n