Assessment Tasks and Instructions
Student Name Yebeen
Student Number Cti2017190
Course and Code Unit(s) of Competency and Code(s) SITXFIN003 Manage finances within a budget
Stream/Cluster Trainer/Assessor Assessment for this Unit of Competency/Cluster Details
Assessment 1 Short Answers
Assessment 2 Project
Assessment 3 Assessment conducted in this instance: Assessment 1 FORMCHECKBOX 2 FORMCHECKBOX 3 FORMCHECKBOX
Reasonable Adjustment
Has reasonable adjustment been applied to this assessment?
No FORMCHECKBOX No further information required
Yes FORMCHECKBOX Complete 2.
Provide details for the requirements and provisions for adjustment of assessment:
Student to complete
FORMCHECKBOX My assessor has discussed the adjustments with me
FORMCHECKBOX I agree to the adjustments applied to this assessment
Signature Date 2nd Assessor to complete
FORMCHECKBOX I agree the adjustments applied to this assessment are reasonable
Name Signature Date Assessment Guidelines
What will be assessed
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:
types of financial records:
bank deposit documentation
bank statements
banking summaries
business activity statements
cheque books
credit card transaction statements
invoices
journal entries
labour and wages reports
merchant statements
merchant summaries
transaction reports
types of budgets:
cash budgets
cash flow budgets
departmental budgets
event budgets
project budgets
purchasing budgets
sales budgets
wage budgets
whole of organisation budgets
factors for consideration in the preparation of financial and statistical reports:
cash flow
commercial account activity
commission earnings
covers and financial return
daily, weekly and monthly transactions
expenditure
income
occupancy rates and financial return
performance of department, project and/or products and services
sales performance
sales returns
staff costs
stock levels
variance in income and/or expenditure
wastage
yield
use, contents of and formats for:
budgets
financial reports
statistical reports
budget terminology
specific industry sector and organisation:
use of budgets to control costs and enhance profitability
importance of budget control
techniques for maximising budget performance
financial reporting procedures and cycles
features and functions of accounting software programs used to manage budgets.
Place/Location where assessment will be conducted
RTO to complete
Resource Requirements
Pen, Paper or computer
Instructions for assessment including WHS requirements
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.
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.
Statement of Authenticity
FORMCHECKBOX I acknowledge that I understand the requirements to complete the assessment tasks
FORMCHECKBOX The assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processes
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
Student Signature: Date: / /201
This assessment: First Attempt FORMCHECKBOX 2nd Attempt FORMCHECKBOX Extension FORMCHECKBOX – Date: FORMTEXT / FORMTEXT / FORMTEXT
RESULT OF ASSESSMENT Satisfactory FORMCHECKBOX Not Yet Satisfactory FORMCHECKBOX
Feedback to Student:
Assessor(s) Signature(s): Date: FORMTEXT / FORMTEXT / FORMTEXT
Student Signature Date: FORMTEXT / FORMTEXT / FORMTEXT
Assessment 1
Your Task:
Answer the following questions below. All questions must be answered.
Question 1
List 8 examples for financial records
1. General account books
2. Cash book records
3. Banking records
4. Creditors’ records
5. Debtors’ records
6. Details of any contracts
7. Tax invoices and other relevant tax records
8. Stock records
Question 2
List 4 different types of budgets.
1.master budget
2.wage budgets
3.cashflow budgets
4.project budgets
Question 3
What is the purpose of preparing a draft budget?
The purpose of a draft budget is to give you a visual description of the expected financial results of your business activities.
Question 4
What should you do with the feedback from the draft budget?
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.
Question 5
List 2 people the final budget might need to be distributed to.
1.Owners
2.Senior management
Question 6
Why is it important for each department head to understand their part of the budget?
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’t
Question 7
Why should all staff have some knowledge of the budget for their area?
The management team should be informed of the budget outcomes and its impact on their operation.
Question 8
Once the final budget has been approved, how often should it be monitored?
Managers are required to provide a report on their department for the month.
Question 9
As well as receiving the final budget the management team should be advised of their reporting duties. What
should their report contain?
Accounting regulation ,tax laws and financial statement
Question 10
Name 2 financial reports you might generate from your accounting system to check your budget against
actual income or expenditure.
1. sales reports
2.expenditure reports
Question 11
Every revenue and expense item on the Profit and Loss Statement should be compared to what?
Compared to the budgeted figure.
Question 12
When revenue variances occur, why should you talk to the staff to help identify, and find options to
address the issue?
Every situation will require a different approach for the business to rectify it
Question 13
List 2 factors that can cause variances in staff budgets.
1.wages
2.wastage
Question 14
List 3 colleagues you may advise if you noticed that there were deviations between your budget and your
targets.
1. Manager
2.operational staff
3.Administration to financial staff
Question 15
List 2 ways you might research new approaches to managing your budget.
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
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
Question 16
List 3 things you need to include in your budget report, to give the decision maker enough information to do a
clear cost versus benefit analysis of the budget request.
1. expense
2.revenue
3.cost
Question 17
If you are cutting expenditure, why must you be careful that the cuts do not cause the level of service and
product to fall?
the same amount of maintenance work will need to be done more efficiently,
some maintenance work will have to be deferred, or
some maintenance work will not be able to be done at all.
Question 18
Name an accounting program you can use to help manage budgets.
Xero, MYOB, Quicken and turbo tax
