Assessment Resource | BSBFIM601
Assessment Resource | BSBFIM601
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Assessment Cover Sheet
Student name: Student ID: Student email: Phone: Course Name: Advanced Diploma of Hospitality Management Course Code: SIT60316 Unit of competency code: BSBFIM601 Unit of competency Name: Manage finances Task Number: Trainer name: Satish Chander - I declare that the work contained in this Assessment Task is my own, except where acknowledgement of sources is I keep copy of these assignment submitted for my record.
- I have read the BIT’s Plagiarism Policy and
- I understand the consequences of engaging in plagiarism and
Student signature: Date: Please note: You are advised to keep a copy of all your work submitted to the institute.
For office use only:
Date received from student: Name and signature of Trainer/Assessor: Satish Chander
✂
Student Receipt (to be completed by BIT staff only)
Unit(s) of competency (code and name): BSBFIM601 Manage finances Student name: Student ID: Staff member signature: Date: This page intentionally blank
ASSESSMENT SUMMARY / COVER SHEET
This form is to be completed by the assessor and used as a final record of student competency. All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet before placing on the students file.
Student results are not to be entered onto the Student Management Database unless all relevant paperwork is completed and attached to this form.
Student Name: Student ID No: Final Completion Date: Unit: BSBFIM601 | Manage finances Please attach the following documentation to this form
Date
Result S = Satisfactory NS = Not Satisfactory
NA = Not Assessed
Date
Reassessm ent S = Satisfactory NS = Not Satisfactory
NA = Not Assessed
Assessment 1
q Budget report attached q One-year budget attached
q Checklist attached
S | NS
S| NS
Assessment 2
q Variance analysis attached q Revised Budget report attached
q Checklist attached
S | NS
S | NS
Assessment 3
q Research project attached q Checklist attached
S | NS
S | NS
Assessment 4
q Written Assessment / Project attached S | NS
S | NS
Final Assessment Result for this unit C / NYC Assessor Notes: (inclusive of reassessment, reasonable adjustment, further opportunities for gap training etc.):
Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.
Name: Signature: Date: / / _
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback. I further declare that this assessment has been checked and is free from plagiarism Name: Satish Chander Signature: Date: / / _
Administrative use only
Entered onto Student Management Database
q Date
Initials
This page intentionally blank
Assessment Resource Summary Unit Details
BSBFIM601 Manage finances
Assessment Type
This is a summative assessment, which requires each student to have adequate practice prior to undertaking this assessment Assessment Methods
Projects
Assessment 1 (Part A)
(Prepare a one-year budget and complete reports)
Assessment 1 (Part B)
(Risk Analysis, Financial Management, Communication)
Assessment 2
(Analysis of company financial position and performance)
Assessment 3
(Review and evaluate financial software programs)
Written Assessment or Project
Assessment 4 (Written Assessment / Project)
Unit Summary This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity. It applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Prerequisite Units There are no recommended pre-requisite units for this competency.
Possible Co-requisite Units There are no recommended co-requisite units for this competency.
Summative Assessment – Assessor Instructions
It is important that in conducting assessment, the assessor undertakes the following:
Prior to conducting the assessment
- Read the assessment tasks as detailed throughout this document
- Contextualise the task (and checklist) to ensure it reflects the students working (Be sure to check with the mapping document to ensure any contextualisation still covers the unit requirements)
- Read the assessor instructions and checklist prior to commencing the assessment
- Ensure the assessment environment is suitable for the parameters of the task, to ensure the students will have an appropriate opportunity to demonstrates their skills
- Make suitable modifications to the assessment environment (if required), to allow all tasks to be observed
- Ensure the student is allocated the appropriate time and resources for the task
- If undertaken on the job – discuss the assessment with the workplace supervisor, to so they are aware of what will happen throughout the process
- If undertaken on the job – Determine and agree with the supervisor an acceptable time frame for each
- Advise the student prior to conducting the assessment of:
- what will occur throughout the assessment process
- when the assessment will occur
- the level of competency expected (review the checklist or the criteria for the task to ensure the student understands the assessment process and the expectations)
- the RTO reasonable adjustment process and offer adjustment for any students needing assistance
- the RTO re-assessment and appeals process
- You should not tell the student how to undertake the task, as it would lead the student and render the assessment process The student should have been taught “How” to perform each task during the training stage and is expected to know this prior to commencing the assessment.
- Do not give the student a copy of the Assessor Checklist or Sample Answers prior to the assessment. The student instructions provide appropriate detail for the student on the expected level of competency for each
Conducting the assessment
- Establish and oversee the evidence gathering process to ensure it remains valid, reliable, fair and flexible
- Advise the student when to commence the assessment
- Observe the student undertake the tasks as outlined
- Record your observations in the assessor checklist
- Where a checklist point is not observed due to an inappropriate environment, or for a reason outside the student’s control, modify the scenario to allow the student an opportunity to perform the associated task
- Where a checklist point is not appropriate, write “N/A” in the space provided
- Incorporate allowable adjustments to the assessment procedure without compromising the integrity of the Be sure to make appropriate notations on the assessment checklist to explain any variances to the assessment process (such as probing questions, alterations to assessment environment, etc) to ensure the assessment process is transparent (and the assessment remains Valid)
- Gather supporting documentation where available and appropriate (as evidence)
- Do not interfere with the assessment unless the student’s actions impose a risk to themselves or anyone If the actions of the student impact on the safety of any person – you are to immediately cease the assessment and take actions to reduce the identified risk.
- If a student performs an action incorrectly, mark it as Record what you see, not what you want to see.
- Once the assessment is complete, advise the student that the assessment has ceased, and record your comments in the sections
Making and recording the decision
- The student needs to be deemed satisfactory in all assessments to gain
- You are to provide feedback* to the student on their performance and/or the outcome from their assessment (whether satisfactory or not yet satisfactory)
- If a student has been assessed as “Not Yet Satisfactory” on their performance in an assessment they should be offered information about the appeal process and/or a reassessment
· Re-assessments:
- Re-assessments are to be undertaken on a different date. This is to allow an opportunity for the student to undergo further training as required, and to ensure the student is assessed on their ability to demonstrate their actual skills and knowledge – not just their ability to answer questions / perform actions based on immediate advice of the
- When undertaking observation-based re-assessments, students must perform the full task that relates to the observation. This means if a student undertakes an observation and is marked not satisfactory on one or more points within the observation, they must perform the task again in
- If a student has been marked as satisfactory on any full observation task, they are not required to be re-assessed on that task
- Written assessments (if applicable). Students are only required to be re-assessed on the questions relating to the topic they answered incorrectly in the initial For example, if the student answered Q1, 2, 3 correctly, but answered Q4+5 incorrectly; then they must be re- assessed on Q4+5 on a later date
- Using the evidence gathered and the rules of evidence (validity, reliability, sufficiency, currency and authenticity) determine the outcome for the If you are in doubt, gather further evidence to help guide your decision.
- Assess the students on what you observe during the assessment period, not on their actions before or after the
- If you are marking the student NYC, ensure you outline why you have made this decision, and provide advice on how the student can improve their skills / knowledge prior to reassessment; or if the re- assessment opportunities have lapsed, provide advice on appeals and or re-enrolment.
- Record the assessment results onto the Assessment Summary / Cover Sheet, ensuring each section is complete
- Attach all evidence (projects / checklists / tests, etc) to this
- Submit the completed Assessment Summary/ Cover sheet and associated evidence for processing as per your RTO procedures
Providing feedback
- Provide constructive feedback to the student on their performance during the assessment Do not make any comments on actions undertaken prior or after the assessment period.
- Provide the student with:
- Their assessment result
- Clear and constructive feedback based on the assessment decision
- The reasons underpinning your assessment decision
- Information on ways of overcoming any identified gaps in competency revealed by the assessment the opportunity to discuss the assessment process and outcome information on reassessment and the appeals
- An opportunity for reassessment if appropriate or requested by the candidate
- Information on appeal process as applicable to your organisation
ASSESSMENT 1 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
PART A – For this assessment, students are to utilise the data in the Appendices regarding Ed’s Whitegoods. The instructor can role-play the part of Edward Tan, the proprietor and will give any additional information required, including company policies and procedures, milestones etc.
Students are to undertake the following:
- List all personnel you would consult with in order to gain adequate advice prior to commencing your
- Consult with your instructor to determine management requirements
- Outline the statutory requirements in relation to compliance and tax that affect your budget
- Prepare a 1 year budget & projected financial statement including:
- Sales forecast, taking into account additional information in Appendix 5
- Estimated expenses / inventory costs
- Estimated profits
- Ensure report layout and format comply with management information requirements, are clear and error-free
Note: Students must use appropriate spreadsheet or accounting software to undertake this task.
Students must ensure that estimates of future cash flow, costs and revenues are realistic in context of the available information at the time of creating the budget. Changes in circumstances should be anticipated as best as possible with particular emphasis on financial risks and creating protection strategies in accordance with organisational procedures. Any liaison with the proprietor of the business to determine milestones, policies, goals etc. should be carried out with your instructor, who will role play the relevant parts.
Assessment Summary
You are to submit the following evidence / perform the following tasks
- Develop and submit your annual budget as outlined above
PART B – Now you are to take your completed budget and arrange an appointment with your assessor, who will role-play a finance specialist. In this meeting, you are to
- Manage the meeting direction and progress
- Discuss with the finance specialist the aspects of your budgets / financial plans (the package)
- Have your package reviewed, ensuring your validate your reasons and proposals
- Amend / revise your package as appropriate
You must now:
- Detail in writing all delegations and budget accountabilities for implementation and management of your package
- Develop a written procedure that details the recording systems and documentation process you will follow for monitoring and controlling all activities against your
- Develop a risk management and contingency plan for all your proposed financial plans; along with a policy and procedure to be followed when implementing these plans
- Develop a policy and procedure that outlines proper maintenance of records of financial performance and provides for evaluation of the effectiveness of your financial management process
The assessor will be available to role play were required for this assessment
This project is due for submission on:
ASSESSMENT 1 – STUDENT SELF ASSESSMENT CHECKLIST
This information is to be handed to each student to outline the assessment criteria
This checklist is similar to the one being used by your assessor during this assessment. This checklist should be reviewed by you to evaluate your readiness for assessment, and to confirm your understanding of the criteria by which this assessment task will be judged.
Once you feel you have the required skills and knowledge to demonstrate each of the following assessment criteria, you are ready to be assessed. Please speak with your assessor if you feel you are not ready to be assessed before the assessment has commenced.
You may refer to this checklist at any stage PRIOR to the commencement of your assessment. You may not refer to this checklist whilst you are being assessed.
Student Assessment Criteria I feel I can demonstrate this Communication: Are you able to: o Communicate clearly with others o Clarity the task requirements
o Ask for help when needed
o Follow instructions
o Give and receive feedback as appropriate
o Answer questions and clarify concerns that arise
o Explain rational on decisions effectively
r Yes r No
Safety: Are you able to: o Always work safely r Yes r No
o Ensure your actions do not put the safety of yourself or others at risk r Yes r No
Task requirements: Are you able to:
o Access required information from supervisor (e.g. company policy / authorisation measures) r Yes r No
o Undertake discussions with stakeholders to gather additional information as required r Yes r No
o Discuss and review assumptions and budget parameters r Yes r No
o Outline the statutory requirements in relation to compliance and tax that affect your budget r Yes r No
o Identify budget objectives r Yes r No
o Clearly detail the following items: o Cash
o Expenditure
o Revenue
r Yes r No
o Include milestones and performance indicators to monitor performance r Yes r No
o Ensure profit targets / goals conform with budget requirements r Yes r No
o Include a detailed breakdown of annual budget into seasonal periods r Yes r No
o Identify any potential financial risks based on given data / information, and recommend appropriate protection strategies r Yes r No
o Identify non-current asset requirements, and alternative asset management strategies r Yes r No
o Prepare cash flow projections in accordance to business plan r Yes r No
o Include all relevant taxes, including: o GST
o BAS
o FBT
r Yes r No
o Communicate with stakeholders regarding the following: o Milestones
o Policies
o Goals
r Yes r No
o Provide conservative estimates based on the provided information including: o Future cash flow
o Future costs
o Future revenues
r Yes r No
o Create a forecast template including o Create copy of last forecast
o Extend forecast to cover new forecast period
o Delete from the forecast any dates that are now in the past
o Label the spreadsheet with the forecasting date
o Clear all numbers from the forecast line items
r Yes r No
o Populate the forecast template, including entering the following for each time period o Current cash balance
o The best estimate of cash receipts from open accounts receivable
o The projected cash disbursements for payroll and payroll tax payments
o The projected cash disbursements for accounts payable
o The projected timing of expenditures for capital projects
o The projected timing of dividend payments
r Yes r No
o Generate budget following set procedures and adhering to Australian accounting standards r Yes r No
o Read and interpret financial information / statements
r Yes r No
o Adhere to the principles of double entry accounting
r Yes r No
o Demonstrate skills in accrual accounting
r Yes r No
o Gather and verified all data effectively
r Yes r No
o When undertaking the role plan: o Communicate professionally
o Explain proposed budgets effectively
o Validate reasons and proposals thoroughly
o Detailed all delegations and budget accountabilities for implementation and management of proposal
r Yes r No
o Developed procedure for risk management and contingency planning
r Yes r No
o Complete the task on time
r Yes r No
ASSESSMENT 1 – ASSESSOR INSTRUCTIONS
These instructions must be followed when assessing the student in this unit. The checklist on the following page is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.
For this assessment, students are to utilise the data in the Appendices regarding Ed’s Whitegoods. The instructor can role-play the part of Edward Tan, the proprietor and will give any additional information required, including company policies and procedures, milestones etc.
Students are to undertake the following:
- List all personnel you would consult with in order to gain adequate advice prior to commencing your
- Consult with your instructor to determine management requirements
- Prepare a One-year budget & projected financial statement including:
- Sales forecast, considering additional information in Appendix 5
- Estimated expenses / inventory costs
- Estimated profits
- Ensure report layout and format comply with management information requirements, are clear and error- free
Note: Students must use appropriate spreadsheet or accounting software to undertake this task.
Students must ensure that estimates of future cash flow, costs and revenues are realistic in context of the available information at the time of creating the budget. Changes in circumstances should be anticipated as best as possible with particular emphasis on financial risks and creating protection strategies in accordance with organisational procedures. Any liaison with the proprietor of the business to determine milestones, policies, goals etc. should be carried out with your instructor, who will role play the relevant parts.
ASSESSOR NOTES
- Throughout this assessment, you are required to role-play the client and assist the students in determining specific goals, milestones, policies that you deem This will require you to answer questions as raised by the student, and possibly provide additional data if required. In all dealings, you are to only answer questions asked by the student, and not lead them in any way
- Sample data has been provided in Appendix 1-5, along with additional assumptions provided in Appendix 6
- You may modify the business data as required; however, Business models should be as realistic as possible, and documentation provided to the student should be as close as possible to what they would need to disseminate in a real work
- A sample policy and procedure for the students to follow during this assessment has been provided as an attachment to this
This assessment may be undertaken in the following formats:
- On the job. These assessments must:
- using a registered and operating workplace
- ensure access to customers relevant to the work role and unit requirements
- ensure access to staff members / colleagues
- ensure candidate is working in a suitable role to the unit (i.e. – candidates undertaking units requiring staff supervision must have staff to supervise, and authority to do so)
- ensure access to relevant, working and current tools and equipment as appropriate to the unit requirement
- substitute the provided data with relevant data from the students work-place
- Classroom / Simulated environment. These assessments must
Simulation is a form of evidence gathering that involves the candidate in completing or dealing with a task, activity or problem in an off-the-job situation that replicates the workplace context. Documented definitions state “Simulations vary from recreating realistic workplace situations such as in the use of flight simulators, through the creation of role plays based on workplace scenarios to the reconstruction of a business situation on a spreadsheet. In developing simulations, the emphasis is not so much on reproducing the external circumstance but on creating situations in which candidates are able to demonstrate:
- technical skills
- underpinning knowledge
- generic skills such as decision making and problem solving
- workplace practices such as effective communication “
- In conducting training and assessment in a simulated workplace environment, trainers and assessors must make sure that the simulated environment gives the learner the opportunity to meet the following critical criteria:
- Quality – The work is of the standard required for entry into the
- Productivity – The work is performed within a timeframe appropriate for entry to the
- Safety – The work is performed in a manner that meets industry safety
- Each assessment has taken the following aspects into consideration, to ensure any simulations provide for integrated assessment of This includes:
- performing the task (task skills)
- managing a number of tasks (task management skills)
- dealing with workplace irregularities such as unexpected problems, breakdowns and changes in routine (contingency management skills)
- fulfilling the responsibilities and expectations of the job and workplace, including working with others (job/role environment skills)
- transferring competencies to new contexts
- Assessment activities must be realistic and reasonable in terms of scale. Assessment conducted under simulated conditions should reflect those typically found in the Where appropriate to the UOC, simulated environment should allow the learner to:
- deal with typical customers, including difficult customers and diverse types of customers
- use facilities, equipment and materials that meet current industry standards
- plan and prioritise multiple tasks to meet deadlines
- experience the typical workflow for the industry
- require adherence to service standards, workplace procedures, health and safety requirements
- work with others as part of a team
- consider constraints and pressures met in the workplace, g. budget, time, availability of resources
- If a simulated workplace is used, it must allow for distractions such as background noises, ringing telephones, interruptions, etc. As this is a Business Based Finance unit, a simulated environment may also include an office environment with office equipment and computers. Each student must dress appropriately and professionally in line with workplace
- For each assessment, you are not to If the assessment is activities will impact on the safety of a student or bystander, the assessment must be stopped immediately
ASSESSMENT 1 – ASSESSOR CHECKLIST
This checklist is to be used when assessing the students in the associated task. This checklist is to be completed for each student.
Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.
Please complete below
Student Name: Student ID No: Assessor Instructions:
Please refer to the detailed instructions outlined on the Assessment Instruction Page (previous) that provides more detail as to required observations:
Student checklist – Annual Budget. Did the student: Satisfactory Access required information from supervisor (e.g. company policy / authorisation measures)
r Yes r No
Correctly interpreted and followed given instructions / procedures
r Yes r No
Access and correctly interpret / follow budget legislation (ATO Tax Law)
r Yes r No
Undertake discussions with stakeholders, discussing and reviewing assumptions and budget parameters and identifying budget objectives? r Yes r No
Detail personnel to consult with to gain adequate advice (e.g. Accounts department / Managers etc) r Yes r No
Budget / project financial statement incorporates a sales forecast that
· Includes all discussed assumptions, includes a yearly/monthly sale forecast considering historical data. r Yes r No
Budget / project financial statement incorporates estimated expenses including:
· Advertising, all financial costs, operating expenses, utilities and staff expenses r Yes r No
· Inventory costs and inventory turnover r Yes r No
Budget / project financial statement incorporates estimated profits (Total projected business income LESS total projected business operational / depreciation / amortisation expenses) r Yes r No
Incorporate milestones / KPI’s
r Yes r No
Break down annual budget into seasonal periods (Christmas, Mothers day, EOFY Sales, etc) r Yes r No Recommended appropriate protection strategies as required (insurances, holding profit aside to cover low sales periods, back-up suppliers, etc) r Yes r No Identified non-current asset requirements (intangible assets / plant / property / equipment, etc) r Yes r No Identified any alternative asset management strategies (identify asset life cycle, asset requirements to achieve proposed budget, identification of surplus assets, acquisition, maintenance, disposal and funding)
r Yes r No
Prepare cash flow projections in accordance to business plan, including any tax liabilities r Yes r No Conservatively base the following estimates on the provided information: · Future cash flow, costs and revenues r Yes r No Financial Forecasting: Did the student Create a forecast template including, previous forecast, new forecast and adjustments. r Yes r No r N/A
Populate the forecast template, including entering the following for each time period; current and forecast cash balance and expected timings of major payments. r Yes r No r N/A
During role-play with finance specialist (assessor), did the student
· Communicate professionally, explaining the budget and giving valid, logical reasons for decisions made and explaining who would be responsible for budget implementation. r Yes r No
Develop a procedure for risk management and contingency planning that: · Outlines the risks, contingencies, mitigation measures that may occur as a result of budget decisions. r Yes r No
Student demonstrated functional keyboard and computing skills
r Yes r No
Student demonstrated the ability to read and interpret financial information / statements
r Yes r No
Student adhered to the principles of double entry accounting
r Yes r No
Student demonstrated basic skills in accrual accounting
r Yes r No
Student always communicated effectively with instructor / supervisor
r Yes r No
Student gathered and verified all data effectively
r Yes r No
Student demonstrated good time-management skills by submitting assessment by due date
r Yes r No
Annual budget attached
r Yes r No
Result: Satisfactory | Not Satisfactory | Not Assessed
Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.
Name: _ Signature: _ Date: / / _ Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
Name: Satish Chander Signature: _ Date: / / _
ASSESSMENT 2 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
Students are required to compare their budgeted figures against actual figures located below:
Ed’s Whitegoods One-year result:
Total Sales: $1,623,000
Total Purchases: $701,400
Total Expenses: $402,000
Students are to undertake the following:
- Prepare a variance analysis between budgeted and actual figures
- Ensure report demonstrates major differences
- What was the discrepancy?
- Is the discrepancy a positive or negative one?
- Locate the area and give at least 5 reasons why the discrepancy may have occurred
- Utilise the data provided to determine the effectiveness of the cost budgeting techniques used
- Lastly, students should give recommendations as to how their variance may be corrected for future budgets for the
The variance report should be submitted along with a written report detailing the student’s answers to the above questions.
Assessment Summary
You are to develop and submit the following:
- revised budget
- budget assessment report
- feasibility report
This assessment is due on:
ASSESSMENT 2 – STUDENT SELF ASSESSMENT CHECKLIST
This information is to be handed to each student to outline the assessment criteria
This checklist is similar to the one being used by your assessor during this assessment. This checklist should be reviewed by you to evaluate your readiness for assessment, and to confirm your understanding of the criteria by which this assessment task will be judged.
Once you feel you have the required skills and knowledge to demonstrate each of the following assessment criteria, you are ready to be assessed. Please speak with your assessor if you feel you are not ready to be assessed before the assessment has commenced.
You may refer to this checklist at any stage PRIOR to the commencement of your assessment. You may not refer to this checklist whilst you are being assessed.
Student Assessment Criteria I feel I can demonstrate this Communication: Are you able to: o Communicate clearly with others o Clarity the task requirements
o Ask for help when needed
o Follow instructions
o Give and receive feedback as appropriate
o Answer questions and clarify concerns that arise
o Explain rational on decisions effectively
r Yes r No
Safety: Are you able to: o Always work safely r Yes r No o Ensure your actions do not put the safety of yourself or others at risk r Yes r No Task requirements: Are you able to: o Access all required information from supervisor r Yes r No o Compare prepared budget with actual figures r Yes r No o Identify any significant over or underestimation of the following: o Future cash flow
o Future costs
o Future revenues
r Yes r No
o Prepare comparison trends and other appropriate graphs to demonstrate the information provided r Yes r No o Demonstrate validity of the analysis r Yes r No o Identify any milestone that were not met r Yes r No o Adapt budget, taking into account: o Actual figures
o Conversations with stakeholders
r Yes r No
o Prepare a budget variance report r Yes r No o Prepare a feasibility report r Yes r No o Clearly outline stated any major discrepancies r Yes r No o Define positive / negative discrepancies r Yes r No o List 5 possible reasons for discrepancies r Yes r No o Ensure all reasons given are logical and reasonable r Yes r No o Ensure all reports are prepared following organisational procedures r Yes r No o Ensure all reports conform to Australian Accounting Standards r Yes r No o Adhere to the principles of double entry accounting r Yes r No o Gather and verified all data effectively r Yes r No o Complete the task on time r Yes r No ASSESSMENT 2 – ASSESSOR INSTRUCTIONS
These instructions must be followed when assessing the student in this unit. The checklist on the following page is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.
Students are required to compare their budgeted figures against actual figures located below: Ed’s Whitegoods One-year result:
Total Sales: $1,623,000
Total Purchases: $701,400
Total Expenses: $402,000
Students are to undertake the following:
- Prepare a variance analysis between budgeted and actual figures
- Ensure report demonstrates major differences
- What was the discrepancy?
- Is the discrepancy a positive or negative one?
- Locate the area and give at least 5 reasons why the discrepancy may have occurred
- Utilise the data provided to determine the effectiveness of the cost budgeting techniques used
- Lastly, students should give recommendations as to how their variance may be corrected for future budgets for the
The variance report should be submitted along with a written report detailing the student’s answers to the above questions.
Assessment Summary
You are to develop and submit the following:
- revised budget
- budget assessment report
- feasibility report
ASSESSOR NOTES
- Students are not to undertake this assessment until they have successfully completed Assessment 1, as it relates to work completed previously
- This assessment may be undertaken as a project, or in the classroom
- If the student has used another business for Assessment 1, you are to develop and provide the student additional information (like that provided above) for the student to refer to
- Refer to pages 3-4 of this assessment tool for additional instructions
This assessment may be undertaken in the following formats:
- On the job. These assessments must:
- using a registered and operating workplace
- ensure access to customers relevant to the work role and unit requirements
- ensure access to staff members / colleagues
- ensure candidate is working in a suitable role to the unit (i.e. – candidates undertaking units requiring staff supervision must have staff to supervise, and authority to do so)
- ensure access to relevant, working and current tools and equipment as appropriate to the unit requirement
- substitute the provided data with relevant data from the students work-place
- Classroom / Simulated environment. These assessments must
Simulation is a form of evidence gathering that involves the candidate in completing or dealing with a task, activity or problem in an off-the-job situation that replicates the workplace context. Documented definitions (state “Simulations vary from recreating realistic workplace situations such as in the use of flight simulators, through the creation of role plays based on workplace scenarios to the reconstruction of a business situation on a spreadsheet. In developing simulations, the emphasis is not so much on reproducing the external circumstance but on creating situations in which candidates are able to demonstrate:
- technical skills
- underpinning knowledge
- generic skills such as decision making and problem solving
- workplace practices such as effective communication “
- In conducting training and assessment in a simulated workplace environment, trainers and assessors must make sure that the simulated environment gives the learner the opportunity to meet the following critical criteria:
- Quality – The work is of the standard required for entry into the
- Productivity – The work is performed within a timeframe appropriate for entry to the
- Safety – The work is performed in a manner that meets industry safety
- Each assessment has taken the following aspects into consideration, to ensure any simulations provide for integrated assessment of This includes:
- performing the task (task skills)
- managing several tasks (task management skills)
- dealing with workplace irregularities such as unexpected problems, breakdowns and changes in routine (contingency management skills)
- fulfilling the responsibilities and expectations of the job and workplace, including working with others (job/role environment skills)
- transferring competencies to new contexts
- Assessment activities must be realistic and reasonable in terms of scale. Assessment conducted under simulated conditions should reflect those typically found in the Where appropriate to the UOC, simulated environment should allow the learner to:
- deal with typical customers, including difficult customers and diverse types of customers
- use facilities, equipment and materials that meet current industry standards
- plan and prioritise multiple tasks to meet deadlines
- experience the typical workflow for the industry
- require adherence to service standards, workplace procedures, health and safety requirements
- work with others as part of a team
- consider constraints and pressures met in the workplace, g. budget, time, availability of resources
- If a simulated workplace is used, it must allow for distractions such as background noises, ringing telephones, interruptions, etc. As this is a Business Based Finance unit, a simulated environment may also include an office environment with office equipment and computers. Each student must dress appropriately and professionally in line with workplace
- For each assessment, you are not to If the assessment is activities will impact on the safety of a student or bystander, the assessment must be stopped immediately
ASSESSMENT 2 – ASSESSOR CHECKLIST
This checklist is to be used when assessing the students in the associated task. This checklist is to be completed for each student.
Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.
Please complete below
Student Name: Student ID No: Assessor Instructions:
Please refer to the detailed instructions outlined on the Assessment Instruction Page (previous) that provides more detail as to required observations:
Student checklist – Variance analysis Satisfactory Student accessed required information from supervisor
r Yes r No
Student correctly interpreted and followed given instructions / procedures
r Yes r No
Student accessed and correctly interpreted and followed relevant budget legislation (ATO Requirements) r Yes r No
Student prepared an accurate variance analysis between budgeted and actual figures by:
· Identifying budgeted and actual sales, budgeted and actual expenses, budgeted and actual purchases etc. r Yes r No
Student prepared comparison trends and other appropriate graphs to demonstrate the information provided r Yes r No Student demonstrated the validity of their analysis and identified milestones (KPIs) that were not met. r Yes r No Student adapted budget, considering the actual figures and discussions with stakeholders (assessor) r Yes r No Student prepared an appropriate feasibility report that outlines: the rational behind the budget, the budget strengths and weaknesses and any threats that can be foreseen. r Yes r No All reports were prepared following organisational procedures r Yes r No Student demonstrated functional keyboard and computing skills r Yes r No Student demonstrated the ability to read and interpret financial information / statements r Yes r No Student adhered to the principles of double entry accounting
r Yes r No
Student demonstrated basic skills in accrual accounting
r Yes r No
Student demonstrated good time-management skills by submitting return within acceptable timeframes r Yes r No Revised budget attached r Yes r No Budget assessment report attached r Yes r No Feasibility report attached r Yes r No Result: Satisfactory | Not Satisfactory | Not Assessed
Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.
Name: Satish Chander Signature: _
Date: / / _
Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
Name: _ Signature: _
Date: / / _
ASSESSMENT 3 – STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements
For this task you are to identify and evaluate a minimum of 3 commercially available financial management software for its appropriateness within your actual or projected business. You need to consider
- Price
- Usability
- Features and functions
- Compatibility with other programs
- Compatibility with other specialists
Provide your review in the form of a written report, making a recommendation on the most suitable product for you. Be sure to explain your approach, including the pros and cons of each product evaluated
Evidence Summary
You are to submit your written report by the due date
This assessment is due on:
ASSESSMENT 3 – STUDENT SELF ASSESSMENT CHECKLIST
This information is to be handed to each student to outline the assessment criteria
This checklist is like the one being used by your assessor during this assessment. This checklist should be reviewed by you to evaluate your readiness for assessment, and to confirm your understanding of the criteria by which this assessment task will be judged.
Once you feel you have the required skills and knowledge to demonstrate each of the following assessment criteria, you are ready to be assessed. Please speak with your assessor if you feel you are not ready to be assessed before the assessment has commenced.
You may refer to this checklist at any stage PRIOR to the commencement of your assessment. You may not refer to this checklist whilst you are being assessed.
Student Assessment Criteria I feel I can demonstrate this Communication: Are you able to: o Communicate clearly with others o Clarity the task requirements
o Ask for help when needed
o Follow instructions
o Give and receive feedback as appropriate
o Answer questions and clarify concerns that arise
o Explain rational on decisions effectively
r Yes r No
Safety: Are you able to: o Always work safely r Yes r No
o Ensure your actions do not put the safety of yourself or others at risk r Yes r No
Task requirements: Are you able to:
o Identify 3 different commercially available financial management software r Yes r No
o Consider and comment on price r Yes r No
o Consider and comment on appropriateness to business r Yes r No
o Consider and comment on usability including user support r Yes r No
o Consider and comment on functions r Yes r No o Consider and comment on upgrades (to keep up with ATO changes) r Yes r No
o Consider and comment on features r Yes r No
o Consider and comment on compatibility with other software (exporting and importing) r Yes r No
o Compare each software program r Yes r No
o Justify comments and decisions appropriately r Yes r No
o Select an appropriate financial management software program for business r Yes r No
o Complete the task on time r Yes r No
ASSESSMENT 3 – ASSESSOR INSTRUCTIONS
These instructions must be followed when assessing the student in this unit. The checklist on the following page is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.
Students are to identify and evaluate a minimum of 3 commercially available financial management software for its appropriateness within their current employer or projected business. Students need to consider
- Price
- Usability
- Features and functions
- Compatibility with other programs
- Compatibility with other specialists
Students are to provide review in the form of a written report, making a recommendation on the most suitable product. They are to explain their approach, including the pros and cons of each product evaluated
ASSESSOR NOTES
- It is important that students perform their own research and make their own evaluations on each product
- Students will need access to the internet and a telephone for this
- Students may consider any type of company to relate each product
- Refer to pages 3-4 of this assessment tool for additional instructions
This assessment may be undertaken in the following formats:
- On the job. These assessments must:
- using a registered and operating workplace
- ensure access to customers relevant to the work role and unit requirements
- ensure access to staff members / colleagues
- ensure candidate is working in a suitable role to the unit (i.e. – candidates undertaking units requiring staff supervision must have staff to supervise, and authority to do so)
- ensure access to relevant, working and current tools and equipment as appropriate to the unit requirement
- substitute the provided data with relevant data from the students work-place
- Classroom / Simulated environment. These assessments must
Simulation is a form of evidence gathering that involves the candidate in completing or dealing with a task, activity or problem in an off-the-job situation that replicates the workplace context. Documented definitions state “Simulations vary from recreating realistic workplace situations such as in the use of flight simulators, through the creation of role plays based on workplace scenarios to the reconstruction of a business situation on a spreadsheet. In developing simulations, the emphasis is not so much on reproducing the external circumstance but on creating situations in which candidates are able to demonstrate:
- technical skills
- underpinning knowledge
- generic skills such as decision making and problem solving
- workplace practices such as effective communication “
- In conducting training and assessment in a simulated workplace environment, trainers and assessors must make sure that the simulated environment gives the learner the opportunity to meet the following critical criteria:
- Quality – The work is of the standard required for entry into the
- Productivity – The work is performed within a timeframe appropriate for entry to the
- Safety – The work is performed in a manner that meets industry safety
- Each assessment has taken the following aspects into consideration, to ensure any simulations provide for integrated assessment of This includes:
- performing the task (task skills)
- managing a number of tasks (task management skills)
- dealing with workplace irregularities such as unexpected problems, breakdowns and changes in routine (contingency management skills)
- fulfilling the responsibilities and expectations of the job and workplace, including working with others (job/role environment skills)
- transferring competencies to new contexts
- Assessment activities must be realistic and reasonable in terms of scale. Assessment conducted under simulated conditions should reflect those typically found in the Where appropriate to the UOC, simulated environment should allow the learner to:
- deal with typical customers, including difficult customers and diverse types of customers
- use facilities, equipment and materials that meet current industry standards
- plan and prioritise multiple tasks to meet deadlines
- experience the typical workflow for the industry
- require adherence to service standards, workplace procedures, health and safety requirements
- work with others as part of a team
- consider constraints and pressures met in the workplace, g. budget, time, availability of resources
- If a simulated workplace is used, it must allow for distractions such as background noises, ringing telephones, interruptions, etc. As this is a Business Based Finance unit, a simulated environment may also include an office environment with office equipment and computers. Each student must dress appropriately and professionally in line with workplace
- For each assessment, you are not to interfere. In the event that the assessment is activities will impact on the safety of a student or bystander, the assessment must be stopped immediately
ASSESSMENT 3 – ASSESSOR CHECKLIST
This checklist is to be used when assessing the students in the associated task. This checklist is to be completed for each student.
Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.
Please complete below
Student Name: Student ID No: Assessor Instructions:
Please refer to the detailed instructions outlined on the Student Instruction Page (previous)
Student checklist – Analyse business performance Satisfactory Identify 3 different commercially available financial management software
r Yes r No
Consider and comment on price
r Yes r No
Consider and comment on appropriateness to business
r Yes r No
Consider and comment on usability including user support
r Yes r No
Consider and comment on functions
r Yes r No
Consider and comment on upgrades (to keep up with ATO changes)
r Yes r No
Consider and comment on features
r Yes r No
Consider and comment on compatibility with other software (exporting and importing)
r Yes r No
Compare each software program
r Yes r No
Justify comments and decisions appropriately
r Yes r No
Select an appropriate financial management software program for business
r Yes r No
Comments Result: Satisfactory | Not Satisfactory | Not Assessed
Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights.
Name: _ Signature: _ Date: / / _ Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
Name: Satish Chander Signature: _
Date: / / _
ASSESSOR USE ONLY
Appendix 1 – Big Ed’s Whitegoods Ltd
Edward Tan owns a medium sized whitegoods retail store. He provides you with the following information which is current as of 1 October 2014. All sales and purchasing figures are inclusive of GST.
Assets: Cash (Bank)
$245,000
Computer equipment $16,400 Delivery Van $26,000 Phones $2,300 Office Equipment $4,500 Debtors $13,580 Stock $117,303 Expenses Phone Service / Calls
$780
Electricity $1590 Gas $600 Water $550 Insurance $1300 Payroll $465,000 Cleaning $850 Finance Costs $1650 Advertising $560 Rent $25,000 Petrol $560 Accountants Fees $370 Maintenance $1405 Bank Fees $210 Office Supplies $600 Creditors: JRL Holdings
$22,626
Innovating Technology Ltd $3,653 LMS Marketing $1,200 Rowlings & Sons $35,622 Ed has 3 customers that purchase a large quantity of stock through him which he delivers to their premises. To keep these customers happy, Ed is providing this service on credit to the customers listed below. The listed customers have a debt owing to Ed as listed:
Debtors: P.L Farthings $1,323 J Smyth & Co $800 L.L Incorporated $356 National Appliances Direct $4,233 Appendix 2 – Big Ed’s Whitegoods Ltd Transactions October 2014 Ed sold the following items:
12 fridges
Each sold at: $1600
15 freezers $800 13 microwaves $470 11 Range hoods $190 6 ovens $2100 16 cook tops $560 18 dishwashers $990 22 Vacuums $390 14 Coffee makers $600 25 Toasters $99 5 Irons $156 16 Mixers $89 13 Deep fryers $99 4 Portable A/Cs $350 0 Hairdryers $35 14 Irons $45 14 Scale Sets $24 13 Kettles $78 15 Small Bins $40 7 Large Bins $60 9 Wine coolers $299 5 Washing Machines $340 4 Dryers $330 TOTAL All Sales for cash
$111837 Ed purchased the following items:
Each purchased for:
10 fridges $800 Purchased on credit from JRL
15 freezers $250 Purchased on Credit from JRL
10 microwaves $150
10 Range hoods $80
5 ovens $900
15 cook tops $200
15 dishwashers $450
20 Vacuums $130 Purchased on credit from Innovative Tech
10 Coffee makers $250 Purchased on credit from Innovative Tech
20 Toasters $35
5 Irons $78
15 Mixers $45
10 Deep fryers $45
0 Portable A/Cs $180
0 Hairdryers $9
10 Irons $19
10 Scale Sets $12
10 Kettles $34
10 Small Bins $13
5 Large Bins $22
15 Wine coolers $130
5 Washing Machines $220 Purchased on credit from Rowlings
5 Dryers $210
TOTAL $40605
All Invoices paid at time of purchase unless otherwise stated
The following amounts were paid to creditors:
JRL Holdings $5,000
Innovating Technology Ltd $2,000
Rowlings & Sons $5,000
Deliver services were provided on credit to the following:
P.L Farthings $300
J Smyth & Co $150
L.L Incorporated $362
National Appliances Direct $600
The following was paid in expenses
Phone Service / Calls $65
Electricity $132.50
Gas $50
Water $45.83
Insurance $108.33
Payroll $38750
Cleaning $70.83
Finance Costs $137.50
Advertising $46.67
Rent $2083.33
Petrol $46.67
Accountants Fees $30.83
Maintenance $117.08
Bank Fees $17.50
Office Supplies $ 50
TOTAL EXPENSES $41,752.08
Bank Statement October 2014
1-Oct BALANCE FORWARD $245,000.00 CR 3-Oct Loan Costs (National) $137.50 $244,862.50 CR 4-Oct Telsta Invoice 3365432 $65.00 $244,797.50 CR 5-Oct HLH Electricity $132.50 $244,665.00 CR 6-Oct Ultimate Gas $50.00 $244,615.00 CR 8-Oct Wages $19,375.00 $225,240.00 8-Oct Rent $2,083.33 $223,156.67 CR 9-Oct Cash Deposit $6,000.00 $229,156.67 CR 13-Oct JRL Holdings $5,000.00 $224,156.67 CR 15-Oct Innovative Technology $2,000.00 $222,156.67 CR 17-Oct Cash Deposit $25,837.00 $247,993.67 CR 22-Oct Cash Withdraw $500.00 $247,493.67 CR 22-Oct Wages $19,375.00 $228,118.67 CR 22-Oct Purchase 11451 $12,620.00 $215,498.67 CR 23-Oct Shell $46.67 $215,452.00 CR 23-Oct Purchase 11452 $8,630.00 $206,822.00 CR 25-Oct Cash Withdraw $500.00 $206,322.00 CR 25-Oct Purchase 11453 $1,405.00 $204,917.00 CR 25-Oct LMS Marketing $46.67 $204,870.33 CR 25-Oct Cash Withdraw $50.00 $204,820.33 CR 26-Oct Water $45.83 $204,774.50 CR 26-Oct Insurance Direct Debit $108.33 $204,666.17 CR 27-Oct Corporate Cleaning Ltd $70.83 $204,595.34 CR 27-Oct Rowlings & Sons $5,000.00 $199,595.34 CR 27-Oct Cash Deposit $35,000.00 $234,595.34 CR 28-Oct Fees $17.50 $234,577.84 CR 28-Oct P.L. Harris Repairs $117.08 $234,460.76 CR 29-Oct Yarra Valley $45.83 $234,414.93 CR 30-Oct Cash Deposit $45,000.00 $279,414.93 CR 30-Oct Cash Withdraw $500.00 $278,914.93 CR 30-Oct Office Supplies $50.00 $278,864.93 CR Appendix 3 – Ed’s Whitegoods Ltd Transactions November 2014 Ed sold the following items:
8 fridges
Each sold at: $1600
10 freezers $800 6 microwaves $470 15 Range hoods $190 5 ovens $2100 18 cook tops $560 18 dishwashers $990 26 Vacuums $390 18 Coffee makers $600 13 Toasters $99 7 Irons $156 11 Mixers $89 9 Deep fryers $99 6 Portable A/Cs $350 2 Hairdryers $35 16 Irons $45 18 Scale Sets $24 14 Kettles $78 14 Small Bins $40 17 Large Bins $60 10 Wine coolers $299 10 Washing Machines $340 4 Dryers $330 TOTAL All Sales for cash
$103136 Ed purchased the following items:
Each purchased for:
5 fridges $800 Purchased on credit from JRL
5 freezers $250 Purchased on Credit from JRL
5 microwaves $150
10 Range hoods $80
5 ovens $900
10 cook tops $200
10 dishwashers $450
20 Vacuums $130 Purchased on credit from Innovative Tech
10 Coffee makers $250 Purchased on credit from Innovative Tech
10 Toasters $35
5 Irons $78
10 Mixers $45
5 Deep fryers $45
5 Portable A/Cs $180
0 Hairdryers $9
15 Irons $19
15 Scale Sets $12
10 Kettles $34
10 Small Bins $13
5 Large Bins $22
5 Wine coolers $130
0 Washing Machines $220 Purchased on credit from Rowlings
0 Dryers $210
TOTAL $26910
All Invoices paid at time of purchase unless otherwise stated
The following amounts were paid to creditors:
JRL Holdings $5,000 Innovating Technology Ltd $2,000 LMS Marketing $1,200 Rowlings & Sons $5,000 Deliver services were provided on credit to the following:
P.L Farthings $200
J Smyth & Co $350
L.L Incorporated $462
National Appliances Direct $490
TTNT $336
As of December 2014, Ed gains another valuable customer, TTNT, who he sets up on the same credit delivery scheme as his other regular customers.
The following was paid in expenses
Phone Service / Calls $65
Electricity $132.50
Gas $50
Water $45.83
Insurance $108.33
Payroll $38750
Cleaning $70.83
Finance Costs $137.50
Advertising $46.67
Rent $2083.33
Petrol $46.67
Accountants Fees $30.83
Maintenance $117.08
Bank Fees $17.50
Office Supplies $ 50
TOTAL EXPENSES $41,752.08
Bank Statement November 2014
1-Nov BALANCE FORWARD $278,864.93 CR 3-Nov Loan Costs (National) $137.50 $278,727.43 CR 4-Nov Telsta Invoice 3365433 $65.00 $278,662.43 CR 5-Nov HLH Electricity $132.50 $278,529.93 CR 6-Nov Ultimate Gas $50.00 $278,479.93 CR 8-Nov Wages $19,375.00 $259,104.93 8-Nov Rent $2,083.33 $257,021.60 CR 9-Nov Cash Deposit $3,606.00 $260,627.60 CR 13-Nov JRL Holdings $5,000.00 $255,627.60 CR 15-Nov Innovative Technology $2,000.00 $253,627.60 CR 17-Nov Cash Deposit $9,000.00 $262,627.60 CR 22-Nov Cash Withdraw $500.00 $262,127.60 CR 22-Nov Wages $19,375.00 $242,752.60 CR 22-Nov Purchase 11454 $7,209.00 $235,543.60 CR 23-Nov Shell $46.67 $235,496.93 CR 23-Nov Purchase 11455 $5,695.00 $229,801.93 CR 25-Nov Cash Withdraw $500.00 $229,301.93 CR 25-Nov Purchase 11456 $3,656.00 $225,645.93 CR 25-Nov LMS Marketing $1,200.00 $224,445.93 CR 25-Nov LMS Marketing $46.67 $224,399.26 CR 25-Nov Cash Withdraw $50.00 $224,349.26 CR 26-Nov Water $45.83 $224,303.43 CR 26-Nov Insurance Direct Debit $108.33 $224,195.10 CR 27-Nov Corporate Cleaning Ltd $70.83 $224,124.27 CR 27-Nov Rowlings & Sons $5,000.00 $219,124.27 CR 27-Nov Cash Deposit $46,530.00 $265,654.27 CR 28-Nov Fees $17.50 $265,636.77 CR 28-Nov P.L. Harris Repairs $117.08 $265,519.69 CR 29-Nov Yarra Valley $45.83 $265,473.86 CR 30-Nov Cash Deposit $44,000.00 $309,473.86 CR 30-Nov Cash Withdraw $500.00 $308,973.86 CR 30-Nov Office Supplies $50.00 $308,923.86 CR Appendix 4 – Ed’s Whitegoods Ltd Transactions December 2014 Ed sold the following items:
16 fridges
Each sold at: $1600
15 freezers $800 6 microwaves $470 8 Range hoods $190 8 ovens $2100 14 cook tops $560 14 dishwashers $990 29 Vacuums $390 26 Coffee makers $600 19 Toasters $99 9 Irons $156 16 Mixers $89 13 Deep fryers $99 8 Portable A/Cs $350 1 Hairdryers $35 21 Irons $45 22 Scale Sets $24 19 Kettles $78 31 Small Bins $40 16 Large Bins $60 16 Wine coolers $299 15 Washing Machines $340 8 Dryers $330 TOTAL All Sales for cash
$133860 Ed purchased the following items:
Each purchased for:
10 fridges $800 Purchased on credit from JRL
10 freezers $250 Purchased on Credit from JRL
10 microwaves $150
15 Range hoods $80
10 ovens $900
15 cook tops $200
15 dishwashers $450
30 Vacuums $130 Purchased on credit from Innovative Tech
25 Coffee makers $250 Purchased on credit from Innovative Tech
20 Toasters $35
10 Irons $78
18 Mixers $45
15 Deep fryers $45
10 Portable A/Cs $180
5 Hairdryers $9
25 Irons $19
25 Scale Sets $12
20 Kettles $34
30 Small Bins $13
15 Large Bins $22
15 Wine coolers $130
10 Washing Machines $220 Purchased on credit from Rowlings 10 Dryers $210
TOTAL $55335
All Invoices paid at time of purchase unless otherwise stated
The following amounts were paid to creditors:
JRL Holdings $10,000
Innovating Technology Ltd $4,000
Rowlings & Sons $8,600
Deliver services were provided on credit to the following:
P.L Farthings $965
L.L Incorporated $332
National Appliances Direct $695
The following was paid in expenses
Phone Service / Calls $65
Electricity $132.50
Gas $50
Water $45.83
Insurance $108.33
Payroll $38750
Cleaning $70.83
Finance Costs $137.50
Advertising $46.67
Rent $2083.33
Petrol $46.67
Accountants Fees $30.83
Maintenance $117.08
Bank Fees $17.50
Office Supplies $ 50
TOTAL EXPENSES $41,752.08
Bank Statement December 2014
1-Dec BALANCE FORWARD $308,923.86 CR 3-Dec Loan Costs (National) $137.50 $308,786.36 CR 4-Dec Telsta Invoice 3365434 $65.00 $308,721.36 CR 5-Dec HLH Electricity $132.50 $308,588.86 CR 6-Dec Ultimate Gas $50.00 $308,538.86 CR 8-Dec Wages $19,375.00 $289,163.86 8-Dec Rent $2,083.33 $287,080.53 CR 9-Dec Cash Deposit $32,615.00 $319,695.53 CR 13-Dec JRL Holdings $10,000.00 $309,695.53 CR 15-Dec Innovative Technology $4,000.00 $305,695.53 CR 17-Dec Cash Deposit $58,565.00 $364,260.53 CR 22-Dec Cash Withdraw $500.00 $363,760.53 CR 22-Dec Wages $19,375.00 $344,385.53 CR 22-Dec Purchase 11457 $9,643.00 $334,742.53 CR 23-Dec Shell $46.67 $334,695.86 CR 23-Dec Purchase 11458 $11,555.00 $323,140.86 CR 25-Dec Cash Withdraw $500.00 $322,640.86 CR 25-Dec Purchase 11459 $11,287.00 $311,353.86 CR 25-Dec Cash Withdraw $600.00 $310,753.86 CR 25-Dec LMS Marketing $46.67 $310,707.19 CR 25-Dec Cash Withdraw $50.00 $310,657.19 CR 26-Dec Water $45.83 $310,611.36 CR 26-Dec Insurance Direct Debit $108.33 $310,503.03 CR 27-Dec Corporate Cleaning Ltd $70.83 $310,432.20 CR 27-Dec Rowlings & Sons $8,600.00 $301,832.20 CR 27-Dec Cash Deposit $20,652.00 $322,484.20 CR 28-Dec Fees $17.50 $322,466.70 CR 28-Dec P.L. Harris Repairs $117.08 $322,349.62 CR 29-Dec Yarra Valley $45.83 $322,303.79 CR 30-Dec Cash Deposit $22,028.00 $344,331.79 CR 30-Dec Cash Withdraw $500.00 $343,831.79 CR 30-Dec Office Supplies $50.00 $343,781.79 CR Appendix 5 – Ed’s Whitegoods Ltd Assumptions for 2015 financial year
Following research on market trends and consumer confidence, as well as inflation and other factors, Ed has provided you with the following set of assumptions for the 2015 business year.
- Purchase cost of goods is set to rise by 5%
- Decreased consumer confidence means that sales are expected to decrease by 12%
- Ed believes he can increase his sale prices by 8% which should have minimal impact on overall sales, perhaps reducing total sales by a further 3%
- Ed plans on reducing his expenses by laying off one of his part time staff members who has a yearly salary of $47,000. This is hoped to have only minimal impact on productivity
Appendix 6 – Ed’s Whitegoods Ltd Historic Data
2015 Business Year Total Sales:
1366000
Total Purchases: 643000 Total Expenses: 186000 Jan – September 2014
Total Sales:
1080000
Total Purchases: 477000 Total Expenses: 378000 TEST – ASSESSOR INSTRUCTIONS
WRITTEN ASSESSMENT
This assessment may be undertaken in one of the following formats
Written assessment
- Set a date for this written
- Advise students of the topic and how the assessment will be conducted / marked
- Advise students where this assessment will be undertaken (classroom environment)
- Set up room with a gap between each student (staggered formation recommended)
- Set ground rules including no phones, talking, books,
- Pass a copy of the assessment to each student (Ensure the answers have been deleted from the students copy)
- Allow time for reading and questions before commencing
- Once assessment has commenced, no communication between students is
- If students repeatedly talk, or are caught cheating, they are to be removed from the classroom, and reported to student Mark the assessment tasks as “incomplete”
- Allow 2 hours for this
- Remember – assessments are a participatory process, so you can help re-word questions, but be careful NOT TO We are assessing the students, not you!
- Once completed, mark the assessment accordingly. Refer to the sample answers as direction on expected student responses
- In the event that a question is not answered correctly, discuss the response with the candidate to determine if the student did not know the answer, or did not understand the
- In order to achieve competency, all questions that are mapped in the associated mapping document MUST be answered correctly.
ASSESSMENT 4 – WRITTEN ASSESSMENT
Student Name:
Student ID No:
Date: _
Student Instructions
Written Assessment § Open book assessment (student must state the source of their answer) § Students must give the correct answer to all questions in this assessment to achieve a satisfactory outcome.
§ If done online the student is to type answers directly into the spaces provided.
· Do not cheat during this assessment. Anyone caught cheating will automatically be excluded under the Disciplinary Rules and their opportunity for assessment will be subject to the outcome of an Appeal Process or Disciplinary Hearing · Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you
· Reasonable adjustment: If you require any adjustments to accommodate a need in order to complete this assessment, please talk to your assessor. Arrangements will be put in place to ensure a fair and flexible approach is undertaken for this assessment. Please note that the range or nature of the adjustment will ensure that the outcomes of the unit are not compromised.
· Re-assessment: If you do not achieve the required standard, you will be given the opportunity to be re-assessed by our Assessor. Arrangements will be made on an individual basis.
· Feedback: Your assessor will provide feedback to students after the completion of the assessment. The trainer assessor will explain the appeals process.
· Blue or Black pen only to be used
Questions 1
In your own words, describe responsibility accounting?
2
Which of the following statements relating to a budget is not true?
a) It is a detailed plan
b) It is a management tool
c) It provides many of the performance targets used in responsibility accounting
d) It is prepared on a historical basis
e) It identifies certain financial and operating targets
3
Detail 4 different types of budgets, and their purposes.
4
What information would you require to plan and prepare a budget for a new business? Detail where this information would come from.
5
Describe what external factors should be taken into consideration when planning and preparing a budget.
6
Describe the following term in relation to an organisations budgetary requirements. CAPITAL INVESTMENT
7
Describe the following term in relation to an organisations budgetary requirements. CAPITAL EXPENDITURE
8
Describe the following term in relation to an organisations budgetary requirements. CASH FLOW
9
Describe the following term in relation to an organisations budgetary requirements. BREAK EVEN
10
Describe the following term in relation to an organisations budgetary requirements. GROSS PROFIT
11
Describe the following term in relation to an organisations budgetary requirements. RISK MANAGEMENT
12
What are the financial reporting cycles relevant to your Industry?
13
Describe 2 different capital investment evaluation techniques
14
What are the benefits of participative budgeting?
15
What steps would you take to effectively implement the budget into a team environment?
16
What are INCOTERMS?
17
Describe the following INCOTERMS codes?
Departure (Group E) FCA – Free Carrier
Main Carriage Paid By Seller (Group C) CIF – Cost, Insurance And Freight
Arrival (Group D)
DAF – Delivered At Frontier
18
What is the trades practice Act?
19
What is the Warsaw Convention?
20
What is the World Trade Organisation?
21
What are Bilateral and Regional Free Trade Agreements?
22
What is meant by financial probity? List 6 aspects of what it includes.
23
What records need to be kept for the ATO for a small business with an annual turnover of less than $2million (cash basis) Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.
Name: _ Signature: _ Date: / / _ ASSESSOR USE ONLY
Comments
Assessment Method: WRITTEN / PROJECT
Result (Please Circle) Satisfactory
Not Satisfactory
Incomplete
Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
Name: _ Signature: _ Date: / / _
-
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