- Veritas Academics

Assignment Task

Centre Number: 079073	Centre Name: Baldoyle Training Centre
Learner Registration No:	Learner Name:

TASK

The purpose of this unit is to develop knowledge and understanding of costs and budgets in an organisation as required by a practising or potential manager.

In order to demonstrate your knowledge of this you need to respond to all of the questions listed below.

NOTE:

You may want to relate your answers to an organisation that you work in. If you are not currently working within an organisation, then you may complete this task in relation to an organisation with which you are familiar. This could include experience working in a voluntary capacity.

You should plan to spend approximately 5 hours researching your workplace context, preparing for and writing or presenting the outcomes of this assignment for assessment. The ‘nominal’ word count for this assignment is 1000 words: the suggested range is between 800 and 1500 words.

Check your assignment carefully prior to submission using the assessment criteria.

Please use the sub-headings shown below when structuring your Assignment

Sub-heading	Assessment Criteria
Working to budget Explain how budgetary and cost control helps managers to manage their teams more effectively. In your answer you should: • Explain the process and importance of agreeing a budget and operating within it. • Describe how you (could) monitor variance between actual performance and budget. • Explain how you (could) gather information to be used in determining and/or revising budgets.	• Explain the importance of agreeing to a budget and operating within it (12 marks) • Describe the process by which a budget is agreed in an organisation (12 marks) • Explain the process of gathering information to be used for the determination and/or revision of budgets (12 marks) • Describe a method to monitor variance between actual and budgeted performance (8 marks)
Understanding costs in the organisation Explain costs within an organisation. In your answer you should: • Explain the concepts of fixed and variable costs and break even. • Explain how basic cost statements and standard costs are used (or could be used) in the workplace, explaining their purpose and nature and how they are (or could be) used to control costs.	• Explain fixed and variable costs in relation to the organisation (12 marks) • Explain the concept of break even in relation to the organisation (12 marks) • Explain the purpose and nature of basic cost statements (8 marks) • Explain the value of standard costing and its role as a control mechanism (12 marks) • Describe mechanisms in the organisation to maintain control of costs (12 marks)

Sub-heading

Assessment Criteria

Working to budget

Explain how budgetary and cost control helps managers to manage their teams more effectively. In your answer you should:

• Explain the process and importance of agreeing a budget and operating within it.
• Describe how you (could) monitor variance between actual performance and budget.
• Explain how you (could) gather information to be used in determining and/or revising budgets.

• Explain the importance of agreeing to a budget and operating within it (12 marks)
• Describe the process by which a budget is agreed in an organisation (12 marks)
• Explain the process of gathering information to be used for the determination and/or revision of budgets (12 marks)
• Describe a method to monitor variance between actual and budgeted performance (8 marks)

Understanding costs in the organisation

Explain costs within an organisation. In your answer you should:

• Explain the concepts of fixed and variable costs and break even.
• Explain how basic cost statements and standard costs are used (or could be used) in the workplace, explaining their purpose and nature and how they are (or could be) used to control costs.

• Explain fixed and variable costs in relation to the organisation (12 marks)
• Explain the concept of break even in relation to the organisation (12 marks)
• Explain the purpose and nature of basic cost statements (8 marks)
• Explain the value of standard costing and its role as a control mechanism (12 marks)
• Describe mechanisms in the organisation to maintain control of costs (12 marks)

By submitting I confirm that this assignment is my own work

Understanding costs and budgets in an organisation Assignment