Manage finances | My Assignment Tutor

Assessment Tasks and Instructions Student NameStudent NumberCourse and CodeUnit(s) of Competency and Code(s)SITXFIN003 Manage finances within a budgetStream/ClusterTrainer/AssessorNick Mercy Assessment for this Unit of Competency/ClusterDetailsAssessment 1Short AnswersAssessment 2ProjectAssessment 3Assessment conducted in this instance: Assessment 1 2 3 Reasonable AdjustmentHas reasonable adjustment been applied to this assessment?No No further information requiredYes Complete 2.Provide details for the requirements and provisions for adjustment of assessment: Student to completeMy assessor has discussed the adjustments with meI agree to the adjustments applied to this assessmentSignatureDate 2nd Assessor to completeI agree the adjustments applied to this assessment are reasonableNameSignatureDate Assessment Guidelines What will be assessedThe 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 conductedSSH to completeResource RequirementsPen, Paper or computerInstructions for assessment including WHS requirementsYou 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 AuthenticityI acknowledge that I understand the requirements to complete the assessment tasksThe assessment process including the provisions for re-submitting and academic appeals were explained to me and I understand these processesI 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 assessmentStudent Signature: Date: / /201 This assessment:First Attempt2nd AttemptExtension – Date:    /    /   RESULT OF ASSESSMENTSatisfactory Not Yet SatisfactoryFeedback to Student:Assessor(s) Signature(s):Nick MercyDate:13-04-2020   /    /     Student SignatureDate:   /    /      Assessment 1 Your Task: Answer the following questions below. All questions must be answered. Question 1 List 8 examples for financial records1.2.3.4.5.6.7.8. Question 2 List 4 different types of budgets.1.2.3.4. Question 3 What is the purpose of preparing a draft budget? Question 4 What should you do with the feedback from the draft budget? Question 5 List 2 people the final budget might need to be distributed to.1.2. Question 6 Why is it important for each department head to understand their part of the budget? Question 7 Why should all staff have some knowledge of the budget for their area? Question 8 Once the final budget has been approved, how often should it be monitored? Question 9 As well as receiving the final budget the management team should be advised of their reporting duties. What should their report contain? Question 10 Name 2 financial reports you might generate from your accounting system to check your budget against actual income or expenditure.1.2. Question 11 Every revenue and expense item on the Profit and Loss Statement should be compared to what? Question 12 When revenue variances occur, why should you talk to the staff to help identify, and find options to address the issue? Question 13 List 2 factors that can cause variances in staff budgets.1.2. Question 14 List 3 colleagues you may advise if you noticed that there were deviations between your budget and your targets.1.2.3. Question 15 List 2 ways you might research new approaches to managing your budget.1.2. 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.1.2.3. 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? Question 18 Name an accounting program you can use to help manage budgets.