Compare the actual and budgeted data, identify the variances in $ and in % and highlight...
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Compare the actual and budgeted data, identify the variances in $ and in % and highlight favorable and unfavorable variance. Identify which areas company need to work on improving in the next budget after ranking the variances. Describe corrective actions and its types and give suggestions as which type of corrective actions are good for your company. This assessment will assess your skills and knowledge in the 'BSBFIN601 Manage Organisational Finances' unit. The candidate is required to demonstrate the skills and knowledge required to communicate effectively to influence groups and individual, build and support teams and demonstrate personal and professional competence at work place. The following table maps the assessment activity against elements of performance CRITERIA: Performance criteria Questions All Questions Element Implement budgets Report on finances PC 3.1 to 3.6 PC 4.1 to 4.3 The assessment tasks for the unit assume that you will work in the Business Services industry. Case studies/ exercises used in this assessment reflect a workplace scenario. The student must have access to a Computer, Printer and appropriate Microsoft Office Suite Applications for doing the assessment for this unit. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. If the assessment is not satisfactory, the trainer will allow one more attempt to the assessment item. The responses to assessment questions should be in your own words and examples from workplace should be used wherever possible. 1. 1. Imagine you are a store manager of a sports retail store. You have a responsibility to make a budget for next quarter and need to circulate it to the senior management, peer leaders, consultants and employees. The store manager is responsible for the operational profit that is calculated by subtracting the COGS, rent and store wages from the merchandise sales. Imagine the sales budget is 850000 for next quarter and COGS, rent and store wages (manager wages and casual wages) are 30%, 10% and 15% of sales budget respectively. Two weeks prior to the quarter commencing, a water main burst outside the store entrance severely restricting customer traffic pass the door. Council advises that the restricted access will continue for the next three months. The sales for the two weeks showed a 25 % reduction in sales. Manage organizational finances BSBFIN601 CRICOS CODE: 02668F RTO PROVIDER CODE: 91151 11.09.2022 v1.0 Page 1 of 3 Pacific College of Technology a. Prepare a budget of sports retail store highlighting an operational profit. Identify what methods you will use to circulate the budget for next quarter and what are the areas that receivers of the budget need to understand. b. Prepare the revised budget after knowing the situation a water main burst outside the store entrance. 2. Imagine you are a Finance manager of ABC Pty Ltd. and you have successfully prepared and implemented the required budget for your organization. You need to examine how you can review the management of the budget by examining the actual expenditure with the budgeted amounts and identifying and prioritizing significant issues. Below is the extract of the income statement of your organization showing budgeted and actual figures. Revenue Sales Sales Returns Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries & Wages Depreciation Expenses Office Expenses Rent Expense Travel Expenses Maintenance Expenses Advertising Expenses Total Operating Expenses Income From Operations Interest (Expense) Income Before Income Taxes Income Tax Expense Net Income Quarter 1-Actual Budgeted $ $ $ $ $ $ $ 91,675.00 $ 92,000.00 410.00 400.00 3,500.00 3,600.00 95,585.00 $ 96,000.00 70,000.00 70,500.00 25,585.00 $25,500.00 10,500.00 $ 10,500.00 415.00 415.00 395.00 400.00 950.00 950.00 625.00 600.00 125.00 550.00 150.00 400.00 13,560.00 $ 13,415.00 12,025.00 $12,085.00 (85.00) (85.00) 11,940.00 $ 12,000.00 625.00 650.00 11,315.00 $ 11,350.00 CRICOS CODE: 02668F RTO PROVIDER CODE: 91151 Course: Unit Code and Name: Assessment item: 1. 2. Record Sheet for Feedback on Group work Trainer/Assessor: Student Name: Other members of the Group: SIT60322 Advanced Diploma Hospitality Management BSBFIN601 Manage Orgnisational Finances 3- Group WORK- Case Study Did the Student/group demonstrate the following? Requirement a) Budget Knowledge b) Logically presented c) Numeric Calculations on Budget d) Analytical Skills e) Clear Explanations f) Suggestions and Recommendations g) Budget Variance,calculations and its ranking h) Proper suggestions on corrective actions i) Proper Documentation j) Team-work demonstrated k) Degree of Engagement Pacific College of Technology Date: Student ID: Tick() Compare the actual and budgeted data, identify the variances in $ and in % and highlight favorable and unfavorable variance. Identify which areas company need to work on improving in the next budget after ranking the variances. Describe corrective actions and its types and give suggestions as which type of corrective actions are good for your company. This assessment will assess your skills and knowledge in the 'BSBFIN601 Manage Organisational Finances' unit. The candidate is required to demonstrate the skills and knowledge required to communicate effectively to influence groups and individual, build and support teams and demonstrate personal and professional competence at work place. The following table maps the assessment activity against elements of performance CRITERIA: Performance criteria Questions All Questions Element Implement budgets Report on finances PC 3.1 to 3.6 PC 4.1 to 4.3 The assessment tasks for the unit assume that you will work in the Business Services industry. Case studies/ exercises used in this assessment reflect a workplace scenario. The student must have access to a Computer, Printer and appropriate Microsoft Office Suite Applications for doing the assessment for this unit. If you are not sure about any aspect of this assessment, please ask for clarification from your assessor. If the assessment is not satisfactory, the trainer will allow one more attempt to the assessment item. The responses to assessment questions should be in your own words and examples from workplace should be used wherever possible. 1. 1. Imagine you are a store manager of a sports retail store. You have a responsibility to make a budget for next quarter and need to circulate it to the senior management, peer leaders, consultants and employees. The store manager is responsible for the operational profit that is calculated by subtracting the COGS, rent and store wages from the merchandise sales. Imagine the sales budget is 850000 for next quarter and COGS, rent and store wages (manager wages and casual wages) are 30%, 10% and 15% of sales budget respectively. Two weeks prior to the quarter commencing, a water main burst outside the store entrance severely restricting customer traffic pass the door. Council advises that the restricted access will continue for the next three months. The sales for the two weeks showed a 25 % reduction in sales. Manage organizational finances BSBFIN601 CRICOS CODE: 02668F RTO PROVIDER CODE: 91151 11.09.2022 v1.0 Page 1 of 3 Pacific College of Technology a. Prepare a budget of sports retail store highlighting an operational profit. Identify what methods you will use to circulate the budget for next quarter and what are the areas that receivers of the budget need to understand. b. Prepare the revised budget after knowing the situation a water main burst outside the store entrance. 2. Imagine you are a Finance manager of ABC Pty Ltd. and you have successfully prepared and implemented the required budget for your organization. You need to examine how you can review the management of the budget by examining the actual expenditure with the budgeted amounts and identifying and prioritizing significant issues. Below is the extract of the income statement of your organization showing budgeted and actual figures. Revenue Sales Sales Returns Sales Discounts Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries & Wages Depreciation Expenses Office Expenses Rent Expense Travel Expenses Maintenance Expenses Advertising Expenses Total Operating Expenses Income From Operations Interest (Expense) Income Before Income Taxes Income Tax Expense Net Income Quarter 1-Actual Budgeted $ $ $ $ $ $ $ 91,675.00 $ 92,000.00 410.00 400.00 3,500.00 3,600.00 95,585.00 $ 96,000.00 70,000.00 70,500.00 25,585.00 $25,500.00 10,500.00 $ 10,500.00 415.00 415.00 395.00 400.00 950.00 950.00 625.00 600.00 125.00 550.00 150.00 400.00 13,560.00 $ 13,415.00 12,025.00 $12,085.00 (85.00) (85.00) 11,940.00 $ 12,000.00 625.00 650.00 11,315.00 $ 11,350.00 CRICOS CODE: 02668F RTO PROVIDER CODE: 91151 Course: Unit Code and Name: Assessment item: 1. 2. Record Sheet for Feedback on Group work Trainer/Assessor: Student Name: Other members of the Group: SIT60322 Advanced Diploma Hospitality Management BSBFIN601 Manage Orgnisational Finances 3- Group WORK- Case Study Did the Student/group demonstrate the following? Requirement a) Budget Knowledge b) Logically presented c) Numeric Calculations on Budget d) Analytical Skills e) Clear Explanations f) Suggestions and Recommendations g) Budget Variance,calculations and its ranking h) Proper suggestions on corrective actions i) Proper Documentation j) Team-work demonstrated k) Degree of Engagement Pacific College of Technology Date: Student ID: Tick()
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Fundamentals of Cost Accounting
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