Assessment 1

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Finance 1 Assessment Task 2, v1.0 Last updated on 15/05/2017 Page 1

Details of Assessment

Term and Year Time allowed 2 weeks

Assessment No Assessment 2 Assessment Weighting 50%

Assessment Type Written Assessment

Date 13th March 2018 Room 105

Details of Subject

Qualification SIT40116 Certificate IV in Travel and Tourism

Subject Name Finance

Details of Unit(s) of competency

Unit Code SITXFIN002 Interpret financial information

Details of Student

Student Name

College

Student ID

Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.

Signature: ___________________________ Date: _______/________/_______________

Details of Assessor

Assessor’s Name

Assessment Outcome

Results Competent Not Yet Competent Marks /50

FEEDBACK TO STUDENT Progressive feedback to students, identifying gaps in competency and comments on positive improvements:

Student Declaration: I declare that I have been assessed in this subject, and I have been advised of my result. I also am aware of my appeal rights and reassessment procedure. 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 Student did not attend the feedback session. Feedback provided on assessment.

Signature: Date: ____/_____/_____

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Purpose of the Assessment

The purpose of this assessment is to assess

the student in the following learning

outcomes:

Competent (C) Not Yet Competent (NYC)

SITXFIN002 Interpret financial information

1.1.Identify and interpret the range of financial

information and reports required to monitor

business performance.

1.2.Interpret financial information and reports

applicable to operational or departmental activities.

2.1.Review financial information for impacts on

operational activities and resolve discrepancies

according to own level of responsibility.

2.2.Routinely provide information on operational or

departmental financial activities within required

timelines.

Assessment/evidence gathering conditions

Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can

only achieve competence when all assessment components listed under “Purpose of the assessment” section

are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A

student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.

Resources required for this Assessment

• Computer with relevant software applications and access to internet

• Weekly eLearning notes relevant to the tasks/questions

Instructions for Students

Please read the following instructions carefully

• This assessment has to be completed In class At home

• The assessment is to be completed according to the instructions given by your assessor.

• Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within two weeks of the assessment due date. All other feedback will be provided by the end of the term.

• Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.

• If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.

• Please refer to the College re-assessment and policy for more information (Student handbook).

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Assessment Matrix – your lecturer will use this matrix to assess your satisfactory competence.

Answer questions appropriately

Insufficient

information

provided

Satisfactory

information

provided

Sufficient

information

provided with

a clear

understanding

of

content

High level of

information

provided

demonstrating a

clear

understanding of

content.

Exceptional level

of

information

provided

demonstrating a

thorough

understanding of

content.

<10 10-13 13-16 16-18 >19 /20

Categorise Accounts

Insufficient

information

provided

Satisfactory

information

provided

Sufficient

information

provided with

a clear

understanding

of

content

High level of

information

provided

demonstrating a

clear

understanding of

content.

Exceptional level

of

information

provided

demonstrating a

thorough

understanding of

content.

<0.5 0.75 1 1.5 >1.75 /2

Profit & Loss, Questions

Insufficient

information

provided

Satisfactory

information

provided

Sufficient

information

provided with

a clear

understanding

of

content

High level of

information

provided

demonstrating a

clear

understanding of

content.

Exceptional level

of

information

provided

demonstrating a

thorough

understanding of

content.

<7 7-9 9-11 11-13 13-14 /15

Averages & Variances

Insufficient

information

provided

Satisfactory

information

provided

Sufficient

information

provided with

a clear

understanding

of

content

High level of

information

provided

demonstrating a

clear

understanding of

content.

Exceptional level

of

information

provided

demonstrating a

thorough

understanding of

content.

<5 5.5-6.5 6.5-7.5 7.5-8.5 >9 /10

Sales Budget Insufficient information

provided

Satisfactory

information

provided

Sufficient

information

provided with

a clear

understanding

of

content

High level of

information

provided

demonstrating a

clear

understanding of

content.

Exceptional level

of

information

provided

demonstrating a

thorough

understanding of

content.

<1.5 1.5 2 2.5 >2.5 /3

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Task 1

Answer the following questions. All answers should be between 80-150 words.

a. What is a balance sheet?

b. In general, what type of information would you include in a financial report?

c. What is the difference between profit and cash flow?

d. Why is it important for organisations to properly maintain daily financial records?

e. Suggest 10 areas of financial information and reports that can be used to monitor business

performance.

Task 2

Categorise the following accounts into assets, liabilities, owner’s equity, revenue or expenses

Rent Paid

Sales of Tours

Motor Vehicle

Motor Vehicle Expense

Interest Received

Loan from ABC Pty Ltd

Task 3

With the information listed below please complete the profit and loss statement for the year 2016. In

2017 all the amounts are set to increase by 15% please complete the profit and loss statement for 2017.

Then answer the questions below.

Bank charges $987 Rent $96,000

Office Supplies $2,489 Sales $379,500

Purchases $128,259 Service Income $25,987

Freight $1,258 Advertising $11,650

Electricity $9,896 Insurance $12,250

Wages $85,000 Telephone $5,982

a. How much was earned in sales this year?

b. Was more or less spent on advertising this year compared to last year?

c. What is the total administrative expense for this year?

d. Has the organisation performed better or worse than last year?

e. What is the cost per unit for last year and this year if they sold 50,000 units?

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Task 4

Calculate the averages and variances

SAM'S TRAVEL AGENCY

EXPENDITURE

EXPENSE Jan Feb Mar Apr May Jun

Stationary 165 168 157 173 160 172

Electricity 175 179 166 184 170 182

Telephone 148 151 141 155 144 154

Courier 121 123 115 127 117 126

Internet 135 138 128 142 131 140

Subscriptions 120 122 114 126 116 125

Brochures 119 121 113 125 115 124

Printing 152 155 144 160 147 158

Petty Cash 141 144 134 148 137 147

Rental of equipment 123 125 117 129 119 128

/3 marks

Month Average expenditure

January

February

March

April

May

June

If the budgeted expenditure per month is $900.00 what is the % variance from the budgeted expenditure for each month’s actual spend? /3 marks

Month Average expenditure

January

February

March

April

May

June

If you were the Finance Manager for Sam’s Travel Agency which months would recommend need to further

investigated and why?

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Task 5

Jane’s Restaurant has 175 seats with daily seat turnover of 1.2 and an average check of $17.00 and is

open 6 days a week. The business operates 52 weeks in the year. Next year the average check is

forecast to increase by 25%.

What will next year’s sales budget be?

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REQUIREMENTS AND DELIVERABLES

1. What To Submit:

• Hard copy of the complete Written Assessment with cover pages.

2. When To Submit:

• Assessment is due on the 13th March 2018.

3. Performance/Submission Standards:

• Assessment Cover Page

Part 1: Provide a quality service experience

1. Task 1 Answer all questions (20 marks) 2. Task 2 Categorise Accounts (2 marks) 3. Task 3 Questions and Profit & Loss (15 marks) 4. Task 4 Averages and Variances (10 marks) 5. Task 5 Sales Budget (3 marks)

Formatting:

• Number all pages at the bottom of the page

• Use 1.5 line spacing

• Use Arial font, size 12

• Have a line space between paragraphs

• Stapled