must be done in next 24 hours

Assessment Summary Sheet

· This form is to be completed by the assessor and used 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 Database unless all relevant paperwork is completed and attached to this form.

Student Name:

Student ID No:

Final Completion Date:

Unit Code:

FNSACC503

Unit Title:

Manage budgets and forecasts

Please attach the following documentation to this form

Result

Assessment Week 1

Questioning/ Written response

S / NYS / DNS

Assessment Week 2

Project and/ or plans

S / NYS / DNS

Final Assessment Result for this unit

C / NYC

Feedback is given to the student on each Assessment task

Yes / No

Feedback is given to the student on final outcome of the unit

Yes / No

Student Declaration I have been assessed in a fair and flexible manner. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.

Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.

Name:

Name:

Signature:

Signature:

Date:

Date:

Assessment Cover Sheet

Assessment Week One Details

Term and Year

Term 4 2017

Assessment Type

Questioning/ Written response

Due Date

Class Room

Student Name:

Student ID No:

Date:

Qualification :

FNS50215 Diploma of Accounting

Unit Code:

FNSACC503

Unit Title:

Manage budgets and forecasts

Assessor’s Name

Zaved KARIM

Student Declaration: I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.

Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.

Name:

Name:

Signature:

Signature:

Date:

Date:

Student was absent from the feedback session.

Assessment/evidence gathering conditions

Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve competence when all assessment components listed under procedures and specifications of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be recorded.

Principles of Assessment

Based on Clauses 1.8 – 1.12 from the Australian Standards Quality Assurance’s (ASQA) Standards for Registered Training Organizations (RTO) 2015, the learner would be assessed based on the following principles:

Fairness - (1) the individual learner’s needs are considered in the assessment process, (2) where appropriate, reasonable adjustments are applied by the RTO to take into account the individual leaner’s needs and, (3) the RTO informs the leaner about the assessment process, and provides the learner with the opportunity to challenge the result of the assessment and be reassessed if necessary.

Flexibility – assessment is flexible to the individual learner by; (1) reflecting the learner’s needs, (2) assessing competencies held by the learner no matter how or where they have been acquired and, (3) the unit of competency and associated assessment requirements, and the individual.

Validity – (1) requires that assessment against the unit/s of competency and the associated assessment requirements covers the broad range of skills and knowledge, (2) assessment of knowledge and skills is integrated with their practical application, (3) assessment to be based on evidence that demonstrates tat a leaner could demonstrate these skills and knowledge in other similar situations and, (4) judgement of competence is based on evidence of learner performance that is aligned to the unit/s of competency and associated assessment requirements.

Reliability – evidence presented for assessment is consistently interpreted and assessment results are comparable irrespective of the assessor conducting the assessment

Rules of Evidence

Validity – the assessor is assured that the learner has the skills, knowledge and attributes, as described in the module of unit of competency and associated assessment requirements.

Sufficiency – the assessor is assured that the quality, quantity and relevance of the assessment evidence enables a judgement to be made of a learner’s competency.

Authenticity – the assessor is assured that the evidence presented for assessment is the learner’s own work. This would mean that any form of plagiarism or copying of other’s work may not be permitted and would be deemed strictly as a ‘Not Yet Competent’ grading.

Currency – the assessor is assured that the assessment evidence demonstrates current competency. This requires the assessment evidence to be from the present or the very recent past.

Resources required for this Assessment

1. All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint

1. Upon completion, submit the assessment via the student learning management system to your trainer along with the completed assessment coversheet.

1. Refer the notes on eLearning to answer the tasks

1. Any additional material will be provided by Trainer

Instructions for Students

Please read the following instructions carefully

· This assessment is to be completed according to the instructions given by your assessor.

· Students are allowed to take this assessment home.

· 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 2 weeks of the assessment due date.

· 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 re-enrolment policy for more information.

Procedures and Specifications of the Assessment

To complete the unit requirements safely and effectively, the individual must:

· Define international marketing

· Identify international trade patterns

· Explain international trade policies and agreements

· Identify legislative requirements

Assessment 1

Q1. Q1: What are the major objectives of a budget system?

Q2.

Describe the features of cash, revenues and expenditures. Give examples of each category with a linked budget objective.

Q3.

Consider the first line example in this table. Complete the table describing the items listed in the first column by making selections from the following terms.

Category = Cash/ Revenue/ Expenditure or Capital

Financial Statement = Cash flow/ Financial performance/ Financial position/ Capital

Objective = Increase/ Report Revenue/ Manage Expenditures/ Cash and/or Capital

Item

Category

Financial Statement

Objective

Sale of retail clothes by EFTPOS

Revenue

Financial performance

Report Revenue

Investment in five year project

Replace chair in client waiting room

Periodic transfers between bank accounts

Sale of office building

Community service fees

Sale of office building

Community service fees

Q4.

Explain how organisational goals determine the master budget.

Q5.

You are responsible for the manufacturing budget preparation. What other forecast or budget/affects the raw materials budget and in what way? How would a growth in the sales forecast affect the raw materials budget? What will this growth mean to the budgeted statement of financial performance and what should be considered in terms of the capacity of the production department and costs across all departments?

Q6.

The disability manager, Helene, is constantly asking you to increase her budget. You have explained to her on a number of occasions that the board has officially adopted the budget. What will you do if her request begins to take up too much of your time?

Q7.

What accounting standard is relevant to the presentation of financial statements including budgets?

Q8.

You present the financials at the annual general meeting. Separately list three groups of stakeholders you expect to be at this event. How should each group be treated/ what would you expect from them?

Q9.

How can the sales forecast spreadsheet be used to show which period profit milestones occur?

Q10.

How can management use budgets to encourage staff to meet profit/ sales milestones?

Question 11.

Describe the benefits of using graphs to explain budget spreadsheets.

Question 12.

Which budget is the GST amount transferred to:

a. For cash payment?

b. At the end of the period?

Q13.

What needs to be covered when researching information for the cash flow budget?

Q14.

Identify four factors of management intention in regard to the cash flow budget.

Q15.

Who is legally responsible for supervising the budget?

Q16.

Voyager is a Telco with an innovation that will generate it significant market share growth. This will result in many new customers in several new areas. Telco is aiming for much higher incomes. Consequently, it has adopted an organisational expansion policy seeking to maximise income. Voyager is about the revenue forecast but unsure of their total budget expenses.

Explain to Voyager executives the importance of considering related expenses and discuss some of their controls as planning for its aggressive revenue expansion policy

Q17.

Describe how balances are transferred into and out of the budgeted statement of cash flows to explain the statement and how the closing cash is calculated.

Q18.

How can timesheets assist the accountant to make the annual reporting timeline?

Q19.

What is the budget calendar?

Q20.

Describe how the accountant assists decision making by identifying budget trends.

Q21.

What three steps should be undertaken when making assumptions about feasibility?

Q22.

The business Challenger Co. is expanding. The marketing manager advises the junior accountant that a new sales region will double the revenue assumption and that there are no foreseeable expenditures. What is the significance of the revenue assumption to completing the sales forecast? What steps should the junior accountant take in preparing the assumption for the sales forecast?

Q23.

What is unusual about the related expense assumption for Challenger’s expansion?

Q24.

List several criteria management might use to complete the project selection process

Q25.

Prepare a budget versus actual variance analysis report for the end of March for the community services organisation Discoverer. They made an original assumption based on the respite manager’s undertaking that a new food expense would be year to date $900 with the actual amount spent $2,700 at the 31.3.20XX. Include food for this month separately on the report for $300 actual and only $100 budgeted. Include whether the amount is favourable (F) or unfavourable (U), show the percentage (%).

Q26.

Prepare a request for budget revision form to accompany the variance report. Note that the request is due to a new program which had an original incorrect assumption.

Discoverer

Management Assumption and Control worksheet

Request for assumption revision/financial control use

Budget name

Account

Food

Expense budget

Details

Assumption/ recommended control

Authorise and sign by

Student name

Date:

Q27.

How frequently should the budget review occur? Under what conditions is this different and when will the review occur in that case?

Q28.

When are rolling budgets appropriate and inappropriate? What other factor must be considered when adopting a policy for using them?

Assessment Feedback One Evaluation

Student’s name:

Trainer/ Assessor’s name:

Zaved KARIM

Date:

Unit name:

FNSACC503 Manage Budgets and forecasts

Assessment Submission Checklist to be completed by the Trainer/Assessor

Did the student complete and provide evidence for the following:

Yes

No

1. Provide a discussion on the short questions?

2. Can establish relevant assumptions for budgets?

3. Provide an understanding of budgeting?

4. Submit within agreed timeframe?

Has the learner proven they can:

Yes

No

1.1. Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.2 Ensure budget objectives are clear and consistent with organisational aims and projects

1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation

1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends

2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source

2.2 Identify relevant data for forecasts and anticipate changes in circumstances

2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy

2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete reports within timelines and distribute for specified periods and projects

3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis

3.4 Identify feasibility by comparing projections with market growth and development

4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person

4.2 Review budget processes and implement as required

FEEDBACK TO STUDENT:

Assessment outcome

Satisfactory

Not Yet Satisfactory

Re-assessment required

Student Signature

The result of my performance in this unit has been discussed and explained to me.

____________________________ Date: ______________

Student signature

Trainer/ Assessor’s Signature

Trainer/ Assessor’s declaration:

I hereby certify that the above student has been assessed by myself and all assessments are carried out as required by the Principles of Assessments (Clause 1.8 of the Standards for RTO 2015).

____________________________ Date: ______________

Assessor signature