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 Three 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 2

Question:1 - Preparing a Flexible Budget

The owner of a new consultancy called Speedo Pty Ltd asked you to prepare the master budget for them. The consultancy consists of the owner who charges out at $68 per hour and the junior staff who charges out at $42 per hour. The owner has advised you that forecast hour for each quarter as below.

The consultancy has a credit system of payments with 60% of payment received the quarter in which they are earned and the remaining 40% earned the following month. The opening accounts receivable is $13,200 incl GST. The GST is accounted for on an accrual basis.

Part A

Prepare a quarterly revenue receipts forecast and cash collections forecast for the next financial year.

Hours September December March June

Senior 250 230 230 230

Junior 210 220 210 220

Speedo Pty Ltd Revenue Receipts Forecast

Speedo Pty Ltd Cash collections Forecast

Notes if needed.

Part B

The owner will purchase a new vehicle in the September quarter for $27,500. In December they will purchase photocopiers for $5,500 and a computer system for $5,500 with an upgrade in March for a further $2,750. Each item is inclusive of GST.

2013

Sep

Dec

Mar

Jun

Motor vehicle

1,300

1,495

300

450

Printing

200

50

200

50

Electricity

600

555

500

500

Rent

4,500

4,500

4,500

4,500

Prepare the Capital Expense Budget for the financial year.

Part C

Depreciation is $700 per quarter and tax payable at 30% of net profit per quarter. Wages for the senior staff are $8,000 per quarter and junior $5,000 who receive a $1,000 bonus in June depending on the performance of the junior staff and the financial performance of the business.

Complete the expense budget, budgeted statement of financial performance: you will need to add the non-GST items to the expense budget, and the cash flow budget, which has an opening cash balance of $42,000. The opening GST liability is $2,000 and the opening PAYG tax instalment is $2,500.

Speedo Pty Ltd Expense Budget @30.6.2015

Speedo Pty Ltd Budget statement of financial performance @30.6.2013

Speedo Pty Ltd GST Budget @30th June 2015

Speedo Pty Ltd Budget statement of cash flows @30th June 2015

Part D

Use the cash budget to prepare a graph of quarterly revenue received, payments made and closing cash position

Assessment Two Feedback 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. Provide an analysis for different budgets?

3. Understanding how calculate variances?

4. Provide an evidence to get cost information when formulating budget?

5. Submit within agreed timeframe?

Has the learner proven they can:

Yes

No

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

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

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