Kindly provide answers to all the questions in as much detail as possible
Question 1: This activity will need to be observed for assessment. As a simulated workplace activity as directed by the assessor; you will be given information on the current income and expenditure for one work area/project (as relevant to your organisation or area of work). You should read this through, looking for where any changes may be required. With the person acting as the finance manager, discuss whether this needs to be changed, identifying at least one change and your reason for this. Write down the outcome of your meeting in your workbook, and the change(s) you have recommended with your reason(s) why. Question 2: This activity will need to be observed for assessment. Following on from Activity 1B; as a simulated workplace activity, consult with the work area/project manager to discuss your identified change(s) regarding the income and expenditure they have. You should inform them of the reason for the change(s) that you have found. Note to the assessor: You must ensure the learner has an appropriate simulated work environment to perform this activity, with a person representing the work area/project manager. The learner should be observed to ensure they communicate professionally with the other person and to make sure they provide clear information and reasoning for their change(s). This activity does not require a two-way exchange, although the person acting as the manager can ask questions or provide comments that are applicable to the discussions. Question 3: As a real or simulated work activity as directed by the assessor; you must check three records relating to income and expenditure for the previous month. These records will be allocated to you. Identify the actual income and expenditure that took place and assess these against the budgets they relate to. You must answer the following questions: ���Do the income and expenditure match the budget(s)? ���If there are variations, where are these found? Write up your conclusions as a report, providing clear details about your assessment and relevant findings. If produced separately, attach this to your workbook. (No word count specified; this can be as long or short as needed. However, reports must include all the relevant details.) Quetion 4: Describe two research methods you can use to investigate new approaches to budget management. Question 5: How can new approaches to managing finances affect the customer experience? Give at least three examples. Question 6: Use your numeracy skills to estimate expenditure for an upcoming project; this may be done with the aid of financial/accounting software. Dont forget tocheck previous budgets to check the likely costs involved. Question 7: Use your problem-solving skills to develop a contingency plan for use in the event of a significant deviation from the planned budget in question six. Question 8: Organise a meeting with those involved in the creation of the budget from question four and five. Use teamwork skills to lead discussions and come to decisions on the desired outcomes of the budget. Make sure everyone knows what part they play in budget control, and how they can contribute to agreed outcomes. Question 9: Use your organizations financial/accounting software on computer, create a graph or chart which shows overall levels of expenditure over the course of the budgetary period (using the budget you created in the previous three questions). Question 10: Create a budget for an event or project that will last for three months. Throughout this period, you must show that you can create, monitor, and control the budget by doing the following: · Show that you can work with colleagues to establish requirements and priorities (including staffing requirements and stock requirements) · Use financial records to monitor expenditure and income on a regular basis · Identify any variances and deviations, and react to them ��� you may need to adapt the budget · Complete financial reports to ensure control of finances, and to update others on the budget status this must be performed at scheduled points (as agreed with management) and using the appropriate budget terminology. P a g e | 2 VCID. ACOT Training and Assessment/SITXFIN003/Simulations/V1.2/July 2019 Activity 1b TABK Computers Profit & Loss Statement For the year 1st July 2018 through 30th June 2019 Revenue Sales - Computers $247,727.28 Sales - Parts $39,500.00 Sales - Labour $61,500.00 Rent Received $500.00 Interest Received $141.10 Total Revenue $349,368.38 Cost Of Sales Cost of Sales - Computers Opening Stock - Computers $15,000.00 Purchases - Computers $136,000.00 less Closing Stock - Computers -$20,000.00 Total Cost of Sales - Computers $131,000.00 Cost of Sales - Parts Opening Stock - Parts $5,000.00 Purchases - Parts $20,000.00 less Closing Stock - Parts -$6,000.00 Total Cost of Sales - Parts $19,000.00 Total Cost Of Sales $150,000.00 Gross Profit $199,368.38 Expenses Accounting Fees $3,000.00 Advertising Costs $5,000.00 Bad and Doubtful Debts $2,715.91 Bank Charges $252.00 Depreciation $9,000.00 Electricity $1,000.00 Interest Paid $660.00 Insurance - Business $175.00 Lease of Workshop Costs $24,000.00 Motor Vehicle Expenses $22,060.00 Printing and Stationery $1,500.00 Postage and Freight $800.00 Repairs to Equipment $2,000.00 Roundings and Adjustments -$0.45 Telephone and Internet $7,300.00 Superannuation $3,861.00 Wages & Salaries $44,900.00 Holiday Leave Expense $3,500.00 Long Service Leave Expense $4,000.00 WorkCover $422.73 Total Expenses $136,146.19 Net Profit/(Loss) $63,222.19 P a g e | 3 VCID. ACOT Training and Assessment/SITXFIN003/Simulations/V1.2/July 2019 Activity 2a TABK Pty Ltd Trial Balance As at June 2019 Account Debit Credit YTD Debit YTD Credit NAB Cheque Account $0.00 $13,695.00 Cash Float $0.00 $100.00 Petty Cash $0.00 $88.00 Trade Debtors $10,000.00 $1,281.00 Stock on Hand $0.00 $60,000.00 Fixtures and Fittings at Cost $0.00 $15,000.00 Motor Vehicle at Cost $0.00 $45,000.00 Equipment at Cost $0.00 $1,500.00 Credit Card $0.00 $1,650.00 Trade Creditors $0.00 $300.00 GST Collected $909.09 $571.46 GST Paid $0.00 $1,468.43 PAYG Withholding Payable $0.00 $75.00 Superannuation Payable - AM $0.00 $36.00 Bank Loan - Vehicle $0.00 $29,500.00 Retained Earnings $0.00 $126,390.90 Furniture Sales $0.00 $3,446.37 Training $0.00 $800.00 Refunds and Rebates $0.00 $380.00 Delivery Charges $0.00 $130.00 Interest Received $0.00 $28.00 Purchases - Furniture $0.00 $9,981.82 Freight Paid $0.00 $100.00 Accounting Fees $0.00 $2,000.00 Bank Fees $0.00 $18.00 Bank Merchant Charges $0.00 $94.55 Bad Debts $9,090.91 $9,090.91 Cleaning Expenses $0.00 $8.00 Discounts Allowed to Customer $0.00 $1,000.00 MV Repairs and Maintenance $0.00 $300.00 Rent - Showroom $0.00 $1,000.00 Roundings & Adjustments $0.00 $0.10 Staff Amenities $0.00 $3.20 Superannuation $0.00 $36.00 Wages & Salaries $0.00 $400.00 Total: $10,000.00 $10,000.00 $162,736.37 $162,736.37 TABK Pty Ltd Aged Receivables June 2019 Name Total Due Current 1 - 30 31 - 60 60+ Country Cottages $10,000.00 £0.00 $0.00 $10,000.00 $0.00 Jenson Homes $1,281.00 $1,281.00 $0.00 £0.00 $0.00 Total: $11,281.00 $1,281.00 $0.00 $10,000.00 $£0.00 Ageing Percent: 11.4% 0.0% 88.6% 0.0% P a g e | 4 VCID. ACOT Training and Assessment/SITXFIN003/Simulations/V1.2/July 2019 TABK PTY LTD GST Detail 1-04-2019 – 30-06-2019 Date ID# Name Rate Sale Value Purchase Value Tax Collected Tax Paid ANR ABN but Not Registered 1/04/19 00000670 Auto Electrics 0.000% $300.00 $0.00 Total: $0.00 $300.00 $0.00 $0.00 CAP Capital Acquisitions 1/04/19 1 Computer for offic 10.000% $1,650.00 $150.00 Total: $0.00 $1,650.00 $0.00 $150.00 FRE GST Free 5/04/19 SC310817 Bank Charges 0.000% $18.00 $0.00 6/04/19 1 Items for office 0.000% $3.20 $0.00 Total: $0.00 $21.20 $0.00 $0.00 GST Goods & Services Tax 6/04/19 00000411 Jenson Homes 10.000% $1,281.00 $116.45 6/04/19 00000671 Furniture Imports 10.000% $11,090.00 $1,008.18 6/04/19 1 Items for office 10.000% $8.80 $0.80 8/04/19 00000412 Jenson Homes 10.000% -$1,100.00 -$100.00