please answer task 1 2 and 3 , use the given materials , if needed use my previous tasks XXXXXXXXXXand XXXXXXXXXXorders for further materials because they are all manage finance related.

please answer task 1 2 and 3 , use the given materials , if needed use my previous tasks 110162 and 109920 orders for further materials because they are all manage finance related.


SITXFIN004 Prepare and Monitor Budgets ASSESSMENT COVER SHEET (Please ensure this cover sheet is completed and attached on top of each assessment) QUALIFICATION CODE AND TITLE: SIT60316 Advanced Diploma of Hospitality UNIT CODE: SITXFIN004 TITLE: Prepare and Monitor Budgets Student Number Student Name Assessor Name Assessment Name and Number Assessment Task Number and Name Assessment Due Date Submission Date Competency Date: RESULT ☐SATISFACTORY ☐UNSATISFACTORY FINAL OVERALL RESULT ☐COMPETENT ☐NOT YET COMPETENT STUDENT DECLARATION I declare that: · This assessment is my own work, based on my own study and research and no part of it has been copied from and other source except where due acknowledgement/reference has been made. · If this assessment was based on collaborative/teamwork, as authorized by the trainer, I have not submitted the same final version of any assessment material as another student. · I have not previously submitted this assessment or any part of this assessment for this or any other course/unit. · I have kept a copy of my assessment. · I give permission for my assessment to be reproduced, communicated, compared and archived for the purposes of detecting plagiarism. · I understand that plagiarism is the practice of taking someone else’s work or ideas and passing it off as one’s own work and that the attached assessment maybe checked for plagiarism. · I understand that collusion is presenting another person’s assessment as one’s own and/or providing your own work to another person to allow them to pass it off as their own. · Any assessment deemed unsatisfactory will require me to undergo reassessment which may be different to the one originally submitted. · I am aware that in the event that I disagree with the assessment outcome I have the right to appeal that result. I will follow the complaints and appeals process. · A late submission fee of $100 per assessment will apply if the assessment is submitted after the scheduled due date unless a formal extension has been granted by the Program Manager or Course Co-ordinator. Student Signature:Date: ASSESSMENT SUMMARY SHEET To be deemed competent students must have a satisfactory result recorded for each assessment activity. If a result is not satisfactory for any assessment task, the trainer/assessor will determine the training and assessment tasks to be completed. The student has been assessed as competent in the elements and performance criteria, performance evidence and knowledge evidence and in line with the assessment conditions. The students work submitted for this assessment is: ☐ Valid☐ Sufficient☐ Current☐ Authentic ASSESSMENT TASK 1 ☐ SATISFACTORY ☐ NOT SATISFACTORY ☐ NOT APPLICABLE ASSESSMENT TASK 2 ☐ SATISFACTORY ☐ NOT SATISFACTORY ☐ NOT APPLICABLE ASSESSMENT TASK 3 ☐ SATISFACTORY ☐ NOT SATISFACTORY ☐ NOT APPLICABLE Feedback to Student The student has been given feedback and informed of the assessment result and the reasons for the decision. Trainer/Assessor Signature Date Other Resubmission Date Is this assessment subject to an appeals process Yes No Outcome of appeal ASSESSMENT 1 Answer the following questions in brief. 1. Describe in brief about following given types of budgets. a. Cash budgets: b. Cash flow budgets: c. c. Departmental budgets: d. d. Project/event budgets: e. Purchasing budgets: f. Sales budgets: g. Wage budgets: h. Whole of organisation budgets: Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 2. Define the following budgetary terms: Terminology Definition Balance sheet Budgets Budget variance Flexible budget variance Budget cycle Budgetary slack Cash flow statement Cost-Benefit analysis (CBA) Gross profit Profit and loss statement Profit variance Naive forecast Net profit Break-Even Analysis Financial reports Financial year Cash Budget Format Line-Item Budget Format Personal Budget Format Ratios Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 3. What is the role and nature of budgets in hospitality industry? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 4. Discuss briefly about budget formats, budget performance and financial reports. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 5. What financial reporting cycles can be used by an organisation? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 6. List any five features/functions of accounting software programs used to prepare and monitor budgets. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 7. List all nine internal and external factors that impact on budget development. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 8. List all 11 sources and contents of data required for budget preparation. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 9. Briefly describe about workplace policies and procedures. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 10. State the organisational budget preparation guidelines. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 11. There are various techniques for budget preparation and monitoring practices. Discuss what techniques you can apply for making budget estimates. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 12. What are the common reasons for deviations? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 13. How to carry out budget deviation management? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: ASSESSMENT 2 To complete the following task, you need to prepare power point slides for each questions, and present in a class in a simulative environment. 1. Prepare a budget for a business that meets the specific business’ needs. Attach a budget report you have prepared. 2. Demonstrate the following when preparing the above budget: · consultation on components. (List the outcomes of consultation) · analysis of factors that impact on the budget (List the factors analyzed) · completion of draft and final versions of budget within designated timelines. (Discuss about the timelines) 3. Monitor and review the above budget against performance over its life cycle. (Mention ideas for monitoring and process of reviewing). Assessment 2 Checklist Course: SITXFIN004 Prepare and Monitor Budgets Presenter: Activity QUESTIONS S NYS 1. Prepare a budget for a business that meets the specific business’ needs. Attach a budget report you have prepared. ☐ ☐ 2. Demonstrate the following when preparing the above budget: · consultation on components. (List the outcomes of consultation) ☐ ☐ 3. Demonstrate the following when preparing the above budget: · analysis of factors that impact on the budget (List the factors analyzed) ☐ ☐ 4. Demonstrate the following when preparing the above budget: · completion of draft and final versions of budget within designated timelines. (Discuss about the timelines) ☐ ☐ 5. Monitor and review the above budget against performance over its life cycle. (Mention ideas for monitoring and process of reviewing). ☐ ☐ Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: ASSESSMENT 3 Write short answers for the following questions: 1. Define budget. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 2. How can you determine and confirm scope and nature of required budgets? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 3. Where can the information required for budget preparation be derived from? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 4. List any three internal and external factors (each) that can cause potential impact on budget. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 5. Mention the important communication tips. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 6. How to prepare a budget? Assessor Use Only: SATISFACTORY