SITXFIN004 Prepare and monitor budgets SITXFIN004 Prepare and monitor budgets XXXXXXXXXXRTO No: 21595 | CRICOS Code: 02634E Assignment Coversheet Name: ______________________ Student ID:...

assignment


SITXFIN004 Prepare and monitor budgets SITXFIN004 Prepare and monitor budgets RTO No: 21595 | CRICOS Code: 02634E Assignment Coversheet Name: ______________________ Student ID: ______________________ Email Address: ________________ Class: ______________________ Unit name: _____ Unit Code: ______________________________________________ Assignment name: Student Declaration I declare that – a. The evidence I have submitted for assessment is my own work, and b. The evidence I have submitted for assessment has not been shared with other students, and I have taken all reasonable precautions to ensure that my work cannot be accessed by other students that may seek to submit my work as their own, and c. All of the sources of information used to prepare my work have been, or may be accurately cited, and d. I retain a copy of all my original for my own records, or for resubmission if required by Academia Australia, and e. I have read and understood Academia Australia’s policy regarding plagiarism, and I accept the right of Academia Australia to investigate suspected plagiarism, and to act in accordance with the policy and procedure I have read. Student Signature: __________________________________________ Date of Submission: ___//20 Assessment Information · You must achieve a satisfactory outcome for each of the required criteria of this assessment to be deemed satisfactory for this assessment. You must achieve a satisfactory result for the assessments for this unit of competency to achieve a competent result for the unit. If one or more of the assessment results are not satisfactory, you will be Not Yet Competent for this unit. · You may follow the Assessment Appeals process in the Student Handbook (www.academia21.com) if you are not satisfied with: · the assessment result; or · the way an assessment was carried out by your trainer; or · the conditions or structure of the assessment The student handbook has the steps for reassessment if you receive a Not Yet Competent mark and do not want to appeal. Reasonable adjustment for assessment Where students have highlighted Language, Literacy and Numeracy issues reasonable adjustment to the assessment can be made. Should you receive a ‘Not Yet Competent’ or ‘Resubmit’ result for the assessment you will be given the opportunity to re-submit your assessment work with any amendments requested by your trainer. The adjustment may include actions such as: • Student demonstrating knowledge through verbal discussion to identify correct answers • Student demonstrating knowledge through applied skills • Allowing additional time relating to disability • Through consultation amending assessment timeframes • Assistance in the form of the training location to allow easier access • Accessing relevant equipment or aids to assist the student • Adjustments to the assessment methods to cater for any special needs (without effecting the integrity of the outcome) If a student requests or is identified as requiring reasonable adjustment to the training and assessment process a detailed training and assessment plan including timetables, notes regarding the required adjustments, and any related communications regarding the adjustments must be maintained in the students file. The RTO Manager must review and authorise any request for ‘reasonable adjustment’ to ensure that any adjustments and resulting outcomes are not affecting the integrity of the training and assessment process. Location of and completion timeframes for assessment The location of the assessment will depend upon the nature of the assessment. Direct observation of student’s skills will be assessed in the class room at Academia, the timeframes for these assessments will be related to the scheduled times of the classes. Other assessments such as; role plays, in class activities, presentations and written tests will be conducting in the classroom. The timeframes and due dates for these assessments, as well as any reports, projects or research assignments, are documented in the stage outlines. Stage outlines are handed out at the beginning of each term. SITXFIN004 Prepare and monitor budgets Assessment 2 - Project At the end of the last financial year 2018 – 2019 The Academia Resort had the following profit and loss statement. Instructions: Your Task Based on the following information of Academia Resort you are required to develop a Budget and a Report for the next calendar year 2019 – 2020 that meets the specific business needs. Check Moodle announcement for submission due dates. Demonstrate the following when preparing the budget and report: · Consultation on budget components · Analysis of factors that impact on the budget · Completion of draft and final versions of budget within designated timelines · Monitor and review the above budget against performance over its life cycle. Revenue 2018 – 2019 Budget $ Food 219,000 Beverage 73,000 Accommodation 434,000 726,000 Cost of Sales (COGS) Food 54,750 (25%) Beverage 21,900 (30%) Accommodation 86,800 (20%) Total Cost of Sales (COGS) 163,450 Gross Profit 562,550 Operating Expenses Wages 181,500 Operating supplies 36,000 Administration 18,000 Advertising 36,000 Maintenance 20,000 Utilities 32,000 Depreciation 10,000 Interest 17,500 Total Other Expenses 351,000 Net profit before tax 211,550 Academia Resort anticipates the following changes in the business environment: · Management expects an increase in interest rates of 0.25% per quarter. · Fall in patronage of 12%. · The guests will be willing to spend more per head if the staff up sells successfully – management expects a 20% increase in both food and beverage average sales. Room revenue is based on the following calculation: · The Resort has twelve rooms and has 83% occupancy rate annually. · Room rate is $120.00 per day. These rooms are all twins. · The Resort has 7,270 guests a year and all food and beverage revenue come from these guests. · Staff wages represent 25% of total revenue and management decided that in order to ensure good service this percentage must remain the same. 2018 - 2019 Current Budget 2019 – 2020 Budget $ Revenue $ $ Food 219,000 Beverage 73,000 Accommodation 434,000 Total Revenue 726,000 Cost of Sales Food 54,750 (25%) Beverage 21,900 (30%) Accommodation 86,800 (20%) Total COGS 163,450 Gross Profit 562,550 Operating Expenses Wages 181,500 Operating supplies 36,000 Administration 18,000 Advertising 36,000 Maintenance 20,000 Utilities 32,000 Depreciation 10,000 Interest 17,500 Total Operating Expenses 351,000 Net profit before tax 211,550 Clearly explain in your report: · Consultation on budget components · The impacts of loss in Net profit and the reason for it and explain how you would try to maintain a positive business to meet new requirements. Investigate and take appropriate action on significant deviations. · Monitor and review the above budget against performance over its life cycle. After producing the new budget, you are required to calculate the variance, percentage change and also prepare another budget that allows for a profit of 28%.   2018 - 2019 2019 - 2020 Variance % Change Profit Increase to 28%