hi


SITXFIN009 - Task 1 – Knowledge Assessment Unit Code SITXFIN009 Unit Description Use food preparation equipment Assessment Type Task 1 – Knowledge Assessment Assessment Location To be submitted online By submitting this work, I declare that: · I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time. · I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment. · I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the correct process. · This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment. · I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes. Student ID       Student Name       Submission Date       Assessment Task 1: Knowledge Test Provide your response to each question in the box below. Q1: Outline the purpose of following type of financial records in given table using 30-50 words each. Bank deposit documentation Bank statements Business activity statements (BAS) Credit card transaction statements Invoices Journal entries Labour and wages reports Merchant statements Transaction reports Satisfactory = S Not Satisfactory = NS S S S S S S S S S NS NS NS NS NS NS NS NS NS Q2: Outline the types of budgets mentioned in the table using 2-3 sentences each. Cash budget Cash flow budget Departmental budget Project budget Purchasing budget Sales budget Wage budget Whole of organisation budget Satisfactory = S Not Satisfactory = NS S S S S S S S S NS NS NS NS NS NS NS NS Q3: Why should you consider the key factors listed in the table in the preparation of financial and statistical reports? Write 2-3 sentences for each. Cash flowCommercial account activityCommission earningsCovers and financial returnDaily, weekly and monthly transactionsExpenditureIncomeOccupancy rates and financial returnSales performanceStaff costsStock levelsVariance in income or expenditureWastageYield Satisfactory = S Not Satisfactory = NS S S S S S S S S S S S S S S NS NS NS NS NS NS NS NS NS NS NS NS NS NS Q4: Discuss the use, contents of and formats for the following using 100-150 words each. budgets financial reports statistical reports Satisfactory = S Not Satisfactory = NS S S S NS NS NS Q5: Outline the different budget terminology mentioned in the table using 1-2 sentences each. Revenue Expenses Fixed costs Variable costs Operating expenditure Satisfactory = S Not Satisfactory = NS S S S S S NS NS NS NS NS Q6: Explain the use of budgets to control costs and enhance profitability using 150-200 words. Satisfactory = S Not Satisfactory = NS S NS ☐ Q7: Define the importance of budget control using 150-200 words. Satisfactory = S Not Satisfactory = NS S ☐ NS ☐ Q8: Explain the different techniques for maximising budget performance listed in the table using 2-3 sentences each. Zero-based budgeting Activity-based costing Cost-benefit analysis Key Performance Indicators (KPIs) Cash flow forecasting Satisfactory = S Not Satisfactory = NS S ☐ S ☐ S ☐ S ☐ S ☐ NS ☐ NS ☐ NS ☐ NS ☐ NS ☐ Q9: Define the financial reporting procedures and cycles using 200-250 words. Satisfactory = S Not Satisfactory = NS S ☐ NS ☐ Q10: Outline the features and functions of accounting software programs (listed in the table) used to manage budgets using 1-2 sentences each. Features Functions Budget creation Budget tracking Forecasting Reporting Collaboration Security Automation Satisfactory = S Not Satisfactory = NS S ☐ S ☐ S ☐ S ☐ S ☐ S ☐ S ☐ NS ☐ NS ☐ NS ☐ NS ☐ NS ☐ NS ☐ NS ☐ Assessment Results Sheet Outcome First attempt: Outcome (make sure to tick the correct checkbox): Satisfactory (S) ☐ or Not Satisfactory (NS) ☐ Date: _______(day)/ _______(month)/ _______(year) Feedback: Second attempt: Outcome (please make sure to tick the correct checkbox): Satisfactory (S) ☐ or Not Satisfactory (NS) ☐ Date: _______(day)/ _______(month)/ _______(year) Feedback: Student Declaration · I declare that the answers I have provided are my own work. Where I have accessed information from other sources, I have provided references and/or links to my sources. · I have kept a copy of all relevant notes and reference material that I used as part of my submission. · I have provided references for all sources where the information is not my own. I understand the consequences of falsifying documentation and plagiarism. I understand how the assessment is structured. I accept that the work I submit may be subject to verification to establish that it is my own. · I understand that if I disagree with the assessment outcome, I can appeal the assessment process, and either re-submit additional evidence undertake gap training and or have my submission re-assessed. · All appeal options have been explained to me. Student Signature Date Trainer/Assessor Name Trainer/Assessor Declaration I hold: ☐ Vocational competencies at least to the level being delivered ☐ Current relevant industry skills ☐ Current knowledge and skills in VET, and undertake ☐ Ongoing professional development in VET I declare that I have conducted an assessment of this student’s submission. The assessment tasks were deemed current, sufficient, valid and reliable. I declare that I have conducted a fair, valid, reliable, and flexible assessment. I have provided feedback to the student. Trainer/Assessor Signature Date Office Use Only The outcome of this assessment has been entered into the Student Management System on _________________ (insert date) by (insert Name) __________________________________ Unit Code: SITXFIN009Page 1 of 12 SITXFIN009 - Task 2 – Skills Test Unit Code SITXFIN009 Unit Description Manage finances within a budget Assessment Type Task 2 – Skills Test Assessment Location To be submitted online By submitting this work, I declare that: · I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time. · I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment. · I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the correct process. · This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment. · I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes. Student ID       Student Name       Submission Date       Assessment Task 2: Skills Test Skills Test: This assessment task requires the student to take responsibility for budget management where others may have developed the budget. This includes: · Interpreting budgetary requirements. · Allocating resources. · Monitoring actual income and expenditure and reporting on budgetary deviations. Simulated environment requirements: The training organisation must ensure the simulated environment meet the requirements given in the table below. The training organisation must provide the student with the opportunity to take responsibility for budget management where others may have developed the budget as per the information given in the case study. · The training organisation must ensure that the student has the access to the following resources: · An industry workplace or a simulated industry environment set up for the purposes of assessment. · Computers · Printers · Budgets for specific projects, events, or operational activities (Given in the case study) · Software packages · MS Word · MS Excel · MS Presentation · Staff members to participate in role plays with whom the individual can discuss budget components. · The training organisation must ensure that the student has access to the stakeholders as specified in the scenario. Each stakeholder should behave according to the script provided. · The training organisation must assign a supervisor to each student or take on the role of Supervisor. · The worksite must have realistic tasks or simulated tasks, relevant specifications and work instructions, standard work practices and safety requirements. · Case study: Pearl Hotel Melbourne branch has a bistro, sports bar and a bottle shop. The hotel promotes a sustainable environment and is a perfect place for families that want to spend their holidays and want all the amenities in one place. The hotel hires two managers that work five days a week, including the weekends. There are two other supervisors as well that work on the night shifts. As per the previous figures of the organization, the food cost accounts for 35% of the sales. Whereas the beverages account for 40%. The management is unhappy with the outcomes and wants to reduce the figures and are working on/ researching new ways to manage and control stock. To increase sales, the business has started to offer loyalty cards to its customers who will receive a free meal after spending $150 on their loyalty card. The hotel has the following projected budget for the first quarter of the financial year: July August September 1st quarter   $ $ $ $ Revenue         Food sales 58,400 63,875 60,225 182,500 Beverage sales 120,000 123,750 131,250 375,000 Tab commission 24,650 23,925 23,925 72,500 Total revenue 203,050 211,550 215,400 630,000           Cost of sales         Food purchases 20,440 22,356 21,079 63,875 Beverage purchases 48,000 49,500 52,500 150,000 Total cost of sales 68,440 71,856 73,579 213,875 Gross profit 134,610 139,694 141,821 416,125           Expenses         Accounting 1,350 1,500 2,150 5,000 Advertising/promotions 1,950 2,410 2,150 6,510 Bank charges 3,790 3,630 3,680 11,100 Cleaning contractor 3,220 3,720 3,720 10,660 Commission credit card 380 380 380 1,140 Small equipment replacement 410 410 410 1,230 Insurance 910 910 910 2,730 Laundry 170 180 180 530 Legal fees 640 180 180 1,000 Licence fees & permits 490 490 490 1,470 Motor vehicle expenses 250 250 250 750 Maintenance 2,110 2,110 2,110 4,330 Printing & stationery 400 400 400 1,200 Rubbish removal 250 250 250 750 Communication 1,000 1,000 1,000 3,000 Training & development 590 590 590 1,770 Wages & on-costs 96520 99,450 96,550 292,520 Utilities 6,000 5,800 5,850 17,650 Total expenses 120,430 123,660 121,250 365,340           NET PROFIT 14,180 16,034 20,571 50,785 You have been assigned the responsibility for budget management. The work task includes: · Managing a budget for a business over a three-month period that meets the specific business’ needs. · Informing management of the budget. · Monitoring income and expenditure and evaluating budgetary performance over the above budgetary life cycle. · Completing financial reports related to the above budget within designated timelines and using correct budget terminology. In course of the above, you will have the following responsibilities: · Allocate funds in accordance with the budget and agreed-upon priorities. · Prior to implementation, discuss changes to income and expenditure priorities with relevant colleagues. · Consult with and notify appropriate personnel about resource decisions. · Raise awareness of the significance of budget control. · Keep detailed records of resource allocation in accordance with organisational control systems. · Locate and use pertinent
Answered 3 days AfterSep 06, 2023

Answer To: hi

Deblina answered on Sep 09 2023
30 Votes
SITXFIN009 - Task 1 – Knowledge Assessment
    Unit Code
    SITXFIN009
    Unit Description
    Use food preparation equipment
    Assessment Type
    Task 1 – Knowledge Assessment
    Assessment Location
    To be submitted online
    By submitting this work, I declare that:
· I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment learner, and choose to be assessed at this time.
· I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment.
· I have organised and named the files I am submitting according to the instructions provided, and I am awar
e that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the correct process.
· This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment.
· I am aware that there is a policy of checking the validity of qualifications that I submit as evidence as well as the qualifications/evidence of parties who verify my performance or observable skills. I give my consent to contact these parties for verification purposes.
    Student ID
    
    Student Name
    
    Submission Date
    
Assessment Task 1: Knowledge Test
Provide your response to each question in the box below.
    Q1:
    Outline the purpose of following type of financial records in given table using 30-50 words each.
    Bank deposit documentation
    These records serve the purpose of documenting all deposits made into a business's bank account. They are essential for tracking and reconciling incoming funds accurately.
    Bank statements
    Bank statements provide a detailed summary of a business's financial transactions, including deposits, withdrawals, and fees. They are crucial for monitoring cash flow and verifying the accuracy of the bank's records.
    Business activity statements (BAS)
    BAS records are essential for businesses to report and pay their Goods and Services Tax (GST) obligations to the government. They help ensure compliance with tax regulations.
    Credit card transaction statements
    These statements detail credit card transactions, helping businesses track expenses and reconcile them with credit card payments, ensuring accurate financial records.
    Invoices
    Invoices are essential for billing customers and recording sales. They serve as a crucial part of a business's revenue and accounts receivable management.
    Journal entries
    Journal entries are used to record financial transactions accurately in a company's general ledger. They are the backbone of the double-entry accounting system.
    Labour and wages reports
    These reports track employee compensation, including wages, salaries, and benefits. They are vital for payroll management and compliance with labor laws.
    Merchant statements
    Merchant statements detail transactions made through payment processing services, helping businesses reconcile sales revenue and fees associated with payment processing.
    Transaction reports
    Transaction reports provide a comprehensive record of all financial transactions within a business. They are essential for financial analysis, budgeting, and auditing
    Satisfactory = S
Not Satisfactory = NS
    
    
    
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
    
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
    Q2:
    Outline the types of budgets mentioned in the table using 2-3 sentences each.
    Cash budget
    A cash budget is a financial plan that outlines a business's expected cash inflows and outflows over a specific period. It helps a company manage its liquidity by predicting when it will have excess cash or may face cash shortages.
    Cash flow budget
    Similar to a cash budget, a cash flow budget projects a business's cash flows, including operating, investing, and financing activities. It provides a comprehensive view of cash movements and helps in financial planning and decision-making.
    Departmental budget
    A departmental budget allocates financial resources to specific departments within an organization. It enables department heads to plan and manage their expenditures, ensuring efficient resource utilization.
    Project budget
    A project budget outlines the financial plan for a specific project, including estimated costs, revenues, and funding sources. It helps ensure that a project stays within budgetary constraints.
    Purchasing budget
    A purchasing budget forecasts the expenses related to acquiring goods and services necessary for a company's operations. It guides procurement decisions and helps control costs.
    Sales budget
    A sales budget predicts a company's expected sales revenues for a particular period. It is a crucial component of financial planning, helping set sales targets and assess performance.
    Wage budget
    A wage budget outlines the labor costs associated with a business, including salaries, wages, and related expenses. It aids in workforce planning and cost control.
    Whole of organisation budget
    This comprehensive budget covers all aspects of an organization's financial plan, including revenues, expenses, and investments. It provides a holistic view of the company's financial health and objectives.
    Satisfactory = S
Not Satisfactory = NS
    
    
    S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
S ☐
    NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
NS ☐
    Q3:
    Why should you consider the key factors listed in the table in the preparation of financial and statistical reports? Write 2-3 sentences for each.
    
    Cash flow
    Preparing a cash flow report is essential for tracking the movement of funds in and out of the organization. It helps ensure that there is sufficient liquidity to meet operational needs and repay debts, reducing the risk of cash shortages.
    Commercial account activity
    This report provides an overview of the financial activity related to commercial accounts, offering insights into revenue streams, payment patterns, and account balances, which can be crucial for managing customer relationships and collections.
    Commission earnings
    For businesses that earn commissions, this report details the income generated from such activities, helping assess the performance of commission-based sales or services and plan for future revenue.
    Covers and financial return
    This report combines information on the number of patrons or "covers" and the financial return from each visit, aiding restaurants, cafes, and hospitality businesses in optimizing pricing, menu offerings, and customer experience.
    Daily, weekly and monthly transactions
    Tracking transactions on different time scales helps monitor cash flow patterns, identify revenue trends, and assess the impact of promotions or events on sales and income.
    Expenditure
    The expenditure report outlines the costs incurred by the organization, including overhead, operating expenses, and capital expenditures. It is crucial for budget management and cost control.
    Income
    The income report summarizes all revenue...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here