some of the tasks are done also task 19 5 21 24 and 20 no need to be done i can do it myself
Assessment T-1.8.1 Details of Assessment Term and Year TERM 2 , 2018 Time allowed Week 2, 3, 4, 5, 6, 7 Assessment No 1 Assessment Weighting 60% Assessment Type Portfolio of activities (Written) Due Date Week No. 7 Room 1 Details of Subject Qualification BSBFIM501 Diploma of Leadership and Management Subject Name Finance Details of Unit(s) of competency Unit Code (s) and Names BSBFIM501 Manage Budgets and Financial Plans Details of Student Student Name College AAI Student ID Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source. Signature: ___________________________ Date: _______/________/_______________ Details of Assessor Assessor’s Name SINDHU NAIR Assessment Outcome Results |_| Competent |_| Not Yet Competent Marks / 60 FEEDBACK TO STUDENT Progressive feedback to students, identifying gaps in competency and comments on positive improvements: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights and reassessment procedure. Signature: ____________________________ Date: ____/_____/_____ Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback |_| Student did not attend the feedback session. Feedback provided on assessment. Signature: ____________________________ Date: ____/_____/_____ Purpose of the Assessment The purpose of this assessment is to assess the student in the following learning outcomes: Competent (C) Not yet Competent (NYC) Plan financial management approaches Implement financial management approaches Monitor and control finances Review and evaluate financial management processes Assessment/evidence gathering conditions Each assessment component is recorded as either Satisfactory (S) or Not Satisfactory (NS). A student can only achieve competence when all assessment components listed under Purpose of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NS (Not Satisfactory) is eligible for re-assessment. Resources required for this Assessment 1. Upon completion, submit the assessment to your trainer along with assessment coversheet 1. Refer to the subject notes on E-Learning prior to responding to the tasks/questions 1. Any additional material will be provided by Trainer Instructions for Students Please read the following instructions carefully · This assessment has to be completed |X| In class |X| At home · The assessment is to be completed according to the instructions given by your assessor. · 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. All other feedbacks will be provided by the end of the term. · 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 aspects of this assessment, please ask for clarification from your assessor. · Please refer to the College re-assessment and re-sit policy for more information. Week 1: Task 1: Give some examples for the following costs: Direct cost Material, labour, power, rent, commission on sales __________________________________________________________________________________ Indirect cost insurance, rent ,power, breakdowns. Administrative salaries phone expenses __________________________________________________________________________________ Fixed cost Materials, labourers , insurance __________________________________________________________________________________ Variable cost Materials, utilities, machine rental , __________________________________________________________________________________ Step cost/Semi variable cost __________________________________________________________________________________ __________________________________________________________________________________ Task 2: Classifying costs and Monitoring process for actual expenditure: Part a: A company incurs the following costs (as shown under ‘Workings’) during a manufacturing process. Identify them with one of the cost elements (direct material, direct labour or other costs) by ticking the appropriate column. Also indicate by a tick whether it is a direct or an indirect cost. Workings: Costs Direct material Direct labour Overhead/ Other cost Direct cost Indirect cost 1 Raw materials x x 2 Electricity x x 3 Foreperson’s salary x x 4 Telephone calls x x 5 Machine operators’ wages x x 6 Rent and rates for factory premises x 7 Insurance on machinery x x 8 Maintenance materials x x 9 Cleaners’ wages x x 10 Gas x x 11 Telesales wages x x 12 Nuts and bolts x x Part b: i) Complete the following variance report. PRODUCT BUDGETED SALES ACTUAL SALES VARIANCE Qty $ Qty $ Qty $ Product X 100 20 000 120 26 000 20 6000 Product Y 150 18 000 160 17 600 10f 400uf Product Z 200 40 000 190 36 100 10f 3900uf Total 450 78000 470 79700 40 1900f ii) Complete the missing figures in the following cost of production report for product X. Cost of production report Budget $ Actual $ Variance $ Direct material 8 950 9600 650(U) Direct labour 17 900 18 260 360u Factory overhead 6540 6 420 120(F) Part c: From the information given, calculate and write down all possible variances (units or dollar amounts as applicable) in the variance columns stating whether they are favourable (F) or unfavourable (U). Budget Actual Variance (Total) Qty $ Sales – Product A Units 900 950 50f Sales – Product B Units 1 200 1 180 200 uf Sales – Product C Units 1 500 1 650 150f Sales – Product A $/Unit 10 9 1u Sales – Product B $/Unit 12 14 2f Sales – Product C $/Unit 15 16 1f Production – Product A Units 1000 1 100 100f Production – Product B Units 1 200 1 320 120f Production – Product C Units 1 800 1 780 20u Raw material X $ 5 700 6 875 1175u Raw material Y $ 10 500 10 230 270f Raw material Z $ 7 200 7 476 276f Task 3a: Dissemination of budgets and financial plans List the ways by which dissemination of budget and action requirements takes place. __________________________________________________________________________________ __________disseminating the relevant details of the agreed budget and financial plans to the team members can capably execute the required roles which is associated with the management of finance. ________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ Task 3b: Give some examples of budgets, and explain which parties these should be discussed with. Operating Budget Master budget Financial budget Week 2: Case Study – Task 4 Performance indicators Rural fire services consist of a number of volunteers who are drawn from the local communities. These volunteers are trained by the State’s fire brigade. They are called upon to assist the permanent staff in case of emergency. Depending on the training and their capability they are provided with protective clothing where the well trained volunteers get a full set of uniform and the beginners get an identifying cap. These volunteers also help in fund raising activities. The money collected goes into funding the unit. Performance indicators linked to the activities of an organisation are necessary for the organisation to assess its performance. The performance indicators used by commercial organisations are motivated by the need to make a profit for them to survive and provide returns to the investors. The performance indicators for not-for-profit organisations are some what different to those of commercial organisations. Not-for-profit organisations are those organisations that provide services for organisation members or for other people but not interested in profits. This is mainly due to the fact that these organisations survive on grants and donations. Examples of such organisation include charities, churches and political parties. Some not-for-profit organisations are substantial organisations such as the International Red Cross that has a large budget and complex operations while others such as local sports teams are run for a local community. What might be some of the performance indicators used to assess the performance of such units? You might investigate such a unit or look at other not-for-profit groups and review how they go about measuring performance. __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ Task 5: Performance Indicators. Explain whether the items in the ‘Workings’ area are financial or non-financial performance indicators. Workings: Items Financial Non-Financial Reason 1 The absenteeism in the paint shop of Rubber Toy Manufacturing Company caused a loss of 28 productive hours in the past week. x 2 The gross profit to sales ratio of the cosmetic section of XYZ Department Stores was 60% for May. 3 There was one reported accident in the cutting section of Dale Furniture Manufacturers during the month of June. 4 Accounts receivable as at 31 December was 15% of the sales for the year. 5 Net profit to sales ratio of XYZ Department Stores was 8% for May. Task 6: Classification of work description: Identify the following as Trading (T), Manufacturing (M) or service (S) business. 0. a grocery store( T ) 0. a furniture wholesaler( T ) 0. a legal firm( S ) 0. a plumber( S ) 0. a dentist( S) 0. a bakery( M ) 0. a food processing factory( M) 0. a restaurant( S ) 0. a super market( T) 0. a doctor’s surgery( S ) 0. a shoe store( T ) Task 7: Fees Budget The Suburat Medical Centre, located in an affluent suburb, provides a 24-hour medical service to the residents. A recently recruited employee has been asked to help the management with the preparation of a fees budget for January 20X1and is provided with the following information: •Forty-five per cent of patients pay in cash when services are performed, and those insured claim refunds from their medical funds. The fee charged to the patients is $25. •Fifty-five per cent of the patients are accepted on bulk billing, where the fee charged is $19. •The number of patients expected for consultation/treatment in January 20X1 is 1700. Show how the fees budget will be prepared. Workings: Suburat Medical Centre Fees budget – January 20X1 $ Fees receivable in cash 19125 Fees receivable from bulk billing 13005 Total fees 32130 Task 8: Sales Budget and production budget The projected sales in units for Parker and Company for the month of January 20XX is 12000. The inventory of finished goods on 1 January 20XX was 6,000. The company expects the ending inventory for January to be 7000 units and expects to maintain it at that level for the coming months