SITXFIN009 Manage finances within a budget:
SITXFIN009 Manage finances within a budget
Manage finances within a budget
LEARNER ASSESSMENT PACK
SITXFIN009
Precision RTO Resources Level 13, 269 Wickham St, Fortitude Valley 4006 Email: info@precisiongroup.com.au Website: www.precisionrtoresources.com.au © 2022 Precision RTO Resources SITXFIN009 – Manage finances within a budget (Release 1) This resource has been developed for Precision RTO Resources by Academy of Professional Excellence (APEX) Pty Ltd. Email: info@apexeducation.edu.au Website: www.apexeducation.edu.au Version Control & Document History Date Summary of modifications Version 17 June 2022 Version 1 final produced following assessment validation. 1.0 Copyright Notice No part of this resource may be reproduced in any form or by any means, electronic or mechanical, including photocopying or recording, or by an information retrieval system without written permission from Precision RTO Resources. Legal action may be taken against any person who infringes their copyright through unauthorised copying. These terms are subject to the conditions prescribed under the Australian Copyright Act 1968. Copying for Educational Purposes The Australian Copyright Act 1968 allows 10% of this resource to be copied by any educational institute for educational purposes, provided that the institute (or the body that administers it) has given a remuneration notice to the Copyright Agency Limited (CAL) under the Act. For more information, visit www.copyright.com.au.Disclaimer Precision RTO Resources has made a great effort to ensure that this material is free from error or omissions. However, you should conduct your own enquiries and seek professional advice before relying on any fact, statement or matter contained in this document. Precision RTO Resources is not responsible for any injury, loss or damage as a result of resource included or omitted from this material. Information in this course material is current at the time of publication.
Table of Contents
Assessment Delivery. 4
Learner Information. 5
Steps for Learners. 7
Reasonable Adjustment. 8
Resources Required for Assessment. 9
Accessing Intranet Pages. 11
Assessment Tasks. 12
Knowledge Assessment. 13
Practical Assessment. 25
Workplace Assessment. 26
Assessment Overview.. 26
Task 1: Allocate Budget Resources. 28
Task 2: Inform Relevant Personnel About Budget Allocation. 30
Task 3: Promote Awareness of Importance of Budget Control 31
Task 4: Complete Financial and Statistical Reports. 32
Task 5: Budget Monitoring Report. 33
Task 6: Budget Performance Report. 35
Task 7: Communicate on Budget Performance With Relevant Personnel 37
Assessment Workbook Checklist. 38
Assessment Workbook Checklist. 39
Learner Assessment Pack
This Learner Assessment Pack is designed for you to complete the assessment for SITXFIN009 – Manage finances within a budget (Release 1). It may refer to your own workplace/organisation, or to a simulated business provided by your assessor.
The assessment tasks include Knowledge Assessment where you need to demonstrate your knowledge and understanding of the unit, and the Practical Assessment, where you need to demonstrate your skills required in the unit. It is recommended that you complete the Practical Assessments in your own workplace/organisation. If you don’t have access to a real workplace, you can complete the assessment in a simulated environment where resources and conditions similar to a workplace must be accessed. Ensure to discuss this with your assessor prior to commencing with the assessment.
Each Learner Assessment Pack is made up of four parts:
Assessment Delivery
Learner Information
Steps for Learner
Assessment Agreement
Assessment Tasks
Assessment Tasks, including:
Knowledge Assessment
Practical Assessment
Assessment Workbook Checklist
Assessment Workbook Checklist
Recording
Record of Assessment
Before you commence your assessment, ensure that you have a good knowledge of the subject, have thoroughly read your Learner Resource, and clearly understand the assessment requirements and the expectations of the industry to which the assessment is related.
Assessments are designed to be completed using your industry/organisation, but your Registered Training Organisation (RTO) may assist you by contextualising the unit to be completed in a simulated workplace environment.
You will be required to demonstrate knowledge and skills which must be observed directly by your assessor. Where the observation task may be difficult for the assessor to directly observed, a video recording of the practical observation task must be submitted as supplementary evidence. Verification from at least one third-party signatory, and preferably two or more witnesses is required to confirm your demonstration of these practical knowledge and skills. These witnesses would usually be your current or recent supervisors, or your assessor.
The practical assessment tasks may be completed using your own workplace, a simulated environment, or a mix of both, as instructed by your assessor. To contextualise this assessment to your industry/organisation, you may be asked by your assessor to provide additional information based on your industry/organisation.
Instructions are given for each task. If you have questions, or unclear how to proceed, consult with your assessor.
Records of all aspects of the assessment must be kept in your Learner Assessment Pack
Your Learner Assessment Pack:
Upon receiving your Learner Assessment Pack, discuss with your assessor the expectations and requirements of this assessment. You may also need to supply contact details of one or two work referees who can confirm your skills in the industry.
Discuss with your assessor if you intend to undertake the practical assessment tasks based on your employing organisation, in a simulated business, or in a mix of both.
Your Learner Assessment Pack is where you will get the task information. Complete each task as instructed using either your own workplace, or using a simulated business, as discussed with your assessor.
After you complete your assessment, gather and submit your evidence documents as detailed in the task(s) in the timeframe agreed with your assessor.
Your assessor will advise you if there are any further steps for you to take to satisfactorily complete this assessment.
Adapted Reasonable Adjustment in teaching, learning and assessment for learners with a disability – November 2010 – Prepared by – Queensland VET Development Centre
Reasonable adjustment in VET is the term applied to modifying the learning environment or making changes to the training delivered to assist a learner with a disability. A reasonable adjustment can be as simple as changing classrooms to be closer to amenities or installing a particular type of software on a computer for a person with vision impairment.
Why make a reasonable adjustment?
We make reasonable adjustments in VET to make sure that learners with a disability have:
The same learning opportunities as learners without a disability, and
The same opportunity to perform and complete assessments as those without a disability.
Reasonable adjustment applied to participation in teaching, learning and assessment activities can include:
Customising resources and assessment activities within the training package or accredited course
Modifying the presentation medium
Learner support
Use of assistive/adaptive technologies
Making information accessible both before enrolment and during the course
Monitoring the adjustments to ensure learners needs continue to be met
Assistive/Adaptive Technologies
Assistive/Adaptive technology means ‘software or hardware that has been specifically designed to assist people with disabilities in carrying out daily activities’ (World Wide Web Consortium – W3C). It includes screen readers, magnifiers, voice recognition software, alternative keyboards, devices for grasping, visual alert systems, digital note-takers.
IMPORTANT:
Reasonable adjustment made for collecting learner assessment evidence must not impact on the standard expected by the workplace, as expressed by the relevant unit(s) of competency. For example, if the assessment were gathering evidence of the learner’s competency in writing, allowing the learner to complete the assessment verbally would not be a valid assessment method. The method of assessment used by any reasonable adjustment must still meet the competency requirements.
Resources Required for Assessment
To complete the Practical Assessment tasks, you will require access to:
Computer with internet and email access, and a working web browser
Installed software: Word, Adobe Acrobat Reader
A workplace, or a simulated workplace environment that will allow you access to:Workplace documentation, including:Organisational operating proceduresOrganisation’s three-month budgetStaff and rostering requirementsExisting suppliers of the organisationDocuments containing information on the use of budget of the three-month periodOrganisational procedures for reporting deviations in budgetExisting costs and resourcesCustomer service levels
Workplace templates, including or similar to the following:Budget monitoring report
Budget performance report
People, including:
At least two relevant colleagues who will be involved in the following:To discuss fund allocation in Workplace Assessment Task 1To communicate with about the monitoring information in Workplace Assessment Task 5.
To discuss budget performance in Workplace Assessment Task 6.
Colleagues refer to staff members of the organisation who are responsible for implementation of activities based on allocated budget.
At least two relevant personnel who will be involved in the following:To communicate budget allocation and resource decisions from Workplace Assessment Task 1
To communicate information on new approaches and recommendations for budget management in Workplace Assessment Task 7.
Relevant personnel refer to senior members of the organisation who approve budget and are responsible for the financial performance of the organisation.
Opportunity to:Discuss fund allocation and resource decisions in the workplace with at least two appropriate colleagues
Promote budget awareness in the workplace
Some assessment tasks may require you to access specific pages from the simulated business, The Continent Hotel. Links to these pages are formatted in Blue Text.
To access these, hold the Ctrl key for Windows users while clicking on these links. For Mac users, directly click the link.
The simulated business, The Continent Hotel, can be accessed by going to the link provided below.
Login to The Continent Hotel using these details:
SITXFIN009 Forms and Templates
Username: trinityinstitutelearner
Password: trinityinstitute@123
Learner Assessment Pack
Question 1Briefly explain the purpose of each type of financial record listed below. Type of Financial RecordPurpose of Type of Financial Record Bank deposit documentation Bank statements Business activity statements (BAS) Credit card transaction statements Invoices Journal entries Relevant Labour and wages reports Merchant statements Transaction reports
Question 2Briefly explain the purpose of each type of budget listed below. Type of BudgetPurpose of Type of BudgetCash budgets Cash flow budgets Departmental budgets Project budgets Purchasing budgets Sales budgets Wages budgets Whole of organisation budgets
Question 3Briefly explain the importance of each listed factor in the preparation of financial and statistical reports. Financial FactorsImportance of Financial Factors in Preparing Financial and Statistical ReportsCash flow Commercial account activity Commission earnings Covers Financial returns Daily, weekly and monthly transactions Expenditure Income Occupancy rates Sales performance Staff costs Stock levels Variance in income or expenditure Wastage Yield
Question 4Complete the table about the following financial documents used to manage budgets listed below: Briefly explain the purpose of each financial documentIdentify at least two inclusions of each financial documentIdentify at least two specific types of each financial document. Financial DocumentsPurpose of Each Financial DocumentInclusion of Each Financial DocumentSpecific Type for Each Financial DocumentBudgets Financial Reports Statistical Reports
Question 5Define the following budget terminologies relevant to managing finances listed below. Budget TerminologiesDefinition of Budget TerminologiesBudgeting cycle Income Expenses Projected profit Assets
Question 6Answer the following questions about the role of budget management in an organisation. Briefly explain the importance of budget control in the organisation. Briefly explain how budgets are used to control costs of the organisation. Briefly explain how budgets are used to enhance profitability of the organisation.
Question 7Explain how each listed technique for maximising budget performance is used in the organisation Budgeting TechniquesHow Budgeting Technique is Used to Maximise Budget PerformanceIncremental budgeting Activity-based budgeting Zero-based budgeting Value proposition budgeting
Question 8Identify the eight key steps involved in financial reporting procedures and cycles.
Question 9Complete the table on accounting software used to manage budgets listed below Identify at least two features of each accounting softwareIdentify at least one function of each feature identified. Accounting SoftwareFeatures of Accounting SoftwareFunction of Each Feature IdentifiedMYOB XERO Quickbooks SITXFIN009 Manage finances within a budget
Visit:https://aussienment.com/
Also visit:https://www.notesnepal.com/archives/767
The post SITXFIN009 Manage finances within a budget appeared first on Aussienment.
