FNS40615
Certificate IV in Accounting
Student Name:
Student Assessment Booklet
FNSACC402
Prepare operational budgets
Table of Contents
Table of Contents 2
Assessment Information 3
Assessment Instructions 5
Student Assessment Agreement 6
Assessment Task 1 Cover Sheet 7
Assessment Task 1: Written Questions 8
Assessment Task 1 Instructions 10
Assessment Task 1 Checklist 11
Assessment Task 2 Cover Sheet 12
Assessment Task 2: Cost of goods sold and sales breakeven point 13
Assessment Task 2 Instructions 14
Assessment Task 2 Checklist 17
Assessment Task 3 Cover Sheet 18
Assessment Task 3: Budget variance 19
Assessment Task 3 Instructions 21
Assessment Task 3 Checklist 26
Assessment Information
The assessment tasks for FNSACC402 Prepare operational budgets are included in this Student Assessment Tasks booklet and outlined in the assessment plan below.
To be assessed as competent for this unit, you must complete all of the assessment tasks satisfactorily.
Assessment Plan
| Assessment Task | Overview |
| 1. Written questions | You must correctly answer all questions. |
| 2. Cost of goods sold and sales breakeven point | You must prepare a production and direct labour budget and calculate a sales break-even point. |
| 3. Budget variance | You must prepare a sales budget and a budget variance report, then meet with the management team to discuss these. |
Assessment Preparation
Please read through this assessment thoroughly before beginning any tasks. Ask your assessor for clarification if you have any questions at all.
When you have read and understood this unit’s assessment tasks, print out the Student Assessment Agreement. Fill it out, sign it, and hand it to your assessor, who will countersign it and then keep it on file.
Keep a copy of all of your work, as the work submitted to your assessor will not be returned to you.
Assessment appeals
If you do not agree with an assessment decision, you can make an assessment appeal as per your RTO’s assessment appeals process.
You have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal.
Naming electronic documents
It is important that you name the documents that you create for this Assessment Task in a logical manner.
Each should include:
- Course identification code
- Assessment Task number
- Document title (if appropriate)
- Student name
- Date it was created
For example, FNSACC402 AT3 Budget Variance Report Joan Smith 20/10/18
Additional Resources
You will be provided with the following resources before you begin each Assessment Task.
Assessment Task 2
- Die Cast Report Template
Assessment Task 3
- Budget Variance Report Template
Assessment Instructions
Each assessment task in this booklet consists of the following:
Assessment Task Cover Sheet
This must be filled out, signed and submitted together with your assessment responses.
If you are submitting hardcopy, the Cover Sheet should be the first page of each task’s submission.
If you are submitting electronically, print out the cover sheet, fill it out and sign it, then scan this and submit the file.
The Assessment Task Cover Sheet will be returned to you with the outcome of the assessment, which will be satisfactory (S) or unsatisfactory (U). If your work has been assessed as being not satisfactory, your assessor will include written feedback in the Assessment Task Cover Sheet giving reasons why. Your assessor will also discuss this verbally with you and provide advice on re-assessment opportunities as per
your RTO’s re-assessment policy.
Depending on the task, this may include
- resubmitting incorrect answers to questions (such as short answer questions and case studies)
- resubmitting part or all of a project, depending on how the error impacts on the total outcome of the task
- redoing a role play after being provided with appropriate feedback about your performance
- being observed a second (or third time) undertaking any tasks/activities that were not satisfactorily completed the first time, after being provided with appropriate feedback.
Assessment Task Information
This gives you:
- a summary of the assessment task
- information on the resources to be used
- submission requirements
- re-submission opportunities if required
Assessment Task Instructions
These give questions to answer or tasks which are to be completed.
Your answers need to be typed up using software as indicated in the Assessment Task Instructions.
Copy and paste each task’s instructions into a new document and use this as the basis for your assessment task submission. Include this document’s header and footer.
If you are submitting electronically, give the document a file name that includes the unit identification number, the task number, your name and the date.
Checklist
This will be used by your assessor to mark your assessment. Read through this as part of your preparation before beginning the assessment task. It will give you a good idea of what your assessor will be looking for when marking your responses.
Student Assessment Agreement
Make sure you read through the assessments in this booklet before you fill out and sign the agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.
Have you read the assessment requirements for this unit? Yes No
Do you understand the requirements of the assessments for this unit? Yes No
Do you agree to the way in which you are being assessed? Yes No
Do you have any specific needs that should be considered? Yes No
If so, explain these in the space below.
Do you understand your rights to re-assessment? Yes No
Do you understand your right to appeal the decisions made in an assessment? Yes No
| Student name | |
| Student number | |
| Student signature | |
| Date | |
| Assessor name | |
| Assessor signature | |
| Date |
Assessment Task 1 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
I have correctly referenced all resources and reference texts throughout these assessment tasks.
| Student name | |
| Student ID number | |
| Student signature | |
| Date |
Assessor declaration
I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
| Assessor name | ||||
| Assessor signature | ||||
| Date | ||||
| Assessment outcome | S | NS | DNS | Resubmission Y N |
Feedback
Student result response
My performance in this assessment task has been discussed and explained to me.
I would like to appeal this assessment decision.
| Student signature | |
| Date |
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 1: Written Questions
Task summary
This is an open book test, to be completed in the classroom.
A time limit of 1 hour to answer the questions is provided.
You need to answer all of the written questions correctly.
Your answers must be word processed and sent to the assessor as an email attachment.
Required
- Access to textbooks/other learning materials
- Computer and Microsoft Office
- Access to the internet
Timing
Your assessor will advise you of the due date of this assessment.
Submit
- Answers to all questions
Assessment criteria
All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Written answer question guidance
The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected.
Note that the following guidance is the minimum level of response required.
Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long.
Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.
Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.
Discuss – when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.
Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.
Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.
Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.
Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.
Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.
List – when a question asks you to list something, this means that you are asked to briefly state information in a list format.
Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.
Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.
Assessment Task 1 Instructions
Provide answers to all of the questions below:
- Identify and explain budgetary control and list the five key principles of budgetary control.
- Describe the concept of forecasting and two forecasting techniques.
- Explain the principles of double entry bookkeeping. Provide an example to illustrate your answer.
- Outline the principles of validity and reliability in relation to statistical analysis.
- Outline the key principles of descriptive statistics and inferential statistics methods.
- Outline variance analysis and why it is performed.
- Outline four measures that can be used to describe the amount of variance in a set of data.
- Describe four key areas that should be addressed in financial administration policies and procedures.
- Describe three key features of financial administration policy and procedures that will ensure that effective financial mechanisms are in place.
Assessment Task 1 Checklist
| Student’s name: | |||
| Did the student provide a sufficient and clear answer that addresses the suggested answer for the following? | Satisfactory performance | Comments | |
| Yes | No | ||
| Question 1 | |||
| Question 2 | |||
| Question 3 | |||
| Question 4 | |||
| Question 5 | |||
| Question 6 | |||
| Question 7 | |||
| Question 8 | |||
| Question 9 | |||
| Task Outcome: | Satisfactory | Not Satisfactory | |
| Assessor signature | |||
| Assessor name | |||
| Date |
Assessment Task 2 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
I have correctly referenced all resources and reference texts throughout these assessment tasks.
| Student name | |
| Student ID number | |
| Student signature | |
| Date |
Assessor declaration
I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
| Assessor name | ||||
| Assessor signature | ||||
| Date | ||||
| Assessment outcome | S | NS | DNS | Resubmission Y N |
Feedback
Student result response
My performance in this assessment task has been discussed and explained to me.
I would like to appeal this assessment decision.
| Student signature | |
| Date |
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 2: Cost of goods sold and sales breakeven point
Task summary
You are required to prepare a production and direct labour budget to assist with estimating the cost of goods sold and the required income that should be achieved.
You are then required to calculate the sales breakeven point for the same company.
This assessment is to be completed in the simulated work environment in the RTO.
Required
- Access to textbooks/other learning materials
- Computer with Microsoft Office and internet access
- Die Cast Report Template
Timing
Your assessor will advise you of the due date of these submissions.
Submit
- Email with Die Cast Report attachment.
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 2 Instructions
Carefully read the following:
David Armstrong has been running a small die cast factory (David Die Cast) in Penrith, NSW for about ten years. His main customers are two local washing machine manufacturers, for which he makes hose connections and drive wheels. The prices of the raw materials and the labour costs have changed several times over the last few years, and Dave is no longer sure if the hose connections are making him money anymore. Dave has collected the following raw data:
Number of units produced:
April 550 units
May 1,100 units
June 2,050 units
Production costs:
Direct material 1 kg x $3 per kg
Direct labour 2 hours per unit x $5 per hour
Variable manufacturing overhead:
Power $0.025
Insurance $0.10
Depreciation $0.20
Budgeted fixed manufacturing overhead per month:
Power $3,000
Indirect materials $200
Indirect labour $500
Lease costs $1,000
Insurance $1,000
Depreciation $3,000
Finished goods inventory:
Finished goods 1 January 2013 $1,520
Finished goods units 31 March 2013 500 units
Total sales from 1. April to June 30: $74,560
David has given you this data and has asked you to calculate how he is doing with his hose connectors.
Complete the following activities:
Use Die Cast Report Template to guide your work.
- Calculate budgeted fixed overhead per unit using a three-month budget period. Show your calculations.
- Calculate the budgeted product cost per unit. Show your calculations.
- Prepare a budgeted cost of goods sold for three months ending in March. Show your calculations.
With one of his customers moving its manufacturing plant offshore, David wants Dave’s Die Casting to look for other customers to supply. One local manufacturer, Tim’s Trolleys, has asked him whether he could provide good quality castors for their pallet movers. Dave has done the preliminary calculations but would like you to help him decide whether this is a viable proposition for his company.
- Selling price is $18.00 per unit
- Variable costs are $7.50 per unit
- Fixed costs are $63,000.00 per product.
- Calculate the sales breakeven point in units, showing your calculations.
- Prepare an income statement using the table below for when 30,000 units are sold to show the net profit that will be achieved and to provide information to input into sales forecasts.
| Income statement | |
- Prepare an income statement using the table below for when 12,000 units are sold to show the net profit that will be achieved provide information to input into sales forecasts.
| Income statement | |
- Write a short report (minimum 200 words) for David based on the information and data that he has given you.
The report should use the results of the calculations to draw conclusions and make recommendations for David. The report should also include any relevant questions about the data that would help you to form your conclusions.
The report should include clear answers to David questions:
- Are the pipe connections making a profit for Andrew?
- Is the proposal for manufacturing the pallet mover castors attractive for Andrew?
- Send an email to David (your assessor) as an email attachment.
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style and with a logical structure.
It should introduce and summarise the contents of the attachment.
Attach Die Cast Report to the email.
Assessment Task 2 Checklist
| Student’s name: | |||
| Did the student: | Completed successfully | Comments | |
| Yes | No | ||
| Prepare a cost of goods sold budget according to organisational requirements? | |||
| Cleary show all budget components for the cost of goods sold including: Budgeted overheads Budgeted product cost per unit Budgeted cost of goods sold? | |||
| Calculate sales breakeven point to provide input into the organisation’s forecasting process? | |||
| Cleary show all budget components for the budgeted income statement including: Expenses Costs Net profit? | |||
| Prepare data clearly and correctly in the required format? | |||
| In the report, provide answers to David’s questions? | |||
| In the report, draw conclusions and make recommendations for David? | |||
| Use clear, grammatically correct English in the report? | |||
| Use a logical structure when writing their response to activity 7 in their report? | |||
| Task Outcome: | Satisfactory | Not Satisfactory | |
| Assessor signature | |||
| Assessor name | |||
| Date |
Assessment Task 3 Cover Sheet
Student Declaration
To be filled out and submitted with assessment responses
I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).
I understand that if I If I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.
I have correctly referenced all resources and reference texts throughout these assessment tasks.
| Student name | |
| Student ID number | |
| Student signature | |
| Date |
Assessor declaration
I hereby certify that this student has been assessed by me and that the assessment has been carried out according to the required assessment procedures.
| Assessor name | ||||
| Assessor signature | ||||
| Date | ||||
| Assessment outcome | S | NS | DNS | Resubmission Y N |
Feedback
Student result response
My performance in this assessment task has been discussed and explained to me.
I would like to appeal this assessment decision.
| Student signature | |
| Date |
A copy of this page must be supplied to the office and kept in the student’s file with the evidence.
Assessment Task 3: Budget variance
Task summary
In this assessment task you will need to calculate variance and produce a cash budget variance report.
You will also be asked to develop a sales budget and an operational budget.
You will then, in the role of Accounts Manager, participate in a meeting with the company’s owner and Marketing Manager (your assessor and a fellow student) to discuss some aspects of the documents that you have created.
This assessment is to be completed in the simulated work environment in the RTO.
Required
- Access to textbooks/other learning materials
- Computer with Microsoft Office and internet access
- Budget Variance Report Template
- Printer
Timing
Your assessor will advise you of the due date of these submissions.
Submit
- Email with Budget Variance Report and Renata Resonance Workbook attached.
- Email with Revised Budget Variance Report and Revised Renata Resonance Workbook attached.
Assessment criteria
For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.
Re-submission opportunities
You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.
If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.
You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.
You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.
Assessment Task 3 Instructions
Carefully read the following:
Renata Resonance Ltd specialises in audio equipment, with Renata contracting as an audio consultant, showing customers how to get the best sound quality for their music venues. It commenced operations on 1st January 2017 in a small shopfront in Brunswick, a suburb of Melbourne.
Several months before opening, Renata had prepared a chart of expected revenue and expenditure for the first month of operation.
Opening bank balance (1 January 2017) $30,000
Income
Consulting fees $25,000
Expenditure
Fixed costs $5,400
Wages $20,000
Marketing expenses $1,000
Contractors $1,600
At the end of the month, the actual figures for the Month of January were found to be the following:
Opening bank balance (1 January 2017) $22,000
Income
Consulting fees $21,500
Expenditure
Fixed costs $5,800
Wages $20,000
Marketing expenses $1,000
Contractors $2,400
Renata has hired your financial services company that to look into Renata Resonances’ finances. You are given the above data, and asked to complete the following activities:
- Calculate the net cash flow and variance.
Using the expected revenue and expenditure information given above, complete the following table in Budget Variance Report Template.
| Expected | Actual | Variance | |
| Opening bank balance | |||
| Consulting fees | |||
| Total income | |||
| Fixed costs | |||
| Wages | |||
| Marketing expenses | |||
| Contractors | |||
| Total expenses | |||
| Net Cash flow |
- Prepare a cash budget variance report.
This should be about a page long. It should give possible explanations for each of the above variances, and what impact each may have on the business overall.
Renata needs the report to discuss each point separately, in language that she can understand, taking into account that she is neither an accountant nor a bookkeeper.
Use Budget Variance Report Template to record your response
Before tax net profit for each quarter of 2017 for Renata Resonance were as follows:
| Quarter ending | Amount |
| 31 March | $57,000 |
| 30 June | $62,300 |
| 30 September | $78,400 |
| 31 December | $84,700 |
Due to a change in sales strategy, and a newly developed website, Renata expects sales to grow by 15% in each quarter in 2018 over those for 2017, except for the December quarter, where sales are expected to increase by 20% due to the lead up to Christmas.
- Prepare a sales budget for 2018 using Microsoft Excel.
Create a new Excel Workbook to record your responses.
Save this as Renata Resonance Workbook.
Use the data above to calculate the budget.
include the figures for 2017 and projections for 2018 in the spreadsheet.
Name this spreadsheet Sales by Quarter
Transactions for the final quarter of 2017
| October | November | December | Total | Average | |
| Income | |||||
| Consulting Fees | $50.000 | $55,000 | $60,000 | ||
| Expenses | |||||
| Wages | $20,000 | $21,000 | $21,000 | ||
| Rent | $4,000 | $4,000 | $4,000 | ||
| Marketing | $1,000 | $1,000 | $1,000 | ||
| Motor vehicle expenses | $500 | $750 | $850 | ||
| Office supplies | $300 | $400 | $500 | ||
| Total expenses | $25,800 | $27,150 | $27,350 | ||
| Net Profit | $24,200 | $27,850 | $32,650 |
The budget should take the following into account:
- Use the average of the three months given in the table to base the next year on.
- Consultancy fees are to increase by 10% from 1 July. The increase is based on a review of competitors’ fees.
- The rent is to decrease by 20% from 1st March, as you will be moving into a cheaper office.
- Marketing expenses will increase from 1 January by 15% due to increased advertising, designed to stimulate business.
- Develop an operational budget.
Add another Worksheet to the Excel Workbook created in the previous activity, and name it Budget 2018.
Using the data in the table below, complete a Worksheet that calculates the forecasted monthly budget for 2018.
This should give monthly figures, as well as a total for the year and a monthly average.
If you have any comments or questions concerning the above data, make notes, and bring these to the meeting you will have in activity six of this assessment task.
Also, Renata would like you to predict the following two milestones from the data:
a. Renata won’t consider the company to be a going concern until it returns a monthly net profit of at least $30,000. Identify the month when this should happen.
b. Renata would also like to know when she can expect the business to have generated at least a quarter of a million dollars for the year.
- Write an email to Renata (your assessor).
The text should be written in correct English. Its tone should be appropriate for the task, namely polite and respectful.
The text of your email should summarise the contents of the attachment and give your responses to activities 4a and b.
Attach the budget variance report and Renata Resonance Workbook to the email:
Your assessor will respond to your email with the date and the time of a meeting.
Print out a hard copy of the Word and Excel documents and take them with you to the meeting.
- Meet with the client to discuss your reports.
Meet with Renata (your assessor) and her Marketing Manager to discuss the cash variance report that you wrote for activity 2, and to look at the sales and operational budgets you developed in activities 3 and 4.
You will attend the meeting in the role of the Accounts Manager that Renata has recently hired. Renata has told you that she does not fully understand the documents that you have sent her and would like you to explain them to her.
Renata has also recently hired a Marketing Manager (who will be role-played by another student), who will also be at the meeting. They have received the same data as you and would like to discuss some of the forecasts with you and Renata. In particular, the Marketing Manager believes that the marketing budget should be increased above the 15% already forecast.
At the meeting, you are to take the stance that an increase in the marketing budget above 15% is not warranted: the figures in your budgets show healthy growth for the business already. Your concern is the impact that the increase in consultancy fees could have on consultancy bookings. What you believe is needed is accurate monitoring of the effect that the increase in consultancy fees has on demand, with the increase to be reconsidered if it is found to result in less bookings. Any further increase to the marketing budget should be for specific projects that have measurable results. Also, can the company handle more work? Are staff trained and ready to take on more work than they already have? If not, should this be budgeted for?
At the meeting you will be negotiating with Renata and her Marketing Manager over any changes that should be made to the budgets that you have prepared. The other student at the meeting, in the role of Marketing Manager, should not be seen as competition. The objective is to build on each other’s interpretations and understanding of the data, providing Renata with a full understanding of budget changes, their causes and potential consequences. Any conclusions that are reached should be from the perspective of what is optimal for the company, rather than any one person’s opinion.
It is important that your interactions with Renata and her Marketing Manager are conducted in a professional manner that promotes goodwill between all participants.
During the meeting, you are required to Demonstrate effective communication skills including:
- Speaking clearly and concisely, using appropriate vocabulary
- Using non-verbal communication to assist with understanding
- Asking questions to identify required information
- Responding to questions as required
- Using active listening techniques to confirm understanding
Use the hard copies of the documents you brought with you to the meeting to take notes during the meeting.
- Revise your operational budget (from activity 4) to include points brought up at the meeting.
Use the notes you made on the hard copy of your document.
Also revise your variation report to include any points brought up at the meeting that were not in your original report.
Save these documents as Revised Budget Variance Report and Revised Renata Resonance Workbook.
- Send an email to your assessor within the timeline given.
The text of the email should summarise the changes that you have made to your documents.
Use grammatically correct and socially appropriate language to convey this information.
Attach your revised operational budget and cash budget variance report to the email.
Assessment Task 3 Checklist
| Student’s name: | |||
| Did the student: | Completed successfully | Comments | |
| Yes | No | ||
| Prepare a cash budget variance report according to organisational requirements? | |||
| Prepare an annual budget broken down into seasonal periods? | |||
| Cleary show all budget components including: Income Expenses | |||
| Include milestones as requested? | |||
| Cleary show all budget components including: Fees Expenses Net profit | |||
| Calculate and record variations due to increases and decreases in income and expenses? | |||
| During the meeting, demonstrate effective communication skills including: Speaking clearly and concisely, using appropriate terminology Using non-verbal communication to assist with understanding Asking questions to identify required information Responding to questions as required Using active listening techniques to confirm understanding | |||
| Complete the revised operational budget and cash budget variance report within the time frame allocated? | |||
| Task Outcome: | Satisfactory | Not Satisfactory | |
| Assessor signature | |||
| Assessor name | |||
| Date |
