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SITXFIN003 Assessment 5 Case Study

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SITXFIN003 Assessment 5 Case Study

 

Instructions to include, but not limited to:

1.      Student will be assessed in a classroom environment.

2.      Ensure the student is aware of the assessment requirements at the commencement of the unit

3.      The students are required to work in a group to answer questions.

4.      The questions are aimed at testing the student’s knowledge of managing finances within a budget.

5.      This written assessment comprising ofquestions that will need to be answered within this student workbook and accompanying documents.

6.      The student is required to complete the case studyassessment for this unit of competency. To complete this task, the student will need to answer all the questions in all tasks within this project in this assessment.

7.      The student answers should be recorded in the student assessment question booklet.

8.      After the student has successfully completed the written assessment, they must present it to the Trainer/Assessor for correction.

9.      The student will receive up to two (2) attempts at this assessment task. Should the 1st attempt be Not Yet Satisfactory (NYS), the Trainer/Assessor will provide feedback and will arrange a date for the student 2nd attempt. If the student 2nd attempt is Not Yet Satisfactory (NYS), or the student fail to attend of date scheduled for the 2nd attempt, the student will receive an overall unsatisfactory result for this assessment task.

Learner assessment guide and evidence

This assessment requires you to calculate and report on budget deviations. 

You are required to do the following. 

·     Complete Tasks 1, 2, 3 and 4 in Assessment 5.

·     Read the scenarios and answer the questions.

·     Round all dollar values to the nearest whole number when calculating financial information; for example, $12.55 becomes $13, $18.22 becomes $18

·     Round all percentages to one decimal point when calculating financial information; for example, 12.55% becomes $12.6%, 18.22% becomes 18.2%.

·     All budget calculations can be completed manually or using computer-based spreadsheet software, such as Microsoft Excel or Google Sheets.

 Case study

It is the end of the June financial quarter and all departments in the Jackson’s hotel are preparing financial and statistical reports.

Task 1:Prepare a profit and loss statement

·     Go to your Course files folder and open Assessment E_Bistroreports.

·     Complete the Bistro profit and loss statement– June quarter by calculating all missing dollar value and percentage variances.

·     Save the completed profit and loss statement locally as Assessment E_Bistroreports.

·     You don’t have to submit the completed profit and loss statement yet. You will do so after you complete Task 2.

Task 2:Prepare a statistical report

·     Go to your locally saved files folder and open Assessment E_Bistroreports.

·     Complete the Trend analysis report – June quarter using the information provided.

·     Save the completed trend analysis report as Assessment E_Bistroreports.

·     Save the completed reports locally and submit to your assessor once completed.

Task 3:Prepare a management report

·     Prepare a short report to management outlining the following information.

·     Positive and negative budget variations indicated in monthly and quarter analysis reports and profit and loss statement that are significant enough to affect the operation of the bistro and its profitability.

·     Trends identified in the trend analysis report that have the potential to affect the bistro’s profitability in the immediate future.

·     Possible reasons for the positive or negative variations and trends.

·     Any recent actions that have been taken or changes to operational procedures as a result of trends and deviations.

·     Base the report on the following information.

·     Profit and loss statement

·     Trend analysis report

·     April, May and June comparative analysis reports

·     Case study information provided in Assessments C and D

·     Your responses to questions in Assessments C and D

·     The report should present information in a clear, concise and easy to understand manner so it supports good decision-making processes.

·     Save your completed management report as Assessment E_Management report.

·     Submit the completed report to your assessor once completed.

Task 4: Question and answer

Q1:    The following factors must be considered when preparing financial and statistical reports. Select three factors that are relevant to one or more of the reports you prepared or completed in Tasks 1, 2 and 3.

Discuss how they influenced preparation or outcomes of the report(s).

Factors for consideration in the preparation of financial and statistical reports.

·      Performance of department, project and/or products and services

·      Daily, weekly and monthly transactions

·      Variances in income and/or expenditure

·      Sales performance

·      Sales returns

·      Staff costs

·      Cash flow

·      Covers and financial return

·      Expenditure

·      Income

·      Occupancy rates and financial return

·      Stock levels

·      Wastage

·      Yield

 



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