This unit applies to tourism, travel, hospitality and event businesses. While the case study scenario is based on a hospitality business, the principles for managing a budget demonstrated in this assessment are the same in all types of businesses.
This assessment requires you tocalculate and report on budget deviations.
You are required to do the following.
· Complete Tasks 1, 2, 3 and 4 in Assessment E.
· 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.
It is the end of the June financial quarter and all departments in the Jackson’s hotel are preparing financial and statistical reports.
· Go to your Course files folder and openAssessment E_Bistro reports.
· Complete the Bistro profit and loss statement– June quarterby calculating all missing dollar value and percentage variances.
· Save the completed profit and loss statement locally as Assessment E_Bistro reports.
· You don’t have to submit the completed profit and loss statement yet. You will do so after you complete Task 2.
· Go to your locally savedfiles folder and open Assessment E_Bistro reports.
· Complete theTrend analysisreport – June quarter using the information provided.
· Save the completed trend analysis report as Assessment E_Bistro reports.
· Save the completed reports locally and submit to your assessor once completed.
· 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 completedmanagement report as Assessment E_Management report.
· Submit the completed report to your assessor once completed.
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
· Occupancy rates and financial return
· Stock levels
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