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    STUDENT INFORMATION Assignment Help

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    STUDENT INFORMATION Assignment Help


    ASSESSMENT 1 – STUDENT INFORMATION

    This information is to be handed to each student to outline the assessment requirements

    For this assessment, you are required to prepare an annual budget for a business of your choice.  Students may liaise with their supervisor when choosing a business or may utilise the example of Patrick’s Cod Fishing Ltd in Appendix 1-6.

    Task: Taking into account previous years’ figures, available current year figures and any additional information, you are to create an annual budget for your chosen business.

    a) Undertake discussions with stakeholders (Your instructor will role play these parts) to determine budget objectives and set milestones and / or performance indicators

    b) Discuss and review assumptions and budget parameters – review these during the budget process as needed. (Some assumptions are included in Appendix 6 for Patrick’s Cod Fishing Ltd).

    c) Clearly details any Cash, expenditure and revenue items

    d) Ensure your budget objectives are clear & conform with the business’ expectations

    e) Include milestones and performance indicators to monitor financial performance

    f) Include a detailed breakdown of your annual budget into seasonal periods as required by the business

    g) Identify any financial risks and incorporate protection strategies according to business 


    Details: Students should keep the following points in mind when creating the budget

    a) Set profit targets/goals to reflect the business’ (or Patrick’s) returns

    b) Identify the non-current asset requirements and consider alternative asset management strategies

    c) Prepare cash flow projections to enable business operation in accordance with business plan and legal requirements

    d) Select budget targets to enable ongoing monitoring of financial performance

    e) Relevant taxes such as GST and BAS should also be included.

    Students must ensure that estimates of future cash flow, costs and revenues are realistic in context of the available information at the time of creating the budget.  Changes in circumstances should be anticipated as best as possible with particular emphasis on financial risks and creating protection strategies in accordance with organisational procedures.  Any liaison with the proprietor of the business to determine milestones, policies, goals etc. should be carried out with your instructor, who will role play the relevant parts.

     

    Assessment Summary

    You are to submit the following evidence / perform the following tasks

    Develop and submit your annual budget as outlined above

     

     ASSESSMENT 1 – STUDENT SELF ASSESSMENT CHECKLIST

    This information is to be handed to each student to outline the assessment criteria

    This checklist is similar to the one being used by your assessor during this assessment.  This checklist should be reviewed by you to evaluate your readiness for assessment, and to confirm your understanding of the criteria by which this assessment task will be judged.  

    Once you feel you have the required skills and knowledge to demonstrate each of the following assessment criteria, you are ready to be assessed.  Please speak with your assessor if you feel you are not ready to be assessed before the assessment has commenced. 

    You may refer to this checklist at any stage PRIOR to the commencement of your assessment.  You may not refer to this checklist whilst you are being assessed.

     ASSESSMENT 2 – STUDENT INFORMATION

    This information is to be handed to each student to outline the assessment requirements

    For assessment you are given the following information: (Please note, this information is relevant to Patrick’s Cod Fishing Ltd.  If the instructor has decided to give students a different business model to work with, the instructor will provide different data).

    At the beginning of February 2018, the following up to date figures are now ready for your review for Patrick’s Cod Fishing Ltd:

    In the past 3 months since asking you to prepare his budget forecast, Patrick’s business has performed as follows: 

    His catch for the 3 months has totalled 9,450kg

    His Revenue has totalled $384,377

    His business expenses have come to $332,362


    Part 1: Prepare an 800-word written report discussing the following:

    a)How has your budget matched up with actual figures?

    b)What figures have been overestimated / underestimated?

    c)What business milestones have been met or have fell short?


    Part 2: You must now adapt your original budget to incorporate and respond to the information given to you by Patrick.  Undertake the following tasks:

    a) Give a detailed comparison of budgeted forecasts and actual figures for the 3-month period – include comparison trends and other graphs as required to demonstrate the information clearly and demonstrate validity of analysis.

    b) Prepare and analyse the budget variances

    c) Prepare a recommendation to Patrick regarding his business’ performances and

    d) Complete a reviewed budget taking into account the latest figures.  Patrick’s goals are skill the same – is he on track? If not, what needs to be dome for Patrick’s business to get back on track? Are his goals too unrealistic? Complete a feasibility report answering these questions.

    e) Prepare a report to give to Patrick (instructor) with your recommendations.


     ASSESSMENT 2 – STUDENT SELF ASSESSMENT CHECKLIST

    This information is to be handed to each student to outline the assessment criteria

    This checklist is similar to the one being used by your assessor during this assessment.  This checklist should be reviewed by you to evaluate your readiness for assessment, and to confirm your understanding of the criteria by which this assessment task will be judged.  

    Once you feel you have the required skills and knowledge to demonstrate each of the following assessment criteria, you are ready to be assessed.  Please speak with your assessor if you feel you are not ready to be assessed before the assessment has commenced. 

    You may refer to this checklist at any stage PRIOR to the commencement of your assessment.  You may not refer to this checklist whilst you are being assessed.

    ASSESSMENT 3 – WRITTEN ASSESSMENT / PROJECT

     

    Define the term ‘Corporate Governance’.

    List 4 key elements of good corporate governance.

    List and describe 4 principles of corporate governance.

    Give 3 examples of perceived disadvantages to budgeting.

    Define ‘Budgetary Control’.

    What is the difference between single and double entry accounting?

    Pedro's Pasta purchases a car for $8,800 using a loan from the bank suppler.  Referring to double entry accounting, what are the two effects of action?   Show how you would record the transaction in the ledger.

    What is regression analysis?  What benefits are there to this technique?

    List and describe the four different ratio types that make up a Financial Ration Analysis.

    Outline the calculation method used to determine the following profitability returns ratios.

    What is meant by measures of variance?  Explain how it is calculated.

    List and explain 5 different measures of variance to be considered when developing an annual.

    Provide 5 different reasons (each) for an favourable market price variance, and adverse material price variance.

    Give an example of a situation that would result in an accrued expense.  What happens if the expense isn’t accrued? 

    What is a prepaid expense?  When can this be used?  Give an example.

    What is cost underestimation? What does it result in? What usually causes this? 

    What is strategic misrepresentation? 

    How can strategic misrepresentation be minimised? 

    What are the key purposes / objectives of creating and using an annual budget? 

    What are the key purposes / objectives of forecasts? 

    What is the importance of milestones and KPI's when budgeting / forecasting? 

    What information is needed in order to create an accurate financial forecast for a business? 

    Outline 9 different expenditure and revenue items that are relevant to budgeting and forecasting.

    Describe and compare the following forecasting techniques.

    List 3 common features and assumptions that are inherent in forecasting, regardless of the method used? 

    Describe the steps that are in most company budgeting procedures.

    Appendix 1 – Patrick’s Cod Fishing Ltd

    Patrick is the proprietor of a Murray Cod fishing business called “Patrick’s Cod Fishing Ltd” which is located at Post Office Box 123, Newtown 2042.

    Patrick possesses the necessary licence from the State Fisheries Board at $20,000.00 per Cod Net.  

    Patrick grows the Cod and sells them to export wholesalers. This means that for GST purposes, Patrick’s Cod Fishing Ltd is EXP and NCF.  (That is all of his sales are GST free and he does not have to pay any GST on expenditure items.)

    Patrick is still entitled to claim the GST that he has to pay on his payments.  Therefore you use the tax code NCG, NCF and FRE where appropriate.

    INFORMATION  Patrick has decided he wants you to prepare an annual budget for his operation.  He states that business was very good last year, and enabled him to repay a number of outstanding personal debts.  He provides you with the following figures:

    a)He caught 42,300kg of Murray Cod

    b)His yearly income totalled: $1,438,232

    c)His yearly expenses totalled: $183,488

    d)This gave him a yearly profit of: $1,254,744

    e)He used the majority of this profit to repay large personal loans

    f)He has also given you figures from the current month’s projected and actual figures.

    The balance sheet as at October 1, 2014 included:

    Patrick gives you the following assumptions to work with:

    a) His sale prices are expected to increase by 6% without effecting sales

    b) He has research to indicate that there may be fewer numbers of Cod within his fishing area, and his catch will likely reduce by 10%

    cHe expects he will be able to implement cost saving measures starting December 2014 which will possibly reduce his petrol expenses by 15%, however this will require a capital investment of $84,000.  He would like a part of the budget to be dedicated to projecting whether this is a good investment

    d) Patrick’s ultimate objective is to increase profit by 8% and he doesn’t mind looking at further expense cutting options or even the option of employing more staff to increase his catch and make up for the expected decrease in catch.

     ASSESSMENT 4 – STUDENT INFORMATION

    This information is to be handed to each student to outline the assessment requirements

    You are to create and use a total of 2 different linked spreadsheets that use advanced spreadsheet features –relevant to your company.  Think about your company, and what you could use spread sheets for.  Ideas might include:

    a) customer database

    b) menus,

    c) itinerary,

    d) staff details,

    e) wages,

    f) timesheets, etc

    You must discuss your spreadsheet concept with your assessor prior to commencing this assessment

    Functions to be demonstrated must include 3 from the list below

    a) mathematical functions (e.g. square root, integer, absolute value, round)  

    b) statistical functions (eg. standard deviation, count, maximum, minimum)

    c) basic financial functions (if available)

    d) date functions 

    logical functions (eg. lookup, if, choose, true, false, conditions)

    simple nested functions.

    Your assessor will also be required to observe you in this task.  During this observation, your assessor will be assessing you:

    Using safe work practices

    Developing a linked spreadsheet solution

    Automating and standardising your spreadsheet operation (through creating, using and editing macros nd templates)

    Using your spreadsheet ensuring you

    Enter, check and amend each spreadsheet correctly

    Enter your data effectively

    Use manuals or user documentation (including on-line) for assistance where required

    Review, adjust and print your spreadsheet

    Name and store your spreadsheet accordingly

    Representing numerical data into graph form

    Include appropriate chart type and chart features, which represents numerical data validly

    Create graphs with Labels and titles from numerical data contained in a spreadsheet file

    Save, view, adjust and print each chart

     

    Assessment Summary

    You are to submit the following evidence / perform the following tasks

    Your assessor will observe you creating each spreadsheet, 

    A print out of 2 different linked spreadsheets and associated graphs

    A soft-copy of each spreadsheet

     

     ASSESSMENT 4 – STUDENT SELF ASSESSMENT CHECKLIST

    This information is to be handed to each student to outline the assessment criteria


    This checklist is similar to the one being used by your assessor during this assessment.  This checklist should be reviewed by you to evaluate your readiness for assessment, and to confirm your understanding of the criteria by which this assessment task will be judged.  

    Once you feel you have the required skills and knowledge to demonstrate each of the following assessment criteria, you are ready to be assessed.  Please speak with your assessor if you feel you are not ready to be assessed before the assessment has commenced. 

    You may refer to this checklist at any stage PRIOR to the commencement of your assessment.  You may not refer to this checklist whilst you are being assessed.

     

    ASSESSMENT 5 – WRITTEN ASSESSMENT / PROJECT

    Student Instructions

    What is a linked spreadsheet?

    What policies and procedures might you have to adhere to when developing spreadsheets?

    What ergonomic requirements must you adhere to when working on a computer?

    List 3 conservation techniques you could apply when working with spreadsheets.

    Describe the following formulae   

    Maximum

    Minimum

    Average

    Sum

    Describe 4 ways different formatting you can perform on spreadsheets.

    What do you look for when checking a spreadsheet?

    List and describe 4 different chart types. 

    Describe 4 different chart features.

    Describe how you can use a counter in an excel macro.

    What formula would you use to enter a file name into a cell?

    Describe how you can freeze column headings. 

    Write the formula you would use to perform the following tasks.

    Adding Cell E3, E4, + E9 

    Change the cell format 

    What to the following arithmetic operators mean in excel.

     

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