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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.

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

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).

Clearly details any Cash, expenditure and revenue items

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

Include milestones and performance indicators to monitor financial performance

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

Identify any financial risks and incorporate protection strategies according to business

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

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

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

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

Select budget targets to enable ongoing monitoring of financial performance

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.

a) Student Assessment CriteriaI feel I can demonstrate this

b) Communication | Are you able to:

c) Communicate clearly with others

d) Clarity the task requirements

e) Ask for help when needed

Follow instructions

a) Give and receive feedback as appropriate

b) Answer questions and clarify concerns that arise

c) Explain rational on decisions effectively Yes No

d) Safety | Are you able to:

Work safely at all times Yes No

Ensure your actions do not put the safety of yourself or others at risk Yes No

Task requirements | Are you able to:

Access required information from supervisor (e.g. company policy / authorisation measures)

Undertake discussions with stakeholders to gather additional information as required Yes No

Discuss and review assumptions and budget parameters Yes No

Identify budget objectives Yes No

Clearly detail the following items:

Cash

Expenditure

Revenue Yes No

Include milestones and performance indicators to monitor performance Yes No

Ensure profit targets / goals conform with budget requirements Yes No

Include a detailed breakdown of annual budget into seasonal periods Yes No

Identify any potential financial risks based on given data / information, and recommend appropriate protection strategies Yes No

Identify non-current asset requirements, and alternative asset management strategies Yes No

Prepare cash flow projections in accordance to business plan Yes No

Include all relevant taxes, including:

GST

BAS

FBT Yes No

Communicate with stakeholders regarding the following:

Milestones

Policies

Goals Yes No

Provide conservative estimates based on the provided information including:

Future cash flow

Future costs

Future revenues Yes No

Create a forecast template including

Create copy of last forecast

Extend forecast to cover new forecast period

Delete from the forecast any dates that are now in the past

Label the spreadsheet with the forecasting date

Clear all numbers from the forecast line items Yes No

Populate the forecast template, including entering the following for each time period

Current cash balance

The best estimate of cash receipts from open accounts receivable

The projected cash disbursements for payroll and payroll tax payments

The projected cash disbursements for accounts payable

The projected timing of expenditures for capital projects

The projected timing of dividend payments Yes No

Generate budget following set procedures and adhering to Australian accounting standards Yes No

Read and interpret financial information / statements Yes No

Adhere to the principles of double entry accounting Yes No

Demonstrate skills in accrual accounting Yes No

Gather and verified all data effectively Yes No

Complete the task on time Yes No

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:

How has your budget matched up with actual figures?

What figures have been overestimated / underestimated?

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:

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.

Prepare and analyse the budget variances

Prepare a recommendation to Patrick regarding his business’ performances and

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.

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

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.

Student Assessment CriteriaI feel I can demonstrate this

Communication | Are you able to:

Communicate clearly with others

Clarity the task requirements

Ask for help when needed

Follow instructions

Give and receive feedback as appropriate

Answer questions and clarify concerns that arise

Explain rational on decisions effectively Yes No

Safety | Are you able to:

Work safely at all times Yes No

Ensure your actions do not put the safety of yourself or others at risk Yes No

Task requirements | Are you able to:

Access all required information from supervisor Yes No

Compare prepared budget with actual figures Yes No

Identify any significant over or underestimation of the following:

Future cash flow

Future costs

Future revenues Yes No

Prepare comparison trends and other appropriate graphs to demonstrate the information provided Yes No

Demonstrate validity of the analysis Yes No

Identify any milestone that were not met Yes No

Adapt budget, taking into account:

Actual figures

Conversations with stakeholders Yes No

Prepare a budget variance report Yes No

Prepare a feasibility report Yes No

Ensure all reports are prepared following organisational procedures Yes No

Ensure all reports conform to Australian Accounting Standards Yes No

Adhere to the principles of double entry accounting Yes No

Gather and verified all data effectively Yes No

Complete the task on time Yes No

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.

Classifying Ratio Description

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

Operating return on assets

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.

Time series forecast

The Delphi Method

Executive Opinions Forecasting

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:

He caught 42,300kg of Murray Cod

His yearly income totalled: $1,438,232

His yearly expenses totalled: $183,488

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

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

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

The balance sheet as at October 1, 2014 included:

Appendix 6 – Further Information

Patrick gives you the following assumptions to work with:

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

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%

He 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

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

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

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

basic financial functions (if available)

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

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.

Student Assessment CriteriaI feel I can demonstrate this

Communication | Are you able to:

Communicate clearly with others

Ask for help when needed

Follow instructions

Identify the task requirements including determining spreadsheet purpose and proposed audience

Clarify task requirements with supervisor (assessor) as required Yes No

Safety | Are you able to:

Set your workstation up safely and ergonomically (chair, support, monitors, foot rests, distance to screen, etc) Yes No

Work safely (posture, breaks, etc) Yes No

Conservation | Are you able to:

Follow the 4 R's (Reduction, Re-use, Recycling and Recovery) Yes No

Work safely (posture, breaks, etc) Yes No

Task requirements | Are you able to:

Organise yourself before starting the task Yes No

Identify useful spreadsheet concepts to improve business functionality Yes No

Design a spreadsheet layout to meet functionality and usability Yes No

Analyse data requirements for spreadsheets Yes No

Create new spreadsheets Yes No

Create headings Yes No

Classify, segregate and enter data into appropriate areas Yes No

Create and test cell-based formulae Yes No

Link spreadsheets together Yes No

Format cells and assign data attributes with relative or absolute cell references Yes No

Enter data to ensure accuracy and operational function of spreadsheet. Yes No

Ensure data input allows for speed and accuracy of input Yes No

Identify areas for automation and develop appropriate macros, ensuring they increase efficiency Yes No

Ensure spreadsheet has a clean appearance Yes No

Develop an appropriate and logical layout to ensure logical to assist data entry Yes No

Test the spreadsheets by entering, checking and amending data Yes No

Adjust import/export data between spreadsheets and host documents Yes No

Preview, adjust and print spreadsheets in accordance Yes No

Enter and manipulate picture or image in spreadsheet Yes No

Create accurate pie and chart graphs (appropriate to data) with labels and titles from numerical data contained within spreadsheet file Yes No

Use appropriate spreadsheet functions such as Yes No

Page layout alterationsTypeface style

multiple toolbarsPoint size

varying cell styles Change font format (italic, bold, underline, etc)

SpacingCell formatting (number and currency)

Page alignment

Ensure layout is consistent in terms of Yes No

BordersRow size

Column sizeSpacing

Type facePoint size

Page alignmentMargins

Cell formatting (number and currency)

Use the following spreadsheet features Yes No

Insert and delete columnsInsert and delete rows

Appropriate formulaeHeaders

FootersAutomatic functions

Copy and PasteInsert tables

Change cells

Use on-line help features of program Yes No

Proof read documents for

grammar

spelling

accuracy

punctuation

format

errors

omissions

balance Yes No

Print documents using correct and appropriate settings (No of copies, correct printer / tray; paper size and type; simplex or duplex; quality of print; colour or black & white; Yes No

Save documents ensuring

appropriate naming convention used

appropriate location selected

document can be found at a later date Yes No

Save spreadsheets in multiple formats (HTML, XML, comma separated values, or text) Yes No

ASSESSMENT 5 – WRITTEN ASSESSMENT / PROJECT

Student Instructions

Written AssessmentProject

This assessment will be undertaken in the classroom.

This is a closed book written assessment

Time allocated: 1.5 hoursYou are to research and answer all of the following questions. Be sure to:

Please print / write legibly

Make sure you all questions

Black or blue pen is required to complete this assessment.

Return your assessment by the date set by your assessor

Do not plagiarise. Plagiarism is considered cheating.

Do not cheat during this assessment. Anyone caught cheating will automatically be excluded under the Disciplinary Rules and their opportunity for assessment will be subject to the outcome of an Appeal Process or Disciplinary Hearing

Ask your assessor if you do not understand a question. Whist your assessor cannot tell you the answer, he/she may be able to re-word the question for you

Reasonable adjustment: If you require any adjustments to accommodate a need in order to complete this assessment, please talk to your assessor. Arrangements will be put in place to ensure a fair and flexible approach is undertaken for this assessment. Please note that the range or nature of the adjustment will ensure that the outcomes of the unit are not compromised.

Re-assessment: If you do not achieve the required standard, you will be given the opportunity to be re-assessed by our Assessor. Arrangements will be made on an individual basis.

Feedback: Your assessor will provide feedback to students after the completion of the assessment. The trainer assessor will explain the appeals process.

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.