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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.
    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

    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.
    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

    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.
     
    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. 
    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.