Assessment-2 FINANCE SITXFIN003 MANAGE FINANCES WITHIN A BUDGET SITXFIN004 PREPARE AND MONITOR BUDGETS Student Must Fill this SectionStudent Name: Student ID: Term: Year: Privacy Release Clause:“I give my permission for my assessment material to be used in the auditing, assessment validation & moderation Process”.Authenticity Declaration:“I declare that: The material I have submitted is my own work;I … Continue reading “MANAGE FINANCES WITHIN A BUDGET | My Assignment Tutor”
Assessment-2 FINANCE SITXFIN003 MANAGE FINANCES WITHIN A BUDGET SITXFIN004 PREPARE AND MONITOR BUDGETS Student Must Fill this SectionStudent Name: Student ID: Term: Year: Privacy Release Clause:“I give my permission for my assessment material to be used in the auditing, assessment validation & moderation Process”.Authenticity Declaration:“I declare that: The material I have submitted is my own work;I have given references for all sources of information that are not my own, including the words, ideas and images of others”.Student Signature: Date: Assessment Outcome Assessor Name:AttemptCompetent Not Yet CompetentDateAssessor Signature Initial attempt 2nd attempt/Re-assessment Information for Student:All work is to be entirely of the student. General Information for this assessment: Read the instructions for each question very carefully.Be sure to PRINT your FIRST name & LAST name in every place that is provided.Short questions must be answered in the spaces provided.For those activities requesting extra evidence such as: research reports, essay reports, etc. The student must attach its own work formatted in double space, Arial 12 pts. All activities must be addressed correctly in order to obtain a competence for the unit of competency.If the student doesn’t understand the assessment, they can request help from the assessor to interpret the assessment. Re-submission of assessment after the term will incur additional fees. Re-assessment of Result& Academic Appeal procedures: If a student is not happy with his/ her results, that student may appeal against their grade via a written letter, clearly stating the grounds of appeal to the Chief Executive Officer. This should be submitted after completion of the subject and within fourteen days of commencement of the new term. Re-assessment Process: An appeal in writing is made to the Academic Manager providing reasons for re-assessment /appeal. Academic Manager will delegate another member to review the assessment.The student will be advised of the review result done by another assessor.If the student is still not satisfied and further challenges the decision, then a review panel is formed comprising the lecturer/trainer in charge and the Academic Manager or if need be an external assessor.The Institute will advise the student within 14 days from the submission date of the appeal. The decision of the panel will be deemed to be final.If the student is still not satisfied with the result, he / she has the right to seek independent advice or follow external mediation option with nominated mediation agency.Any student who fails a compulsory subject or appeals unsuccessfully will be required to re-enrol in that subject. The cost of reassessment will be borne by the Institute. The external assessor will base his/her judgement based on principles of assessment. These principles require assessment to be reliable, fair, practical and valid. Academic Appeals: · If you are dissatisfied with the outcome of the re-evaluation process, you have a right to appeal through academic appeals handling protocol.To appeal a decision, the person is required to complete the WSC- Request for Appeal of a Decision form with all other supporting documents, if any. This form is available via our website. The completed Request for Appeal form is to be submitted to the Student Support Officer either in hard copy or electronically via the following contact details: Student Support Officer, Western Sydney College (WSC), 55 High St, Parramatta NSW 2150, Email: info@wsc.nsw.edu.au The notice of appeal should be in writing addressed to the Chief Executive Officer and submitted within seven days of notification of the outcome of the re-evaluation process. If the appeal is not lodged in the specified time, the result will stand and you must re-enrol in the unit. In emergency circumstances, such as in cases of serious illness or injury, you must forward a medical certificate in support of a deferred appeal. The notice of appeal must be made within three working days of the concluding date shown on the medical certificate. The decision of Chief Executive Officer will be final.Student would then have the right to pursue the claim through an independent external body as detailed in the students’ complaint / grievance policy. Comments/ feedback to student: Assessment Task 2: Case Study Task summary Reviewing and monitoring financial activity against a budget and recommending solutions to deviations. Resources and equipment required to complete this task Access to textbooks and other learning materials.Access to a computer, printer, spreadsheet and word processing software. When and where should the task be completed? This task may be done in your own time as homework or you may be given time to do this task in class (where applicable).Your assessor will provide you with the due date for this assessment. What needs to be submitted? Your answers to all questions. Instructions Budget review Question 1 Calculate the dollar deviations for room sales, food sales, liquor sales, wages, rent and overheads.Calculate the percentage deviations for room sales, food sales, liquor sales, wages, rent and overheads.Indicate if the identified deviations are positive or negative. Question 2 Total the budgeted and actual sales for the 6 months.Calculate the dollar deviations for sales on a month-by-month basis.Calculate the percentage deviations for sales on a month-by-month basis.Calculate year-to-date budgeted totals for sales on a month-by-month basis.Calculate year-to-date actual totals for sales on a month-by-month basis.Calculate the dollar deviations for YTD figures on a month-by-month basis.Calculate the percentage deviations for YTD figures on a month-by-month basis. Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 10 Question 11 Question 12 Question 13 Question 14 Assessor Checklist Assessment Task 2: Case StudyIdentify and interpret the financial data accurately for budget preparation and allocation?Use available data to check actual income and expenditure accurately?Identify and report deviations in budgets?Provide suitable options for management deviations and budget improvements?Apply research findings to describe new approaches to budget management?Apply knowledge of stakeholders involved in the budget process?Apply knowledge of the types of source documents used in budget management?Demonstrate knowledge and correct use of a spreadsheet application as an accounting tool?¨ Not Satisfactory ¨
