代写 FNSACC402 PREPARE OPERATIONAL BUDGETS

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代写 FNSACC402 PREPARE OPERATIONAL BUDGETS

FNSACC402 PREPARE OPERATIONAL BUDGETS

FNSACC402 - Prepare operational budgets

1.0 Page 1 of 10

BSBWHS201- Contribute to Health and Safety of Self and Others

ASSESSMENT TOOL

ASSESSMENT COVER SHEET

Student name:

Assessor name:

Date of assessment / evidence:

Qualification title: FNS40615 Certificate IV in Accounting

Unit(s) of competency assessed:

FNSACC402 PREPARE OPERATIONAL BUDGETS

Instructions to the assessor:

To complete this assessment, the student is required to answer all

questions and demonstrate specific tasks and skills.

Please be aware of any special circumstances where you may need

to write the answers for the student.

Once the tasks are completed, you are to make the assessment

decision. Please refer to the marking guidelines when making this

decision.

Assessment evidence:

Task 1: Assignment

Task 2: project

Objective of assessment: Assignment to demonstrate skills for creating a complete agenda in a

simulated business environment ; questions following the project to

demonstrate skills required for business analysis; etc etc.

Assessment outcome:

(please tick to indicate)

 Competent

 Not Yet Competent

Student:

The assessment process, including assessment information, competency requirements, student rights and appeals were

clearly explained. I have been provided with feedback on my assessment and agree with the assessment result.

FNSACC402 PREPARE OPERATIONAL BUDGETS Page 2 of 10

Student signature:

Date:

Assessor:

The assessment process, including assessment information, competency requirements, student rights and appeals were

clearly explained.

The assessment was valid, reliable, flexible and fair.

I have provided the student with feedback on their assessment.

I certify this assessment record is accurate.

Assessor signature:

Date:

Comments:

FNSACC402 PREPARE OPERATIONAL BUDGETS Page 3 of 10

Assessment Task 1: Assignment

Pre Requirement for this task

Learning Outcome:

Student must review

 Lesson materials provided in class.

 Examples used in lessons.

Learning Outcome:

 Prepare budget

 Set budget timeframe

 Document budget

Instructions to Students:

 Please answer all questions

 This is an on-line activity, hence must be completed before the given due date. Kindly refer the

Moodle instruction and consult with trainer in case if you are not sure of due date(s).

 Copying or any kind of cheating is absolutely not permitted, if someone is found cheating or

copying, will be debarred from the assessment and a disciplinary proceeding would begin.

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PART-A:

QUESTION: 1:

The following example summarizes the calculation you may need to perform to assessable a sales

budget. As budgets are estimates only, it is quite acceptable to round the figures in your answer.

Sailors products Ltd manufactures rugby balls for sale throughout Australia. In 2014 sales were:

 Junior Model 24,000@12.00 each

 Deluxe Model 70,000@20.00 each

It is anticipated that the number of junior Model sales will increase by 25% next year due to a major

promotion of games in school in NSW. Sales of Deluxe model are expected to increase by 5%.The

price of Junior Model will remain same and deluxe model will rise in price by 12.5%.

REQUIRED: Prepare sales budget for 2015 by product

FNSACC402 PREPARE OPERATIONAL BUDGETS Page 5 of 10

QUESTION: 2:

PURCHASES BUDGET [RETAILER] FOR THE THREE MONTHS ENDING 31 DECEMBER 2018

Month

October November December Total January

Projected Sales in units 200 280 450

代写 FNSACC402 PREPARE OPERATIONAL BUDGETS

Closing stock

Equals available

Opening stock

Required purchases in

units

Cost per unit

Purchases cost $

Additional data:

Cost price per unit is $30

Closing stock is required to be 50% of the next month's sales in units

Required: You are required to prepare a Purchases budget in units and dollars for the next three

months.

FNSACC402 PREPARE OPERATIONAL BUDGETS Page 6 of 10

QUESTION: 3:

Hasta LaVista expects sales next month (February) to be $118,000 plus GST. Sales in January were

$110,000 plus GST. Experience shows that sales are 30% cash and 70% credit. Collections from

accounts receivable average 20 % in the month of sale and 80% in the following month.

Prepare budgeted cash receipt from sales in February.

Hasta LaVista

Budgeted cash receipt February

February

FNSACC402 PREPARE OPERATIONAL BUDGETS Page 7 of 10

QUESTION: 4:

A list of expenses extracted from the financial report for the year ended 30 June 2016

Advertising 42 000

Bank fees 8 000

Consultancy fees 15 000

Depreciation 27 000

Freight outwards 34 000

Insurance 12 000

Light and power 22 000

Repairs and maintenance 9 500

Rent 17 000

Salaries 220 000

Assumptions:

Advertising will decrease by 5% -

Bank fees will increase by 4% -

Consultancy fees will decrease by 10% -

Depreciation will be unchanged

Freight outwards will increase by 6%-

Insurance will decrease by 5% -

Light and power will increase by 9% -

Repairs and maintenance will increase by 7% -

Rent will increase by 4% -

Salaries will increase by 3% -

Required: Expense budget for the year ending 30 June 2017

FNSACC402 PREPARE OPERATIONAL BUDGETS Page 8 of 10

WORKING AMOUNT

Advertising

Bank fees

Consultancy fees

Depreciation

Freight outwards

Insurance

Light and power

Repairs and maintenance

Rent

Salaries

PART-B:

Indicate true or false regarding statements on the theory and purpose of budgeting. Select the correct

answer.

1. Budgeting’s main purpose is to uncover fraud and mismanagement. True False

2. A cash budget should include for bad debt. True False

3. Budgets may be seen as goals to be achieved by employees as well as

management.

True False

4. A static budget is based on one level of activity. True False

5. Budgets are only estimates. True False

FNSACC402 PREPARE OPERATIONAL BUDGETS Page 9 of 10

Multiple choice questions: circle the correct answer

Question: 1: Which of the following is not a function of budgeting?

a. Controlling

b. Decision making

c. Motivating

d. Planning

Question: 2: The term "budgetary period" relates to:

a. The period for which the budget is prepared

b. The period in which the budget is finalized

c. A specific year for which the budget has been prepared

d. The subdivisions of the main budget

Question: 3: Which of the following will NOT appear in a cash budget?

a. Depreciation of machinery

b. Wages

c. Sales revenue

d. Machinery bought on hire purchase

Question: 4: A flexible budget is:

a. A budget that is adjusted to reflect different costs at different activity levels

b. A budget that will be changed at the end of the month in order to reflect the actual costs of a

department

c. A budget that is not constantly being changed

d. A budget that comprises variable costs only

Question: 5: A fixed budget is:

a. A budget that ignores inflation

b. A budget that itemizes the fixed costs of a department

c. A budget that is set for a specified level of activity

d. A budget that never changes

FNSACC402 PREPARE OPERATIONAL BUDGETS Page 10 of 10

ASSESSMENT MAPPING: FNSACC402 Prepare operational budgets

No. Elements of Competency and Performance Criteria Assessment evidence key

1. Prepare the budget

1.1

Confirm budget objectives are consistent with organisational

aims, projects and forecasts

QUESTION: 1,2, PART-B-1,3,4

1.2

Clearly define cash, expenditure and revenue items and

ensure relevance to identified objectives of budget

QUESTION: 3, PART-B-2,3

1.3

Conduct discussions and negotiations with stakeholders that

budget applies to in manner that promotes goodwill and

ongoing cooperation

QUESTION:1,2

2. Set the budget timeframe

2.1

Identify and include milestones and performance indicators in

budget

PART-B

2.2.

Break down annual budgets into seasonal periods in

accordance with operating trends

QUESTION: 2

3. Document the budget

3.1

Present data in format that is easily understood and

appropriate to budget reporting

QUESTION:4

3.2

Complete and distribute reports within timelines for specified

periods and projects

QUESTION: 1,2

Performance Evidence

Confirm budget objectives are consistent with organisational aims,

projects and forecasts

QUESTION: 1,2, PART-B-1,3,4

Clearly define cash, expenditure and revenue items and ensure

relevance to identified objectives of budget

QUESTION: 3, PART-B-2,3

Conduct discussions and negotiations with stakeholders that budget

applies to in manner that promotes goodwill and ongoing cooperation

QUESTION:1,2

Knowledge Evidence

 identify and explain the key principles of budgetary control QUESTION: 1-4 Part-B

 describe a variety of forecasting techniques QUESTION: 1-4 Part-B

 describe the key features of organizational procedures

and policy for financial administration.

QUESTION: 1-4 Part-B

代写 FNSACC402 PREPARE OPERATIONAL BUDGETS