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SITXFIN003 manage finance within a Budget Answers

In this unit students are assessed based on their understanding and application of principles related to responsibility for budget management such as how to interpret budgetary requirements and how to allocate resources as well as to monitor actual income and expenditure. Students are also taught to report on budgetary deviations. The course on SITXFIN004 Prepare and monitor budgets deals with the process of budget development. This unit is an important study module taught across many disciplines including hospitality and events management, tourism and travel as well as beauty and fashion related courses as well. Students have to prepare budget requirements related to entire organisations as well as budgets for single department. Sometimes students also have to study resource allocation and budget management related to a single project.

The manage finances within a budget assessment comprises of formative assessments and summative assessment tasks which are related objectives like learning to allocate budget resources, how to monitor financial activities against budget, completing financial and statistical reports as well as to identify and evaluate options for improved budget performance. Students have to complete written assignments that require them to prepare and monitor budgets by allocating funds based on budget as well as discussing about changes in income and expenditure priorities. Students studying the course on manage finances within a budget also should be able to answer questions related to importance of budget control and maintaining detailed records of resource allocation as per organisational controls. In aspects related to monitoring financial activities, students have to write assignment on using financial records to check actual income and expenditures against the proposed budgets as well as learn to identify and report budget deviations. Based on monitoring of deviations, there is often a need for effectively managing these deviations and monitoring for budget status and targets.

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Students often need reliable assignment help writers for manage finances within a budget answers assignments and case studies as well as summative project report writing on topics like basis of evaluating improvement in budget performance in which students have to evaluate costs and resources and discuss the desired budget outcomes in their report writing. Summative activities are also based on research writing about new approaches to budget management as well as studying their impact on customer service levels.

Students can also be asked to write assignment on financial and statistical reports for decision making. Learners should be able to interpret business and financial documents and write 100% original and plagiarism free top-quality report writing and research essay documents on recommendations based on budget reports. Assignments are also based on calculating budget estimates, interpreting budget figures and commenting on how to improve budget performance.

This course is also similar in nature to SITXFIN402 Manage finances within a budget

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For this unit, learners will need to show the use of accounting software packages in a meaningful way. The unit will be taught using practical summative assignments and formative assignments to discuss desirable budget outcomes and meaningful allocation and utilisation of budget resources. Students will often face tasks like write my assignment on how to manage budget for a business over a three-month period as well as to credibly write top quality assignment answers for reporting budget to management based on existing suppliers, sourcing new suppliers, staffing and rostering, and discuss the impact of potential roster changes as well as operating procedures. Our assignment help experts are also available for expert essay case study writing analysis for evaluating income and expenditure related budgetary performance and preparing assignment on budgetary life cycle questions. Learners have to write business finance question answers and essay writing help on types of financial records, bank deposit documentation, bank statements, banking summaries. Question Answers based on business activity statements, cheque books, credit card transaction statements invoices, journal entries are also available with best original plagiarism free answers made by our expert business finance assignment help tutors.

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Here are some sample questions assessment on manage finances within a budget download answers with 100% original and plagiarism free work created by our online tutors only at urgenthomework.com

1. Why is it necessary for organisations to collect, file and maintain accurate financial records? (30–50 words)
2. Why would a sole proprietor/ partnership need to prepare a budget, and what type of budget would be needed? (50–80 words)
3. A large enterprise has just gained a major contract, which will generate additional income over a two year period, but will also require extra resources. At the same time, however, they are planning to expand into website sales. What type of budget/s would they need to prepare, and why? What methods could they use to fund the website expansion? (120–150 words)
4. When setting budgets, it is a good idea to make contingency plans. What are contingency plans and why are they necessary? (150–180 words)
5. You are a sales manager for a large hospitality operation, and required to review and provide feedback via email on the budget document. What process would you follow, and what questions would you ask in order to provide valuable feedback? (120–150 words)
6. Explain and discuss the things that might be taken into consideration when prioritising income and expenditure requirements for a budget. (220–250 words)
7. Why should employees be involved in setting and monitoring the budget? (50–80 words)
8. Budgets are used to allocate resources for work. What are some of the resources that might be required in a hospitality operation? List at least eight different resources that might be allocated via the budget.
9. In what ways might information relating to budgets and resource allocations be communicated to staff? (150–180 words)
10. What is the importance of collecting, filing and maintaining accurate financial/ resource allocation records? (180–220 words)
11. Why is it necessary to regularly check actual income and expenditure against budgets at regular intervals? (180–220 words)
12. Classify the following into indirect or direct costs to a business, and advise whether they are fixed or variable costs.
    • Fixed or variable costs
    • Direct or indirect costs
    • Stock
    • Loan payments
    • Equipment (leased)
    • Transport costs
    • Packaging
    • Wages (hourly)
    • Wages (salary)
    • Petrol
    • Marketing
    • Stationery
    • Worker’s compensation
13. Why is it necessary to document and record financial commitments? (80–100 words)
14. Explain the difference between a sales volume variance and a sales price variance. (30–50 words)
15. What is a materiality threshold, and how might the level set for negative deviations differ between small and large business? (150–180 words)
16. List three stakeholders who might need to be informed of budget variances.
17. Why might stakeholders need to be informed? (80–100 words)
18. Why is it necessary to look for ways to improve cost management? (30–50 words)
19. What existing information might need to be reviewed, analysed and improved? (50–80 words)
20. You are a small retail food shop owner. Up until now you have been doing your budgets manually on a home-made spreadsheet. However, you have ascertained from your research that you need to become more up-to-date in your budgeting, as costs in some areas have blown out significantly this budget period. As usual, time and money are short. What three options could you consider?
21. You and your spouse run a small business together, with separate work roles. You are responsible for the business budgets and have researched an improved budget process which you felt needs to be adopted to support the continued growth of the business. How should your spouse be involved? What basic information should you communicate? (100–120 words)
22. Why might organisations change their budgeting procedures? (150–180 words)
23. In what situations would implications of a budget be demotivating to staff? (50–80 words)
24. Why is it important to take customer service requirements into account when designing and bringing down a budget? (150–180 words)
25. List five types of evidence you might need to provide if you make budget recommendations.
26. Describe the following reports and how they might be used to inform other budgets or to monitor performance in an organisation. (30–50 words each)
    • Variance analysis reports.
    • The general ledger.
    • A capital expenditure budget.
    • A revenue/ expenses report.
    • A budgeted balance sheets.
    • A sales analysis report.
27. List 10 types of financial records that can be used to assist with financial management within a budget.
28. List and briefly describe seven types of budgets.
29. List 15 considerations in the preparation of financial or statistical reports.
30. Explain the difference between fixed and flexible budgeting and explain how budgets are used to allocate resources for business operations. (150–180 words)
31. Explain the purpose of each of the following: a cash flow budget, a capital expenditure budget, a sales budget and explain, in general terms, what procedures should be followed when collecting data to inform budgets. (150–180 words)
32. What is ratio analysis; how can it help in measuring business performance and setting objectives/ goals and how can you ensure accuracy when collecting data for drawing up financial and statistical reports?
33. Each industry has financial terminology unique to it. Do some research and identify and provide descriptions for terminology unique to your industry.
34. What financial reporting cycles can be used by an organisation? (150–180 words)
35. You are working in a medium-sized hotel business. The business comprises a restaurant, cafeteria, a piano bar, lounge bar and front bar. There is also a small motel complex out the back with 20 rooms.

Relative to that hotel, answer all the following questions:

• How do you think this business could be divided into cost centres? Why might the organisation choose to make these divisions?
• How will budgets contribute to operational efficiency and what types of budget might be appropriate for such an organisation? Why?
• For each of the areas in the hotel, what direct and indirect costs would be applied and why must they be considered when drawing up budgets and developing financial reports?
• What financial reports might be of benefit to this establishment? Why?
• What types of waste might it be necessary to carefully monitor and control and why would this be necessary?
• Who should be responsible for collecting, inputting and recording the data that contributes to budgets and who should be responsible for monitoring budgets—to determine how well performance is meeting expectations? Why?
• What types of budget deviation might occur and what should be done if deviations are identified?
• Answers should be well supported with evidence and appropriate examples. (1,500–2,000 words)