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SITXFIN003 Manage Finances Within a Budget Assessment E

Assessment E – case study (Part 3)

Instructions (via LMS)

· You will require access to the learner resource for this unit, the internet and a computer.

· You are to answer all questions.

· Read each task and question carefully. Ensure you have provided all required information.

· Should you require ‘reasonable adjustment’ to complete this assessment, discuss the options with your assessor prior to attempting the task. Reasonable adjustment means modifications or changes that give you the same opportunities in training as a person without a disability.

· Your assessor will discuss the conditions of assessment, e.g., open or closed book, time limits for completion, etc., with you prior to attempting this task.

· To be deemed satisfactory in this task you must complete all tasks correctly. Your assessor will determine how many attempts you are allowed for each task/question.

This unit applies to tourism, travel, hospitality and event businesses. While the case study scenario is based on a hospitality business, the principles for managing a budget demonstrated in this assessment are the same in all types of businesses.

Learner assessment guide and evidence

This assessment requires you to calculate and report on budget deviations.

You are required to do the following.

  • Complete Tasks 1, 2, 3 and 4.
  • Read the scenarios and answer the questions.
  • Round all dollar values to the nearest whole number when calculating financial information; for example, $12.55 becomes $13, $18.22 becomes $18
  • Round all percentages to one decimal point when calculating financial information; for example, 12.55% becomes $12.6%, 18.22% becomes 18.2%.
  • All budget calculations can be completed manually or using computer-based spreadsheet software, such as Microsoft Excel or Google Sheets.

Case study

It is the end of the June financial quarter and all departments in the Jackson’s hotel are preparing financial and statistical reports.

Task 1: Prepare a profit and loss statement

  • Go to your Course files folder and open Assessment E_Bistro reports.
  • Complete the Bistro profit and loss statement – June quarter by calculating all missing dollar value and percentage variances.
  • Save the completed profit and loss statement locally as Assessment E_Bistro reports.
  • You don’t have to submit the completed profit and loss statement yet. You will do so after you complete Task 2.

Task 2: Prepare a statistical report

  • Go to your locally saved files folder and open Assessment E_Bistro reports.
  • Complete the Trend analysis report – June quarter using the information provided.
  • Save the completed trend analysis report as Assessment E_Bistro reports.
  • Save the completed reports locally and submit to your assessor once completed.

Task 3: Prepare a management report

  • Prepare a short report to management outlining the following information.
  • Positive and negative budget variations indicated in monthly and quarter analysis reports and profit and loss statement that are significant enough to affect the operation of the bistro and its profitability.
  • Trends identified in the trend analysis report that have the potential to affect the bistro’s profitability in the immediate future.
  • Possible reasons for the positive or negative variations and trends.
  • Any recent actions that have been taken or changes to operational procedures as a result of trends and deviations.
  • Base the report on the following information.
  • Profit and loss statement
  • Trend analysis report
  • April, May and June comparative analysis reports
  • Case study information provided in Assessments B and C
  • Your responses to questions in Assessments B and C
  • The report should present information in a clear, concise and easy to understand manner so it supports good decision-making processes.
  • Save your completed management report as Assessment E_Management report.
  • Submit the completed report to your assessor once completed.

Task 4: Question and answer

Q1: The following factors must be considered when preparing financial and statistical reports. Select three factors that are relevant to one or more of the reports you prepared or completed in Tasks 1, 2 and 3.

Discuss how they influenced preparation or outcomes of the report(s).

  • Performance of department, project and/or products and services
  • Daily, weekly and monthly transactions
  • Variances in income and/or expenditure
  • Sales performance
  • Sales returns
  • Staff costs
  • Cash flow
  • Covers and financial return
  • Expenditure
  • Income
  • Occupancy rates and financial return
  • Stock levels
  • Wastage
  • Yield

Assessor checklist

To be completed by the assessor.

Did the learner successfully demonstrate the following skills and knowledge?

Assessor comments

Completed

Yes

No

Monitored income and expenditure and evaluated budgetary performance over the budgetary life cycle. (Part 3)

Completed financial reports within designated timelines and using correct budget terminology.

Prepared and presented clear and concise information to enable informed decision making.

Used numeracy skills to interpret and use budget figures in day-to-day work operations.

Displayed understanding of factors that affect the preparation of financial and statistical reports

Interpreted business and financial documents and document clear recommendations based on budget information and reports.

Used problem solving skills to identify and report deviations according to significance of deviation.

Displayed understanding of uses and content of budgets.

Displayed understanding of importance of budget control, and techniques to control costs and enhance profitability.

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