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Manage Budgets and Financial Plan

Assignment Requirements
 
 
ASSIGNMENTS
 

ASSIGNMENT 1
Satisfactory         Not Yet Satisfactory

Element & Performance Criteria
1.1,1.2,1.3

1. You are required to prepare a detailed budget/financial plan for your work team. Ensure that you clearly outline how you:

Plan your financial management approaches
Implement financial management approaches
Monitor and control finances
Review and evaluate financial management processes

 
Access three (3) consecutive profit and loss statements from your organisation. Using your profit and loss statements, calculate the following for each year and create graphic representations of your results using financial management software.
a) gross profit as a percentage
b) operating expenses as a percentage
c) net sales gross

Your Answer:

 
 

ASSIGNMENT 2
Satisfactory         Not Yet Satisfactory

Element & Performance Criteria
1.2, 1.3, 1.4

1.   Access a balance sheet from your organisation. Using your financial documents, calculate the following:
a) accounts payable days on hand
b) accounts receivable days on hand
c) current ratio

Your Answer:

 
 

ASSIGNMENT 3
Satisfactory         Not Yet Satisfactory

Element & Performance Criteria
2.1, 2.2, 2.3

1. Access a budget from your organisation and answer the following questions.
a)         Provide a budget report indicating expenditure and income.
b)         You have received approval to increase your budget expenditure for marketing by 10% but to reduce your expenditure on office consumables by 2% for the next financial year. Adjust your budget accordingly.
c)         Your new budget is now ready to go, but you are concerned that the marketing will be slashed by 4% once the Reserve Bank has met in the next month. Create a contingency plan for that budget, demonstrating how you will still achieve your outcomes within the reduced figures.
d)           Consult with your team and manager/board to gain approval for the contingency plan. Record the outcomes of your consultation and make any changes necessary.
Submit this with your evidence.

Your Answer:

 

ASSIGNMENT 4
Satisfactory         Not Yet Satisfactory

Element & Performance Criteria
2.1, 2.2, 2.3

Short Essay: When implementing financial management approaches in your work team:

a)         How and to whom do you disseminate details of agreed budget/financial plans?
b)         Give examples of the support you provide to team members to ensure they can competently perform their required roles associated with financial management.
c)         How do you determine and access resources and systems to manage financial management processes within your work team?

Your Answer:

 

ASSIGNMENT 5
Satisfactory         Not Yet Satisfactory

Element & Performance Criteria
4.1, 4.2, 4.3

1. Do you consider that your work team/organisation’s financial management processes are effective? Consider and refer to the following when justifying your answer.
a)         Provide copies of data and information you have collected and collated for analysis and budget preparation.
b)         What improvements would you recommend to existing processes?
c)         How would you implement and monitor your suggested improvements?

Your Answer:

 
Critical Evidence
 
Evidence of the following is essential:

financial skills required to work with and interpret budgets, ageing summaries, cash flow, petty cash, GST, and profit and loss statements
knowledge of the record keeping requirements for the ATO and for auditing purposes.

 
 
 
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