Skip to content
Menu
Shark College
Shark College
Performance Evidence

Performance Evidence

May 2, 2022 by B3ln4iNmum

SITXFIN003 Assessment Tasks and Instructions

Assessment Guidelines

What will be assessed – Performance Evidence

The purpose of this assessment is to assess your ability to complete tasks outlined in elements and

performance criteria of this unit in the context of the job role, and:

manage a budget for a business over a three-month period that meets the specific business’ needs

undertake at least two of the following to inform management of the above budget:

discussions with existing suppliers

evaluation of staffing and rostering requirements

evaluation of impact of potential roster changes

review of operating procedures

sourcing new suppliers

monitor income and expenditure and evaluate budgetary performance over the above budgetary life cycle

complete financial reports related to the above budget within designated timelines and using correct budget terminology.

Place/Location where assessment will be conducted

NIET Brisbane, Eight Mile Plain

Resource Requirements

computers, printers and accounting software packages

budgets for specific projects, events or operational activities

Pen, Paper, calculator

access to and provisions for completion of reports during the budget cycle

Instructions for assessment including WHS requirements

For the purpose of this assessment project you are required to monitor and manage a budget for a business, for example your workplace or as instructed by your trainer, over a 3 month period. You need to complete the following tasks to reflect how you monitor and accordingly manage the budget and its underlying factors that affect performance.

TYPE of Budget: __Profit and Loss Statement

Business: __Okey Dokey Restaurant/NIET Hotel

TH&E sector: __Hospitality Industry

Task 1.

Requires you to provide a fortnightly budget report which clearly identifies any under or over performances and the actual and likely reasons for these.

Task 2.

During the monitoring cycle you are required to undertake 2 of the following processes to inform management of the actual budget:

(you clearly need to select these relevant for the performance of your budget; the process you choose will be informed by the type of variance and accordingly, the operational aspect that would need to be investigated)

discussions with existing suppliers

evaluation of staffing and rostering requirements

evaluation of impact of potential roster changes

review of operating procedures

sourcing new suppliers

Task 3.

You are required to identify any reports, which you need to complete during the 3-month budget cycle. Set the times these are due and complete these reports to the set due dates. Attach each report to this project on completion of the monitoring cycle.

Assessment 2

Your Tasks:

Task 1

Provide a fortnightly budget report which clearly identifies any under or over performances, and the actual and likely reasons for these. Use the table below as a reference list and attach each budget report together with a variance analysis for each to this project

Okey Dokey Restaurant

2021 Budget

Profit and Loss Report

Item

January

February

March

Item

Budget

Actual

Variance

Budget

Actual

Variance

Budget

Actual

Variance

Income

Food Sales

$45,000

$47,000

$2,000

$47,000

$45,000

($2,000)

$45,000

$22,000

($23,000)

Beverage Sales

$35,000

$38,000

$3,000

$33,000

$36,000

$3,000

$35,000

$15,000

($20,000)

Total Sales

$80,000

$85,000

$5,000

$80,000

$81,000

$1,000

$80,000

$37,000

($43,000)

Expenses

Rent

$5,000

$5,000

$0

$5,000

$5,000

$0

$5,000

$5,000

$0

Telephone

$150

$180

($30)

$150

$150

$0

$150

$100

$50

Electricity

$500

$540

($40)

$500

$530

($30)

$500

$500

$0

Gas

$300

$360

($60)

$300

$340

($40)

$300

$250

$50

Wages

$7,000

$7,150

($150)

$7,000

$7,300

($300)

$7,000

$5,250

$1,750

Water

$80

$100

($20)

$80

$95

($15)

$80

$80

$0

Insurance

$1000

$1000

$0

$0

$0

$0

$0

$500

($500)

Superannuation

$736

$752

($16)

$736

$768

($32)

$736

$552

$184

Total expenses

$14,766

$15,082

($316)

$13,766

$14,183

($417)

$13,766

$12,232

$1534

Profit or Loss

Total Sales

$80,000

$85,000

$5,000

$80,000

$81,000

$1,000

$80,000

$37,000

($43,000)

Total Expenses

$14,766

$15,082

($316)

$13,766

$14,183

$417

$13,766

$12,232

$1,534

Total Profit/Loss

$65,234

$69,918

$4,684

$66,234

$66,817

$583

$66,234

$24,768

($41,466)

Date

Budget Performance/Area

Variance

Reason

Discussion with supervisor

Action

Budget Cycle Start 1

1st Jan-14th Jan 2021

Week 2

Week 4

Week 6

Week 8

Week 10

Budget Cycle End 7

Task 2

PART A

Case Study Analysis on Budget Variance

NIET Hotel has asked you to calculate the variance for the following figures for the month of January and February. Also calculate the total profit that was budgeted and actual.

Analyse the findings and inform them about the variance as they are concerned and would like to monitor the income, expenditure, profit levels, budgetary performance of their Food and Beverage Department.

Item

January

February

Budget

Actual

Variance

Budget

Actual

Variance

Sales Revenue

255,000

250,000

255,000

240,000

Food Costs

72,000

70,000

72,000

73,000

Beverage Costs

16,000

15,000

16,000

17,000

Labour Costs

87,000

80,000

87,000

85,000

Fixed Costs

30,000

30,000

30,000

30,000

Total Costs

Profit

The Hotel owners and managers would like to know from you the major areas of concern where there is a deviation that needs further monitoring and improvement.

PART B

Answer the following questions.

Questions:

Explain the importance to the owners of monitoring budgets and why do you think it will help them to manage their finances better for the business.

Importance:

Why:

Explain to them the use of analysing the monthly budget and comparing the forecasted budget against the actual budgets.

The use of analysing the monthly budget:

Comparing the forecasted budget against the actual budgets:

Explain your findings and possible reasons for these variances.

Research and suggest what improvements do you think the owners can take to improve this situation?

Task 3

During the monitoring cycle you are required to undertake 2 of the following processes to inform management of the actual budget:

(You clearly need to select these relevant for the performance of your budget; for example, if your staffing and rostering performs within the budget and service provisions are being met, then it would be unlikely that you would need to reduce staff or cut rosters; if your budget is created on the best quotes received from suppliers and the quality is perfect, then this aspect is likely not one that would be changed)

discussions with existing suppliers 

evaluation of staffing and rostering requirements 

evaluation of impact of potential roster changes 

review of operating procedures 

sourcing new suppliers 

Attach details for each process you have undertaken clearly marked “TASK 2 – process: __________”.

Details for each process selected must include the following details:

(For example if you changed a roster, you need to provide the information why this was done, what the changes will achieve in $ values for the budget, and attach the old and revised roster to this project)

I choose the processes: “TASK 2 – process: ____________and ____________.”

This Task could be performed in the class with trainer or record all transcript below:

(Answer below Q1-5 according to your role play or transcript.)

Nature of the problem

Reason for undertaking the selected process

What did you do? Who was involved? What was discussed? What was agreed on? What was achieved in the process?

What did you do:

Who was involved:

What was discussed:

What was agreed on:

What was achieved in the process?

What was changed?

How were any changes implemented?

Task 3

Identify any reports, which you need to complete during the 3-month budget cycle. Set the times these are due in the table below and complete these reports to the set due dates.

Attach each report (or a copy) to this project on completion of the monitoring cycle.

Type of report

Frequency

Due Date(s)

Completed by

EXAMPLE

e.g. Stock Take report

monthly

end week 4 (insert date)

end week 8 (insert date)

end week 12 (insert date)

student (you)

A. Johns, supervisor

student (you)

Profit and Loss Report

Monthly

Cost of Goods Report

Monthly

Sales Report

Monthly

Okey Dokey Restaurant

Sales Report

Sales

March 2021

April 2021

May 2021

Liquor Sales

920

900

950

Bottle beer

Wine

Cakes and Bakery

Soft Drink

Juices

Coffees

Food

Total Sales

92,000

90,000

95,000

Okey Dokey Restaurant

Cost of Goods Report

Sales

March 2021

Lock down

April 2021

May 2021

Liquor Sales

270

270/27600*100%=0.98%

270

1%

285

1%

Bottle beer

Wine

Cakes and Bakery

Soft Drink

Juices

Coffees

Food

Total COG

27,600

27,000

28,500

Okey Dokey Restaurant

Profit and Loss Report

Item

March 2021

April 2021

May 2021

Item

Budget

Actual

Variance

Budget

Actual

Variance

Budget

Actual

Variance

Income

Food Sales

Beverage Sales

Total Sales

$95,000

$92,000

$95,000

$90,000

$95,000

$95,000

Expenses

Rent

Telephone

Cost of Food

27,000

27,600

27,000

27,000

27,000

28,500

Gas and Electricity

Wages

32,000

32,200

32,000

31,500

32,000

33,250

Water

Insurance

Superannuation

Total expenses

80,750

78,200

80,750

76,500

80,750

80,750

Profit or Loss

Total Sales

$95,000

$92,000

$95,000

$90,000

$95,000

$95,000

Total Expenses

$14,766

$15,082

$13,766

$14,183

$13,766

$12,232

Total Profit/Loss

12,000

13,800

12,000

13,500

12,000

14,250

Marking Guide

S

NYS

Comments

Criteria

Task 1

Provides a copy of the opening budget

Provides a copy of the closing budget

Provides a budget report for each fortnight

The performance of each category is identified

The variance for each fortnight is identified

The reasons for variance(s) are identified

Variances are communicated with colleagues/ supervisor

Actions are identified where suitable or applicable

Actions are explored and implemented as applicable

Task 2

2 processes are selected to inform management of budget

The processes are suitable for identified budget variances or operational issues

Details are provided what entailed each process

The details for each process selected are complete

The changes investigated are relevant to improve budget performance

The parties involved are identified

Details for communication are provided

The agreed actions are provided

The changes as a result of undertaking process are outlined

The financial benefit/impact on the budget is explained

Where implementation of changes occurs, each process is explained

Task 3

The type of reports to be completed by the business over the budget cycle are identified

The frequency of reports is identified

The frequency for reports is documented and scheduled

Reports are completed as scheduled

A number of different reports were completed by student relevant to the budget:

______________________________

______________________________

______________________________

______________________________

Reports or copies for reports are attached to the project

List additional criteria as relevant

  • Assignment status: Already Solved By Our Experts
  • (USA, AUS, UK & CA PhD. Writers)
  • CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS, GET A NON PLAGIARIZED PAPER FROM OUR EXPERTS
QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Assignment: Individual Report (50%)BackgroundYou have
  • THE UNIVERSITY OF NORTHAMPTONFaculty of Business and
  • Assessment Details and Submission GuidelinesTrimester
  • Self Development and Responsibility
  • Data insights

Recent Comments

  • A WordPress Commenter on Hello world!

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021

Categories

  • Uncategorized

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
©2022 Shark College | Powered by WordPress and Superb Themes!