SITXFIN003 Assessment Tasks and Instructions
Assessment Guidelines
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What will be assessed – Performance Evidence |
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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. |
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Place/Location where assessment will be conducted |
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NIET Brisbane, Eight Mile Plain |
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Resource Requirements |
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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 |
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Instructions for assessment including WHS requirements |
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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
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Okey Dokey Restaurant 2021 Budget Profit and Loss Report |
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Item |
January |
February |
March |
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Item |
Budget |
Actual |
Variance |
Budget |
Actual |
Variance |
Budget |
Actual |
Variance |
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Income |
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Food Sales |
$45,000 |
$47,000 |
$2,000 |
$47,000 |
$45,000 |
($2,000) |
$45,000 |
$22,000 |
($23,000) |
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Beverage Sales |
$35,000 |
$38,000 |
$3,000 |
$33,000 |
$36,000 |
$3,000 |
$35,000 |
$15,000 |
($20,000) |
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Total Sales |
$80,000 |
$85,000 |
$5,000 |
$80,000 |
$81,000 |
$1,000 |
$80,000 |
$37,000 |
($43,000) |
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Expenses |
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Rent |
$5,000 |
$5,000 |
$0 |
$5,000 |
$5,000 |
$0 |
$5,000 |
$5,000 |
$0 |
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Telephone |
$150 |
$180 |
($30) |
$150 |
$150 |
$0 |
$150 |
$100 |
$50 |
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Electricity |
$500 |
$540 |
($40) |
$500 |
$530 |
($30) |
$500 |
$500 |
$0 |
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Gas |
$300 |
$360 |
($60) |
$300 |
$340 |
($40) |
$300 |
$250 |
$50 |
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Wages |
$7,000 |
$7,150 |
($150) |
$7,000 |
$7,300 |
($300) |
$7,000 |
$5,250 |
$1,750 |
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Water |
$80 |
$100 |
($20) |
$80 |
$95 |
($15) |
$80 |
$80 |
$0 |
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Insurance |
$1000 |
$1000 |
$0 |
$0 |
$0 |
$0 |
$0 |
$500 |
($500) |
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Superannuation |
$736 |
$752 |
($16) |
$736 |
$768 |
($32) |
$736 |
$552 |
$184 |
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Total expenses |
$14,766 |
$15,082 |
($316) |
$13,766 |
$14,183 |
($417) |
$13,766 |
$12,232 |
$1534 |
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Profit or Loss |
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Total Sales |
$80,000 |
$85,000 |
$5,000 |
$80,000 |
$81,000 |
$1,000 |
$80,000 |
$37,000 |
($43,000) |
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Total Expenses |
$14,766 |
$15,082 |
($316) |
$13,766 |
$14,183 |
$417 |
$13,766 |
$12,232 |
$1,534 |
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Total Profit/Loss |
$65,234 |
$69,918 |
$4,684 |
$66,234 |
$66,817 |
$583 |
$66,234 |
$24,768 |
($41,466) |
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Date |
Budget Performance/Area |
Variance |
Reason |
Discussion with supervisor |
Action |
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Budget Cycle Start 1 |
1st Jan-14th Jan 2021 |
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Week 2 |
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Week 4 |
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Week 6 |
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Week 8 |
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Week 10 |
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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.
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Item |
January |
February |
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Budget |
Actual |
Variance |
Budget |
Actual |
Variance |
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Sales Revenue |
255,000 |
250,000 |
255,000 |
240,000 |
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Food Costs |
72,000 |
70,000 |
72,000 |
73,000 |
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Beverage Costs |
16,000 |
15,000 |
16,000 |
17,000 |
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Labour Costs |
87,000 |
80,000 |
87,000 |
85,000 |
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Fixed Costs |
30,000 |
30,000 |
30,000 |
30,000 |
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Total Costs |
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Profit |
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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.
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Importance:
Why:
Explain to them the use of analysing the monthly budget and comparing the forecasted budget against the actual budgets.
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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)
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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?
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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.
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Type of report |
Frequency |
Due Date(s) |
Completed by |
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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) |
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Profit and Loss Report |
Monthly |
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Cost of Goods Report |
Monthly |
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Sales Report |
Monthly |
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Okey Dokey Restaurant Sales Report |
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Sales |
March 2021 |
April 2021 |
May 2021 |
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Liquor Sales |
920 |
900 |
950 |
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Bottle beer |
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Wine |
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Cakes and Bakery |
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Soft Drink |
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Juices |
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Coffees |
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Food |
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Total Sales |
92,000 |
90,000 |
95,000 |
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Okey Dokey Restaurant Cost of Goods Report |
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Sales |
March 2021 Lock down |
April 2021 |
May 2021 |
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Liquor Sales |
270 270/27600*100%=0.98% |
270 1% |
285 1% |
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Bottle beer |
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Wine |
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Cakes and Bakery |
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Soft Drink |
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Juices |
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Coffees |
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Food |
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Total COG |
27,600 |
27,000 |
28,500 |
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Okey Dokey Restaurant Profit and Loss Report |
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Item |
March 2021 |
April 2021 |
May 2021 |
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Item |
Budget |
Actual |
Variance |
Budget |
Actual |
Variance |
Budget |
Actual |
Variance |
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Income |
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Food Sales |
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Beverage Sales |
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Total Sales |
$95,000 |
$92,000 |
$95,000 |
$90,000 |
$95,000 |
$95,000 |
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Expenses |
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Rent |
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Telephone |
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Cost of Food |
27,000 |
27,600 |
27,000 |
27,000 |
27,000 |
28,500 |
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Gas and Electricity |
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Wages |
32,000 |
32,200 |
32,000 |
31,500 |
32,000 |
33,250 |
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Water |
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Insurance |
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Superannuation |
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Total expenses |
80,750 |
78,200 |
80,750 |
76,500 |
80,750 |
80,750 |
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Profit or Loss |
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Total Sales |
$95,000 |
$92,000 |
$95,000 |
$90,000 |
$95,000 |
$95,000 |
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Total Expenses |
$14,766 |
$15,082 |
$13,766 |
$14,183 |
$13,766 |
$12,232 |
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Total Profit/Loss |
12,000 |
13,800 |
12,000 |
13,500 |
12,000 |
14,250 |
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Marking Guide |
S |
NYS |
Comments |
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Criteria |
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Task 1 |
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Provides a copy of the opening budget |
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Provides a copy of the closing budget |
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Provides a budget report for each fortnight |
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The performance of each category is identified |
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The variance for each fortnight is identified |
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The reasons for variance(s) are identified |
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Variances are communicated with colleagues/ supervisor |
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Actions are identified where suitable or applicable |
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Actions are explored and implemented as applicable |
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Task 2 |
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2 processes are selected to inform management of budget |
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The processes are suitable for identified budget variances or operational issues |
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Details are provided what entailed each process |
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The details for each process selected are complete |
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The changes investigated are relevant to improve budget performance |
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The parties involved are identified |
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Details for communication are provided |
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The agreed actions are provided |
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The changes as a result of undertaking process are outlined |
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The financial benefit/impact on the budget is explained |
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Where implementation of changes occurs, each process is explained |
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Task 3 |
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The type of reports to be completed by the business over the budget cycle are identified |
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The frequency of reports is identified |
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The frequency for reports is documented and scheduled |
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Reports are completed as scheduled |
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A number of different reports were completed by student relevant to the budget: ______________________________ ______________________________ ______________________________ ______________________________ |
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Reports or copies for reports are attached to the project |
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List additional criteria as relevant |
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