| University : | Australian Ideal College UniLearnO is not sponsored or endorsed by this college or university. |
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| Subject Code : | BSBFIM501 | Country : | Australia |
Assignment Task
Task 1 Assessment Instructions
This is an individual assessment. You are required to demonstrate the ability to plan financial management approaches. In response to the scenario provided, you are required to answer a series of questions. You must answer all of the questions below, and include examples where appropriate. Please ensure that you have answered each question with an appropriate level of detail. If you need help understanding any questions, ask your assessor to explain.
Case study
Hasan works for a company that manufactures shower screens. He is the cost centre manager for the production area. For the four products they manufacture, sales at the end of February are in the table below.
Case study
Hugo is the manager of a medium-sized retailing operation and is concerned about the collection of monies for goods sold. He has a current policy for collecting monies from credit customers and all goods are sold on credit. He has actual sales data for the first six months of the financial year and projected sales figures for the six months to credit customers. He wishes to consider the impact of adjusting the policy and has two proposals in mind. The policies are below:
There is one additional question Hugo wants answered: is there any advantage from a cashflow perspective of offering a two percent discount if accounts are settled in the first month? His view is that most of his customers would pay in the first month and the remaining would pay in the next month, and no bad debts would need to be written off.
(a) Describe a budget development coordination and approval process.
Please answer Question 2 Part (a) here. A budget is a systematic method of allocating financial, physical, and human resources to achieve strategic goals. Companies develop budgets in order to monitor progress toward their goals, help control spending, and predict cash flow and profit.Coordination involves obtaining and organizing the needed personnel, equipment, and materials to carry out the business. A budget aids in coordination between separate activity units to ensure that all parts of the company are in balance with each other and know how they fit in.
Approval processes are a type of workflow, which is any sequence of work from initiation to completion, that you can create to ensure work is approved the same way every time. Creating an approval process can simply mean defining the procedures that you will follow to approve work.
(b) For what reasons might you adjust the format or methods of communication about budgets to employees?
Please answer Question 2 Part (b) here. Since the marketing employees will be less concened with operational budgets - it does not make sense to display any other budgets except their own departments - this will help them stay focused and try and work within the budget and this might need some adjusting to the data.
Whereas, talking about inter dependecy between departments can help each employee understand their role to the profitability of the company and an immediate effect of their activities on budgets, can be discussed with them.
(c) Analyse the optional policies and make a recommendation to Hugo as to which policy he should consider as the better option. Include in your response a projected cashflow spreadsheet for each of the proposals.
Task 2 Assessment Instructions
This is an individual assessment. You are required to demonstrate the ability to monitor and control finances. In response to the scenario provided, you will create a simple spreadsheet budget to capture monitoring information. Using information provided to you by your assessor, you will then use the budget spreadsheet to produce a report on expenditure in accordance with organisational policies and procedures. You will also modify a contingency plan. If you need help understanding any questions, ask your assessor to explain.
Procedure
? Read through the scenario provided and Part A and B.
? Design and develop a spreadsheet to capture budgeted and actual figures to produce a variance report.
? Access actual budget figures from relevant managers and accounting systems (assessor).
? Monitor and record actual figures.
? Produce a variance report as per organisational requirements.
? Consider the scenario information and contingency plan provided and analyse the variance report.
? Modify the contingency and implementation plans provided in the scenario to improve effectiveness.
? Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.
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