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FNSACC503 Manage budgets and forecasts: Assessment Task 3

Assessment Task 3: Budget variance project

Task summary 

In this assessment tasks students are required to review actual and budget information and provide a performance reports with recommendations. 

This assessment is to be completed in the simulated work environment in the RTO.

Required

  • Access to textbooks/other learning materials
  • Computer with Microsoft Office and internet access
  • Performance Report Template 

Timing

Your assessor will advise you of the due date of these submissions.

Submit

  • Email with performance report attached
  • Assessment criteria

For your performance to be deemed satisfactory in this assessment task, you must satisfactorily address all of the assessment criteria. If part of this task is not satisfactorily completed, you will be asked to complete further assessment to demonstrate competence.

Re-submission opportunities

You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. 

If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. 

You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Assessment Task 3 Instructions

Carefully read the following: 

Renata Resonance Ltd specialises in audio equipment. The company commenced operations on 1st July 2016.

Actual and budgeted figures for the financial year ending 2017 are as follows:



Expected Actual
Sales$600,000$620,000
Cost of Sales$330,00060% of budgeted sales
Promotional expenses$144,00015% of budgeted sales
Administration expenses$96,000$62.000
General expenses $24,000$31,000


Complete the following activities:

  1. Assume that Renata has hired you to review the company’s finances and to create a performance report for the company that includes final calculations of:
  2. Sales
  3. Cost of sales
  4. Gross profit
  5. OPERATIONAL EXPENSES
  6. SELLING EXPENSES
  7. Promotional expenses
  8. Administration expenses 
  9. General expenses
  10. Total expenses

Renata would also like you to:

  • show the variances in dollars and as a percentage 
  • indicate whether the variance is favourable or unfavourable
  • make recommendations based on your analysis for addressing any unfavourable variances

Use the Performance Report Template to guide your writing of the report. 

The report should include 

  • completed calculations
  • summary of variances 
  • recommendations regarding how to address variances

A table is included in the report to assist you in presenting the financial information.

a

  1. Send an email to your assessor

The text of the email should summarise the contents of the attachment. 

Attach your report to the email.

Send the report within the timelines advised by your assessor at the meeting. 

Answer

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