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FNS40615 Certificate IV in Accounting FNSACC402 Prepare Operational Budgets & FNSORG506 Prepare Financial Forecasts and Projections (CLUSTERED) ASSESSMENT TASKS Mode | Classroom Delivery FNS40615|...

FNS40615 Certificate IV in Accounting

















FNSACC402
Prepare Operational Budgets
&
FNSORG506
Prepare Financial Forecasts and
Projections
(CLUSTERED)








ASSESSMENT TASKS
Mode | Classroom Delivery

FNS40615| FNSACC402 Prepare Operational Budgets - FNSORG506 Prepare Financial Forecasts and
Projections
Learner’s Guide | V 3.0 | Jan 2017
Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J
Approved by: QAC | Next Review: Dec 2017
Page 2 of 16
FNSACC402 Prepare Operational Budgets - FNSORG506 Prepare Financial Forecasts and
Projections

Supporting: FNS40615 Certificate IV in Accounting; May also support other qualifications based on respective packaging rules

© Le-Sharma Pty Ltd, 2016



















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FNS40615| FNSACC402 Prepare Operational Budgets - FNSORG506 Prepare Financial Forecasts and
Projections
Learner’s Guide | V 3.0 | Jan 2017
Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J
Approved by: QAC | Next Review: Dec 2017
Page 3 of 16
Unit of Competency : FNSACC402 Prepare Operational Budgets - FNSORG506 Prepare
Financial Forecasts and Projections
Total Delivery Hours : TBA
Schedule : TBA
Cluste
Term : TBA
1. Introduction

This assessment pack contains all the assessment tasks that need to be completed for this unit of competency.
ALL the given tasks must be completed and submitted as per the instructions provided.

Supporting information and guidelines are provided separately in the “Assessment Guide”, available from your
traine
assessor and online portal.
2. Unit Overview

This resource is developed for a clustered delivery and assessment of;

▪ FNSACC402 Prepare Operational Budgets
▪ FNSORG506 Prepare Financial Forecasts and Projections

The assessments are designed such that they satisfy the competency requirements of both the units. The
lesson plan combines the topics related to both the units.


FNSACC402 Prepare Operational Budgets
FNSORG506 Prepare Financial Forecasts and
Projections

This unit describes the skills and knowledge required
to prepare and document operational budgets for a
variety of organisations.

It applies to individuals who use specialised
knowledge and systematic approaches to undertake
strategic financial activity for an organisation.

No licensing, legislative or certification requirements
apply to this unit at the time of publication.



This unit describes the skills and knowledge required
to plan a financial forecast or projection, identify
assumptions and parameters, collect, consolidate and
analyse data, make forecasts or projections, document
esults and obtain approval.

It applies to experienced individuals who use a range
of specialist and managerial techniques to plan and
ca
y out their work, and provide direction to others.

No licensing, legislative or certification requirements
apply to this unit at the time of publication.

Detailed unit description, including performance criteria and competency evidence can be accessed online at;

http:
training.gov.au/Training/Details/FNSACC402
http:
training.gov.au/Training/Details/FNSORG506

View Unit
View Unit
http:
training.gov.au/Training/Details/FNSACC402
http:
training.gov.au/Training/Details/FNSORG506
http:
training.gov.au/Training/Details/FNSORG506
http:
training.gov.au/Training/Details/FNSORG506
http:
training.gov.au/Training/Details/FNSORG506


FNS40615| FNSACC402 Prepare Operational Budgets - FNSORG506 Prepare Financial Forecasts and
Projections
Learner’s Guide | V 3.0 | Jan 2017
Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J
Approved by: QAC | Next Review: Dec 2017
Page 4 of 16
Learning Outcomes
FNSACC402 Prepare Operational Budgets
FNSORG506 Prepare Financial Forecasts and
Projections

Learning Outcomes

On successful completion of this unit, the
student/trainee will be able to;

▪ Prepare budget
▪ Set budget timeframe
▪ Document budget

Learning Outcomes

On successful completion of this unit, the
student/trainee will be able to;

▪ Plan preparation timetable
▪ Identify assumptions and parameters
▪ Issue instructions and relevant aids for
preparation of forecasts and projections
▪ Collect, consolidate, model and analyse data
▪ Document results and obtain approval

As well as demonstrating the performance criteria, to be assessed as competent, the student must
demonstrate their ability to apply the required knowledge and skills in a range of situations. These are
summarised in the unit description as provided in the link above.

The students must familiarise themselves with all the competency requirements for this unit of competency and
ensure that they have received all the relevant information and support, including assessment task and
submission schedules, and any specific assessment requirements and conditions, from the traine
assessor
prior to undertaking these assessments.


Unit Prerequisites

There are no prerequisites for undertaking this unit of competency.
3. Prescribed Text and Resources


Pearson Scope, Prepare operational budgets Learner Guide, Pearson
http:
www.pearson.com.au/ XXXXXXXXXX

Hanke J.E., Wichern D., 2013, Business Forecasting: Pearson New International Edition, Pearso

Suggested Learner Resources & Readings
NIA, 2010, Budgeting: A Practical Approach, Pearson
http:
www.pearson.com.au/ XXXXXXXXXX

Lalli W. R., 2012, Handbook of Budgeting (6th Ed.), Wiley Corporate F&A, Wiley

Banks A., Giliberti J., 2008, Budgeting, McGrew Hill

Bragg S. M., 2011, Budgeting: A Comprehensive Guide, AccountingTools

FNS40615| FNSACC402 Prepare Operational Budgets - FNSORG506 Prepare Financial Forecasts and
Projections
Learner’s Guide | V 3.0 | Jan 2017
Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J
Approved by: QAC | Next Review: Dec 2017
Page 5 of 16
4. Assessment Tasks

The following summative assessments are planned for this unit;

# Assessment Task/Activity Type Assessment Method
1 Part A: Prepare a Cost of Goods Sold Budget Individual Practical/Analytical
Part B: Prepare a Sales Budget Individual Practical/Analytical
2 Part A: Prepare and Report a Master Operating Budget Individual Written
Part B: Prepare Financial Forecasts Individual Practical/Analytical

These assessment tasks/activities have been described in detail in the following section.

Task schedule to be advised by traine
assessor based on the lesson and session plans.



















FNS40615| FNSACC402 Prepare Operational Budgets - FNSORG506 Prepare Financial Forecasts and
Projections
Learner’s Guide | V 3.0 | Jan 2017
Macquarie Education Group Australia Pty Ltd t/a Macquarie Institute | RTO Code 91305 | CRICOS Code 02657J
Approved by: QAC | Next Review: Dec 2017
Page 6 of 16
Assessment Task 1
Part A: Prepare a Cost of Goods Sold Budget
Description:

For a company selling a physical product, the cost of goods sold (also called COGS, Cost of finished products or
cost of sales) forecast answers the question of how much it will cost to produce or stock the product(s). The
COGS forecast relate to the sales forecast as more stock or components are needed to be purchased if more
items are expected to be sold.

A Cost of Goods Sold forecast also contributes towards preparing an operational budget. It is essential that you
familiarise yourself with key budgeting and accounting principles prior to undertaking this task. This task
should be completed in conjunctions with learning sessions and students must ensure that they attend all the
sessions to develop the basic understanding of key concepts and theories.

For this task, your traine
assessor will play the role of Company’s Finance and Accounting Manager for
consultation and necessary inputs. Your responsibility will be to maintain a positive and proactive
communication with your manager.

Background:

Hardwood Products is a producer of quality hard wood furniture and manufactures two different types of
timber product, Dining Tables and Buffets and uses three raw materials, Ash, Redwood, and pine 2-packs. The
company has a strong finance and accounting focus and prepares various budgets before the start of each
financial year. Budgets are monitored against actual data during the operating periods and the company
produces the required stocks based on sales forecasts for each period. The following actual and forecast sales
have been provided by the company’s marketing manager;

Sales Forecast: Hardwood Products
Period Dining Tables Buffets
Actual
April 20 100
May XXXXXXXXXX
June 20 100
Forecast
July 20 100
August 30 150
September 25 120
October 40 160

The following budget information is provided by the company;

▪ Dining Tables sell for $9,000 each and the Buffets sell for $4,250
Sep 16, 2017
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