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SITXFIN003 Learners Assessment Guide SITXFIN003 Manage finances within a budget Assessment 1 SITXFIN003 Manage finances within a budget XXXXXXXXXXRTO No: 21595 | CRICOS Code: 02634E SITXFIN003...

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SITXFIN003
Learners
Assessment Guide
SITXFIN003
Manage finances
within a budget
Assessment 1

SITXFIN003 Manage finances within a budget XXXXXXXXXXRTO No: 21595 | CRICOS Code: 02634E
SITXFIN003 Assessment 1 Page 1 of 6
© Copyright Academia International 2020 XXXXXXXXXXVersion 4 B XXXXXXXXXXApproved by: B. Wade
Assignment Coversheet
Name: XXXXXXXXXX______________________
Student ID: XXXXXXXXXX______________________
Email Address: XXXXXXXXXX________________
Class: XXXXXXXXXX______________________
Unit name: XXXXXXXXXX_____
Unit Code: ______________________________________________
Assignment name:
Student Declaration
I declare that –
a. The evidence I have submitted for assessment is my own work, and
. The evidence I have submitted for assessment has not been shared with other
students, and I have taken all reasonable precautions to ensure that my work cannot
e accessed by other students that may seek to submit my work as their own, and
c. All of the sources of information used to prepare my work have been, or may be
accurately cited, and
d. I retain a copy of all my original for my own records, or for resubmission if required by
Academia Australia, and
e. I have read and understood Academia Australia’s policy regarding plagiarism, and I
accept the right of Academia Australia to investigate suspected plagiarism, and to act
in accordance with the policy and procedure I have read.
Student Signature: __________________________________________
Date of Submission: ___ / /20


SITXFIN003 Manage finances within a budget XXXXXXXXXXRTO No: 21595 | CRICOS Code: 02634E
SITXFIN003 Assessment 1 Page 2 of 6
© Copyright Academia International 2020 XXXXXXXXXXVersion 4 B XXXXXXXXXXApproved by: B. Wade

Assessment Information

 You must achieve a satisfactory outcome for each of the required criteria of this assessment to
e deemed satisfactory for this assessment. You must achieve a satisfactory result for the
assessments for this unit of competency to achieve a competent result for the unit. If one or more
of the assessment results are not satisfactory, you will be Not Yet Competent for this unit.
 You may follow the Assessment Appeals process in the Student Handbook
(www.academia21.com) if you are not satisfied with:
o the assessment result; or
o the way an assessment was ca
ied out by your trainer; or
o the conditions or structure of the assessment
The student handbook has the steps for reassessment if you receive a Not Yet Competent mark and
do not want to appeal.
Reasonable adjustment for assessment

Where students have highlighted Language, Literacy and Numeracy issues reasonable adjustment to
the assessment can be made. Should you receive a ‘Not Yet Competent’ or ‘Resubmit’ result for the
assessment you will be given the opportunity to re-submit your assessment work with any
amendments requested by your trainer.
The adjustment may include actions such as:
• Student demonstrating knowledge through ve
al discussion to identify co
ect answers
• Student demonstrating knowledge through applied skills
• Allowing additional time relating to disability
• Through consultation amending assessment timeframes
• Assistance in the form of the training location to allow easier access
• Accessing relevant equipment or aids to assist the student
• Adjustments to the assessment methods to cater for any special needs (without effecting the
integrity of the outcome)

If a student requests or is identified as requiring reasonable adjustment to the training and
assessment process a detailed training and assessment plan including timetables, notes regarding
the required adjustments, and any related communications regarding the adjustments must be
maintained in the students file.
The RTO Manager must review and authorise any request for ‘reasonable adjustment’ to ensure that
any adjustments and resulting outcomes are not affecting the integrity of the training and assessment
process.

Location of and completion timeframes for assessment
The location of the assessment will depend upon the nature of the assessment. Direct observation of
student’s skills will be assessed in the class room at Academia, the timeframes for these assessments
will be related to the scheduled times of the classes. Other assessments such as; role plays, in class
activities, presentations and written tests will be conducting in the classroom. The timeframes and due
dates for these assessments, as well as any reports, projects or research assignments, are
documented in the stage outlines. Stage outlines are handed out at the beginning of each term.
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www.academia21.com

SITXFIN003 Manage finances within a budget XXXXXXXXXXRTO No: 21595 | CRICOS Code: 02634E
SITXFIN003 Assessment 1 Page 3 of 6
© Copyright Academia International 2020 XXXXXXXXXXVersion 4 B XXXXXXXXXXApproved by: B. Wade
Assessment 1 – Case Study 1 Analysis

This assessment consists of two parts Task 1 and Task 2.

The stage 5 outlines specify the week this assessment is due. The specific dates and time for
assessment submission are advised on Moodle announcement for the unit.

Task 1 has two parts Part A and Part B

For Part A you are required to complete a budget
Answered Same Day Aug 13, 2021 SITXFIN003 Training.Gov.Au

Solution

Sumit answered on Aug 31 2021
117 Votes
Assignment Coversheet
Name:             Student ID:      Email Address:      Class:             Unit name:          Unit Code:          Assignment name:             
Student Declaration
I declare that –
a. The evidence I have submitted for assessment is my own work, and
. The evidence I have submitted for assessment has not been shared with other students, and I have taken all reasonable precautions to ensure that my work cannot be accessed by other students that may seek to submit my work as their own, and
c. All of the sources of information used to prepare my work have been, or may be accurately cited, and
d. I retain a copy of all my original for my own records, or for resubmission if required by Academia Australia, and
e. I have read and understood Academia Australia’s policy regarding plagiarism, and I accept the right of Academia Australia to investigate suspected plagiarism, and to act in accordance with the policy and procedure I have read.
Student Signature:     
Date of Submission:     /    /20    
Assessment 1 – Case Study 1 Analysis
Part A
    Item
    July
    August
    
    Budget
    Actual
    Variance
    Budget
    Actual
    Variance
    Sales
Revenue
    265,000
    263,000
    -2000
    265,000
    266,000
    +1000
    Food Costs
    87,000
    88,000
    -1000
    87,000
    88,500
    -1500
    Beverage
Costs
    13,000
    12,500
    +500
    13,000
    14,000
    -1000
    Labor Costs
    79,000
    83,000
    -4000
    80,000
    82,000
    -2000
    Fixed Costs
    38,000
    38,000
    0
    38,000
    38,000
    0
    Total Costs
    217000
    221500
    -4500
    218000
    222500
    -4500
    Profit
    48000
    41500
    -6500
    47000
    43500
    -3500
Analysis:
The major area of analysis is the Labor Costs. The Variance in case of labor costs in both the months (4000 adverse in the month of July and 2000 Adverse in the month of August) is the highest in comparison to the other factors. The owners and managers should see the reasons for such high labor variances. Some of the reasons might be increase in wage rate or hiring of more labor than anticipated or inefficiency of the labor.
The next area to monitor would be Foods Costs that have next highest variance after the labor costs. Food costs needs to be monitored constantly so that variances can be reduced. This variance is increasing on monthly basis (1000 adverse in the month of July and increased to 1500 adverse in the month of August). Some of the possible reasons for increased food costs could be high wastage of food or unrecorded sales because of which the variance is high.
The management should also check the Beverage Costs since the variance has increased from 500 favorable in the month of July to 1000 adverse in the month of August. The management should check this in dept because of the increased trend as per which the variance is increasing. The management should carefully analyze the changes that were made with respect to this variance because of which favorable variance changed to adverse in just one month.
Part B
1. Budgeting is the process by which standards are set in the beginning of a period for a specific
period specifying how much resources would be used by each unit of the company during the
period. The benefits of budgeting to the owners of the capital are:
(a). Budgeting helps the owners to monitor the expenses incu
ed by the company by comparing the budgeted expenditure with the actual expenditure. The process of comparing the budgeted expense with the actual expenses is also known as variance analysis.
(b). Budgeting helps to allocate resources as per the objective set by the owners so that the resources can be utilized efficiently and effectively towards achievement of objectives of the owners. Since the resources in every organization...
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