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Assessment T-1.8.1 Details of Assessment Term and Year TERM 2 , 2018 Time allowed Week 2, 3, 4, 5, 6, 7 Assessment No 1 Assessment Weighting 60% Assessment Type Portfolio of activities (Written) Due...

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Assessment
T-1.8.1
    Details of Assessment
    Term and Yea
     TERM 2 , 2018
    Time allowed
    Week 2, 3, 4, 5, 6, 7
    Assessment No
    1
    Assessment Weighting
    60%
    Assessment Type
    Portfolio of activities (Written)
    Due Date
    Week No. 7
    Room
    1
    Details of Subject
    Qualification
    BSBFIM501 Diploma of Leadership and Management
    Subject Name
    Finance
    
    Details of Unit(s) of competency
    Unit Code (s) and Names
    BSBFIM501 Manage Budgets and Financial Plans
    Details of Student
    Student Name
    
    College
    AAI
    Student ID
    
    Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.
    Signature: ___________________________
Date: _______/________/_______________
    Details of Assesso
    Assessor’s Name
    SINDHU NAIR
    Assessment Outcome
    Results
    
|_| Competent |_| Not Yet Competent

    Marks
     / 60
    FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
    Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights and reassessment procedure.
Signature:     ____________________________
Date:     ____/_____/_____
    Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
|_| Student did not attend the feedback session.
XXXXXXXXXXFeedback provided on assessment.
Signature:     ____________________________
Date:     ____/_____/_____
    Purpose of the Assessment
    The purpose of this assessment is to assess the student in the following learning outcomes:
     Competent
(C)
    Not yet Competent
(NYC)
    Plan financial management approaches
    
    
    Implement financial management approaches
    
    
    Monitor and control finances
    
    
    Review and evaluate financial management processes
    
    
    Assessment/evidence gathering conditions
    Each assessment component is recorded as either Satisfactory (S) or Not Satisfactory (NS). A student can only achieve competence when all assessment components listed under Purpose of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NS (Not Satisfactory) is eligible for re-assessment.
    Resources required for this Assessment
    1. Upon completion, submit the assessment to your trainer along with assessment coversheet
1. Refer to the subject notes on E-Learning prior to responding to the tasks/questions
1. Any additional material will be provided by Traine
    Instructions for Students
    Please read the following instructions carefully
· This assessment has to be completed |X| In class |X| At home
· The assessment is to be completed according to the instructions given by your assessor.
· Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date. All other feedbacks will be provided by the end of the term.
· Should you not answer the questions co
ectly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
· If you are not sure about any aspects of this assessment, please ask for clarification from your assessor.
· Please refer to the College re-assessment and re-sit policy for more information.
Week 1:
Task 1: Give some examples for the following costs:
Direct cost
Material, labour, power, rent, commission on sales
__________________________________________________________________________________
Indirect cost
insurance, rent ,power,
eakdowns. Administrative salaries phone expenses
__________________________________________________________________________________
Fixed cost
Materials, labourers , insurance
__________________________________________________________________________________
Variable cost
Materials, utilities, machine rental , __________________________________________________________________________________
Step cost/Semi variable cost
__________________________________________________________________________________
__________________________________________________________________________________
Task 2: Classifying costs and Monitoring process for actual expenditure:
Part a:
A company incurs the following costs (as shown under ‘Workings’) during a manufacturing process. Identify them with one of the cost elements (direct material, direct labour or other costs) by ticking the appropriate column. Also indicate by a tick whether it is a direct or an indirect cost.
Workings:
    
    Costs
    Direct material
    Direct labou
    Overhead
Other cost
    Direct cost
    Indirect cost
    1
    Raw materials
    x
    
    
    x
    
    2
    Electricity
    x
    
    x
    
    
    3
    Foreperson’s salary
    
    
    x
    
    x
    4
    Telephone calls
    
    
    x
    
    x
    5
    Machine operators’ wages
    
    x
    
    x
    
    6
    Rent and rates for factory premises
    
    
    
    
    x
    7
    Insurance on machinery
    
    
    x
    
    x
    8
    Maintenance materials
    x
    
    
    x
    
    9
    Cleaners’ wages
    
    
    x
    
    x
    10
    Gas
    
    
    x
    
    x
    11
    Telesales wages
    
    x
    
    x
    
    12
    Nuts and bolts
    x
    
    
    x
    
Part b:
i) Complete the following variance report.
    PRODUCT
    BUDGETED
SALES
    ACTUAL
SALES
    VARIANCE
    
    Qty
        $
    Qty
        $
    Qty
        $
    Product X
    100
    20 000
    120
    26 000
    20
    6000
    Product Y
    150
    18 000
    160
    17 600
    10f
    400uf
    Product Z
    200
    40 000
    190
    36 100
    10f
    3900uf
    Total
    450
    78000
    470
    79700
    40
    1900f
ii) Complete the missing figures in the following cost of production report for product X.
Cost of production report
    
    Budget
$
    Actual
$
    Variance
$
    Direct material
    8 950
    9600
    650(U)
    Direct labou
    17 900
    18 260
    360u
    Factory overhead
    6540
    6 420
    120(F)
Part c:
From the information given, calculate and write down all possible variances (units or dollar amounts as applicable) in the variance columns stating whether they are favourable (F) or unfavourable (U).
    
    
    Budget
    Actual
    Variance
(Total)
    
    
    
    
    Qty
    $
    Sales – Product A
    Units
    900
    950
    50f
    
    Sales – Product B
    Units
    1 200
    1 180
    200 uf
    
    Sales – Product C
    Units
    1 500
    1 650
    150f
    
    
    
    
    
    
    
    Sales – Product A
    $/Unit
    10
    9
    
    1u
    Sales – Product B
    $/Unit
    12
    14
    
    2f
    Sales – Product C
    $/Unit
    15
    16
    
    1f
    
    
    
    
    
    
    Production – Product A
    Units
    1000
    1 100
    100f
    
    Production – Product B
    Units
    1 200
    1 320
    120f
    
    Production – Product C
    Units
    1 800
    1 780
    20u
    
    
    
    
    
    
    
    Raw material X
    $
    5 700
    6 875
    
    1175u
    Raw material Y
    $
    10 500
    10 230
    
    270f
    Raw material Z
    $
    7 200
    7 476
    
    276f
Task 3a: Dissemination of budgets and financial plans
List the ways by which dissemination of budget and action requirements takes place.
__________________________________________________________________________________
__________disseminating the relevant details of the agreed budget and financial plans to the team members can capably execute the required roles which is associated with the management of finance. ________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Task 3b:
Give some examples of budgets, and explain which parties these should be discussed with.
Operating Budget
Master budget
Financial budget
Week 2: Case Study – Task 4
Performance indicators
Rural fire services consist of a number of volunteers who are drawn from the local communities. These volunteers are trained by the State’s fire
igade. They are called upon to assist the permanent staff in case of emergency. Depending on the training and their capability they are provided with protective clothing where the well trained volunteers get a full set of uniform and the beginners get an identifying cap. These volunteers also help in fund raising activities. The money collected goes into funding the unit.
Performance indicators linked to the activities of an organisation are necessary for the organisation to assess its performance. The performance indicators used by commercial organisations are motivated by the need to make a profit for them to survive and provide returns to the investors. The performance indicators for not-for-profit organisations are some what different to those of commercial organisations. Not-for-profit organisations are those organisations that provide services for organisation members or for other people but not interested in profits. This is mainly due to the fact that these organisations survive on grants and donations. Examples of such organisation include charities, churches and political parties. Some not-for-profit organisations are substantial organisations such as the International Red Cross that has a large budget and complex operations while others such as local sports teams are run for a local community.
What might be some of the performance indicators used to assess the performance of such units?
You might investigate such a unit or look at other not-for-profit groups and review how they go about measuring performance.
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Task 5: Performance Indicators.
Explain whether the items in the ‘Workings’ area are financial or non-financial performance indicators.
Workings:
    
    Items
    Financial
    Non-Financial
    Reason
    1
    The absenteeism in the paint shop of Ru
er Toy Manufacturing Company caused a loss of 28 productive hours in the past week.
    x
    
    
    2
    The gross profit to sales ratio of the cosmetic section of XYZ Department Stores was 60% for May.
    
    
    
    3
    There was one reported accident in the cutting section of Dale Furniture Manufacturers during the month of June.
    
    
    
    4
    Accounts receivable as at 31 December was 15% of the sales for the year.
    
    
    
    5
    Net profit to sales ratio of XYZ Department Stores was 8% for May.
    
    
    
Task 6: Classification of work description:
Identify the following as Trading (T), Manufacturing (M) or service (S) business.
0. a grocery store            ( T )
0. a furniture wholesaler        ( T )
0. a legal firm            ( S )
0. a plumber            ( S )
0. a dentist            ( S)
0. a bakery            ( M )
0. a food processing factory    ( M)
0. a restaurant            ( S )
0. a super market            ( T)
0. a doctor’s surgery        ( S )
0. a shoe store            ( T )
Task 7: Fees Budget
The Suburat Medical Centre, located in an affluent subu
, provides a 24-hour medical service to the
esidents. A recently recruited employee has been asked to help the management with the
preparation of a fees budget for January 20X1and is provided with the following information:
•    Forty-five per cent of patients pay in cash when services are performed, and those insured claim refunds from their medical funds. The fee charged to the patients is $25.
•    Fifty-five per cent of the patients are accepted on bulk billing, where the fee charged is $19.
•    The number of patients expected for consultation/treatment in January 20X1 is 1700.
Show how the fees budget will be prepared.
Workings:
    Suburat Medical Centre
    Fees budget – January 20X1
    
    $
    Fees receivable in cash
    19125
    Fees receivable from bulk billing
    13005
    Total fees
    32130
Task 8: Sales Budget and production budget
The projected sales in units for Parker and Company for the month of January 20XX is
12000. The inventory of finished goods on 1 January 20XX was 6,000. The company expects
the ending inventory for January to be 7000 units and expects to maintain it at that level fo
the coming months
Answered Same Day May 15, 2020 BSBFIM501 Training.Gov.Au

Solution

Aarti J answered on May 17 2020
156 Votes
Assessment
T-1.8.1
    Details of Assessment
    Term and Yea
     TERM 2 , 2018
    Time allowed
    Week 2, 3, 4, 5, 6, 7
    Assessment No
    1
    Assessment Weighting
    60%
    Assessment Type
    Portfolio of activities (Written)
    Due Date
    Week No. 7
    Room
    1
    Details of Subject
    Qualification
    BSBFIM501 Diploma of Leadership and Management
    Subject Name
    Finance
    
    Details of Unit(s) of competency
    Unit Code (s) and Names
    BSBFIM501 Manage Budgets and Financial Plans
    Details of Student
    Student Name
    
    College
    AAI
    Student ID
    
    Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.
    Signature: ___________________________
Date: _______/________/_______________
    Details of Assesso
    Assessor’s Name
    SINDHU NAIR
    Assessment Outcome
    Results
    
|_| Competent |_| Not Yet Competent

    Marks
     / 60
    FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
    ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
    Student Declaration: I declare that I have been assessed in this unit, and I have been advised of my result. I also am aware of my appeal rights and reassessment procedure.
Signature:     ____________________________
Date:     ____/_____/_____
    Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback
|_| Student did not attend the feedback session.
Feedback provided on assessment.
Signature:     ____________________________
Date:     ____/_____/_____
    Purpose of the Assessment
    The purpose of this assessment is to assess the student in the following learning outcomes:
     Competent
(C)
    Not yet Competent
(NYC)
    Plan financial management approaches
    
    
    Implement financial management approaches
    
    
    Monitor and control finances
    
    
    Review and evaluate financial management processes
    
    
    Assessment/evidence gathering conditions
    Each assessment component is recorded as either Satisfactory (S) or Not Satisfactory (NS). A student can only achieve competence when all assessment components listed under Purpose of the assessment section are Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NS (Not Satisfactory) is eligible for re-assessment.
    Resources required for this Assessment
    1. Upon completion, submit the assessment to your trainer along with assessment coversheet
1. Refer to the subject notes on E-Learning prior to responding to the tasks/questions
1. Any additional material will be provided by Traine
    Instructions for Students
    Please read the following instructions carefully
· This assessment has to be completed |X| In class |X| At home
· The assessment is to be completed according to the instructions given by your assessor.
· Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided with feedback on your work within 2 weeks of the assessment due date. All other feedbacks will be provided by the end of the term.
· Should you not answer the questions co
ectly, you will be given feedback on the results and your gaps in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.
· If you are not sure about any aspects of this assessment, please ask for clarification from your assessor.
· Please refer to the College re-assessment and re-sit policy for more information.
Week 1:
Task 1: Give some examples for the following costs:
Direct cost
Material, labour, power, rent, commission on sales
__________________________________________________________________________________
Indirect cost
insurance, rent ,power,
eakdowns. Administrative salaries phone expenses
__________________________________________________________________________________
Fixed cost
Materials, labourers , insurance
__________________________________________________________________________________
Variable cost
Materials, utilities, machine rental , __________________________________________________________________________________
Step cost/Semi variable cost
__________________________________________________________________________________
__________________________________________________________________________________
Task 2: Classifying costs and Monitoring process for actual expenditure:
Part a:
A company incurs the following costs (as shown under ‘Workings’) during a manufacturing process. Identify them with one of the cost elements (direct material, direct labour or other costs) by ticking the appropriate column. Also indicate by a tick whether it is a direct or an indirect cost.
Workings:
    
    Costs
    Direct material
    Direct labou
    Overhead
Other cost
    Direct cost
    Indirect cost
    1
    Raw materials
    x
    
    
    x
    
    2
    Electricity
    x
    
    x
    
    
    3
    Foreperson’s salary
    
    
    x
    
    x
    4
    Telephone calls
    
    
    x
    
    x
    5
    Machine operators’ wages
    
    x
    
    x
    
    6
    Rent and rates for factory premises
    
    
    
    
    x
    7
    Insurance on machinery
    
    
    x
    
    x
    8
    Maintenance materials
    x
    
    
    x
    
    9
    Cleaners’ wages
    
    
    x
    
    x
    10
    Gas
    
    
    x
    
    x
    11
    Telesales wages
    
    x
    
    x
    
    12
    Nuts and bolts
    x
    
    
    x
    
Part b:
i) Complete the following variance report.
    PRODUCT
    BUDGETED
SALES
    ACTUAL
SALES
    VARIANCE
    
    Qty
        $
    Qty
        $
    Qty
        $
    Product X
    100
    20 000
    120
    26 000
    20
    6000
    Product Y
    150
    18 000
    160
    17 600
    10f
    400uf
    Product Z
    200
    40 000
    190
    36 100
    10f
    3900uf
    Total
    450
    78000
    470
    79700
    40
    1900f
ii) Complete the missing figures in the following cost of production report for product X.
Cost of production report
    
    Budget
$
    Actual
$
    Variance
$
    Direct material
    8 950
    9600
    650(U)
    Direct labou
    17 900
    18 260
    360u
    Factory overhead
    6540
    6 420
    120(F)
Part c:
From the information given, calculate and write down all possible variances (units or dollar amounts as applicable) in the variance columns stating whether they are favourable (F) or unfavourable (U).
    
    
    Budget
    Actual
    Variance
(Total)
    
    
    
    
    Qty
    $
    Sales – Product A
    Units
    900
    950
    50f
    
    Sales – Product B
    Units
    1 200
    1 180
    200 uf
    
    Sales – Product C
    Units
    1 500
    1 650
    150f
    
    
    
    
    
    
    
    Sales – Product A
    $/Unit
    10
    9
    
    1u
    Sales – Product B
    $/Unit
    12
    14
    
    2f
    Sales – Product C
    $/Unit
    15
    16
    
    1f
    
    
    
    
    
    
    Production – Product A
    Units
    1000
    1 100
    100f
    
    Production – Product B
    Units
    1 200
    1 320
    120f
    
    Production – Product C
    Units
    1 800
    1 780
    20u
    
    
    
    
    
    
    
    Raw material X
    $
    5 700
    6 875
    
    1175u
    Raw material Y
    $
    10 500
    10 230
    
    270f
    Raw material Z
    $
    7 200
    7 476
    
    276f
Task 3a: Dissemination of budgets and financial plans
List the ways by which dissemination of budget and action requirements takes place.
__________________________________________________________________________________
__________disseminating the relevant details of the agreed budget and financial plans to the team members can capably execute the required roles which is associated with the management of finance. ________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
Task 3b:
Give some examples of budgets, and explain which parties these should be discussed with.
Operating Budget
Master budget
Financial budget
Week 2: Case Study – Task 4
Performance indicators
Rural fire services consist of a number of volunteers who are drawn from the local communities. These volunteers are trained by the State’s fire
igade. They are called upon to assist the permanent staff in case of emergency. Depending on the training and their capability they are provided with protective clothing where the well trained volunteers get a full set of uniform and the beginners get an identifying cap. These volunteers also help in fund raising activities. The money collected goes into funding the unit.
Performance indicators linked to the activities of an organisation are necessary for the organisation to assess its performance. The performance indicators used by commercial organisations are motivated by the need to make a profit for them to survive and provide returns to the investors. The performance indicators for not-for-profit organisations are some what different to those of commercial organisations. Not-for-profit organisations are those organisations that provide services for organisation members or for other people but not interested in profits. This is mainly due to the fact that these organisations survive on grants and donations. Examples of such organisation include charities, churches and political parties. Some not-for-profit organisations are substantial organisations such as the International Red Cross that has a large budget and complex operations while others such as local sports teams are run for a local community.
What might be some of the performance indicators used to assess the performance of such units?
You might investigate such a unit or look at other not-for-profit groups and review how they go about measuring performance.
Answer:
__Some of the performance indicators of the non-profit organization includes the number of volunteers that have joined to perform the rural fire services. Apart from that the other performance indicators includes the number of fire services that has been provided to the clients by the rural fore services. It also includes the response time and service provided.
_
Task 5: Performance Indicators.
Explain whether the items in the ‘Workings’ area are financial or non-financial performance indicators.
Workings:
    
    Items
    Financial
    Non-Financial
    Reason
    1
    The absenteeism in the paint shop of Ru
er Toy Manufacturing Company caused a loss of 28 productive hours in the past week.
    x
    
    
    2
    The gross profit to sales ratio of the cosmetic section of XYZ Department Stores was 60% for May.
    
    
    
    3
    There was one reported accident in the cutting section of Dale Furniture Manufacturers during the month of June.
    
    
    
    4
    Accounts receivable as at 31 December was 15% of the sales for the year.
    
    
    
    5
    Net profit to sales ratio of XYZ Department Stores was 8% for May.
    
    
    
Task 6: Classification of work description:
Identify the following as Trading (T), Manufacturing (M) or service (S) business.
0. a grocery store            ( T )
0. a furniture wholesaler        ( T )
0. a legal firm            ( S )
0. a plumber            ( S )
0. a dentist            ( S)
0. a bakery            ( M )
0. a food processing factory    ( M)
0. a restaurant            ( S )
0. a super market            ( T)
0. a doctor’s surgery        ( S )
0. a shoe store            ( T )
Task 7: Fees Budget
The Suburat Medical Centre, located in an affluent subu
, provides a 24-hour medical service to the
esidents. A recently recruited employee has been asked to help the management with the
preparation of a fees budget for January 20X1and is provided with the following information:
•    Forty-five per cent of patients pay in cash when services are performed, and those insured claim refunds from their medical funds. The fee charged to the patients is $25.
•    Fifty-five per cent of the patients are accepted on bulk billing, where the fee charged is $19.
•    The number of patients expected for consultation/treatment in January 20X1 is 1700.
Show how the fees budget will be prepared.
Workings:
    Suburat Medical Centre
    Fees budget – January 20X1
    
    $
    Fees receivable in cash
    19125
    Fees receivable from bulk billing
    13005
    Total fees
    32130
Task 8: Sales Budget and production budget
The projected sales in units for Parker and Company for the month of January 20XX is
12000. The inventory of finished goods on 1 January 20XX was 6,000. The company expects
the ending inventory for January to be 7000 units and expects to maintain it at that level fo
the coming months. The sales for Fe
uary and March are each expected to increase by 10%
over the previous month. Prepare a production units budget for these three months.
Workings:
    Parker and Company
    Sales budget (units) – 20XX
    
    January
    Fe
uary
    March
    Sales
    12000
    13200
    14520
    Parker and Company
    Production budget – 20XX
    
    January
    Fe
uary
    March
    Desired ending inventory
    7000
    7000
    7000
    Add: Sales for period
    12000
    13200
    14520
    
    
    
    
    Less: Opening inventory
    6000
    7000
    7000
    Production requirement
    13000
    13200
    14520
Task 9: Expense budget
Prepare a selling expense budget for the month of Fe
uary 20XX for Dajan& Co. The salesfo
Fe
uary are expected to be $120000. The bases to be used for budget purposes are asfollows:
•    Annual fixed expenses are allocated equally to each month.
•    Sales staff salaries are equal to 4% of sales.
•    Depreciation of sales vehicles is an amount of $18000 per annum.
•    Sales staff insurance is 2.5% of total sales staff...
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