Prepare and Monitor Budgets

Student Name
Student Number
Course and Code
Unit(s) of Competency and Code(s) SITXFIN004 Prepare and monitor budgets
Stream/Cluster
Trainer/Assessor
Assessment for this Unit of Competency/Cluster Details
Assessment 1 Short Answer Questions
Assessment 2 Assignment
Assessment 3 Project
Assessment conducted in this instance: Assessment 1 2 3
Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No No further information required
Yes Complete 2.
2. Provide details for the requirements and provisions for adjustment of assessment:
Student to complete
My assessor has discussed the adjustments with me
I agree to the adjustments applied to this assessment
Signature Date
2nd Assessor to complete
I agree the adjustments applied to this assessment are reasonable
Name
Signature Date
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©Futura Group 2016

Assessment Guidelines
What will be assessed
Performance Evidence
The purpose of this assessment is to assess your ability to complete tasks outlined in elements and performance
criteria of this unit in the context of the job role, and:
 prepare a budget for a business that meets the specific business’ needs demonstrate the following when preparing the above budget:
o consultation on components
o analysis of factors that impact on the budget
o completion of draft and final versions of budget within designated timelines
Knowledge Evidence
 types of budgets:
o cash budgets
o cash flow budgets
o departmental budgets
o event budgets
o project budgets
o purchasing budgets
o sales budgets
o wage budgets
o whole of organisation budgets
 budget terminology
 specific industry sector and organisation:
o role and nature of budgets
o budget formats, budget performance and financial reports
o financial reporting procedures and cycles
o features and functions of accounting software programs used to prepare and monitor budgets
 internal and external factors that impact on budget development:
o growth or decline in economic conditions
o human resource requirements
o new legislation or regulation
o organisational and management restructures
o organisational objectives
o scope of the project
o shift in market trends
o significant price movement for certain commodities or items
o supplier availability and cost
 budget preparation and monitoring practices and techniques:
o sources and contents of data required for budget preparation:
 competitor research
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 customer or supplier research
 declared commitments in areas of operation
 financial information from suppliers
 financial proposals from key stakeholders
 income and expenditure for previous time periods
 departmental, event or project budgets
 grant funding guidelines or limitations
 management policies and procedures
 organisational budget preparation guidelines
 performance information from previous periods
o techniques for making budget estimates
o common reasons for deviations and budget deviation management.
Place/Location where assessment will be conducted; Timeframe for assessment tasks
Resource Requirements
Computer with Microsoft excel
Calculator
Spread Sheets:
“Task 1-Hotel Futura Budget_Forecast”
“Task 2-Budget Futura_Restaurant_Bar”
Instructions for assessment including WHS requirements
The assignment for Assessment 2 consists of 3 Tasks
Task 1
Requires you to prepare a draft budget following a meeting with all heads of department where you have
finalised the details and requirements to be included for next year’s budget.
Task 2
Requires you to prepare a final budget, based on the changes made to your draft budget following a
management meeting.
Task 3
Requires you to respond to 3 financial scenarios.
All responses must be typed and clearly referenced to each task. Your trainer will provide you with feedback for
each task. You will be provided with the opportunity to rectify any shortfalls based on the feedback from
submitted work for this assessment.
Each completed spreadsheet must be attached to the relevant task and clearly referenced.
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Statement of Authenticity
I acknowledge that I understand the requirements to complete the assessment tasks
The assessment process including the provisions for re-submitting and academic appeals were explained
to me and I understand these processes
I understand the consequences of plagiarism and confirm that this is my own work and I have
acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Date: / /201
This assessment: First Attempt 2nd Attempt Extension – Date: / /
RESULT OF ASSESSMENT
Task 1
Task 2
Task 3
Satisfactory Not Yet Satisfactory
Satisfactory Not Yet Satisfactory
Satisfactory Not Yet Satisfactory
Feedback to Student:
Assessor(s) Signature(s): Date: / /
Student Signature Date: / /
SIT Version 1
©Futura Group 2016