CHC52015 Diploma - Project Budgets: Financial Management Concepts
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Homework Assignment
AI Summary
This assignment for the CHC52015 Diploma of Community Services focuses on financial management and budgeting. It includes defining financial concepts like budgeting, cash flows, and financial statements, along with explaining their importance. The assignment requires analyzing a community organization's annual financial report, identifying accounting principles and their impact, and conducting a quarterly budget review for CareShore, a hypothetical organization. This involves adjusting budget line items, determining necessary information for realistic budgeting, consulting with stakeholders, and developing a contingency plan to address budget overruns. The student is required to explain how to monitor the contingency plan and who will be involved in its management, demonstrating a comprehensive understanding of financial oversight and corrective action within a community service setting. Desklib offers a range of resources, including past papers and solved assignments, to support students in mastering these concepts.

Student Name:IVAN OSAZENOMWAN-OBANOR
Student ID: E0667164
32514/01 –Knowledge Test - Short Answer Questions
E1141
CHC52015 Diploma of
Community Services
Module 8: Projects and
Budgets
This is assessment 1 of 2.
1. Background/Overview
As a community services team leader or manager, you will be
required to develop a good understanding of managing the financial
resources and processes of the organisation, as well as knowing
how to manage projects effectively.
Your role will be responsible for ensuring that the finances of the
organisation are managed in such a way as to be effective, efficient
and in compliance with all legislation.
2. Brief
The tasks in this assessment will focus on the content of Topics 8.1
and 8.2 in relation to finances, and include the following:
● Providing definitions for financial concepts
● Research into financial statements of a community
organisation and what they mean
● Practical worked examples of a quarterly budget review and
action needing to be taken to ensure the budget remains on
track.
Your second assessment will focus on developing a project plan and
demonstrating how you would manage the project.
Deliverables
Please submit this assessment
in Word doc format.
To do list:
1. Write your nameand
student ID at the top of this
page.
2. Read the
background/overview and
brief sections of this
document.
3. Complete the 3parts.
4. Collate your written
answers into one Word
document.
5. Save the Word document
using the naming
convention: your student
number_assessment
number.doc. For example:
“12345678_31135_01.doc.”
6. Upload your document in
Open Space using the
relevant Assessment
Upload link in this Module.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 1 of 14
Student ID: E0667164
32514/01 –Knowledge Test - Short Answer Questions
E1141
CHC52015 Diploma of
Community Services
Module 8: Projects and
Budgets
This is assessment 1 of 2.
1. Background/Overview
As a community services team leader or manager, you will be
required to develop a good understanding of managing the financial
resources and processes of the organisation, as well as knowing
how to manage projects effectively.
Your role will be responsible for ensuring that the finances of the
organisation are managed in such a way as to be effective, efficient
and in compliance with all legislation.
2. Brief
The tasks in this assessment will focus on the content of Topics 8.1
and 8.2 in relation to finances, and include the following:
● Providing definitions for financial concepts
● Research into financial statements of a community
organisation and what they mean
● Practical worked examples of a quarterly budget review and
action needing to be taken to ensure the budget remains on
track.
Your second assessment will focus on developing a project plan and
demonstrating how you would manage the project.
Deliverables
Please submit this assessment
in Word doc format.
To do list:
1. Write your nameand
student ID at the top of this
page.
2. Read the
background/overview and
brief sections of this
document.
3. Complete the 3parts.
4. Collate your written
answers into one Word
document.
5. Save the Word document
using the naming
convention: your student
number_assessment
number.doc. For example:
“12345678_31135_01.doc.”
6. Upload your document in
Open Space using the
relevant Assessment
Upload link in this Module.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 1 of 14
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3. Questions/Task
Part 1
1. Complete the table below by providing a definition for the term and explaining its importance
to the financial management of the organisatio (Megginson and Wei 2014)
Term
Definition
(Approximately 25
words)
Importance for financial
management
(Approximately 25 words)
Budgeting
It is the procedures fir
creating plan to spend the
money
It helps in determing whether the
company has sufficient amount to
fulfil the task needs to be
performed
Cash flows
It states the amont of cash
inflow and outflow in the
business
It helps in determing whether the
company has sufficient amount of
cash to meet the expenses
Electronic spreadsheets
It is the software that helps
in making calculations,
graphs and charts
Iyt improves productivity through
reducing manual labour work
Ledgers
Transactions associated to
particular individual or
particular account gropu are
organised into ledger
It offers complete record for the
financial transactions over the life
of company
Financial statements
It is prepared to record the
financial information over a
specific period of time
It provides information regarding
the financial performance and
financial position of the company
Profit and loss statements
It is the statement that
provides details regarding
the income and expenses of
the company
It gives the idea regarding where
the incomes are coming from and
where the expenses are incurred
Ageing summaries
It is the important tool that
provides details regarding
the debtors and amounts
due from them
It gives an idea of receivable, time
left to receive the amount and the
debtors from whom the amount is
overdue
Petty Cash
It is the accessible money
store maintained by the
company to make expenses
on small items
It enables the company to know
exactly how much miney is left to
meet the small expenses
32514/01 E1141 – CHC52015 Diploma of Community Services Page 2 of 14
Part 1
1. Complete the table below by providing a definition for the term and explaining its importance
to the financial management of the organisatio (Megginson and Wei 2014)
Term
Definition
(Approximately 25
words)
Importance for financial
management
(Approximately 25 words)
Budgeting
It is the procedures fir
creating plan to spend the
money
It helps in determing whether the
company has sufficient amount to
fulfil the task needs to be
performed
Cash flows
It states the amont of cash
inflow and outflow in the
business
It helps in determing whether the
company has sufficient amount of
cash to meet the expenses
Electronic spreadsheets
It is the software that helps
in making calculations,
graphs and charts
Iyt improves productivity through
reducing manual labour work
Ledgers
Transactions associated to
particular individual or
particular account gropu are
organised into ledger
It offers complete record for the
financial transactions over the life
of company
Financial statements
It is prepared to record the
financial information over a
specific period of time
It provides information regarding
the financial performance and
financial position of the company
Profit and loss statements
It is the statement that
provides details regarding
the income and expenses of
the company
It gives the idea regarding where
the incomes are coming from and
where the expenses are incurred
Ageing summaries
It is the important tool that
provides details regarding
the debtors and amounts
due from them
It gives an idea of receivable, time
left to receive the amount and the
debtors from whom the amount is
overdue
Petty Cash
It is the accessible money
store maintained by the
company to make expenses
on small items
It enables the company to know
exactly how much miney is left to
meet the small expenses
32514/01 E1141 – CHC52015 Diploma of Community Services Page 2 of 14

2. Identify two accounting principles and explain how they impact on your financial management
processes (Approximately 25-50 words each). We have provided an example in the first row.
Accounting Principle Impact on your financial management
process
E.g. Consistency Principle
Once you adopt an approach for consistency
you should continue to use it. If you use cash
accrual you should continue to be cash
accrual each year.
1.Matching principle
It requires using the accrual accounting method.
As per this principle expenses shall b ematched
with the revenues
2.Revenue recognition principle
It requires using the cash accounting method.
Under this the revenues are immediately
recognised after the sales of the product or
performance of services
3. Locate an annual financial report for a community organisation. Most organisations include
financial statements/reports in their annual report. These may be located on an organisation’s
website.
Answer the following questions in relation to the annual report you have chosen:
a) Provide the organisation’s name:
National council of Churches – Act for peace
b) Provide the URL for financial report:
https://www.actforpeace.org.au/
c) Identify what financial information the report offers – describe the contents of the report
and explain what it tells you about the financial activities of the organisation (50 to 100
words).
Contents –
MESSAGE from the Executive Director + Chairperson
About Act for Peace
CONFRONTing INJUSTICE around the world
Emergency response and humanitarian assistance
Sustainable development
Education, Advocacy and campaigns
Learning and evaluation
32514/01 E1141 – CHC52015 Diploma of Community Services Page 3 of 14
processes (Approximately 25-50 words each). We have provided an example in the first row.
Accounting Principle Impact on your financial management
process
E.g. Consistency Principle
Once you adopt an approach for consistency
you should continue to use it. If you use cash
accrual you should continue to be cash
accrual each year.
1.Matching principle
It requires using the accrual accounting method.
As per this principle expenses shall b ematched
with the revenues
2.Revenue recognition principle
It requires using the cash accounting method.
Under this the revenues are immediately
recognised after the sales of the product or
performance of services
3. Locate an annual financial report for a community organisation. Most organisations include
financial statements/reports in their annual report. These may be located on an organisation’s
website.
Answer the following questions in relation to the annual report you have chosen:
a) Provide the organisation’s name:
National council of Churches – Act for peace
b) Provide the URL for financial report:
https://www.actforpeace.org.au/
c) Identify what financial information the report offers – describe the contents of the report
and explain what it tells you about the financial activities of the organisation (50 to 100
words).
Contents –
MESSAGE from the Executive Director + Chairperson
About Act for Peace
CONFRONTing INJUSTICE around the world
Emergency response and humanitarian assistance
Sustainable development
Education, Advocacy and campaigns
Learning and evaluation
32514/01 E1141 – CHC52015 Diploma of Community Services Page 3 of 14
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2017 Financial report
Auditor’s report
Our governing body
The financial statements of the organization states the details about the revenue, expenses,
assets, liabilities, equities and cash flow of the company.
Using the same organisation identified above, examine and comment on the financial
summaries for information about the fiscal condition of the organisation. Confirm the following:
d) Did they have a deficit or surplus budget?
The organization had surplus budget
e) Was this explained in the treasurer’s report?
No it was not mentioned anywhere in the annual report of the company
Read the auditor’s report.
f) Did the auditor find the organisation complied and, if so, with what standards did they
comply? (Approximately 25-50 words)
It is complied with Australian accounting standards and Australian Charities and Not-for-profits
Commission Regulation 2013
g) What ATO record keeping requirements does the organisation need to abide by?
(Approximately 25-50 words).
32514/01 E1141 – CHC52015 Diploma of Community Services Page 4 of 14
Auditor’s report
Our governing body
The financial statements of the organization states the details about the revenue, expenses,
assets, liabilities, equities and cash flow of the company.
Using the same organisation identified above, examine and comment on the financial
summaries for information about the fiscal condition of the organisation. Confirm the following:
d) Did they have a deficit or surplus budget?
The organization had surplus budget
e) Was this explained in the treasurer’s report?
No it was not mentioned anywhere in the annual report of the company
Read the auditor’s report.
f) Did the auditor find the organisation complied and, if so, with what standards did they
comply? (Approximately 25-50 words)
It is complied with Australian accounting standards and Australian Charities and Not-for-profits
Commission Regulation 2013
g) What ATO record keeping requirements does the organisation need to abide by?
(Approximately 25-50 words).
32514/01 E1141 – CHC52015 Diploma of Community Services Page 4 of 14
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Part 2 – Budget Case Study
CareShore is reviewing its quarterly budget provided below. Answer the following questions on
this financial review.
CareShore Financial Plan 2016 - 2017
Annual
Budget
July -
Sept
Budget
Exp to
Septemb
er 2017
Variance Revised
Budget Comments
Income $ $ $ $ $
Grants 1,305,325 326,331 350,000 23,669 1,305,325
From 3 months
expenses it seems
that the expenses
will be as per budget
Donations 105,000 26,250 25,000 -1,250 105,000
From 3 months
expenses it seems
that the expenses
will be as per budget
Interest 24,500 6,125 4,000 -2,125 16,000
Interst is expeted to
be received
proportionally
Other
Income
68,000 17,000 56,000 39,000 68,000 From 3 months
expenses it seems
32514/01 E1141 – CHC52015 Diploma of Community Services Page 5 of 14
The following records shall be kept for 5 years –
governing documents (for example, constitution, rules, trust deed)
financial reports (for example, financial statements, annual budgets, reconciliations, audit
reports, accounts payable and accounts receivable)
cash book records of daily receipts and payments
tax invoices and income tax records, such as debtors and creditors lists, stocktake records
and motor vehicle expenses
records relating to employees (for example, TFN declarations, pay as you go (PAYG)
withholding, superannuation and fringe benefits provided)
records of payments withheld from suppliers who do not quote an Australian business
number (ABN)
banking records (for example, bank statements, deposit books, cheque books, bank
reconciliation)
grant documentation (for example, when funding will be received, when acquittals need
to be made, application deadlines)
registration, certificates and accompanying documents to regulators (for example, ATO,
Australian Charities and Not-for-profits Commission, and state regulators)
contracts and agreements (for example, cleaning, maintenance and insurance contracts,
finance or lease agreements)
copies of reviews of entitlement to tax concessions
records to help prepare tax statements and returns.
CareShore is reviewing its quarterly budget provided below. Answer the following questions on
this financial review.
CareShore Financial Plan 2016 - 2017
Annual
Budget
July -
Sept
Budget
Exp to
Septemb
er 2017
Variance Revised
Budget Comments
Income $ $ $ $ $
Grants 1,305,325 326,331 350,000 23,669 1,305,325
From 3 months
expenses it seems
that the expenses
will be as per budget
Donations 105,000 26,250 25,000 -1,250 105,000
From 3 months
expenses it seems
that the expenses
will be as per budget
Interest 24,500 6,125 4,000 -2,125 16,000
Interst is expeted to
be received
proportionally
Other
Income
68,000 17,000 56,000 39,000 68,000 From 3 months
expenses it seems
32514/01 E1141 – CHC52015 Diploma of Community Services Page 5 of 14
The following records shall be kept for 5 years –
governing documents (for example, constitution, rules, trust deed)
financial reports (for example, financial statements, annual budgets, reconciliations, audit
reports, accounts payable and accounts receivable)
cash book records of daily receipts and payments
tax invoices and income tax records, such as debtors and creditors lists, stocktake records
and motor vehicle expenses
records relating to employees (for example, TFN declarations, pay as you go (PAYG)
withholding, superannuation and fringe benefits provided)
records of payments withheld from suppliers who do not quote an Australian business
number (ABN)
banking records (for example, bank statements, deposit books, cheque books, bank
reconciliation)
grant documentation (for example, when funding will be received, when acquittals need
to be made, application deadlines)
registration, certificates and accompanying documents to regulators (for example, ATO,
Australian Charities and Not-for-profits Commission, and state regulators)
contracts and agreements (for example, cleaning, maintenance and insurance contracts,
finance or lease agreements)
copies of reviews of entitlement to tax concessions
records to help prepare tax statements and returns.

that the expenses
will be as per budget
TOTAL 1,502,825 375,706 435,000 59,294 14,34,925
From 3 months
expenses it seems
that the expenses
will be as per budget
Expenditure $ $ $ $ $
Rent 125,000 31,250 31,250 0 125000
From 3 months
expenses it seems
that the expenses
will be as per budget
Administratio
n 265,000 66,250 80,000 13,750 280,000
As per 3 months
expenses the
amount shall be
higher as $ 320,000.
However it is
expected that thye
company will take
some measures to
minimise the cost
Depreciation 24,365 6,091 0 -6,091 24,365
Employee
Costs 940,560 235,140 250,000 14,860 10,00,000
Employee cost is
expeted to be
increased
proportionally at
same rate of
increase for the 1st 3
months
Travel 6,000 1,500 1,250 -250 6,000
Program
Costs 70,000 17,500 20,000 2,500 80,000
Employee cost is
expeted to be
increased
proportionally at
same rate of
increase for the 1st 3
months
Contingency 1,900 475 0 -475 1,900
Other 70,000 17,500 12,000 -5,500 40,000
Other expenses are
expected to b
ereduced as the
company was able
to reduce it in 1st 3
months as compared
to the budget.
TOTAL 1,502,825 375,706 394,500 18,794 15,57,265
1. What is this report telling you about their current budget allocations? (Approximately 25-
50 words)
32514/01 E1141 – CHC52015 Diploma of Community Services Page 6 of 14
will be as per budget
TOTAL 1,502,825 375,706 435,000 59,294 14,34,925
From 3 months
expenses it seems
that the expenses
will be as per budget
Expenditure $ $ $ $ $
Rent 125,000 31,250 31,250 0 125000
From 3 months
expenses it seems
that the expenses
will be as per budget
Administratio
n 265,000 66,250 80,000 13,750 280,000
As per 3 months
expenses the
amount shall be
higher as $ 320,000.
However it is
expected that thye
company will take
some measures to
minimise the cost
Depreciation 24,365 6,091 0 -6,091 24,365
Employee
Costs 940,560 235,140 250,000 14,860 10,00,000
Employee cost is
expeted to be
increased
proportionally at
same rate of
increase for the 1st 3
months
Travel 6,000 1,500 1,250 -250 6,000
Program
Costs 70,000 17,500 20,000 2,500 80,000
Employee cost is
expeted to be
increased
proportionally at
same rate of
increase for the 1st 3
months
Contingency 1,900 475 0 -475 1,900
Other 70,000 17,500 12,000 -5,500 40,000
Other expenses are
expected to b
ereduced as the
company was able
to reduce it in 1st 3
months as compared
to the budget.
TOTAL 1,502,825 375,706 394,500 18,794 15,57,265
1. What is this report telling you about their current budget allocations? (Approximately 25-
50 words)
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For example, you could talk about what is most overspent and underspent.
The budget states the allocation for 3 months period. The current budget for rent was same as
the actual expenses. Highest variance was found for employees cost as the variance from budget
was amounted to $ 14,680. However, other expenses was $ 5,500 lower than the budgeted
amount.
2. What line item(s) needs to be adjusted? (Approximately 25-50 words)
Following items needs to be adjusted –
Interest
Administration expenses
Employee cost
Program cost
Other
3. What further information do you need to ensure the budget going forward is realistic?
(Approximately 25-50 words)
Historical information
Industry information
Recent changes in demand or increase or decrease in cost of required resources
4. Who else do you need to consult/negotiate with in the organisation? (Approximately 25-
50 words)
Shareholders
Employees
Management
5. Complete the final column ‘Revised Budget’, explaining your decisions in the
‘Comments’column. (Approximately 25-50 words)
Complete your answers in the relevant columns in table “CareShore Financial Plan 2016-2017”
located at the beginning of Part 2 above.
6. Now that you have made changes to the budget, who needs to be advised and how will
you disseminate the information?
32514/01 E1141 – CHC52015 Diploma of Community Services Page 7 of 14
The budget states the allocation for 3 months period. The current budget for rent was same as
the actual expenses. Highest variance was found for employees cost as the variance from budget
was amounted to $ 14,680. However, other expenses was $ 5,500 lower than the budgeted
amount.
2. What line item(s) needs to be adjusted? (Approximately 25-50 words)
Following items needs to be adjusted –
Interest
Administration expenses
Employee cost
Program cost
Other
3. What further information do you need to ensure the budget going forward is realistic?
(Approximately 25-50 words)
Historical information
Industry information
Recent changes in demand or increase or decrease in cost of required resources
4. Who else do you need to consult/negotiate with in the organisation? (Approximately 25-
50 words)
Shareholders
Employees
Management
5. Complete the final column ‘Revised Budget’, explaining your decisions in the
‘Comments’column. (Approximately 25-50 words)
Complete your answers in the relevant columns in table “CareShore Financial Plan 2016-2017”
located at the beginning of Part 2 above.
6. Now that you have made changes to the budget, who needs to be advised and how will
you disseminate the information?
32514/01 E1141 – CHC52015 Diploma of Community Services Page 7 of 14
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Who needs to be advised? How will you disseminate the information?
(Approximately 25-50 words)
Financial management team
accountant
Through E-mail and conducting personal
meeting
7. Clearly, you have had some unexpected expenditure that has impacted the budget. What
processes will you now put in places to control costs? (Approximately 25-50 words)
Due diligence while purchasing like analysing competitive contracts
Monitoring costs and preparing variance analysis
Overheads shall be allocated based on proper technique
8. Finally, the budget overruns have meant that you will now need to develop and
implement a contingency plan.
In the table below, develop a contingency plan to ensure the budget is back on track.
Include how you will monitor this plan to maintain your financial objectives and who will
be involved in the management of the plan.
Contingency plan
(Approximately 100-200 words)
The back up plan shall be made fr alternate funds if it is found that there is shortage of funds to accomplish
the budget. Further, the service eprovider shall be approached to provide long credit term in case of
emergency. Further, some asset shall be listed down that can be sold in case of emergency requirement of
cash.
How will you monitor this plan?
This plan will be monitored by analysin the following things weekly –
Cases found under the category mentioned above shall be analysed
Actione taken in each case found shall be analysed
Further steps shall be planned for how handling of the situations could have been
improved
Who will be involved in the management of this plan?
A separate management team will be formed to look after the contingency plan that will include 1 security
staff, one social worker and one counsellor.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 8 of 14
(Approximately 25-50 words)
Financial management team
accountant
Through E-mail and conducting personal
meeting
7. Clearly, you have had some unexpected expenditure that has impacted the budget. What
processes will you now put in places to control costs? (Approximately 25-50 words)
Due diligence while purchasing like analysing competitive contracts
Monitoring costs and preparing variance analysis
Overheads shall be allocated based on proper technique
8. Finally, the budget overruns have meant that you will now need to develop and
implement a contingency plan.
In the table below, develop a contingency plan to ensure the budget is back on track.
Include how you will monitor this plan to maintain your financial objectives and who will
be involved in the management of the plan.
Contingency plan
(Approximately 100-200 words)
The back up plan shall be made fr alternate funds if it is found that there is shortage of funds to accomplish
the budget. Further, the service eprovider shall be approached to provide long credit term in case of
emergency. Further, some asset shall be listed down that can be sold in case of emergency requirement of
cash.
How will you monitor this plan?
This plan will be monitored by analysin the following things weekly –
Cases found under the category mentioned above shall be analysed
Actione taken in each case found shall be analysed
Further steps shall be planned for how handling of the situations could have been
improved
Who will be involved in the management of this plan?
A separate management team will be formed to look after the contingency plan that will include 1 security
staff, one social worker and one counsellor.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 8 of 14

Part 3
1. a) Name the Government Legislation for the Goods and Services Tax – GST
(Approximately 25 words).
Australian Taxation Office
b) Explain what GST is and how it is implemented? (Approximately 25-50 words).
It is the value added tax of 10% on most of the sales of goods and services
The legislation was passed on 28th June 1999 as new tax system (Goods and services tax) act
1999 and replaced as Goods and Service Tax from July 2000.
c) Who is required to register for GST? (Approximately 25 words).
If the business or the organization has GST turnover that is $ 75,000 or more and for non-profit
organization if it has turnover of $ 150,000 or more.
2. Based on your work placement or current place of work, identify a work team that you have
observed in operation:
a) Identify who in that team was responsible for management of finances, and outline an
example of them supporting other team members when managing the finances.
Who was responsible for the management of finances?
Finance manager
Provide an example of how they supported other team members when managing the finances
(Approximately 50-75 words)
It helped the sales department for preparing the sales budget for next year taking into
consideration the expected sales and related expenses.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 9 of 14
1. a) Name the Government Legislation for the Goods and Services Tax – GST
(Approximately 25 words).
Australian Taxation Office
b) Explain what GST is and how it is implemented? (Approximately 25-50 words).
It is the value added tax of 10% on most of the sales of goods and services
The legislation was passed on 28th June 1999 as new tax system (Goods and services tax) act
1999 and replaced as Goods and Service Tax from July 2000.
c) Who is required to register for GST? (Approximately 25 words).
If the business or the organization has GST turnover that is $ 75,000 or more and for non-profit
organization if it has turnover of $ 150,000 or more.
2. Based on your work placement or current place of work, identify a work team that you have
observed in operation:
a) Identify who in that team was responsible for management of finances, and outline an
example of them supporting other team members when managing the finances.
Who was responsible for the management of finances?
Finance manager
Provide an example of how they supported other team members when managing the finances
(Approximately 50-75 words)
It helped the sales department for preparing the sales budget for next year taking into
consideration the expected sales and related expenses.
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b) Provide an example of what financial data may be used to assist staff to review an
aspect of their work (Approximately 25-50 words).
Expected or actual income
Expected or actual expenses
Expected or actual Cash flows
Scenarios under which the incomes or expenses can go up or come dow
c) Identify and describe an improvement made by the team to the financial management of
their section. (Approximately 25-50 words).
The manufacturing department was not able to allocate the overheads appropriately. The
financial management team helped them to allocate the overheads appropriately based on
activity based costing.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 10 of 14
aspect of their work (Approximately 25-50 words).
Expected or actual income
Expected or actual expenses
Expected or actual Cash flows
Scenarios under which the incomes or expenses can go up or come dow
c) Identify and describe an improvement made by the team to the financial management of
their section. (Approximately 25-50 words).
The manufacturing department was not able to allocate the overheads appropriately. The
financial management team helped them to allocate the overheads appropriately based on
activity based costing.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 10 of 14
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4. Assessment Rubric
Below is a rubric that determines whether your answers and knowledge is satisfactory or not yet
satisfactory.
To pass the assessment, you must complete ALL the requirements for the column that is titled
‘satisfactory’.
It is advisable to read the rubric before attempting the assessmentsto help you attain the correct
submission standard.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 11 of 14
Below is a rubric that determines whether your answers and knowledge is satisfactory or not yet
satisfactory.
To pass the assessment, you must complete ALL the requirements for the column that is titled
‘satisfactory’.
It is advisable to read the rubric before attempting the assessmentsto help you attain the correct
submission standard.
32514/01 E1141 – CHC52015 Diploma of Community Services Page 11 of 14

32514/01 E1141 – CHC52015 Diploma of Community Services Page 12 of 14
Criteria Satisfactory Not yet satisfactory
Part 1
Question 1
The student is able to
adequately identify the 8
listed terms and explain their
importance to financial
management
The student fails
toadequately identify the 8
listed terms and explain their
importance to financial
management
Part 1
Question 2
The student is able to
adequately identify 2
accounting principles and their
impact on financial
management processes
The student fails to
adequately identify 2
accounting principles and
their impact on financial
management processes
Part 1
Question 3a
The student is able to
adequately identify the name
of a non-government
community service agency
The student fails to
adequately identify the name
of a non-government
community service agency
Part 1
Question 3b
The student is able
toadequately identify a URL
where a non-government
community service agencies
financial report is located
The student fails to
adequately identify a URL
where a non-government
community service agencies
financial report is located
Part 1
Question 3c
The student is able to
correctly identify the contents
of the financial report and give
an overview of the financial
position of the organisation
The student fails to correctly
identify the contents of the
financial report and give an
overview of the financial
position of the organisation
Part 1
Question 3d
The student is able to
correctly identify whether the
organisation had a surplus or
deficit budget for the financial
year
The student fails
tocorrectlyidentify whether
the organisation had a surplus
or deficit budget for the
financial year
Part 1
Question 3e
The student is able to
correctlyidentify whether the
surplus or deficit budget was
explained in the treasurers
report
The student fails tocorrectly
identify whether the surplus
or deficit budget was
explained in the treasurers
report
Part 1
Question 3f
The student is able
toadequately identify the
accounting standard and
whether the organisation
complied
The student fails to
adequately identify the
accounting standard and
whether the organisation
complied
Part 1
Question 3g
The student is able to
adequately identify the ATO
record keeping requirements
of the organisation
The student fails to
adequately identify the ATO
record keeping requirements
of the organisation
Part 2
Question 1
The student is able
toadequately identify from the
example provided the state of
the current budget allocations.
Areas overspent or
underspent are identified
correctly.
The student fails to
adequately identify from the
example provided the state of
the current budget
allocations. Areas overspent
or underspent are not
identified correctly.
Part 2
Question 2
The student is able to
adequately identify which
areas in the budget need to be
adjusted.
The student fails to
adequately identify which
areas in the budget need to
be adjusted.
Part 2
Question 3
The student is able to
adequately identify what
additional information is
The student fails to
adequately identify what
additional information is
Criteria Satisfactory Not yet satisfactory
Part 1
Question 1
The student is able to
adequately identify the 8
listed terms and explain their
importance to financial
management
The student fails
toadequately identify the 8
listed terms and explain their
importance to financial
management
Part 1
Question 2
The student is able to
adequately identify 2
accounting principles and their
impact on financial
management processes
The student fails to
adequately identify 2
accounting principles and
their impact on financial
management processes
Part 1
Question 3a
The student is able to
adequately identify the name
of a non-government
community service agency
The student fails to
adequately identify the name
of a non-government
community service agency
Part 1
Question 3b
The student is able
toadequately identify a URL
where a non-government
community service agencies
financial report is located
The student fails to
adequately identify a URL
where a non-government
community service agencies
financial report is located
Part 1
Question 3c
The student is able to
correctly identify the contents
of the financial report and give
an overview of the financial
position of the organisation
The student fails to correctly
identify the contents of the
financial report and give an
overview of the financial
position of the organisation
Part 1
Question 3d
The student is able to
correctly identify whether the
organisation had a surplus or
deficit budget for the financial
year
The student fails
tocorrectlyidentify whether
the organisation had a surplus
or deficit budget for the
financial year
Part 1
Question 3e
The student is able to
correctlyidentify whether the
surplus or deficit budget was
explained in the treasurers
report
The student fails tocorrectly
identify whether the surplus
or deficit budget was
explained in the treasurers
report
Part 1
Question 3f
The student is able
toadequately identify the
accounting standard and
whether the organisation
complied
The student fails to
adequately identify the
accounting standard and
whether the organisation
complied
Part 1
Question 3g
The student is able to
adequately identify the ATO
record keeping requirements
of the organisation
The student fails to
adequately identify the ATO
record keeping requirements
of the organisation
Part 2
Question 1
The student is able
toadequately identify from the
example provided the state of
the current budget allocations.
Areas overspent or
underspent are identified
correctly.
The student fails to
adequately identify from the
example provided the state of
the current budget
allocations. Areas overspent
or underspent are not
identified correctly.
Part 2
Question 2
The student is able to
adequately identify which
areas in the budget need to be
adjusted.
The student fails to
adequately identify which
areas in the budget need to
be adjusted.
Part 2
Question 3
The student is able to
adequately identify what
additional information is
The student fails to
adequately identify what
additional information is
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