BSBFIM601 Task 2.docx - Assessment Task 2: (Written Report)...

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Assessment Task 2: (Written Report) Monitor andreview budgetSubmission detailsThe Assessment Task is due on the date specified by your assessor. Any variations to thisarrangement must be approved in writing by your assessor.Submit a new word document with any required evidence attached. See specificationsbelow for details.You must submit a printed copy of your answers.Submit printed copy of required evidences (your answers) to your Trainer with the"Assessment Cover Sheet" (Filled out and signed appropriately) attached on top of yourdocuments.The Trainer/Assessor may further prompt and question in order to receive answers ofappropriate quality or if further clarification required and to validate authenticity of yoursubmitted work.Performance ObjectiveThis Assessment Task requires you to monitor the implementation of a budget and reporton the variances, trends and performance of the established budget for a fictionalbusiness and provide recommendations for ongoing financial viability.Assessment descriptionYou will need to review the provided current case study information and compare it to thebudget you established in Assessment Task 1. After evaluating these you will need toreport on the following:significant issuesvariances from budgetcomparative performancesrecommendations for ongoing financial viabilityevaluation of financialmanagement processes.Procedure1.Read the case study.2.Develop a variance report based on the format and template provided byHouzit.3.Complete a cash flow analysis on the average length of time it takesHouzit to collect funds from its debtors to determine the trend based onthe financial reports in Assessment Task 1.4.Examine the sales budget, profit budget, cash flow budget and debtorageing summary to identify the following:a.Issues:
i.Identify, describe and prioritise significant issues that areevidenced in the provided case study information and describereasons or causes of these issues. Include in this issues offinancial probity that you have identified or considered whenmonitoring these budgets.
b.Variances:i.Complete an actual-to-budget variance report, using thetemplate provided in the case study.ii.Identify variances by comparing actual results with theestablished budget, and provide reasons why these variancesmay have occurred.

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Term
One
Professor
N/A
Tags
Generally Accepted Accounting Principles

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