Assessment Details

Qualification Code/Title certificate IV in kitchen management

Assessment Type Assessment Task 1 Time allowed
Due Date 11/12/2022 Location SCCM Term / Year

Unit of Competency
National Code/Title SITXFIN009 Manage finances within a budget
Student Details
Student Name Sukhpreet kaur Student ID MCS2001654
Student Declaration: I declare that the work submitted is my Signature: _sukhpreet kaur
own and has not been copied or plagiarised from any person or _____________________
source. Date: ___11/12/2022__________________
Assessor Details
Assessor’s Name Jeewan Khadka
RESULTS (Please Circle) ☐SATISFACTORY ☐NOT SATISFACTORY
Feedback to student:

*If Student is Not Satisfactory Assessor Declaration: I declare that I have conducted a
Reassessment Required ☐ Yes ☐ No fair, valid, reliable and flexible assessment with this student,
Comment: and I have provided appropriate feedback.
Signature: ________________________
Date: ______/_______/___________
Instructions to the Candidates
 This assessment is to be completed according to the instructions given below in this document.
 Should you not answer the tasks correctly, you will be given feedback on the results and gaps in knowledge.
You will be entitled to one (1) resubmit in showing your competence with this unit.
 If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
 Please refer to the College re-submission and re-sit policy for more information.
 If you have questions and other concerns that may affect your performance in the Assessment, please inform
the assessor immediately.
 Please read the Tasks carefully then complete all Tasks.
 To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment
along with a satisfactory result for another Assessment.
 This is an Open book assessment which you will do in your own time but complete in the time designated by
your assessor. Remember, that it must be your own work and if you use other sources then you must reference
these appropriately
 Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12,
line spacing has to be Single line and Footer of submitted document must include Student ID, Student Name
and Page Number. Document must be printed double sided.
 This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of
the Assessments to your Trainer/ Assessor.
 Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark
of Not Satisfactory. SCCM uses Safe Assign Plagiarism Checker to check the originality of the student
assessment. Student must be aware of and understand the SCCM’s policy on plagiarism and certify that this
assignment is their own work, except where indicated by referencing, and that student have followed the good
academic practices noted above.

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 Introduction
Welcome to the Student Assessment Tasks for SITXFIN009 Manage finances within a budget. These
tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during
your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also follow
the advice provided in the Hospitality Works Student User Guide. The Student User Guide provides
important information for you relating to completing assessment successfully.

Assessment for this unit

For you to be assessed as competent, you must successfully complete two assessment tasks:

 Assessment Task 1: Knowledge questions – You must answer all questions correctly.

 Assessment Task 2: Student Logbook – You must manage finances within a budget for a case study
organisation and then report on your findings.

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 Assessment Task 1: Knowledge questions

Information for students

Knowledge questions are designed to help you demonstrate the knowledge which you have acquired
during the learning phase of this unit. Ensure that you:

 review the advice to students regarding answering knowledge questions in the Hospitality Works
Student User Guide

 comply with the due date for assessment which your assessor will provide

 adhere with your RTO’s submission guidelines

 answer all questions completely and correctly

 submit work which is original and, where necessary, properly referenced

 submit a completed cover sheet with your work

 avoid sharing your answers with other students.

i
Assessment information

Information about how you should complete this assessment can be found in Appendix A of the
Hospitality Works Student User Guide. Refer to the appendix for information on:

 where this task should be completed

 the maximum time allowed for completing this assessment task

 whether or not this task is open-book.

Note: You must complete and submit an assessment cover sheet with your work. A template is
provided in Appendix B of the Student User Guide. However, if your RTO has provided you with
an assessment cover sheet, please ensure that you use that.

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 Questions
Provide answers to all of the questions below.

1. Provide a description of each of the types of financial records in the table.

Financial record type Description

Bank deposit slip Customer is require to fill out the bank details correctly, and give it to the
bank teller to make sure that the right amount of money reaches to the
correct amount.

Bank statement Bank statement is provided by the bank which describes the information of
savings and current account as well as account holders can keep a track
of their transactions and account through the bank statements.

Business activity statement BAS helps to report on taxes in business like goods and services, PAYG
withholding, luxury car taxes and wine equalisation tax.

Credit card statement Account holders get their credit card statements in every month to know
about their transactions, balance ,minimum payment and available credit
charges, fees.

Invoice Invoice will show the details of the exact money when selling products or
services if goods or services are purchased by the credit cards, the invoice
specifies the terms of deal and provide the information of the available
payments

Journal entry journal entry is used to keep the record of business transaction in at least
two places known as double entry accounting.

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 Payroll / wages report A payroll report is a document that includes specific financial and tax
information, including pay rates, hours worked, federal and state income
taxes withheld, vacation or sick days used, overtime incurred, tax
withholdings, and benefit costs.

Merchant statement Merchant statements appearing all the information of all charges and
credits to the operation account

Transaction report This is the bank’s standard reporting package provides by bank to
borrower.

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

2. Provide a description of each of the type of budgets in the table.

Budget type Description

Cash budget Cash budgets can be viewed as short-term cash budgets, usually frame of
weeks or months or long-term cash budgets which viewed as years.

Cash flow budget It provides the overview of cash flows and outflows during a specific time
period.

Department budget Departmental budget is a departmental-level financial record or plan which

highlights the brief information of spending for the fiscal year.

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 Project budget Project-budget is a long-term process which gathers annual budget periods
and it also gives warning to organisation about potential cost and overruns.

Purchasing budget Purchasing budget representing the amount of inventory that amount stated
that the company have enough wages to spent on the particular projects or
ensure that the sufficient inventory meets customer orders for products.

Sales budget Sales budget can help the business to estimate their overall performance
and a company knows about their revenue how much they make from
project.

Wages budget Wage budget means the total remuneration of all employees.

Master budget (i.e., organisation The master budget is a planning tool that is used by the management to
wide budget) direct and judge the performance of the various departments. These
budgets undergo the various iterations and then approved by the senior
management to allocate funds.

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

3. Explain each of the terms in the table that are factors to consider in preparing financial and statistical
reports for a business.

Term Explanation of the term

Cash flow  Beginning cash balance: the total amount of cash that we expected
to have at the beginning of month

 Cash in flows: the money coming into business from operations or

from certain projects including investments or financing

 Cash outflows: the money that a company spent on the projects or

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 through the business-like loan payments, utilities, rent payroll and
other expenses.

Covers

Expenditure Capital expenditure including purchasing new machinery, constructing

plants, and upgrading new technology at workplace. There are some factors
that needs to be consider by the management:

 The expected returns

 Availability of funds

 Business goals

 Availability and skills of the personnel

Occupancy rates an occupancy rate, the ratio of renter or used space to the total amount of
available space is an important metric for determining the success and
desirability of a property. Here are some factors that have impact an office’s
occupancy rates like location of the office building, the current state of
market, adaptability to future trends.

Sales performance  The quality of products

 The pricing of product

 The customer care service

 The quality of salespeople

 The budget for sales activities

Stock (inventory) level  Nature of material

 Rate of consumption of material

 Cost of material

 Availability of finances

 Nature of supply

 Inventory turnover

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 Staff costs  The cost of hiring and onboarding

 Performance

 hire or outsource

 payroll tax

Variances  when the cost is less or more than budgeted that shows the
variances in the business

 planned activity did not occur expected

 change in planned activity

 error/omission

Wastage  high absenteeism

 excessive use of paper

 mounting storage costs

 playing favourites with supplier

 prioritize price over quality

Yield  interest rates

 inflation

 economic growth

Income  it should include all the income that is generated by the each
department of business and its sources

 cost of goods

 gross profit margin

 operating expenses

 taxes

Commercial account activity  introductory periods

 fees and charges

 support offered

 limitation on transactions

 minimum account balance

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  security

Commission earnings  how much company’s budget can allocate

 ensure that how much company can pay for different levels

 any potential bounces or incentives

Daily, weekly and monthly  prefer to use electronic record keeping system
transaction reporting
 manual record keeping

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

4. Explain the importance of a budget and budget control for a business.

Every successful business allocate time to manage and control the budget and review the business plan on regular
basis it helps to maintain the financial records of business. Budgeting usually represents the available capital and
estimated expenditure. That allows the owner to concentrate on cash flow and improve the profits. If there is no
control on budgeting, the business have no objectives to achieve

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

5. List two techniques a business can use for maximising budget performance.

 Flexibility
 Track everything
 Profit and cash flows

Outcome ☐ Satisfactory ☐ Not Satisfactory

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 Comment

6. Outline the term budget variance.

When a project’s actual costs are higher or lower than its predicted costs that refers as a budget variance.

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

7. Document the reporting that is completed for the following cycles/periods and write down a procedure for
each that is relevant to a hospitality business.

Cycle What reporting should happen A relevant procedure

Monthly Financial statements, operation Benchmark company’s actual performance

performance, budget against expected performance.

Quarterly Collection of unaudited financial Preparing quarterly reports takes time and may
statements, income ,flow extend the research like gathering financial and
statements and issued by performance data from various resources.
company every three months

Annually business profile, management Fundamental overview of the business over the
discussions, finance statements. past year which is analysis by the management
team on a specific legal requirement. That is an
opening letter from the chairman.

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

8. For two different accounting software programs of your choice, write down at least one function and one

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 feature of each and how these can help in monitoring budgets.

`1. XERO
Xero has been recognised as a leader of the accounting software market as it works smart with
intuitive invoicing software. Send online invoice from desktop or app is easy by xero. Also xero keeps the
financials update.

2. QUICKBOOKS
Quickbooks helps to track the income and other expenses. With this apps, account manager can easily
keep the records of inventory, taxes, investments and many others. Easily get all the categorise transactions
by connecting this app with bank account.

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

9. What information does an annual financial report contain and how should it be presented?

Annual typically includes the financial statements of company’s operations throughout the year. The reports
contain information like performance highlights, a letter from CEO , finance details (cash inflows, cash outflows) and
goals for future.

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

10. Discuss how a business will show the findings of the projected budget versus the actual budget and how
this might be presented.

The budget vs actual distinction is vital to make if the owner want to manage the finances of business accurately.
This is the process of comparing organisation’s predicted budget to the amount that the company actually have, in
order to find the variance or difference. The actual budget is the true revenue that is achieving. Bookkeepers
usually perform budget vs. actual variance to monitor the difference between the static budget of each fiscal period.

Outcome ☐ Satisfactory ☐ Not Satisfactory

Comment

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 Assessment Task 1: Checklist

Student’s name:

Did the student provide a Completed

sufficient and clear answer successfully?
that addresses the
suggested answer for the
Yes No
following? Comments

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Task outcome:  Satisfactory  Not satisfactory

Assessor signature:

Assessor name:

Date:

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