FNSACC523_AE_Sk3of3
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Assessment event 3 of 3: Skills
Unit code and name
FNSACC523 – Manage budgets and forecasts
Qualification code and name
FNS50222 – Diploma of Accounting
Student name
Student number
Document title: FNSACC523_AE_Sk3of3
Page 1 of 26
Resource ID: SEMX_22_003_FNSACC523_AE_Sk3of3
Version: 20230403
Version:
20230403
Date created:
23 November 2022
© 2023 TAFE NSW
RTO Provider Number 90003 | CRICOS Provider Code: 00591E
This assessment can be found in the: Learning Bank
The content in this document is copyright © TAFE NSW 2023 and should not be reproduced without the permission of TAFE NSW. Information contained in this document is correct at the time of printing: 1 April 2024. For current information please refer to our website or your Teacher/Assessor as appropriate.
Document title: FNSACC523_AE_Sk3of3
Page 2 of 26
Resource ID: SEMX_22_003_FNSACC523_AE_Sk3of3
Version: 20230403
Assessment information
Table 1 – Assessment information
Information
Details
Assessment event overview
This assessment event aims to assess your performance in skills and knowledge required to prepare, document, and manage budgets and forecasts. It involves forecasting estimates and monitoring budgeted outcomes.
The unit applies to individuals who use specialised knowledge and analytical skills to prepare and manage strategic organisational information.
This assessment is in 3 parts:
Part 1: Scenario
Part 2: Presentation
Part 3: Report
And is supported by:
Azure Beach Accountants and Financial Service’s Budget Policy
FNSACC523_AE_Sk3of3_Appx_2_Templates.zip
, which contains:
o
FNSACC523_AE_Sk3of3_Appx1_Skyward_Budget_and Performance Report template
o
FNSACC523_AE_Sk3of3_Appx2_Skyward_Budget_Comme
ntary_template
o
FNSACC523_AE_Sk3of3_Appx3_Skyward_Budget_Report_
Presentation_template
o
FNSACC523_AE_Sk3of3_Appx4_Skyward_Half Yearly Financial_Report_template
Observation Checklist
Assessment checklist
Unit assessment guide (UAG)
Refer to the Unit assessment guide (UAG) before attempting this assessment event. The UAG contains information including assessment requirements and how to achieve a satisfactory result.
Submission instructions
When you complete this assessment, submit it for marking as Document title: FNSACC523_AE_Sk3of3
Page 3 of 26
Resource ID: SEMX_22_003_FNSACC523_AE_Sk3of3
Version: 20230403
Information
Details
directed by the assessor. Refer to the Submission Checklist at the end of the assessment to ensure you have submitted all requirements. It’s important to keep a copy of all the electronic and hardcopy assessments you submit to TAFE NSW and complete the assessment declaration when submitting the assessment.
Document title: FNSACC523_AE_Sk3of3
Page 4 of 26
Resource ID: SEMX_22_003_FNSACC523_AE_Sk3of3
Version: 20230403
Submission points
This assessment event includes different submission points. To effectively complete this assessment, you will need to individually submit evidence for each submission point and then await assessor feedback before moving onto the next section. The assessment instructions identify where these submission points are.
Task instructions
The assessor will use the criteria in the tasks to determine if you have satisfactorily completed this assessment event. Follow these instructions to ensure you demonstrate the required knowledge and skills.
SUBMISSION 1
Part 1: Scenario
To complete
this part of the assessment, read the scenario and complete the following task/s.
Scenario:
This scenario is based on the simulated organisation Azure Beach Accountants and Financial Services
.
You are continuing your role working as an Assistant Accountant with Azure Beach Accountants and Financial Services. Your role has expanded to include the preparation of budgets for clients of medium-sized companies.
You have received a new client. The business is a travel agent called Skyward Travel that has offices across New South Wales, Victoria and Queensland. Skyward specialises in packaged travel tours to eastern Asian countries. Nationally 30 permanent staff are employed with casual staff supporting the high-volume periods. The busiest time of the year is during the Australian winter when tourists from the east coast of Australia travel to Asia for holidays to escape the cold winters.
The client wants you to prepare an annual budget for the business for 2023/24 broken down
into quarters and presented to the Executive team before implementation. Since the COVID-
19 restrictions were lifted across Asia, the Executive has requested forecasted budgets informed by market trends with the expectation of a 13.5% increase in sales over 2023/24. Document title: FNSACC523_AE_Sk3of3
Page 5 of 26
Resource ID: SEMX_22_003_FNSACC523_AE_Sk3of3
Version: 20230403
The client has requested the budget presentation be ready for the next Executive team meeting that is scheduled in 2 weeks.
Additional Information
Azure Beach has conducted research into the Australian Travel Agency and Tour Arrangement Services
and you can use this additional information to complete your budget. Refer to 2.9.2 of Azure Beach Accountants and Financial Services Budget Policy for detail on understanding the current and future market conditions.
Document title: FNSACC523_AE_Sk3of3
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Resource ID: SEMX_22_003_FNSACC523_AE_Sk3of3
Version: 20230403
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The information for preparing a trial balance on a worksheet is obtained from
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Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during
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2. Prepare On Company's statement of cost of goods manufactured for December.
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Managers are paid a weekly salary, while servers are paid an hourly wage. In addition to employee compensation, the employer is responsible for payroll tax equal to 7.5% of
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2
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
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$ 13,000
$32,000
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88,000
3,000
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22,000
17,000
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17,000
11,000
6,000
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$112,000
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$ 20,000
$ 15,000
5,000
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80,000
20,000
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Redemption of bonds.
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MISLEADING?
B) NOW COMPUTE THE MULTIFACTOR PRODUCTIVITY FIGURES FOR LABOR
AND CAPITAL TOGETHER. ARE THE RESULTS BETTER?
C) FINALLY, CALCULATE RAW MATERIAL PRODUCTIVITY FIGURES (UNIT/S
WHERE $1 = FC 10). EXPLAIN WHY THESE FIGURES MIGHT BE GREATER IN THE
SUBSIDIARY.
aya yazin
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O 296,000 units
QUESTION 5
Last year Hadley Canning Inc. had $7.85 million of sales, and it had $2.50 million of fixed assets that were used at only 83% of
capacity. What is the maximum sales growth rate the company could achieve before it had to increase its fixed assets? [Do not
round intermediate calculations.]
O 17.65%
O 17.00%
20.48%
O 21.95%
QUESTION 6
Iooan Elloctricc Inc bar fivod onornting cote of ¢ɔ770 000varinblo cocte of ¢1 7€ nor uinit prodiuced
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QUESTION 1
E19.5 (Рg. 19-31)
E19.5 (LO 2) Gala Company is a manufacturer of laptop computers. Various costs
and expenses associated with its operations are as follows.
Classify various costs into different cost categories.
1. Property taxes on the factory building.
2. Production superintendents' salaries.
3. Memory boards and chips used in assembling computers.
4. Depreciation on the factory equipment.
5. Salaries for assembly-line quality control inspectors.
6. Sales commissions paid to sell laptop computers.
7. Electrical components used in assembling…
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INTERMED. ACCOUNTING (ACC 3110/
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Exercise 17-22
Whispering Company has the following investments as of December 31, 2017:
$1,570,000
Investments in common stock of Laser Company
Investment in debt securities of FourSquare Company
$3,180,000
In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2017.
Whispering's stock investments does not result in significant influence on the operations of Laser Company. Whispering's
debt investment is considered held-to-maturity. At December 31, 2018, the shares in Laser Company are valued at
$1,120,000; the debt investment securities of FourSquare are valued at $2,310,000. Assume that these…
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Jasper Company, a machine tooling firm, has several plants. One plant, located in Saint Cloud, Minnesota, uses a job order
costing system for its batch production processes. The Saint Cloud plant has two departments through which most jobs
pass. Plantwide overhead, which includes the plant manager's salary, accounting personnel, cafeteria, and human
resources, is budgeted at $250,000. During the past year, actual plantwide overhead was $242,000. Each department's
overhead consists primarily of depreciation and other machine-related expenses. Selected budgeted and actual data from
the Saint Cloud plant for the past year…
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INTERMED. ACCOUNTING (ACC 3110/312
Kieso, Intermediate Accounting, 16e
actice
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Exercise 17-10
At December 31, 2017, the available-for-sale debt portfolio for Sheffield, Inc. is as follows.
Unrealized
Gain (Loss)
Fair Value
Security
Cost
$(11,375 )
$68,250
$79,625
A
6,825
63,700
56,875
B
11,375
116,025
104,650
C
$247,975
6,825
$241,150
Total
1,820
Previous fair value adjustment balance-Dr.
$5,005
Fair value adjustment-Dr.
On January 20, 2018, Sheffield, Inc. sold security A for $68,705. The sale proceeds are net of brokerage fees.
Sheffield Inc. reports net income in 2017 of $546,000 and in 2018 of $637,000. Unrealized holding gains and gains equal
$182,000 in 2018.
Prepare a statement of comprehensive income for…
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F myCampus Portal Login - for Stu X
B 09 Operational and Legal Consid x
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Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations
09 Operational and Legal Considerations -
>
Calculating Capacity
• How many machines do you need?
• You expect your sales to be
3,000,000 granola bars (20g each)
• How large is your plant?
per month
• How many workers do you need?
The machine:
• How much is the investment?
Capacity: 100 kgs per hour
• What are the operating costs?
Requires 2 people to operate it
Takes 8 ft x 40 ft space
• Cost per machine $15,000
Energy and maintenance: $5 per hour
• Cost of material and packaging:
$0.12 per bar
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