FNSACC523_AE_Sk3of3

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School

TAFE NSW - Sydney Institute *

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Course

523

Subject

Accounting

Date

Apr 3, 2024

Type

docx

Pages

26

Uploaded by ChancellorThunder13861

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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 Page 6 of 26 Resource ID: SEMX_22_003_FNSACC523_AE_Sk3of3 Version: 20230403
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