SITXFIN003 Assessment

.docx

School

Central Australian College *

*We aren’t endorsed by this school

Course

617

Subject

Accounting

Date

Jan 9, 2024

Type

docx

Pages

Uploaded by BrigadierEelMaster1069

SITXFIN003 Assessment Tasks and Instructions Assessment Guidelines What will be assessed The purpose of this assessment is to assess your underpinning knowledge to complete the tasks outlined in the elements and performance criteria for this unit of competency and relating to the following aspects:  types of financial records: o bank deposit documentation o bank statements o banking summaries o business activity statements o cheque books o credit card transaction statements o invoices o journal entries o labour and wages reports o merchant statements o merchant summaries o transaction reports  types of budgets: o cash budgets o cash flow budgets o departmental budgets o event budgets o project budgets o purchasing budgets o sales budgets o wage budgets o whole of organisation budgets  factors for consideration in the preparation of financial and statistical reports: o cash flow o commercial account activity o commission earnings o covers and financial return o daily, weekly and monthly transactions o expenditure o income o occupancy rates and financial return o performance of department, project and/or products and services o sales performance SIT Version 1 1 of 7

o sales returns o staff costs o stock levels o variance in income and/or expenditure o wastage o yield  use, contents of and formats for: o budgets o financial reports o statistical reports  budget terminology  specific industry sector and organisation: o use of budgets to control costs and enhance profitability o importance of budget control o techniques for maximising budget performance o financial reporting procedures and cycles o features and functions of accounting software programs used to manage budgets. Place/Location where assessment will be conducted Resource Requirements Pen, Paper or computer Instructions for assessment including WHS requirements You are required to address all questions to achieve competence. Your trainer will provide you with instructions for time frames and dates to complete this assessment. Once completed, carefully read the responses you have provided and check for completeness. Your trainer will provide you with feedback and the result you have achieved. SIT Version 1 2 of 7

Assessment 1 Your Task: Answer the following questions below. All questions must be answered. Question 1 List 8 examples for financial records 1. Payable Statement 2. Ageing Study 3. Returns on Taxes 4. Flow of funds statement 5. Statement of Profit and Loss 6. Financial position statement 7. Other comprehensive income statement 8. Accounts receivable statement Question 2 List 4 different types of budgets. 1. Budget depending on activity 2. Budget based on zero 3. Budgeting on an incremental basis 4. Budget for Value Proposition Question 3 What is the purpose of preparing a draft budget? The Draught Budget Estimates explain the income and expenditure plans. This covers comprehensive budgets for recurring and development expenditure from central spending agencies. The draught budget estimates indicate the allocations of central spending agencies' budgets by production and expenditure item. SIT Version 1 3 of 7

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