V2 - SITXFIN002 Interpret Financial Information Student Guide

SIT40516 - Certificate IV in Commercial Cookery
SITXFIN002 – Interpret Financial Information

Student Assessment Guide
Student ID: _________________________
Student Name: _________________________
THE EARLY CHILDHOOD LEARNING COMPANY PTY. LTD. T/A ASTRAL SKILLS INSTITUTE OF
ABN: 80 600 951 264 AUSTRALIA
RTO: 41322 CRICOS: 03858C
info@asia.edu.au Version 2.0

Level-6, Suite 6.01/138 Queen Street, (02) 4608 9972 Release Date: Nov 2021
Campbelltown, NSW 2560 www.asia.edu.au Page 1 of 56
Competency Record Summary Sheet:
Competency Record Summary Sheet

Unit of Competency: SITXFIN002 – Interpret Financial Information
Student’s Name: Student’s ID:
Assessor’s Name: Date of completion:

Student Results
Assessments Not yet

Not
Satisfactory(S) satisfactory
Completed
(NYS)
Assessment 1: Knowledge Questions   
Assessment 2: Project   
Comments:
Note: student is required be marked satisfactory in all assessment tasks to be deemed competent in
this unit.
 Competent  Not Yet Competent

Unit Outcome:
ASTRAL SKILLS INSTITUTE OF AUSTRALIA
Is 600
ABN: 80 re-assessment required:
951 264RTO: 41322CRICOS:  Yes  No
Level-6, Suite 6.01/138 Queen Street, +000 12345 6789 info@asia.edu.au Version 1.0
Campbelltown, NSW 2560. +000 12345 6789 www.astralskillsinstitute.com Release Date: September 2019
Page No:
Assessor’s Signature: Date:
Student’s Signature: Date:

ASSESSMENT RECEIPT FORM
STUDENT NAME:
STUDENT ID:
COURSE CODE:
COURSE TITLE:
TRAINER’S/ASSESSOR’S NAME:
DUE DATE
UNIT CODE AND DESCRIPTION SITXFIN002 – Interpret Financial Information
NOTE:
1. This form must be stapled on top of the Assessment Workbook upon submission.
2. This Assessment Receipt Form must be dated and signed in.
DECLARATION
1. I am aware that penalties exist for plagiarism and academic dishonesty.
2. I am aware of the requirements set by my Trainer/Assessor.
3. I have retained a copy of my Assessment.
Student Signature: Date:
ASSESSMENT RECEIVED BY Astral Skills Institute of Australia Staff

Name:
Date:
Signature:
================================= Tear Here ===========================

Students must retain this as a Record of Submission.
Assessment Handed On:
Unit Code & Description: SITXFIN002 – Interpret Financial Information
Astral Skills Institute of Australia Student

Assessment Received by: Astral Skills Institute of
Australia
Staff Name: Student ID:
_____________________________________ ______________________________________
Signature: Student Signature:

_______________________________________ _____________________________________

This Page is Intentionally Left Blank

ABN: 80 600 951 264RTO: 41322CRICOS:
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ABOUT THIS BOOKLET
This assessment booklet and tools has been designed for students undertaking face to face mode of
study to provide information before students take assessments and contains assessment tools to
assess the skills and knowledge required from students to be deemed competent in this unit.
This booklet might not be suitable for students taking other modes of study e.g., online or work
based.
Please read all the information given to you when you receive this assessment booklet. If you do not
understand any part of this booklet, please inform your assessor/trainer.
The assessment booklet contains two (2) parts:
PART 1: Assessment Information: This part contains information on assessments for this unit of
competency and how assessment will be conducted throughout unit to achieve the competency. It
includes:
 Application of the unit of competency

 Purpose of assessment
 Elements, performance evidence and knowledge evidence requirements of the unit
 Conditions, context, required resources and location of the assessment.
 Assessment tasks.
 Outline of evidence to be collected.
 Administration, recording and reporting the requirements including special adjustments,
appeals, reasonable adjustments and assessors’ intervention.
PART 2: Assessment Tasks: This part contains the information to successfully undertake the
ASTRAL
assessment SKILLS INSTITUTE
task. In each assessment OF will
task, students AUSTRALIA
find the following information:
 951
ABN: 80 600 Task instructions.
264RTO: 41322CRICOS:
 Suite
Level-6, Role6.01/138
play / Case
Queenstudy
Street,/Practical+000
Demonstration/Project
12345 6789 information.
 Information
Campbelltown, on resources required,
NSW 2560. +000where applicable. www.astralskillsinstitute.com
12345 6789 Release Date: September 2019
Page No:
 Appendix 1- Resources required for the unit.
 Appendix 2- General ledger.
 Appendix 3- Purchasing Budget Analysis.

PART 1
Assessment Information

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Page No:

Application of the unit of competency:
This unit describes the performance outcomes, skills and knowledge required to interpret financial
information and reports used by organisations to monitor business performance and provide
information on operational or departmental financial activities.
The unit applies to all tourism, travel, hospitality and event sectors.
It applies to those people who operate independently or with limited guidance from others. This
includes supervisors and departmental managers. This unit does not include the skills required to
produce reports for the overall operation of the department or whole organisation. These would be
created by senior managers, financial specialists or accountants.
No occupational licensing, certification or specific legislative requirements apply to this unit at the
time of publication.
Purpose of assessment:
The purpose of assessment is to determine competency in the unit SITXFIN002 – Interpret Financial
Information.
Elements
1. Access and interpret financial information.
2. Use and provide financial information.
Performance evidence:
Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit
in the context of the job role, and:
 correctly complete each of the following financial information documents or reports used
ABN: 80 600 951to
monitor overall business performance:
 account
Level-6, Suite 6.01/138 summaries and
Queen Street, balances
+000 12345 6789 info@asia.edu.au Version 1.0
 balance sheets Page No:
 bank deposit documentation

 bank statements
 banking summaries
 business activity statements
 credit card transaction statements
 invoices
 journal entries
 merchant statements
 merchant summaries
 profit and loss statements
 trial balance

 provide financial information using correct financial terminology on six different
operational or departmental financial activities listed in the knowledge evidence.
Knowledge Evidence
Demonstrated knowledge required to complete the tasks outlined in elements and performance
criteria of this unit:
 specific industry sector and organisation:

 financial terminology specific to financial report
 reporting periods and different financial years observed by different businesses
 key features and functions of accounting software programs used to manage
financial operations
 use of financial information and reports in monitoring overall business
performance
 operational or departmental financial activities relevant to the sector:
 average customer spend
 daily, weekly and monthly transactions
 departmental expenditure on:
o labour
o stock purchased
o wastage
 departmental income:
o covers and gross income
o commission earnings
o occupancy and gross income
o sales
 outstanding accounts:
o payable
o receivable
 quotations realised to sales
 sales performance
ABN: 80 600 951 264RTO: 41322CRICOS:
 stock levels
 variance
Level-6, Suite 6.01/138 from budget +000 12345 6789
Queen Street, info@asia.edu.au Version 1.0
 types of financial reports and their purpose: Page No:
 budgets
 cash flow
 covers
 expenditure
 labour and wages
 occupancy rates
 purchases
 receivables
 sales
 stock
 transactions
 transactions exempted

 units sold
 variance
 wastage
 key elements of financial record-keeping and key terminology:
 ledgers, subsidiary ledgers and journals
 transactions, receipts and disbursements
 invoices, accounts payable, debtors and creditors
 cash flow
 key elements of accounting and how it provides information for business management:
 charts of accounts and account categories
 basic rules for double-entry accounting and the concept of debits and credits
 accrual versus cash accounting
 profit and loss statements and balance sheets as key financial statements used to
measure business performance:
o purpose
o how these reports are generated
o format
o features
o key information
 reconciliations:
o purpose
o different types of reconciliation, and the impact of unpresented cheques
o bank charges
o direct debits and credits
 concept of costing, and fixed and variable costs
 accounting for and reporting goods and services tax (GST).
Context and conditions for assessments:

To comply with the assessment condition of this unit:
ASTRAL SKILLS
 Astral INSTITUTE
Skills Institute OF AUSTRALIA
of Australia will conduct assessment for this unit in its classroom
ABN: 80 600 951 264RTO:
located at41322CRICOS:
Level-6, Suite 6.01/138 Queen Street, Campbelltown, NSW 2560.
 Suite
Level-6, You 6.01/138
will have access
Queen to suitable +000
Street, facilities,
12345equipment
6789 and resources including computers,
printers, and accounting software packages. It also has access to financial data and reports Page No:
(Please refer Appendix1 at the end of this assessment tool for detailed list of assessment
resources)
 Knowledge assessment for this unit will be conducted at Level-6, Suite 6.01/138 Queen
Street, Campbelltown, NSW 2560.
 All Astral Skills Institute of Australia assessor those are assessing this unit will satisfy the
requirements specified in Standards for Registered Training Organisations’ requirements for
assessors.
Resources Required:
The assessor will ensure that assessment is conducted in a safe environment, and you have access to
the following resources for the unit.

 Computers with access to internet and printers.
 DIDASKO learner guide for unit SITXFIN002.
 Access to classroom with access to resources, equipment and documents defined in
conditions of assessment above and in Appendix at the end of the guide.
Clustering/holistic assessment:
There is no provision for clustering of assessments in this unit.
Competency Requirements:
To be judged competent in this unit, you will be required to demonstrate all indicators which are
shown in the Marking Guide (assessor’s document).
You must satisfactorily complete all assessment tasks to be Competent (C) in the unit. Students with
unsatisfactory completion of any of the assignment tasks will be deemed Not Yet Competent (NYC).
Assessors will ensure that the evidence collected meets the requirements of the Rules of Evidence
(authentic, current, sufficient and valid) prior to entering results into the competency record sheet.
Students unsuccessful at achieving “Satisfactory” for any assessment at the first attempt will be
given two opportunities for reassessment. If the student is still deemed Not Yet Competent (NYC)
after two reassessments in a unit of competency student will be required to repeat the unit as per
the scheduled delivery of the course. For further details, refer to Astral Skills Institute of Australia
Re-Assessment Policy and Astral Skills Institute of Australia Course Progress Policy.
Assessment Task:
To achieve competency in this unit, you must satisfactorily complete all the following assessment
tasks within the date and time specified in the session plan. This will demonstrate that you have all
the required skills and knowledge for this unit.
ASTRAL SKILLS
Assessment INSTITUTE
Assessment Description OF AUSTRALIA Due Location of
Tasks
ABN: 80 600 951 264RTO: 41322CRICOS: Date Assessment
Level-6, Suite 6.01/138 Queen Street,
This assessment +000 12345
includes 6789of multiple
a series info@asia.edu.au
choice Needs to be
Version 1.0
Assessment NSW 2560.
Campbelltown, +000 12345 6789 www.astralskillsinstitute.com Release Date: September 2019
and short answer questions that students are completed in
Page No:
Task 1 (AT1) –
required to complete to demonstrate the the Astral
Knowledge knowledge to interpret financial information. You
Questions Skills Institute
will be given 3 hours to complete this task.
of Australia
classroom
Assessment This is a project-based task which requires you to Needs to be

Task 2 (AT2) – identify, interpret and provide information to completed in
financial reports. the Astral
Project
Skills Institute
of Australia

classroom
Outline of evidence to be collected:
You must submit the following evidence to be marked competent for this unit. Your assessor will
ensure that the evidence submitted meets the Rules of Evidence which are valid, sufficient, current,
and authentic.
Assessment Task 1  Completed knowledge test with all questions answered correctly and
(AT1) – Knowledge submit to your assessor electronically or paper based.
 Complete and sign the cover sheet for assessment task.
Questions
Assessment Task 2  Complete 3 tasks

(AT2) – Project  Answer all questions
 Complete and sign the cover sheet for assessment task.
Administration, recording and reporting requirements:

You must read and follow this information carefully while completing assessments for this unit of
competency and if you are unsure of any instruction, please contact your assessor to clarify.
The assessments are intended to be equitable, fair and flexible.
Submission of assessment:
You must ensure that the completed assessment tasks are submitted along with the assessment
cover sheet:
 Your assessor will mark the submitted assessment, provide feedback to you and complete
the comments section against each task, where applicable.
 ALL tasks must be completed in legible English. It is preferred that the tasks submitted for
assessments are typed and that they are legible and clear, if handwritten.
ABN: 80 600 951 264RTO: 41322CRICOS:
 You must submit all assessments on or before the due date specified by the assessor as per
the training plan. Release Date: September 2019
Campbelltown, NSW 2560. +000 12345 6789 www.astralskillsinstitute.com
Page No:
 Extensions for individual assessment tasks may be negotiated in specific circumstances with
your assessor/trainer. However, you need to provide genuine evidence documents when
seeking an extension to due date (e.g., extensions due to illness will require a medical
certificate). To arrange an extension, you must speak to your assessor prior to the due date.
Extensions must be confirmed by the trainer in writing.
 You are permitted to use dictionaries and to seek support (as required) unless it puts in
jeopardy the integrity of the assessment, your assessor will let you know if this is the case.
 Unless the assessment task specifically allows pair work or group activities such as
brainstorming, you must submit your own original work and must not copy the work of
other students. Plagiarism is unacceptable.
 You can submit your assessment tasks through the hand in hard copies in the classroom.

Recording an assessment result:
Once the assessments have been completed, the assessor will record the assessment results on the
student assessment record sheets and all results will be approved by the course coordinator.
Assessors will check that you have completed the student declaration prior to filling out the
assessment sheet.
Retaining assessment records:
Astral Skills Institute of Australia will securely retain all completed student assessment items for
each student for a period of 18 months from the date on which the judgement of competence for
the student was made. Astral Skills Institute of Australia will also retain sufficient data to be able to
reissue AQF certification documentation for a period of 30 years.
All assessment records submitted to the assessor for marking will be stored and retained properly.
And a hard copy submitted to student administration for filing along with the evidence.
The assessor will ensure that the student records are securely retained in accordance with the Astral
Skills Institute of Australia record control policy accessible by the Student Administration Officer.
Assessment outcomes:
For unit of competency:
There are two outcomes for assessments: C = Competent and NYC = Not Yet Competent (requires
more training and experience).
You will be awarded C = Competent on completion of the unit when the assessor is satisfied that you
have completed all assessments and have provided the appropriate evidence required to meet all
criteria in line with the Rules of Evidence. If you fail to meet this requirement, you will receive the
result NYC = Not Yet Competent and will be eligible to be re-assessed in accordance with the Astral
Skills Institute of Australia’s Re-Assessment Policy and Astral Skills Institute of Australia’s Course
Progress Policy.
ABN: 80 600 951 264RTO: 41322CRICOS:
For assessment
Level-6, task:
Suite 6.01/138 Queen Street, +000 12345 6789 info@asia.edu.au Version 1.0
Page No:
There are two assessment outcomes for tasks. S = Satisfactory and NS = Not Satisfactory.
On the individual assessment cover sheet for assessment tasks, you will be marked Satisfactory, if
you have completed the task successfully, submitted all evidence and satisfied the assessment
criteria and Not Satisfactory, if you have not completed the task, the evidence is not sufficient or
does not meet the requirements of the assessment criteria.
Re-assessment:
If you are unsuccessful at achieving competency at the first attempt, you will be given two further
opportunities for re-assessment at a mutually agreed time and date. For further details, refer to the
Astral Skills Institute of Australia’s Re-Assessment Policy and Astral Skills Institute of Australia’s

Course Progress Policy. As this is a competency-based program, the assessment continues
throughout the program until you either achieve Competency in the assessment tasks or a further
training need is identified and addressed.
Student access to records:
You have the right to access current and accurate records of your participation and results at any
time. You can see your results or attendance progress by requesting a copy of your records by
contacting the student administration and the assessor.
Support:
You may seek clarification about the assessment information and the instructions and tasks at any
time from the assessor.
Reasonable adjustments and special learning needs:
Astral Skills Institute of Australia works to ensure that students with recognized disadvantages can
access and participate in education and training on the same basis as other students. Disadvantages
may be based, for example, upon age, cultural background, physical disability, limited or non-current
industry experience, language, numeracy or digital literacy issues.
Where pre-training interviews and assessments reveal that a student may require special support or
where, after enrolment, it is made apparent that the student requires special support, reasonable
adjustments will be made to the learning environment, training delivery, learning resources and/or
assessment tasks to accommodate the particular needs of the student. An adjustment is reasonable
if it can accommodate the student’s particular needs, while also taking into account factors such as
the student’s views, the potential effect of the adjustment on the student and others and the costs
and benefits of making the adjustment.
Any adjustments made must:
a. Be discussed, agreed and documented in the assessment record

b. Benefit the student.
ABN: 80 600 951 264RTO: 41322CRICOS:
c. Maintain the integrity of the competency standards and course requirements as stipulated in
Level-6, the
Suitetraining
6.01/138package.
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d. Be reasonable to expect in a workplace. Page No:
Reasonable adjustment may consist of:
a. Providing additional time for students to complete learning and assessment tasks.
b. Presenting questions orally for students with literacy issues.
c. Asking questions in a relevant practical context.
d. Using large print material.
e. Extending the course duration.
f. Presenting work instructions in diagrammatic or pictorial form instead of words and
sentences.
Complaints and appeals:

If you are dissatisfied with an assessment outcome, you may appeal the assessment decision. In the
first instance, you are encouraged to appeal informally by contacting the assessor and discussing the
matter with them. If you are dissatisfied with the outcome of such discussion, you may appeal
further to either the course coordinator and/or Head of Department. If you are still dissatisfied, you
may appeal formally and in writing to have the result reviewed. For more information, refer to the
Assessment Policy and the Complaints and Appeals Policy and Procedures.
Assessor intervention:
Assessors will check if you are ready for the assessment and defer the assessment if you are not.
Feedback will be given to you at the completion of the assessment. During role play, the assessor
may act as a client or employer, where required, but the assessor will not interfere with the
assessment. If the assessment activities might impact on your safety or that of others, the assessor
will stop the assessment immediately.
Plagiarism, cheating and assessment dishonesty:
Astral Skills Institute of Australia considers plagiarism and cheating as a serious misdemeanour.
Evidence of plagiarism and cheating is treated on a case-by-case basis and the consequences for
students engaging in such practices may include failure of the assessment or unit or exclusion from
the course. For more information, refer to Astral Skills Institute of Australia ’s Assessment Policy.
Assessor feedback:
Assessors will provide feedback on the assessment that you have submitted. This can identify your
strengths and weaknesses or be an overall comment on your submission. A copy of the feedback
along with your submission will be given to you and you must keep a copy of it throughout the
completion of the course.
Student Declaration:
I __________________________________________________________ (Student Name) have read
ASTRAL SKILLS
and understand INSTITUTE
the information OF
provided above andAUSTRALIA
understand and accept that any act of
ABN:plagiarism and academic
80 600 951 264RTO: dishonesty may have penalties including cancellation or suspension of my
41322CRICOS:
enrolment with Astral Skills Institute of Australia. I further declare that:
Campbelltown, Release Date: September 2019
 All assessment work submitted+000
NSW 2560. for 12345
this 6789
unit www.astralskillsinstitute.com
competency is my own original work
Page and
No:
plagiarism and collusion has not occurred.
 Assessment work has not been copied or submitted for any other unit/course.
 I have taken proper care and effort to ensure my work has not been copied by another
person.
 I have retained a copy of this assessment for my own records in the event I have to reproduce
my work.
 I am aware that any assessment deemed unsatisfactory will require me to undergo
reassessment which may be different to the one originally submitted.
Student Signature: _____________________________ Date: _____/______/______

PART 2
Assessment Tasks

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Assessment Cover Sheet: Assessment Task 1 (AT1)
Student Detail
Student Name
Student Id:
Group No (If Applicable):
Assessment Details
Unit of Competency SITXFIN002 – Interpret Financial Information
Assessment Task Knowledge Questions
Due Date
Date of Submission
Assessment Outcome Satisfactory □ Not Satisfactory □ Not completed □
Date
Assessor name
Assessor Signature and Date
Comments/Feedback
Student Plagiarism Declaration: By submitting this assessment to the college, I declare that this
assessment task is original and has not been copied or taken from another source except where
this work has been correctly acknowledged. I have made a photocopy or electronic copy or
photograph of my assessment task, which I can produce if the original is lost.
Assessor Student
I declare that I have conducted a fair, valid, I have received, discussed, and accepted my
reliable, and flexible assessment with this student, result as above for this task and I am aware
and I have provided appropriate feedback. of my appeal rights.
ABN: 80 600 951 264RTO: 41322CRICOS:
Signature: +000 12345 6789 info@asia.edu.au
Signature: Version 1.0
______________________________________ _________________________________ Page No:
Date: Date:
__________________________________________ ____________________________________

Assessment task 1: Knowledge Questions
Required documents and equipment:
 Computer with internet connection to refer to various resources.

 Student assessment booklet and a pen (organized by the student).
 Astral Skills Institute of Australia Learners’ resources for the SITXFIN002 – Interpret Financial
Information. (Organised by the trainer).
 Learner’s notes
Instructions for students:
This assessment will be conducted in the Astral Skills Institute of Australia classroom with access to
the resources listed above.
You must satisfactorily perform all tasks to be deemed satisfactory for the assessment.
Planning the assessment
 Recommended date for assessment: [Trainer to provide]

 Access all resources mentioned in required resources either printed copies or access via the
internet
 Time required for assessment: 3 hours.
 You must:
 Answer all the questions satisfactorily to be deemed competent.
 Complete the assessment and submit in due timelines.
ASTRAL  SKILLS
Submit with aINSTITUTE
completed assessmentOFcover
AUSTRALIA
sheet.
 Your assessor will set a
ABN: 80 600 951 264RTO: 41322CRICOS:time to provide feedback.
Evidence specifications: Page No:
At the end of the assessment, you will be required to submit the following evidence before the due
date specified by the assessor:
 You are required to submit a completed (ticked) multiple choice questions and short answer
questions listed in the assessment.
 Completed and signed cover sheet for assessment
Evidence submission:
 Documentation can be submitted electronically or paper-based.
 Your assessor will record the assessment outcome on the assessment cover sheet.

Q1. What is the name of the document that shows the revenue and expenses of a business for a
specified financial reporting period and the profit or loss the business made within that
period?
(a) Balance sheet.
(b) Trial balance.
(c) Income statement.
(d) Cash flow statement.
Q2. You want to look at a snapshot of a business’s assets, liabilities and equity at a given point
in time. What financial report provides you with this information?
(a) Income statement.
(b) Cash flow statement.
(c) Master budget.
(d) Balance sheet.
Q3. In simple terms, what information is contained in a cash flow statement?

(a) A cash flow statement shows the movement of money in and out of a business.
(b) A cash flow statement shows the revenue generated by a business.
(c) A cash flow statement shows the profit or loss generated by a business.
(d) A cash flow statement shows the amount of cash owed to a business.
Q4. You are the supervisor in a food service outlet and have just received next month’s sales
budget. What does the following information in the department’s sales budget tell you?
ASTRAL SKILLS INSTITUTE OF
No. covers 1,410AUSTRALIA
ABN: 80 600 951 264RTO:spend
Average 41322CRICOS:
per cover: food $18.85
Level-6, Suite
Gross 6.01/138 Queen Street,
sales revenue +000 12345 6789
$26,578.50 info@asia.edu.au Version 1.0
(a) It tells you how many people must consume food or beverages in your outlet to spend an
Page No:
average of $18.85 per person.

(b) It sets financial goals for you and the team to strive for on a daily basis.
(c) This is the level of activity your outlet must aim for during the budget period to achieve
organisational goals.
(d) It tells you the outlet’s financial targets for the budget period.
Q5. You are sourcing information to prepare a report on purchasing of stock: how fast stock is
turned over and how much is spent each month on major types of stock (e.g., food,
beverages, non-consumables, etc.). What are two financial reports you could use to access
this information?
(a) Purchase summary and stocktaking reports.

(b) Wastage and cost of goods reports.
(c) General ledger and subsidiary reports.
(d) Sales and delivery reports.
Q6. You’re reviewing financial information for impacts on operational activities. Which report
helps you by comparing actual figures to budgeted figures?
(a) Profit and loss statement.
(b) Comparative analysis report.
(c) Balance sheet.
(d) Income statement.
Q7. How do you determine if the variances you’ve identified are a true indication of how your
team or department performed?
(a) By flexing the budget to allow for changes in sales and expenses.
(b) By speaking to your manager and colleagues to find out if the figures appear accurate.
(c) By comparing the budget goals to actual sales figures.
(d) By comparing the comparative analysis report to the master budget.
Q8. You’ve identified a significant variance that is worth further investigation and believe that
the department budget needs to be altered. Under what circumstances would you take
action?
(a) When the variance exceeds $1,000.
(b) When the required action is within the scope of your role, level of authority and experience.
(c) When your manager has delegated the responsibility to review financial information in
reports.
(d) When you are appointed the position of supervisor or manager.
ASTRAL SKILLS
Q9. In which INSTITUTE
report would OF ofAUSTRALIA
you find a summary all revenue earned in the establishment on a
particular day?
ABN: 80 600 951 264RTO: 41322CRICOS:
(a) Balance sheet.
(b) Room revenue
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(c) Daily revenue report.
(d) In-house activity report.
Q10. You want to find out how many guests dined in the bistro during each service period, the
most expensive and most popular items purchased, and the average spend per table. Which
report would you refer to?
(a) In-house activity report.
(b) Cash flow statement.
(c) Profit and loss report.
(d) Merchant summary report.

Q11. You’re a department manager responsible for reviewing financial information and have
been asked to report on the department’s expenditure for the current financial period.
What information would you include in your report?
(a) How many customers your department aims to serve on a daily, weekly and monthly basis.
(b) Sales promotions undertaken to increase revenue.
(c) Reasons for undertaking a review of financial information.
(d) Unforeseen circumstances that resulted in an increase in labour costs.
Q12. Do you need to provide colleagues with information on operational or departmental

financial activities?
(a) No. These reports are generally made available to all staff via the intranet.
(b) Yes. You should report back to staff soon after the end of the budget period to update them
on the budget status.
(c) Yes. Staff need to have access to all financial information including stock, wages and sales
reports.
(d) No. Financial information should always be kept in a locked filing cabinet and treated as
confidential.
SECTION 1: Access and interpret financial information.
Q13: Briefly define the following key information contained in a balance sheet.
Assets
 An asset is something that a business owns with the hope that it would provide future
ASTRALfinancial
SKILLS INSTITUTE
gain. It is OF
possible to reap this AUSTRALIA
benefit through increased purchasing power (i.e.,
ABN: 80 600 951lower costs),
264RTO: revenue generation, or cash receipts. Your possessions are your assets if you
41322CRICOS:
can6.01/138
Level-6, Suite sell them forStreet,
Queen cash. Any resource that6789
+000 12345 a company owns or manages is considered Version
info@asia.edu.au an 1.0
assetNSW
Campbelltown, in accounting.
2560. Anything that
+000could be sold for cash
12345 6789 qualifies. We can determineRelease
www.astralskillsinstitute.com the Date: September 2019
Page No:
equity value by examining a balance sheet's assets and liabilities.
Liabilities
 Your debts to other people are known as liabilities. A loan, credit card debt, payroll taxes,
accounts payable, expenses for which you have not yet received an invoice, long-term
loans (such a mortgage or business loan), delayed tax payments, or a long-term lease are
all examples of liabilities.

Equity
 entire assets minus entire liabilities equals equity. A company's balance sheet will contain
all of these numbers. Equity for a homeowner would be the home's value less any
remaining mortgage debt or liens.
Q14: What is the general ledger?
 An accounting record of all financial transactions in your company is kept in a general

ledger. Debits (money leaving your business) and credits (money entering your firm) are
included in this. These exchanges can take place in a variety of contexts, including
revenue, expenses, assets, and liabilities.
Q15: What is a chart of accounts?

ABN: 80 600 951An index41322CRICOS:
264RTO: of all the accounts in an accounting system is provided by a chart of accounts
(COA),
Level-6, Suite a financial
6.01/138 and organizational
Queen Street, tool.6789
+000 12345 This gives information about all of the
business's financial transactions. For each sort of asset, liability, equity, revenue, andRelease Date: September 2019
Page No:
expense, an account serves as a distinct record.
Q16: What is one basic rule of double-entry accounting?
 Rules of Double-Entry Accounting

Every transaction must be recorded in two or more accounts. For each transaction, the total

amount debited must equal the total amount credited.
Q17: What does a cash flow statement do and why is it an essential report?
 The purpose of a cash flow statement is to provide a detailed picture of what happened to
a business's cash during a specified period, known as the accounting period. It
demonstrates an organization's ability to operate in the short and long term, based on
how much cash is flowing into and out of the business.
Q18: What is a budget?
 A business budget is a financial plan based on a company's revenue and expenses it

expects over a period. Budgets can help businesses estimate spending, identify capital and
predict revenue. A budget can also help leadership understand how the company is
performing
Q19: Briefly explain how the features of accounting software programs assist you in managing
ASTRAL
budgets andSKILLS INSTITUTE OF AUSTRALIA
financial records.
ABN: 80 600 951 264RTO: 41322CRICOS:
 Accounting software is a tool to help you record the flow of your company's money and
Page No:
examine your financial condition. With it, you can record transactions, generate reports,
manage customer and vendor contacts, create purchase orders, track stock levels, bill
customers, and monitor account balances.
Q20: What is the purpose of a bank reconciliation?
 The bank reconciliation ensures that all transactions that have gone through the bank
statements have been reviewed and checked, thus reducing the probabilities of errors in

the data used to prepare accounts.
Q21: What is GST and how much GST do you need to allow for when interpreting financial
reports?
 GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many
indirect taxes in India such as the excise duty, VAT, services tax, etc. The tax liability or
positive input tax credit is to be shown as liability or asset in the balance sheet. Fixed
assets on which input tax credit is allowed and taken are to be shown as cost excluding
GST.
Q22: What financial reports contain information on the following financial activities. Reports
could include the following.
 Income statement
 Balance sheet
 Cash flow statement
 Bank reconciliation
 Trial balance
 Budgets (master, departmental, sales, labour, purchases, etc.)
Financial information Report(s) recorded in
Actual and forecasted departmental expenditure
on labour costs such as wages and salary.
Outstanding amounts owed to the business by
ASTRAL SKILLS
creditors (accounts INSTITUTE OF AUSTRALIA
payable).
ABN: 80 600 951 264RTO:
Forecasted sales41322CRICOS:
performance for a department
and the
Level-6, business.
Suite 6.01/138 Queen Street, +000 12345 6789 info@asia.edu.au Version 1.0
Cash receipts and payments, and net cash flow Page No:
(movement of money through the business).
Q23: What are the three different types of financial ‘year’? Include the dates for each time
period in your response.

SECTION 2: Use and provide financial information.
Q24: What is the main purpose of reviewing financial information and reports?
 Financial reporting provides insight and transparency into a company's financial position
and its operations. It's meant to give stakeholders in the company the right information,
in the right amount of detail, to make better-informed decisions.
Q25: You identify a number of significant variations when reviewing your work area’s financial
information. List two possible reasons why a variation might occur.
1.
2.

ABN: 80 600 951 264RTO: 41322CRICOS:
Q26: It’s important to routinely report on operational or departmental financial activities. List
Level-6,
five Suite 6.01/138
examples of theQueen
typeStreet, +000
of information you12345 6789report on.
should info@asia.edu.au Version 1.0
Campbelltown, NSW 2560. +000 12345 6789 Release Date: September 2019
www.astralskillsinstitute.com
Page No:
1.
2.
3.
4.

5.

ABN: 80 600 951 264RTO: 41322CRICOS:
Knowledge Questions checklist+000
– to be completed
12345 6789
by the assessor
Page No:
Marking criteria Students’
response (to be
After the Knowledge Questions, the student has provided authenticity for the following
completed by
questions:
the assessor)
1. What is the name of the document that shows the revenue and expenses of a business for a
specified financial reporting period and the profit or loss the business made within that S NS
period?
2. You want to look at a snapshot of a business’s assets, liabilities and equity at a given point in
S NS
time. What financial report provides you with this information?

response (to be
completed by
questions:
the assessor)
3. In simple terms, what information is contained in a cash flow statement? S NS
4. You are the supervisor in a food service outlet and have just received next month’s sales S NS
budget. What does the following information in the department’s sales budget tell you?
5. You are sourcing information to prepare a report on purchasing of stock: how fast stock is
turned over and how much is spent each month on major types of stock (e.g., food, beverages,
S NS
non-consumables, etc.). What are two financial reports you could use to access this
information?
6. You’re reviewing financial information for impacts on operational activities. Which report
S NS
helps you by comparing actual figures to budgeted figures?
7. How do you determine if the variances you’ve identified are a true indication of how your
S NS
team or department performed?
8. You’ve identified a significant variance that is worth further investigation and believe that
the department budget needs to be altered. Under what circumstances would you take S NS
action?
9. In which report would you find a summary of all revenue earned in the establishment on a
S NS
particular day?
10. You want to find out how many guests dined in the bistro during each service period, the
most expensive and most popular items purchased, and the average spend per table. Which S NS
report would you refer to?
11.ASTRAL SKILLS
You’re a department INSTITUTE
manager responsible for OF AUSTRALIA
reviewing financial information and have
been
ABN:asked
80 600to report
951 on41322CRICOS:
264RTO: the department’s expenditure for the current financial period. What S NS
information would you include in your report?
12. Do you need to provide colleagues with information on operational or departmental PageSNo: NS
financial activities?
Q13: What attitudes and attributes are expected by the service industry to work with S NS
customers?
Q14: What is the general ledger?
Q15: What is a chart of accounts? S NS
Q16: What is one basic rule of double-entry accounting? S NS
Q17: What does a cash flow statement do and why is it an essential report? S NS

response (to be
completed by
questions:
the assessor)
Q18: What is a budget? S NS
Q19: Briefly explain how the features of accounting software programs assist you in managing S NS
budgets and financial records.
Q20: What is the purpose of a bank reconciliation? S NS
Q21: What is GST and how much GST do you need to allow for when interpreting financial S NS
reports?
Q22: What financial reports contain information on the following financial activities. Reports S NS
could include the following.
 Income statement
 Balance sheet
 Cash flow statement
 Bank reconciliation
 Trial balance
Budgets (master, departmental, sales, labour, purchases, etc.)
Q23: What are the three different types of financial ‘year’? Include the dates for each time S NS
period in your response.
Q24: What is the main purpose of reviewing financial information and reports? S NS
Q25: You identify a number of significant variations when reviewing your work area’s financial S NS
information. List two possible reasons why a variation might occur.
Q26: It’s important to routinely report on operational or departmental financial activities. List S NS
fiveASTRAL SKILLS
examples of the INSTITUTE
type of information OF AUSTRALIA
you should report on.
ABN: 80 600 951 264RTO: 41322CRICOS:
Task Outcome S NS
Campbelltown, Release Date: September 2019
Assessor’s RemarksNSW 2560. +000 12345 6789 www.astralskillsinstitute.com
Page No:
Assessor’s Signature Date
Assessment Date
Student’s Signature Date

ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:

Assessment Cover Sheet: Assessment Task 2 (AT2)
Student Detail
Student Name
Student Id:
Group No (If Applicable):
Assessment Details
Unit of Competency SITXFIN002 – Interpret Financial Information
Assessment Task Project
Due Date
Date of Submission
Overall AT2 Assessment Outcome Satisfactory □ Not Satisfactory □ Not completed □

Date
Assessor name
Assessor Signature and Date
Comments/Feedback
Student Plagiarism Declaration: By submitting this assessment to the college, I declare that this
assessment task is original and has not been copied or taken from another source except where
this work has been correctly acknowledged. I have made a photocopy or electronic copy or
photograph of my assessment task, which I can produce if the original is lost.
Assessor Student
I have received, discussed, and accepted my

I declare that I have conducted a fair, valid,
result as above for this task and I am aware
reliable, and flexible assessment with this student,
of my appeal rights.
and I have provided appropriate feedback.
ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:
Signature:
Signature:
_____________________________________
_________________________________
Date:
Date:
_________________________________________
_____________________________________

Assessment task 2: Project
Required documents and equipment:
 Astral Skills Institute of Australia’s Classroom.
 Computers, printers and accounting software packages
 Financial data and reports
 Current commercial procedures and documentation
Instructions for Students:

This assessment requires you to identify, interpret and provide information to financial reports. You
are required to complete 3 tasks and answer all questions. You must also ensure they use the
correct financial terminology when responding to questions.
Planning the assessment

 Recommended date for assessment: [Trainer to provide]
 Access all resources mentioned in required resources either printed copies or access via the
internet
 Time required for assessment: 8 hours over 2 sessions (4 hours per session)
 You must:
 Produce all evidence as required in the scenario.
 Complete the assessment and submit in due timelines.
 Submit with a completed assessment cover sheet.
 Assessor will set a time to provide feedback.
Evidence specifications:
At the end of the assessment, you will be required to submit the following evidence before the due
date specified by the assessor:
 Students are required to submit following evidence at the end of tasks
ABN: 80 600 951 264RTO: 41322CRICOS:
 Completed and signed cover sheet for assessment
Page No:
Evidence submission:
 Documentation can be submitted electronically or paper-based.
 Assessor will record the assessment outcome on the assessment cover sheet.

AT2- Project
In this practical demonstration assessment, you are required to identify, interpret and provide
information to financial reports.
Task 1: Identify and interpret financial documents and records

 You are required to correctly identify and interpret the following range of financial
information and reports required to monitor business performance:
 account summaries and balances
 balance sheets
 bank deposit documentation
 bank statements
 banking summaries
 business activity statements
 credit card transaction statements
 invoices
 journal entries
 merchant statements
 merchant summaries
 profit and loss statements
 trial balance
 You are also required to interpret financial information and provide financial information
using correct financial terminology on six different operational or departmental activities.
 Identify the financial records or documents provided.
 Read and interpret the information contained within the financial records.
 Answer all questions.
Q1: What is the following financial record called?

Acc 101 Cash on hand Balance Acc 200 Accounts payable Balance
Debit Credit Debit Credit
06/09 4,200 10,240 01/09 1,180 2,880
08/09 1,180 9,060 08/09 1,180 1,700
09/09 5,800
ABN: 80 600 951 264RTO: 41322CRICOS:
14,860
Acc 125 Inventory
Balance Acc 410 info@asia.edu.au
+000 12345 6789
Sales revenue Balance
Version 1.0
Release Date: September 2019
Campbelltown, NSW Debit
2560. Credit +000 12345 6789 Debit Credit
www.astralskillsinstitute.com
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01/09 1,180 4,460 01/09 4,200 49,490
08/09 2,450 6,910 02/09 5,800 55,290
 Satisfactory  Not Satisfactory
Q2: What is a general ledger?

Q3: What is the system of accounting called when there are two entries for every transaction:
a debit and a credit?
Q4: Briefly explain this system of accounting (Q3).
Q5: What is the difference between cash and accrual accounting methods?

ABN:Q6: Each
80 600 951 account
264RTO: has its own identifying number. What is the name of the document or record
41322CRICOS:
where
Level-6, all the
Suite individual
6.01/138 Queenaccount
Street, numbers
+000are listed?
12345 6789 info@asia.edu.au Version 1.0
Page No:
Q7: Creditors are recorded in the accounts payable journal. What are creditors?

Q8: Debtors are recorded in the accounts receivable journal. What are debtors?
Q9: Give the name and describe the contents of this document.
Date Transaction Withdrawals Deposits Balance

Opening balance 52,346.39
01 May Ferdies fruit 750.00 51,596.39
01 May Transaction fees 15.90 51,580.49
03 May PRF 2,345.90 49,234.59
05 May Direct Credit Ramone 3,250 52,484.59
06 May KK equipment 150.50 52,334.09
Total transactions / Closing balance 28,956.40 34,853.25 58,243.24
Q10: What entries on this bank statement must be accounted for when completing a bank
reconciliation?
ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:
Q11: Which entry will not have been entered into the business’s accounting system prior to
receiving this statement?
Q12: When completing a reconciliation, you realise you have two unpresented cheques. How
will you have identified this?

Q13: What are the potential consequences of unpresented cheques to a business?
Answer questions 14 to 17 using the information contained in the credit card statement.
Statement period 01 Sept – 30 Sept Opening balance $16,451.70

Account number 123 156 651 321 Payments received $2,500.00
Credit limit $50,000.00 Purchases, cash advances $12,487.20
Available credit $23,490.00 Interest and other charges $71.50
Closing balance $26,510.40
Minimum payment $256.20
Date Transaction Card Debit Credit
no.
03.09 The ice cream factory 3014 $235.70
05.09 AVI Pty Ltd 3999 $4,380.00
16.09 Pingrea Imports 3014 $12,565.50
22.09 Payment received $1,000.00
Q14: How much credit is available to the business on their credit card account?

Q15: How much has the business spent on their credit cards in the month of September?
ABN: 80 600 951 264RTO: 41322CRICOS:
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Q16: What is the total value of payments received by the credit card company from the
business?
Q17: Is the rate of spending compared to the payments made on the outstanding balance a
concern for the business or is this an acceptable ratio?

Q18: You are the supervisor of a food and beverage outlet and the holder of one of the business
credit cards. You use it to purchase food and beverage supplies in emergency or out-of-hours
situations when kitchen or bar runs out of stock.
Task 2: Identify and interpret financial reports

 951
ABN: 80 600 Identify
264RTO:the financial reports or documents provided.
41322CRICOS:
 Read and interpret the information
contained within the
+000 12345 6789
financial reports.
 Answer
Campbelltown, NSWall2560.
questions. +000 12345 6789 www.astralskillsinstitute.com Release Date: September 2019
Page No:
Q1: What is the correct name of this report?
For period ending 31 March 20XX

$
Sales 224,000
Total sales 224,000
Cost of goods sold

Opening 45,000
stock
Plus 30,000
purchases
Less closing 22,000 53,000

stock
Gross profit 171,000
Operating expenses
Advertising (375)
Bank fees (150)
Depreciation (225)
Electricity (750)
Gas (580)
Insurance (620)
Telephone (415)
Wages (42,000)
Total expenses 45,115

Net profit before tax
ABN: 80 600 951 264RTO: 41322CRICOS:
125,885
Campbelltown, NSW 2560.
For period ending 31 March www.astralskillsinstitute.com
+000 12345 6789
20XX Release Date: September 2019
Page No:
$
Sales 224,000
Total sales 224,000

Q2: What is the purpose of this report?
Q3: Based on the profit and loss statement, has the business reported a net profit or loss for
the reporting period? How much?

Q4: What is the business’s second biggest operating expense?
Q5: Define the following terms. Give one example for each cost using entries in the income
statement in Q1.
Fixed Costs

ABN:Variable
80 600 951costs
Page No:
Q6: What is one example each of a direct and indirect cost reported in the income statement
in Q1?
Direct Costs

Indirect costs
As at 31 March 20XX
$’000 $’000
Assets Liabilities
Current assets Current liabilities
Cash 678 Bank overdraft 400
Debtors 40 Creditors 38
Inventory (or stock) 22 Accrued expenses 27
Prepaid expenses 20 Non-current liabilities
Loan 190
Total current assets 760 Mortgage 1,050
Non-current assets
Equipment 207 Total liabilities 1,705
Buildings 618
Land 820 Owner’s equity
Total non-current assets 1,645 Capital 506
ABN: 80 600 951 264RTO: 41322CRICOS:
Level-6, Suite 6.01/138 Queen Street, +000 12345 6789 Retained earnings
info@asia.edu.au 194
Version 1.0
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Total equity 700

Total assets 2,405 Liabilities + Owner’s equity 2,405

Q8: What is the purpose of this report?
Q9: How much money is owed to the business by others?
Q10: The balance sheet divides assets into current and non-current assets. What is the
difference between these two types of assets? Provide one example of each in your explanation.
Current Assets
Non-Current Assets

ABN: 80 600 951 264RTO: 41322CRICOS:
 Satisfactory  Not SatisfactoryPage No:
Q11: What is the difference between current and non-current liabilities? Provide one example
of each in your explanation.
Current liabilities

Non-Current liabilities

For month ending 31 July 20XX

$
Cash receipts
Cash sales 33,000
Accounts receivable 56,700
Total cash receipts 89,700
Cash payments
Accounts payable 21,750
Administration 3,100
Advertising 1,100
Financial expenses 2,010

Mortgage 5,230
ABN: 80 600 951 264RTO: 41322CRICOS:
Purchases 19,650
Campbelltown, NSW 2560.Selling expenses +000 12345 6789 20,300
www.astralskillsinstitute.com Release Date: September 2019
Page No:
Total cash payments 73,140
Net cash flow 16,560

Opening balance 18,320
Closing balance 34,880

Q13: Why is it important businesses monitor the information provided in this report?
Q14: You overhear a colleague say: ‘If things stay the same and we spend $5,000 on advertising
the new function room, we will have a cash flow problem. We simply can't afford to spend money
on advertising at the moment.’
Based on the information provided in the cash flow statement, decide if you agree or disagree
with your colleague. Explain your decision by discussing relevant information in the cash flow
statement.

ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:
Q15: The income statement, balance sheet and cash flow statement are prepared at specific
times throughout a business’s financial year. What are two examples of the following.

Outlet: Forecast period:

Breakfast Lunch Dinner Total
No. covers 1,410 2,090 1,375 4,875
Average spend per cover: food $18.85 $23.94 $35.41
Average spend per cover: beverages $3.50 $6.10 $8.90
Average seat turnover 1.25 1.5 1.0
Food sales
Breakfast $33,223.13
Lunch $75,051.90
Dinner $48,688.75
Total food sales $156,963.78
Beverage sales
Breakfast $6,168.75
Lunch $19,123.50
Dinner $12,237.50
Total beverage sales $37,529.75
Total sales $194,493.53

ABN: 80 600 951 264RTO: 41322CRICOS:  Satisfactory  Not Satisfactory
Q17: You are the supervisor of this outlet. What does this report tell you about your outlet’s
Page No:
financial targets?


Date: Tuesday 7 June 20XX Prepared by:
Rooms division Today $ PTD $ Budget PTD $ Variance $

Room revenue 1,360.00 77,848.45 77,795.00 53.45
Day use 90.00 245.00 300.00 (55.00)
GTD reservation – no-shows 70.00 420.00 200.00 220.00
Total room revenue $ 1,520.00 78,513.45 78,295.00 218.45
Food and beverage Food Bev $ Today $ PTD $ Budget PTD $ Variance $
$
Bistro 1,468 460 1,928.00 57,354.00 56,228.00 1,126.00
Piano bar 109 320 429.00 10,356.00 11,125.00 (769.00)
Room service 310 282 592.00 13,245.00 14,325.00 (1,080.00)
Total food and beverage 1,887 1,062 2,949.00 80,955.00 81,678.00 (723.00)
Other operating departments Today $ PTD $ Budget PTD $ Variance $
Laundry 26.00 768.00 613.00 155.00
Dry cleaning 75.00 5,490.00 5,430.00 60.00
Communications 20.00 1,317.00 1,051.80 265.20
Total operating departments 121.00 7,575.00 7,094.80 480.20
Total revenue 4,590.00 167,043.4 167,067.80 (24.35)
5
Statistics Today PTD Budget PTD Variance
No. rooms sold 13 1,098 1,105 (7.00)
Occupancy
ABN: 80 % 41322CRICOS:
600 951 264RTO: 43.33% 65.45% 67% (1.55%)
Average
Level-6, room
Suite rateQueen Street,
6.01/138 +000 12345 $105.00
6789 $71.45
info@asia.edu.au $70.55 $0.90
Version 1.0
No. of guests: Adults 22 1,375 Page No:
Children 2 268
Comments: Wet and cold weather

Q19: What is the purpose of this report (Q18)?

Q20: Did the establishment sell enough rooms on Tuesday to meet budget period-to-date (PTD)
goals for the reporting period?
Q21: Which department generated the highest total income in the venue?
Q22: Which food and beverage outlet is over their PTD budget targets?
Q23: Which outlet is underperforming when compared to their PTD budget targets and what is
the variance?

ABN:Q24: What
80 600 951 is the
264RTO: average occupancy rate and room rate for the period so far?
41322CRICOS:
Page No:

Q25: You want to run an internal marketing campaign promoting the hotel’s facilities to in-
house guests. The aim is to increase revenue in underperforming outlets. Which outlets would you
target and why?

Q26: Who would you discuss this report and marketing plans with and why?

Task 3: Complete financial documents and reports
 Read and interpret the information contained within the financial records or reports.
 Complete financial records or reports.
 Answer all questions.
Q1: You are depositing the daily takings at the bank. Complete the business’s pre-printed
deposit form with the information provided (complete the shaded areas).
 Use today’s date
 The breakdown of the takings are:
 $2,565.00 in notes
ASTRAL SKILLS  $123.10 inINSTITUTE
coins OF AUSTRALIA
 One
ABN: 80 600 951 264RTO: cheque for $310.00
41322CRICOS:
LoadsaMoneyBank
Level-6, Suite 6.01/138 Queen Street, LoadsaMoneyBank
+000 12345 6789 Date
Deposit receipt Paid in by (signature) Page No:
Date Notes
Account Name Account Name Coin

Hayforth Catering Hayforth Catering
Account ID number Account identification number Cheques
887-789-876-234 887-789-876-234
$ Credit $
Q2: What is the purpose of a bank deposit form?

Q3: Go to Appendix 2(General ledger) Complete a trial balance by transferring information

from the general ledger into the trial balance template.
The trial balance can be completed manually or using an accounting software package.
Austin’s Events
Trial balance As at
Acc no. Ledger name Debit Credit
$ $
Total

ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:
Task 3.1: Complete financial documents or reports

 Go to Appendix 3
 Complete the comparative analysis report by calculating the dollar and percentage variances
for the shaded areas.
 Save and submit the report when completed.
Task 3.2: Question and answer

 Answer questions 1 to 6 using the completed document Appendix 3 Purchasing budget
analysis.

Q1: What is the variance for each of the following subsections of the budget? Is this result
favourable or unfavourable?
Total food purchases
Total beverage purchases
Total cost of sales
Q2: The business has a standard policy that all deviations over 15% must be investigated.
Which food or beverage purchases will be investigated?
Q3: What are three reasons why these deviations could have occurred?
ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:
Q4: Based on the results of the Purchasing comparative analysis report and background
information provided in Appendix 3 Purchasing budget analysis, prepare a short response to your
manager. Provide information on the outcomes of the May budget period and potential reasons
why these results occurred.

Q5: When preparing a purchasing budget and recording purchases, the business must account
for GST. What does GST stand for and what is it?
Q6: What financial document is used to report GST commitment and who is the document
submitted to?

ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:

Observation Checklist
Did the learner successfully demonstrate evidence of their ability to do the Completed
following? Assessor comments
Yes No
1. Could identify and interpret the range of financial information and reports
required for the organisation to monitor business performance.
2. Interpreted financial information and reports applicable to operational or
departmental activities.
3. Reviewed financial information for impacts on operational activities and
resolved discrepancies according to own level of responsibility.
4. Provided financial information using correct financial terminology on different
operational or departmental financial activities. (at least six)
5. Correctly completed financial information documents or reports used to
monitor overall business performance.
6. Student demonstrated writing skills by preparing explanatory notes to
accompany financial information.
7. Student demonstrated technology skills by using and apply accounting software
packages and functions.
Satisfactory
Final Outcome:
Yes  No 
Date of demonstration:
Signature of the Assessor:
Level-6, Suite info@asia.edu.au Version 2.0
ABN: 80 600 9516.01/138
264RTO:Queen Street,
41322CRICOS: (02) 4608 9972 Release Date: Nov 2021
Page No:
ASTRAL SKILLS INSTITUTE
ABN: 80 600 951 264
OF AUSTRALIA
AUSTRALIA
ABN: 80 600 951 264RTO: 41322CRICOS:
Level-6, Suite
Level-6, 6.01/138
Suite Queen
6.01/138 Street,
Queen Street, +000 info@asia.edu.au Version 2.0
(02)12345 6789
4608 9972 info@asia.edu.au Version 1.0
Release Date: Nov 2021
Campbelltown,
Campbelltown, NSW 2560
NSW 2560. +000 12345 6789 www.asia.edu.au
www.astralskillsinstitute.com Release Date: September 2019
Page 51 of 56
Page No:
Assessment overall result
Assessment Tasks Has it been completed and attached? Satisfactory
AT1- Knowledge Questions YES NO YES NO
AT2- Project YES NO YES NO
Overall outcome of the Satisfactory Not satisfactory

assessment
Feedback to Student
Student Signature Date

Assessor Signature Date

ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:

Appendix 1- Assessment resource in Astral Skills Institute of Australia classroom
Astral Skills Institute of Australia will conduct practical assessment in classroom located at Level-6, Suite
6.01/138 Queen Street, Campbelltown, NSW 2560, with access to following resources:
Assessment must ensure access to:
 computers, printers and accounting software packages
 financial data and reports.

ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:

Appendix 2 - General ledger – Austin’s Events
Acc 441 Food sales Balance Acc 211 Accounts payable Balance
30-Sep 30-Sep
Balance 19,905 Balance 1,230
Acc 442 Beverage sales Balance Acc 112 Accounts receivable Balance
30-Sep 30-Sep
Acc 113 Inventory Balance Acc 171 Equipment Balance
30-Sep 30-Sep
Acc 605 Rent Balance Acc 410 Supplies expenses Balance
30-Sep 30-Sep
Balance 250 Balance 540
Acc 608 Utilities Balance Acc 607 Depreciation Balance
30-Sep 30-Sep
Balance 1,200 Balance 496
Acc 602 Advertising Balance Acc 606 Wages and salaries Balance
30-Sep 30-Sep
Balance 200 Balance 13,682
ASTRAL
Acc 603
SKILLS INSTITUTE
Administration
OF AUSTRALIA
Balance Acc 609 Repairs and Balance
ABN: 80 600 951 264RTO: 41322CRICOS:
expenses maintenance
Debit Credit Debit Credit Release Date: September 2019
30-Sep 30-Sep Page No:
Balance 237 Balance 500

Appendix 3 - Purchasing Budget Analysis.
Bistro purchasing budget – May
May
Budget Actual Variance Variance
$ $ $ %
Food purchases
Fruit & vegetables 5,063 5,970
Dairy products 8,439 8,177
Meat & poultry 14,768 17,662 (2,895) (19.6)
Fish & seafood 4,219 4,506 (287) (6.8)
Dry goods – food 7,595 7,511 84 1.1
Dry goods – other 2,110 2,038 72 3.4
Total food purchases 42,194 45,864
Beverage purchases
Wine 4,820 5,359 (540) (11.2)

Spirits 4,016 4,185 (169) (4.2)
Beer, ciders – packaged 5,891 6,762 (872) (14.8)
Beer – keg 4,552 5,162 (610) (13.4)
Soft drinks, juices – packaged 3,079 3,230 (151) (4.9)
Post-mix 4,418 4,701 (283) (6.4)
Total beverage purchases 26,776 29,399
Total cost of sales 68,969 75,265
Food cost % 36.7% 40.7%
ASTRAL
Beverage SKILLS
cost % INSTITUTE 29.1%
OF AUSTRALIA
32.5%
ABN: 80Cost
600 951 264RTO:
of sales % 41322CRICOS: 37% 33.3%
Page No:
May synopsis
The following events have taken place during the April and May budget periods.
 Prices for meat, fruit and vegetables have increased as a result of recent drought in some regions
and floods or storms in others.
 The kitchen is reporting increased food wastage due to poor quality products, especially fruit and
vegetables.
 Prices for many wines have fallen due to a surplus in the market.
 Beer prices have risen slightly, again due to the drought leading to shortages of ingredients and
an increase in government taxes.
 A major wine supplier has been running an in-house promotional campaign, with staff product
knowledge training provided to help increase sales.

 The bistro menu changes to the new winter menu on 1 st May. Its introduction is being promoted
in April throughout the hotel.
Management goals
The food and beverage manager wants the bistro team to make meeting budget targets for cost of sales
in June a priority. Management’s goal is to reduce budget allocations for food and beverage purchases in
the September quarter budget. It is an organisational goal to reduce cost of sales to below the current
percentages of 37% food cost and 30% beverage cost.
Copyright: Instructions in this tool have been developed by NTA and The Early Childhood Learning Company PTY LTD t/a Astral Skills Institute of
Australia for sole purpose of use The Early Childhood Learning Company PTY LTD t/a Astral Skills Institute of Australia. Any part of these
assessment instructions cannot be reproduced in full or part for without approval of The Early Childhood Learning Company PTY LTD t/a Astral
Skills Institute of Australia and NTA which holds authorship right.

ABN: 80 600 951 264RTO: 41322CRICOS:
Page No:


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SIT40516 - Certificate IV in Commercial Cookery

SITXFIN002 – Interpret Financial Information

Student ID: _________________________

Student Name: _________________________

info@asia.edu.au Version 2.0

Competency Record Summary Sheet

Student’s Name: Student’s ID:

Assessor’s Name: Date of completion:

Assessments Not yet

Assessment 1: Knowledge Questions   

 Competent  Not Yet Competent

Student’s Signature: Date:

info@asia.edu.au Version 2.0

Student Signature: Date:

ASSESSMENT RECEIVED BY Astral Skills Institute of Australia Staff

================================= Tear Here ===========================

Assessment Handed On:

Unit Code & Description: SITXFIN002 – Interpret Financial Information

Astral Skills Institute of Australia Student

Signature: Student Signature:

info@asia.edu.au Version 2.0

ASTRAL SKILLS INSTITUTE OF AUSTRALIA

info@asia.edu.au Version 2.0

The assessment booklet contains two (2) parts:

 Application of the unit of competency

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ASTRAL SKILLS INSTITUTE OF AUSTRALIA

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2. Use and provide financial information.

 bank deposit documentation

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 specific industry sector and organisation:

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Context and conditions for assessments:

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There is no provision for clustering of assessments in this unit.

Assessment This is a project-based task which requires you to Needs to be

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Outline of evidence to be collected:

Assessment Task 2  Complete 3 tasks

Administration, recording and reporting requirements:

The assessments are intended to be equitable, fair and flexible.

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Reasonable adjustments and special learning needs:

Any adjustments made must:

a. Be discussed, agreed and documented in the assessment record

Reasonable adjustment may consist of:

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Plagiarism, cheating and assessment dishonesty:

Student Signature: _____________________________ Date: _____/______/______

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ASTRAL SKILLS INSTITUTE OF AUSTRALIA

info@asia.edu.au Version 2.0

ASTRAL SKILLS INSTITUTE OF AUSTRALIA

info@asia.edu.au Version 2.0

info@asia.edu.au Version 2.0

 Computer with internet connection to refer to various resources.

Instructions for students:

Planning the assessment

 Recommended date for assessment: [Trainer to provide]

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Q3. In simple terms, what information is contained in a cash flow statement?

Student Signature: ___________________________ Date: _//__