SITXFIN003 Student Assessment Tasks 08-07-20

STUDENT ASSESSMENT TASK
SITXFIN003
Manage finances within a budget
Student Name: _________________________________________
Date: / / 20 .
© Pakenham Institute Pty Ltd |RTO No. 41536 l CRICOS Code: 03941H I Website: www.pakenham.edu.au
Unit 2, 66 – 68, Main Street Pakenham VIC 3810 Australia |Phone: 0432 197 654 |Email: admission@pakenham.edu.au
Student Assessment Tasks for SITXFIN003| v1.1| Last reviewed: October 2021 | Not controlled when printed Page 1 of29
Contents
Introduction...............................................................................................................................................4
Assessment for this unit............................................................................................................................4
Preparing for assessment..........................................................................................................................4
Assessment Task 1: Knowledge questions.................................................................................................4
Information for students.......................................................................................................................5
Questions...............................................................................................................................................6
Assessment Task 1: Checklist...............................................................................................................12
Assessment Task 2: Project......................................................................................................................12
Information for students.....................................................................................................................12
Activities.............................................................................................................................................. 13
Assessment Task 2: Checklist...............................................................................................................17
Final results record..................................................................................................................................19
Introduction
Welcome to the Student Assessment Tasks for SITXFIN003 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

SITXFIN003 Manage finances within a budget describes the performance outcomes, skills and
knowledge required to take responsibility for budget management where others may have developed
the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor
actual income and expenditure, and report on budgetary deviations.
For youto 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: Project – You are required to manage finances within a budget for a case
study organisation and then report on your findings.
Preparing for assessment
Please read through all of the assessment tasks and related documents carefully before you get
started. Ensure that you have everything that you need and seek clarification from your trainer,
assessor or workplace supervisor if you have any questions.
Supporting resources: Supporting resources include templates, journals, workbooks and portfolios
which can be used to support you in providing evidence of your competence. Your assessor will
provide you with these documents before you begin your assessment tasks. For this unit, the
supporting resources comprise:
 Café Quarterly Budget (Assessment Task 2)
 Budget Report Template (Assessment Task 2)
Once you have read through the assessment tasks and are satisfied that you are clear on the
requirements and submission dates, complete and sign a Student Assessment Agreement. Your
assessor will countersign the agreement and keep it on file. You will find a Student Assessment
Agreement in Appendix B of your Hospitality Works Student User Guide or your RTO will provide you
with one.
Remember to check your Hospitality Works Student User Guide for information about:
 submitting assessments  re-assessment guidelines
 assessment appeals  responding to written questions.
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 C of the Student User Guide.However, if your RTO has
provided you with an assessment cover sheet, please ensure that you use that.
Questions
1. Provide a description of each of the following types of financial records:
This can be useful as a way to keep accurate records of

a. Bank deposit slip
payments made to your account. You can also provide
security measures to your bank to ensure that all
payments are processed by the bank.
This indicates whether the bank is responsible for the
b. Bank statement
account holder's money. Bank statements are a great tool
to help account holders keep track of their money.
This bank account summary shows the latest position in

c. Banking summary
finance in the business represented by bank cash, credit
cards, loans and micro cash.
It reports business goods and services tax (GST), pay-as-

d. Business activity
yougo (PAYG) installments, PAYG withholding tax, and
statement
other tax obligations.
This is a paper check booklet that you can use to pay

e. Cheque book
someone using your trading account's funds.
This is a periodic statement listing all purchases, payments,

f. Credit card statement
and other debits and credits to your credit card account
within the billing cycle.
Invoices are documents created by a supplier that request

g. Invoice
payment for goods or services offered. There
are specific requirements that must be included on an
invoice, especially if the business is registered for
GST.
It is basis for all other financial reports. Provides important
h. Journal entry
information used by auditors to analyze the business
impact of financial transactions
This can reveal a variety of information, including

i. Payroll / wages report
information on personal income and wages and salaries
paid to employees, economic analysis, social surveys,
policy making and evaluation, and surveys of employers
and employee associations.
j. Merchant statement Its purpose is to understand your income and expenses,
analyze what your base costs and increases are, and
how you can lower them and stay competitive.
This allows you to figure out the total number of
k. Merchant summary
transactions processed and the total amount for each
gateway account associated with your merchant account
and for each credit card type within each gateway account.
Its purpose is to detect and investigate suspected market
l. Transaction report
abuse, insider trading and market manipulation.
2. Provide a description of each of the following types of budget:
Cash budget This projection of the business's casflow. The statement

shows tangible cash in and out of the firm as well as a
financial statement independent from the balance sheet
and profit and loss statement.
Cash flow budget It details a company's cash inflows and outflows during a
specified budget period, such as a month, quarter, or year.
Department budget The budget for each department will be similar to a tiny
profit and loss statement, with monthly and annual
targets.
Event budget Used for one-time events such as conferences. When

quoting a potential customer, the budget should seem like
a tiny profit and loss statement and contain a revenue
breakdown.
Project budget It is developed ahead to the start of a new project and
must include the cost and benefit to assist management to
determine the project's viability.
Purchasing budget Known as expenses budget, projected expenditure of the

business.
Sales budget known as revenue budget, it projected sales either In unit

sold or revenue amount.
Wages budget It is listed in each department budget, and it will total all
wages for the firm.
Total or master budget the budget for the entire business . Profit and loss
statements, balanced-sheet budgets, and expected cash
flow are all included.
3. Explain how the following factors may assist in preparing financial and statistical reports for a
business:
Cash flow It details a company's cash inflows and outflows during a

specified budget period, such as a month, quarter, or year.
Covers Shows the number of meals or persons served in a given

food outlet for a nominated period on aservice-session
basis.
Expenditure Identifies major expense areas and amounts spent for the
period.
Occupancy rates Shows number of beds and/or rooms occupied for the
day/period as a percentage of total available.
May also show room revenue for the period and average
revenue/room.
Sales performance Shows variance between expected and actual results for
the period and comparison to previous reports.
Stock (inventory) level Shows value of stock on hand and stock issued for the
period.
Staff costs Shows money spent on staffing the venue and/or

departments, or revenue and cost centres for the
period.
Variances Enables overview of operations to help determine financial

performance and identify areas for concern and reasons
that have led to performance issues.
Wastage Helps explain actual financial performance of a revenue

centre or the business.
a. Yield Cash on securities (financial assets that can be traded, such as

bonds, stocks etc) returned to owners of the security.
b. Income Invoices are documents created by a supplier that request

payment for goods or services offered. There
are specific requirements that must be included on an
invoice, especially if the business is registered for
GST.
c. Commercial account Refers to transactions from and to the business’s financial

activity account/s.
Assists a business in determining profit and loss.
Assists with future budgeting activities.
d. Commission earnings Some staff may receive extra money on top of their wage
salary if they meet specific targets (such as completion of
tasks, meeting a target, selling a certain number of goods or
services).
e. Daily, weekly and monthly Used as part of monitoring processes to check trends in sales
transaction reporting and whether corrective actions need to be put in place if sales
are slow or have dropped with no prior trend visible.
f. Department/area Used for comparison purposes (for example, how is the café
performance performing in a venue/facility over the restaurant)
4. Explain the importance of a budget and budget control for a business.
Answer: The process of creating a budget identifies the capital that is currently accessible,
estimates the costs, and projects future revenues. Businesses can compare performance to
spending on the budget and make sure that funds are accessible for projects that support
corporate growth and development. Any business that wants to succeed must have effective
budgets and budget management. Budgets serve as a planned route for upcoming business
operations. Budgets are instruments used to raise the likelihood of success and lower the
likelihood of failure. Making informed decisions based on previous decisions is made easier
with the aid of a budget and budget control. They support taking a look back, analysing it, and
using that information to make plans for the future.
5. List two techniques a business can use for maximising budget performance.
Answer: Research: You will need to find out from management and other stakeholders their budget
expectations and how much of a concern they perceive the variance to be. Once you know what
management wants, you can work out ways to meet their demands.
Ask other staff in your workplace, especially those who have come from other hospitality workplaces,
if they know of any good suppliers, Call new suppliers and ask what they can offer, Attend
industry events, and start networking!
6. Explain the term budget variance.
Answer: After reviewing the financial records, you might discover that things aren’t adding up. The
master budget (your baseline) and the figures you have calculated (actual income and expenditure)
are not matching up. This could be for the better (you have come in under budget, fantastic) or the
worse (the budget has been blown and there’s either not enough money left, or it is almost
gone…).This occurrence is called a budget deviation or a budget variance.
Budget variances can happen for many reasons such as:
 sales decrease
 seasonal impacts
 health impacts (for example, viral epidemics can lead to a reduction in people going out)
7. Explain 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 Hotel sales activity report Outgoing emails and sales calls for
lead generation, Inbound emails,
and sales calls, Follow-up calls,
Detailed call notes, The length of
time spent.
Quarterly Manage Reports If the venue has enough
employees to meet its strategic
plans, and if so, what kinds of skills
do new employees require and
how much should they be paid.
Annually Win/loss Report Repeat event and group business
from a mid-size company at a
particular property.
8. For two different accounting software programs of your choice, write down at least one
function and one feature of each and how these can help in monitoring budgets.
Answer:
Accounting software Features Functions

Xero It's designed to be user friendly. send invoices
It can take care of payroll. automate reminders
MYOB It can do the basic accounting It allows small business

tasks of lodging BAS, creating quotes owners to track income,
and invoices. expenses, creditors, debtors,
tracking and paying expenses, bills, purchases, inventory, jobs,
and GST. time billing jobs, etc.
All through a straightforward
Accounting software Features Functions
interface that makes it easy to
manage everything
simultaneously.
9. What information does an annual financial report contain and how should it be presented?
Answer: A financial year is the 12-month period to which a business’s annual statements and reports
relate. Examples of financial years that may be used by different businesses include:
 financial year – 1 July to 30 June
 calendar year – 1 January to 31 December
 corporate financial year – 1 October to 30 September
 any defined 52-week period regardless of start date.
10. Discuss how a business will show the findings of the projected budget versus the actual budget
and how this might be presented.
Answer: In order to determine how closely a company's spending and revenue are meeting the
financial forecasting assumptions that are part of its budget, this procedure uses financial data.
Business executives that take the time to do this comparison can ascertain the following: If there are
any areas that require additional financing, if the budget is reasonable, and if they are on track to
achieve their long-term goals.
Assessment Task 1: Checklist
Student’s name:
Did the student provide a Completed

sufficient and clear answer successfully? Comments
which met the requirements
of the assessor marking Yes No
guide?
Question 1a 
Question 1b 
Question 1c 
Question 1d 
Question 1e 
Question 1f 
Question 1g 
Question 1h 
Question 1i 
Question 1j 
Question 1k 
Question 1l 
Question 2a 
Question 2b 
Question 2c 
Question 2d 
Question 2e 
Question 2f 
Question 2g 
Question 2h 
Question 2i 
Question 3a 
Question 3b 
Question 3c 
Question 3d 
Question 3e 
Question 3f 
Question 3g 
Question 3h 
Question 3i 
Question 3j 
Question 3k 
Question 3l 
Question 3m 
Question 3n 
Question 3o 
Question 4 
Question 5 
Question 6 
Question 7 
Question 8 
Question 9 
Question 10 
Task outcome:  Satisfactory  Not satisfactory
Assessor signature:
Assessor name:
Date:
Assessment Task 2: Project
Information for students
You are required to manage finances within a budget for a case study organisation and then report on
your findings.
You will need access to:
 your learning resources and other information for reference
 accounting software (Wave free online software)
 your Café Quarterly Budget
 your Budget Report Template.
Ensure that you:
 review the advice to students regarding responding to written tasks 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
 how your assessment should be submitted.
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.
Activities
Complete the following activities.
1. Carefully read the following scenario
You are the café manager of a popular café within the Blue Healer Hotel and Spa. The
owner has provided you with the budget for the next quarter and it is part of your
responsibility to allocate resources and manage the finances within the budget.
The budget has been increased in month three as this is a popular month where lots of
visitors stay at the Blue Healer and neighbouring guest houses as there is a music festival
on. As such, additional wait staff will be hired on a casual basis and less private catering
jobs will be booked in as the café will be at its peak.
Additional information:
 The business uses local suppliers but due to a recent drought the cost of meat with
the usual supplier, Fresh Farms, went up by 7% last month.
 The café serves breakfast, light meals, light dinners and sharing plates, smoothies,
coffee, pastries and is a local favourite for its homemade iced tea.
 Due to the clientele of the hotel and health spa, and the area within which the Blue
Healer is located, there have been a number of requests for more vegetarian and
vegan options.
 Apart from you and the owner (you also cook and prepare food) there is full-time
chef named Navneet, two part-time kitchen porters and casual wait staff employed.
 There has been a pattern of food wastage in the past two months with too much fruit
purchased that spoiled before it could be used as the iced tea became so popular
that not as many smoothies were made and sold.
 The food budget has blown out over the past three months but the owner can’t
increase it as the profit from the café is being invested into building and landscaping
works to create an outside undercover area that will double the capacity of the café.
 The business uses Wave Accounting free online software for recording income and
expenditure but makes use of Excel spreadsheets for budgeting and planning
purposes.
2. Review past information and future budget and plan fund allocation
Review the following:

Case study and additional information above
Café Quarterly Budget – budget page
Café Quarterly Budget – past information page
Look at the cost of sales figures related to food and beverage purchases which is
the food and beverage budget that is allocated to you.
Do some research and source some local meat suppliers in your area and check out
the costs of menu items you have planned for previously in the past, or meals you
are familiar with and see what that 7% could look like and the impact over a three
month period. Bring this information with you to the meeting in the next activity
step to provide recommendations to the owner.
Think about how you can work effectively with the budget allocated to you and the
changes you could make to manage the finances more effectively.
Make notes on your research and findings for use in the following activity.
Answer: Fresh farms are likely to increase their pricing due to their current
conditions, so we need to switch suppliers for meat products. Nearby fresh farms
like Green Farm and Everest Butchery are among the many meat providers who are
providing meat at a 40% lower price.
It tracks that we would have to pay $340 less than Fresh farms. Additionally, the
changes in quality are not that great in comparison. Customers have also given
these suppliers some favourable feedback. These companies are in ideal areas
where there are very few chances of receiving resources like water and other
crucial requirements to run the business, assisting in the steady flow of goods.
3. Have a meeting with the owner to discuss the budget and fund allocation
Now that you have reviewed all the information, have a meeting with the manager
(your assessor) at the date and time advised to discuss any concerns, priorities and
changes you would like to make before you allocate the funds. Review the new
suppliers you have sourced with your assessor.
During the meeting, you will need to demonstrate effective communication skills
including:
 Speaking clearly and concisely
 Using non-verbal communication to assist with understanding
 Asking questions to identify required information
 Responding to questions as required.
Me: Good morning, sir.
Manager: Good morning, Ram. Why are we having this meeting? What is the
purpose of this meeting, sir? Me: I want to talk about talking to the new meat
vendors. Manager: We have been doing business with them for a very long time.
Why do you desire this change? Me: The primary cause of this is that the supplier's
price increased by 7%, which could have a significant impact on our budget for the
following three months. Therefore, I think we should search for new vendors who
can offer the meat at reasonable pricing. Manager: Okay, have you discovered any
vendors who can satisfy your needs. Me: I did extensive investigation and was
successful in locating vendors who could satisfy our criteria for cost. I've already
spoken to those vendors, and I need your consent. Manager: All well, if you think it
will help with the budgeting process, go for it. Me: Thanks, sir.
4. Allocate funds
Using the Café Quarterly Budget template – Fund allocation page, allocate the funds
for the quarter to the relevant areas and what you will purchase from existing or new
suppliers. Make notes in the relevant column to support your choice and rationale.
Add or delete rows as necessary and apply cell formatting and the use of formula
functions as necessary.
Submit to your assessor.
Accounts
Month 1, month 2 and month 3
Food
Fresh markets(meat)$8,500
$8,500$8,500
Donna's wholesale pastries (cakes and pastries)$2,000 $2,000 $2,000
Byron's baking supplies$500 $500 $500
Coles (milk and sundries)$1,500 $1,500 $1,500
Ferguson family farms (vegetable crates)$2,000 $2,000 $2,000 

Total$14,500 $14,500 $14,500
Beverages Wild beans (coffee beans and flavoured syruos)$4,000 $4,000

$4,000
Fizzy Lizzy (soft drinks)$1,200 $1,200 $1,200
Fromo fruits (fruits for smoothies)$1,000
$1,000 $1,000
Total$6,200 $6,200 $6,200
Combined total$20,700 $20,700 $20,700
5. Meet with your team
Briefly meet with Navneet (your assessor) to discuss the resource allocations and the
planning for the next quarter in relation to fresh produce, reduction of wastage and
recipe variation.
Make sure that you discuss the importance of sticking to the budgeted allocations and
discuss ways that food wastage can be avoided to ensure the budget is met.
During the meeting, you will need to demonstrate effective communication skills
including:
 Using non-verbal communication to assist with understanding
 Asking questions to identify required information
 Responding to questions as required.
Me: Welcome! How are you?
Ram: I'm OK. How are you, then? Me: I'm fine, thank you. What has today brought
to our café? Navneet: I'm just curious as to how you manage the food waste in
your café, Me: Our café is now unable to control food loss, which has resulted in
an increase in the budgets for the cafés. Since there won't be any food waste, I
believe it would be preferable if our café's budgeted strategy was well
implemented. Navneet: The fact that food waste has not been regulated makes it
appear very complicated, to be honest. We need to discuss this issue. Did you
examine the cafe's quarterly budget to prepare and seek a remedy to lessen the
issue?
Me: I took a quick look at the cafe's quarterly budget, and it appears that the cost
of the commodities acquired is greater over the course of three months compared
to the first and second months the café was open to customers. Navneet: Given
the amount of food that is being wasted, the café in this instance must be handling
more expensive things. Well, if you want I can Email an attachment on the budget
to track. Me: I appreciate you visiting and giving me all the information I needed
regarding the café, resource allocations, and planning for the upcoming quarter in
terms of fresh produce, waste reduction, and recipe variety.
6. Monitor activities – month 1
It is the end of month 1. You have kept to the budget and the funds have been allocated
as you planned for.
Using the relevant accounting software and the exact figures from your fund allocation
document, enter the expenses you have incurred over the first month exactly as they
are represented in your fund allocation page of your spreadsheet.
Print a report of the entries or take a screenshot and submit to your assessor.
It is the end of month 2. You have kept to the overall budget but funds have had to be
rearranged in the following ways:
 There was an accident when unloading the vegetable crate one week and all the
produce was spoiled. You had to purchase a second crate which pushed your
amount spent with the vegetable supplier up by 10%.
 To accommodate for the overspend, you reduced the amount spent on cakes and
pastries by that same amount and baked inhouse.
Enter the expenditure figures into the accounting software as outlined in your fund
allocation document but consider the information above and work out the variances.
It is the end of month 3. The following has happened:

Due to recent environmental conditions, less people came to the local area than
planned for and many people cancelled their accommodation at Blue Healer. Some of
the food for the first week had already been ordered and as such – there was a lot that
went to waste. The figures have been calculated for the month based on 4 weeks.
$6000 was spent on food in preparation for the increased numbers but during the first
week there was a total waste of 35%. Many items were able to be frozen, and as such
the budget can be amended for the next quarter to try and recoup some of the losses.
The following three weeks the same amount was spent as budgeted for the two prior
months, being $3,750 per week and a total of $6000 for the month was spent on
beverages.
Enter the expenditure figures into the accounting software as outlined in your fund
allocation document but consider the information above and work out the variances.
9. Develop an actual budget from the past three months
Develop an actual budget using the past information and your financial records you
complied and submitted in the previous activity steps. Make a new page in the Café
Quarterly Budget spreadsheet and name it ‘Actual Budget’.
Assume the following information:
 Variances of 10% are not considered unusual.
 The actual income is as follows:
 The operating expenses are all correct.
Submit to your assessor.
10. Conduct research and write a budget report
Assessment Task 2: Checklist
Student’s name:
Did the student: Completed Comments

successfully?
Yes No
Review the relevant information and the 

consult with the owner to assess and
discuss budget priorities, concerns and
changes prior to allocating funds?
During the meeting to discuss the budget 

and fund allocation demonstrate effective
communication skills including:
 Using non-verbal communication to

assist with understanding
 Asking questions to identify required

information
 Responding to questions as required
 Using active listening techniques to

confirm understanding
Allocate funds according to the budget 

and agreed priorities?
Consult with Navneet about the resource 

allocations and the planning for the next
quarter in relation to fresh produce,
reduction of wastage and recipe variation
and stress the importance of budget
control?
During the meeting with personnel 
demonstrate effective communication
skills including:
 Using non-verbal communication to

assist with understanding
 Asking questions to identify required

information
 Responding to questions as required
 Using active listening techniques to

confirm understanding
Monitor financial activities over a three- 

month period and use accounting
software to keep track of financial
expenses?
Develop an actual budget from the past 

three month’s activity to provide an
accurate and complete picture for the
quarter?
Identify and report deviations of the 

projected versus actual budget and
discuss impacts?
Investigate and report on appropriate 

options for future budget management to
avoid a report of month three’s situation?
Outline the benefits and disadvantages of 

researched approaches?
Present the information to the owner 

using correct budget terminology and in a
neatly presented report using clear and
concise language with the use of
statistical representations and in the
timeframe provided to them.
Task outcome:  Satisfactory  Not satisfactory
Assessor signature:
Assessor name:
Date:
Final results record
Student name:
Assessor name:
Date:
Unit name: Manage Finances within a Budget
Qualification name: Certificate 4 in Commercial Cookery
Final assessment results
Result
Did not
Task Type Satisfactory Unsatisfactory submit
Assessment Task 1 Knowledge questions S U DNS
Assessment Task 2 Project S U DNS
Overall unit results C NYC
Feedback
 My performance in this unit has been discussed and explained to me.

 I would like to appeal this assessment decision.
Student signature: ____________________________________________ Date: 6/11/2023__________
 I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.
Assessor signature: ___________________________________________ Date: __________________

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STUDENT ASSESSMENT TASK

Manage finances within a budget

Student Name: _________________________________________

Assessment for this unit............................................................................................................................4

Preparing for assessment..........................................................................................................................4

Assessment Task 1: Knowledge questions.................................................................................................4

Information for students.......................................................................................................................5

Assessment Task 1: Checklist...............................................................................................................12

Assessment Task 2: Project......................................................................................................................12

Information for students.....................................................................................................................12

Assessment Task 2: Checklist...............................................................................................................17

Final results record..................................................................................................................................19

Assessment for this unit

Assessment Task 1: Knowledge questions

Information for students

 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.

 where this task should be completed

 the maximum time allowed for completing this assessment task

 whether or not this task is open-book.

1. Provide a description of each of the following types of financial records:

This can be useful as a way to keep accurate records of

This bank account summary shows the latest position in

It reports business goods and services tax (GST), pay-as-

This is a paper check booklet that you can use to pay

This is a periodic statement listing all purchases, payments,

Invoices are documents created by a supplier that request

This can reveal a variety of information, including

2. Provide a description of each of the following types of budget:

Cash budget This projection of the business's casflow. The statement

Event budget Used for one-time events such as conferences. When

Purchasing budget Known as expenses budget, projected expenditure of the

Sales budget known as revenue budget, it projected sales either In unit

Cash flow It details a company's cash inflows and outflows during a

Covers Shows the number of meals or persons served in a given

Staff costs Shows money spent on staffing the venue and/or

Variances Enables overview of operations to help determine financial

Wastage Helps explain actual financial performance of a revenue

a. Yield Cash on securities (financial assets that can be traded, such as

b. Income Invoices are documents created by a supplier that request

are specific requirements that must be included on an

c. Commercial account Refers to transactions from and to the business’s financial

Assists a business in determining profit and loss.

Assists with future budgeting activities.

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

6. Explain the term budget variance.

Budget variances can happen for many reasons such as:

Cycle What reporting should happen A relevant procedure

Accounting software Features Functions

MYOB It can do the basic accounting It allows small business

 financial year – 1 July to 30 June

 calendar year – 1 January to 31 December

 corporate financial year – 1 October to 30 September

 any defined 52-week period regardless of start date.

Did the student provide a Completed

Task outcome:  Satisfactory  Not satisfactory

You will need access to:

 your learning resources and other information for reference

 accounting software (Wave free online software)

 your Café Quarterly Budget

Student signature: __________________________________ Date: 6/11/2023

Assessor signature: _________________________ Date: