Discussion on Accounting assignment

Accounting assignment
Assessment Information You must achieve a satisfactory outcome for each of the required criteria of this assessment to be deemed satisfactory for this assessment. You must achieve a satisfactory result for the assessments for this unit of competency to achieve a competent result for the unit. If one or more of the assessment results are not satisfactory, you will be Not Yet Competent for this unit. You may follow the Assessment Appeals process in the Student Handbook (www.academia21.com) if you are not satisfied with:o the assessment result; oro the way an assessment was carried out by your trainer; oro the conditions or structure of the assessmentThe student handbook has the steps for reassessment if you receive a Not Yet Competentmark and do not want to appeal.Reasonable adjustment for assessmentWhere students have highlighted Language, Literacy and Numeracy issues reasonable adjustment to the assessment can be made. Should you receive a ‘Not Yet Competent’ or ‘Resubmit’ result for the assessment you will be given the opportunity to re-submit your assessment work with any amendments requested by your trainer.The adjustment may include actions such as:the integrity of the outcome)If a student requests or is identified as requiring reasonable adjustment to the training and assessment process a detailed training and assessment plan including timetables, notes regarding the required adjustments, and any related communications regarding the adjustments must be maintained in the students file.The RTO Manager must review and authorise any request for ‘reasonable adjustment’ to ensure that any adjustments and resulting outcomes are not affecting the integrity of the training and assessment process.Location of and completion timeframes for assessmentThe location of the assessment will depend upon the nature of the assessment. Assessments such as; role plays, in class activities, presentations and knowledge questions will be conducting in the classroom. The timeframes and due dates for these assessments, as well as any reports, projects or research assignments, are documented in the stage outlines. Stage outlines are handed out at the beginning of each term.BSBFIM601 Manage finances Assessment 2 Page 2 of 5 ©Copyright Academia International 2020 Version 4 B Approved by: B. WadeRTO No: 21595 | CRICOS Code: 02634EAssessment 2 – Project 1Task 1Go to the Spreadsheet Task1 Support Material and calculate each of the following values in theorange boxes using the correct formulae:1. Net Cash Flow from Operations2. Net Cash Flow from Investing Activities 3. Net Cash Flow from Financing Activities 4. Net Increase in Cash5. Cash at End of YearTask 2For this Assessment, Your Trainer will provide you with the Spreadsheet Task 2 Support Material.A. On the first tab “Departments” you will find an overview of the existing budget figures for the 2018/2019 financial year.B. Use the template “Draft Budget” on the second tab of the spreadsheet and perform the calculations below using basic formulas.C. Your forecast needs to include the Dollar Figures and the % values for all areas affected by changes outlined below.D. The % values must be listed for each expenses item shown in the expense’s analysis for each department.E. You are required to demonstrate all your calculation methods and formulas for your answersYou have met with the department heads of Hotel Futura and the following details have been discussed to prepare your draft budget for 2019/2020:1. Rooms Division:a. Due to renovations the rooms available have been reduced to 75%.b. The forecasted occupancy rate has been adjusted to 78%.c. The revenue per available room needs to be increased to $180.00d. The COGS will decrease to 15%e. Staff costs need to be increased to 20% to allow for increases in superannuation and awards.f. Other Expenses need to increase to 20% to cover electricity price rises.2. Catering:a. The food revenue will be increased by 20% due to a new marketing campaign and specialty menusRTO No: 21595 | CRICOS Code: 02634Eb. The beverage revenue will increase by 8%.c. Staff costs need to be adjusted to 30% of the food budget.d. Other Expenses will need to be increased to 15%.BSBFIM601 Manage finances Assessment 2©Copyright Academia International 2020 Version 4 B WadePage 3 of 5 Approved by: B.3. Banquet:The banquet Division will be directly affected by the new marketing campaign which has been directed at daytime seminars and corporate functions. For this purpose, the kitchen has received specialised equipment including multiple combi steamers, hold-o-mats, and sous-vide equipment.a. The new food revenue budget was set at $1,700,000.00 (1.7 Million) and the beverage revenue was increased by 60%.b. The COGS will increase to 25%.c. The staff costs have been reduced to 20%.d. Other Expenses will need to increase to 15%.4. Room Service:a. The room service revenue from food needs to be increased by 15%.b. Due to a different system to clear floors and organise delivery, the staff costs will be reducedto 34%.5. Mini BarThe mini bar budget has been reduced by 20% and staff cost reduced to 15%6. Bar Budget:a. The food revenue budget has been increased by 28% with the implementation of a Tapas Menu.b. The Beverage Revenue budget has been increased by 30% with the introduction of a new cocktail bar and happy hour specials.c. Staff costs will need to be adjusted to 35%.d. Other Expenses need to be increased to 20%.BSBFIM601 Manage finances Assessment 2©Copyright Academia International 2020 Version 4 B WadePage 4 of 5 Approv

 

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