Define a budget and list three benefits of budgets

Reference no: EM132752858

SITXFIN004 Prepare and monitor budgets - Acumen Education

Instructions:

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Assessment 1

1 Define the following accounting terms used in the hospitality industry.

2 Define a budget and list three benefits of budgets for a hospitality business.

3 Briefly describe the role of financial statements and three main types of financial statements.

4 Briefly describe two types of budget formats.

a. Fixed (static) budget
b. Flexible (variable) budget

5 Briefly explain the following budget methods: (50-60 words)
Incremental Budgeting
Capital Budgeting
Zero-based budgeting

6
Briefly describe each of the following types of budgets:

Cash budget/Cash flow budget -
Departmental budget -
Event budget -
Project budget -
Purchasing budget -
Sales budget -
Wage budget -
Master budget -

7 Describe the role of management and any four procedures applied when preparing a budget. (100-120 words)

8 Briefly describe financial close and reporting processes and the activities involved in these processes. (100-120 words)

9 List any fivefeatures within software that can assist in preparing budget information.

10 Briefly explain how the following internal factors can impact on budgets. (10-20 words)
Management restructure -
Human resources requirements -
New projects and business objectives -
Changes in the scope of the project-
Changes in commodity or service prices -

11
Explain how the following external factors can impact on budgets.
Legislation and regulations -
Changes in the global economy -
Market trends -
Supplier availability and cost-

12 Briefly describe the steps that might be followed to prepare budget information and the actions performed at each stage.

13 Briefly describe the process of reviewing monthly budget performance.

14 Identify one type of data that each of these sources of information can provide for budgetpreparation:

Competitor research
Customer and supplier research
Declared commitments in areas of operation
Income and expenditure for previous time periods
Grant funding guidelines or limitations

15 List four policies and procedures that need to be followed when developing a budget.

16 How are income and expenditure figures taken into account while drafting a budget and how would you determine the best type of budget to use?

17 List three budget deviations common in the hospitality industry and why they might occur.

18 Briefly describe the following techniques of estimating budgets: (30-40 words each)
• Historical Estimating
• Parametric Estimating
• Bottom-Up Estimating
Historical Estimating
Parametric Estimating
Bottom-Up Estimating

Attachment:- Prepare and monitor budgets.rar

Reference no: EM132752858

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