Reference no: EM131407139
Manage Budget and Financial Plans Assignment
Assessment description
This is the second of two assessments. There are two parts in this assessment Part A and Part B.
In response to the scenario provided, you will create a simple spreadsheet budget to capture monitoring information. Using information provided to you by your assessor, you will then use the budget spreadsheet to produce a report on expenditure in accordance with organisational policies and procedures. You will also modify a contingency plan. Using the scenario information supplied, you will respond to a number of scenario tasks. You will collect and analyse financial data and make recommendations to improve existing processes. You will also create a plan to implement and monitor solutions
PART - A
Task 1
1. Read through the scenario provided in Appendix 1 to this assessment task and complete tasks A and B.
2. Design and develop a spreadsheet to capture budgeted and actual figures to produce a variance report.
3. Access actual budget figures from relevant managers and accounting systems (assessor).
4. Monitor and record actual figures.
5. Consider feedback from team members.
6. Produce a variance report as per organisational requirements. (budgeted figures from assessment 1)
Task 2
1. Consider the scenario, tasks and financial information contained in the appendices 3 and 4 of this assessment task.
2. On a separate electronic document, explain the following:
a. budgeting
b. cash flow
c. basic accounting principles
d. GST
e. ledgers and financial statements
f. profit and loss statements.
Part B
Task 3
Role
You are the Senior Accountant. As part of your role, you will need to complete the following tasks.
As you are aware, one risk to the strategic plans of Big Red Bicycle (BRB) is bad debt and poor cash flow due to large trade debtor balances. Consider the following:
- According to its policies, BRB offers 30 day terms to debtors.
- BRB does not currently train sales staff on credit terms.
- There is currently no enforcement of credit terms.
- Warehousing of stock is expensive at current leased premises.
- Many bicycles need to be thrown out if parts rust; this problem exacerbates the problem of waste expense.
You have the following information from the Statement of Financial Position and current ledger accounts in the electronic accounting system (MYOB AccountRight).
Task 4
In addition to its Australian business, Big Red Bicycle is considering manufacturing a new range of cheaper bicycles in Indonesia. The following information is available:
- The Indonesian plant has capacity to manufacture 8,000 units.
- Big Red Bicycle's strategic goal is to generate a pretax profit of $1,000,000 for the next financial year for Indonesian operations.
- Clients will pay a maximum of $500 per bicycle
- Possibility exists for move to Indian plant with capacity for 10,000 units.
- Market for bicycles is growing rapidly and BRB will be able to sell all units produced.
- Limited ability to renegotiate costs with suppliers.
- Pricing and cost information is as follows.
Bicycle price per unit - $500 (excl. GST)
Current variable costs per unit - $250
Fixed costs - $1,280,000
Complete the following.
1. State how many years you will need to keep GST records in order to satisfy ATO requirements?
2. Complete the GST budget on the following page to anticipate GST liability.
Attachment:- Assignment File.rar
What is the most accurate statement
: A hypothesis test is carried out using α = 0.01 the level of significance, and H0 cannot be rejected. What is the most accurate statement we can make about the p-value for this test?
|
Determine the p value for the test
: For each of the following tests and z values, determine the p-value for the test:- Left-tail test and z = - 1.62- Right-tail test and z = 1.43.
|
How you would modify or expand your research question
: In three or four sentences discuss how you would modify or expand your research question based on the textbook material on your chosen Frame (of the four Frames in the chart) or any new information you might find from outside sources.
|
Determining the coordinates of the point of intersection
: Solve the given systems by sketching the lines represented by each equation in the system, then determining the coordinates of the point of intersection. Each of these problems have been designed so that the coordinates of the intersection point a..
|
Design and develop a spreadsheet to capture budgeted
: BSBFIM501 Manage Budget and Financial Plans Assignment. Design and develop a spreadsheet to capture budgeted and actual figures to produce a variance report. Access actual budget figures from relevant managers and accounting systems (assessor)
|
Confidence level and the precision of estimate
: When constructing confidence intervals, there is always a trade-off between the confidence level and the precision of estimate. Which one do you think is more important and why? (Max 3 sentences).
|
Identify the style of argumentation use in the given article
: Identify the style of argumentation used in the article. Identify the three elements of the psychology of argumentation within the article's argument. What is the logos of the argument?
|
Difference between a null and an alternative hypothesis
: What is the difference between a null hypothesis and an alternative hypothesis? Is the null hypothesis always the same as the verbal claim or assertion that led to the test? Why or why not?
|
What is the temperature of the cooler side of the plate
: A steel plate of thermal conductivity 50 W/m-K and thickness 10 cm passes a heat flux by conduction of 25 kW/m2. If the temperature of the hot surface of the plate is 100°C, then what is the temperature of the cooler side of the plate?
|