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2 ASSESSMENT PLAN Assessment plan The following outlines the requirements of your final assessment for FNSACC402A Prepare operational budgets. You are required to complete all tasks to demonstrate competency in this unit. Assessment Requirements Method of Assessment Due date Short answer questions Project Cost of goods sold Project Sales budget Project Master operating budget Written activities/demonstration Project Project Project All assessment will ensure that the principles of assessment and rules of evidence are adhered to. The principles of assessment are that assessment must be valid, fair, reliable and consistent. The rules of evidence state that evidence must be sufficient, valid, current and authentic. If reassessment is required, you will be given the chance to resubmit the assessment task. You will have up to three opportunities to resubmit each assessment task. If, after the third attempt, the assessment is still not satisfactory your trainer/assessor will make alternative arrangements for assessment. Agreement by the learner Have you read and understood what is required of you in terms of assessment? Yes No Do you understand the requirements of this assessment? Yes No Do you agree to the way in which you are being assessed? Yes No Do you have any special needs or considerations to be made for this assessment? If yes, what are they? Yes Do you understand your rights to appeal the decisions made in an assessment? Yes No No Student name: Student signature: Date: Assessor name: Assessor signature: Date: FNSACC402A Assessment Tasks V V Page Eduworks Resources, a division of RTO Advice Group Pty Ltd FNS40611 Certificate IV Accounting
3 ASSESSMENT TASK 1 Question 2 Explain the main steps in the budgeting process. Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Question 3 Why are budgets important to stakeholders and management for forecasting and evaluating the business? Question 4 What is double entry bookkeeping? Question 5 How can you ensure you communicate with stakeholders that a budget applies to in a way that promotes goodwill and cooperation? FNSACC402A Assessment Tasks V Page 5
4 ASSESSMENT TASK 2 Assessment Task 2: Project - Cost of goods sold Student instructions R & R Company is preparing its production and direct labour budgets for product X for the month of January to March. Resources required for this assessment Research materials such as books, internet, magazines, workplace documentation etc. Students are required to answer the following questions: Using the data outlined below you are required to complete the following tasks: a) Calculate budgeted fixed overhead per unit using a three month budget period. b) Calculate the budgeted product cost per unit. c) Prepare a budgeted cost of goods sold for three months ending in March. Budget units of production: January February March Production cost for product x: Direct material Direct labour 1,100 units 2,200 units 4,100 units 2 kg x $3 per kg 2 hours per unit x $2.5 per hour Variable manufacturing overhead: Power $0.025 Insurance $0.10 Depreciation $0.20 FNSACC402A Assessment Tasks V Page 7
5 ASSESSMENT TASK 3 Assessment Task 3: Project - Sales budget Resources required for this assessment Research materials such as books, internet, magazines, workplace documentation etc. Students are required to answer the following questions: Part A 1. Using the expected revenue and expenditure information as given below, prepare a cash budget report for the month of April for Zip Zee Ltd which commenced operations on 1 April Opening bank balance (1 April 2013) $3,000 Cash sales $1,200 From debtors/month 400 From bill receivable 2,500 Marketing expenses 3,000 Land Tax 620 Creditors 6, Using the data from above and actual figures given below, prepare a cash budget variance report for the month ending 30 April, 2013 using F for favourable and U for unfavourable. Opening bank balance $1,500 Cash sales 2,000 From debtors/month 300 From bill receivable 2,555 Marketing expenses 3,500 Land Tax 620 Creditors 7, List 5 ways to improve cash inflow and give examples. 4. List 5 ways to reduce cash outflow and give examples. 5. Explain how a variance report would help the owner of Zip Zee Ltd monitor the company s position. cash FNSACC402A Assessment Tasks V Page 9
6 ASSESSMENT TASK 4 Assessment Task 4: Project - Master operating budget Resources required for this assessment Research materials such as books, internet, magazines, workplace documentation etc. Students are required to answer the following questions: Part A 1. Reviewing the budget types listed below; identify key features that each one focuses on. Budget type Cash budget Budgeted balance sheet Capital budget Program budget Manufacturing overhead budget Major focus 2. Outline the components of a master budget. 3. During 2012, Chan & Associate commenced a new business in Box Hill to rent car to tourists. A budget has been prepared for the coming financial year. Prepare a brief report to management on how the budget can be used as a control device to monitor actual performance. Part B The financial data below has been given to you by your Financial Controller, Susan on 1 October 2013, and she requires you to prepare the following schedules for the month of October 2013 and suggest ways this can be improved. 1. The Sales budget 2. The purchase budget 3. The expenses budget 4. The budgeted income statement FNSACC402A Assessment Tasks V Page 11
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8 INTRODUCTION Assessment Appeals All students have the right to appeal an assessment decision. To make an appeal about an assessment decision, students must follow the process outlined in the Student Handbook. Definitions Assessment Assessment is The process of collecting evidence and making judgments on whether competency has been achieved, to confirm that an individual can perform to the standard expected in the workplace, as expressed by the relevant industry competency standards of a Training Package or by the learning outcomes of an accredited course. 1 Dimensions of Competency To be competent, a person must show their ability to perform effectively in a broad capacity. The dimensions of competency ensure the person being assessed has the skills to perform competently in variety of different circumstances. To be competent, a person must demonstrate the following: Task Skills: The skills needed to perform a task at an acceptable level. They include knowledge and practical skills and these are usually described in the performance criteria. Task Management Skills: These are skills in organising and coordinating, which are needed to be able to work competently while managing a number of tasks or activities within a job. Contingency Skills: The skills needed to respond and react appropriately to unexpected problems, changes in routine and breakdowns while also performing competently. Job Role/Environment Skills: The skills needed to perform as expected in a particular job, position, location and with others. These skills may be described in the range of variables and underpinning skills and knowledge. Transfer Skills: The ability to transfer skills and knowledge to new situations and contexts. Employability Skills Employability skills are non-technical skills which play a significant part in contributing to an individual's effective and successful participation in the workplace. Employability skills are also sometimes referred to as generic skills, capabilities, enabling skills or key competencies. In Australia the employability skills are: communication skills, which contribute to productive and harmonious relations between employees and customers teamwork skills, which contribute to productive working relationships and outcomes problem-solving skills, which contribute to productive outcomes initiative and enterprise skills, which contribute to innovative outcomes planning and organising skills, which contribute to long-term and short-term strategic planning self-management skills, which contribute to employee satisfaction and growth 1 From the Standards for NVR Registered Training Organisations 2011; the National Vocational Education and Training Regulator Act FNSACC402A Marking Guide V Page 4
9 INTRODUCTION Rules of Evidence 4 Authenticity To accept evidence as authentic, an assessor must be assured that the evidence presented for assessment is the candidate s own work. Currency In assessment, currency relates to the age of the evidence presented by a candidate to demonstrate that they are still competent. Competency requires demonstration of current performance, so the evidence collected must be from either the present or the very recent past. Sufficiency Sufficiency relates to the quality and quantity of evidence assessed. It requires collection of enough appropriate evidence to ensure that all aspects of competency have been satisfied and that competency can be demonstrated repeatedly. Supplementary sources of evidence may be necessary. The specific evidence requirements of each unit of competency provide advice on sufficiency. Validity See definition under Principles of Assessment. Reasonable Adjustment 5 This refers to adjustments that can be made to the way in which evidence of candidate performance can be collected. Whilst reasonable adjustments can be made in terms of the way in which evidence of performance is gathered, the evidence criteria for making competent/not yet competent decisions (and/or awarding grades) should not be altered in any way. That is, the standards expected should be the same irrespective of the group and/or individual being assessed; otherwise comparability of standards will be compromised. Assessors are to record any reasonable adjustments made in the assessment process in the Assessment Record Tool. 4 All definitions of the Rules of Evidence are taken from Standards for NVR Registered Training Organisations 2011; the National Vocational Education and Training Regulator Act Definitions of Reasonable Adjustment is taken from Standards for NVR Registered Training Organisations 2011; the National Vocational Education and Training Regulator Act FNSACC402A Marking Guide V Page 6
10 ASESSMENT TASK 1 Question 3 Why are budgets important to stakeholders and management for forecasting and evaluating the business? Budgets are important to stakeholders because they can use it to evaluate company profit, measure capability of returning debt, as well as an indicator of ongoing co-operation and forecast the business performance. A good budget guides company make profit; maintain good reputation and relationship with customers and suppliers. Question 4 What is double entry bookkeeping? Double entry means that for every transaction entered in the accounts, total debits equal total credits. Question 5 How can you ensure you communicate with stakeholders that a budget applies to in a way that promotes goodwill and cooperation? Answers will vary but may include ensuring information that is provided to stakeholders is relevant, accurate, reliable and cost-efficient. Ensuring that they seek feedback and consult on matters that may require specialised knowledge and involve the stakeholders as much as possible in the process so they feel included and valued. Question 6 What are three examples of financial administration policies and procedures you will be required to take into consideration in your daily work role? How will you ensure you are working in line with these policies and procedures? Answers will vary however may include things such as policies and procedures related to petty cash, setting up bank accounts, new suppliers, new customers, buying and purchasing of goods, debt collection, insurance and risk management. Students should identify strategies to ensure they are working in line with these such as regularly referring to procedures for instructions on how to complete a task, maintaining their knowledge of the relevant policies and procedures by regularly reviewing these, ensuring their daily duties are consistent with the policy expectations and reporting any issues with these as required. Question 7 What methods would you use to communicate with and relate to a range of people from diverse social, economic and cultural backgrounds? Answer may include the following: active listening providing an opportunity for clients to clarify their understanding of the process soft questioning and seeking feedback from clients to confirm own understanding of their needs and expectations summarising and paraphrasing to check understanding of client message using appropriate body language. FNSACC402A Marking Guide V Page 8
11 ASESSMENT TASK 2 Assessment Task 2: Project - Cost of goods sold Student instructions R & R Company is preparing its production and direct labour budgets for product X for the month of January to March. Resources required for this assessment Research materials such as books, internet, magazines, workplace documentation etc. Using the data outlined below you are required to complete the following tasks: a) Calculate budgeted fixed overhead per unit using a three month budget period. Budgeted fixed manufacturing overhead: Power $2,000 x 3 $6,000 Indirect materials $500 x 3 $1,500 Lease costs $1,000 x 3 $3,000 Insurance $1,000 x 3 $3,000 Depreciation $4,000 x 3 $12,000 b) Calculate the budgeted product cost per unit. Budgeted units of production: Budgeted period $28,500 January 1,100 February 2,200 March 4,100 Budgeted fixed overhead application rate: = budgeted fixed manufacturing overhead Budgeted units of production = $28,500 7,400 7,400 =$3.85 per unit FNSACC402A Marking Guide V Page 10
12 ASESSMENT TASK 2 c) Prepare a budgeted cost of goods sold for three months ending in March. Budget cost of goods sold For the three months ending 31 March 2013 Finished goods inventory 1 January 2013 $2,540 Add Cost of goods produced Direct materials $44,400 Direct labour $37,000 Manufacturing overhead $32,570 $113,970 Cost of goods available for sale $116,510 Less: Finished goods inventory 31 March (500 units $15.40) 7,700 Cost of goods sold $108,810 Budget units of production: January February March Production cost for product x: Direct material Direct labour Variable manufacturing overhead: 1,100 units 2,200 units 4,100 units 2 kg x $3 per kg 2 hours per unit x $2.5 per hour Power $0.025 Insurance $0.10 Depreciation $0.20 FNSACC402A Marking Guide V Page 11
13 ASSESSMENT TASK 3 Assessment Task 3: Project - Sales budget Resources required for this assessment Research materials such as books, internet, magazines, workplace documentation etc. Students are required to answer the following questions: Part A 1. Using the expected revenue and expenditure information as given below, prepare a cash budget report for the month of April for Zip Zee Ltd which commenced operations on 1 April Opening bank balance (1 April 2013) $3,000 Cash sales $1,200 From debtors/month 400 From bill receivable 2,500 Marketing expenses 3,000 Land Tax 620 Creditors 6, Using the data from above and actual figures given below, prepare a cash budget variance report for the month ending 30 April, 2013 using F for favourable and U for unfavourable. Opening bank balance $1,500 Cash sales 2,000 From debtors/month 300 From bill receivable 2,555 Marketing expenses 3,500 Land Tax 620 Creditors 7,800 Answers 1 & 2 April Actual Variance Opening bank balance 3,000 1,500 1,500 (U) Cash sales 1,200 2, (F) Cash collections from debtors (U) Bill receivable 2,500 2, (F) Total Receipts 7,100 6, (U) Marketing expenses 3,000 3, (U) Land Tax Total payments 3,620 4, (U) Net Cash flow (Bank balance at end of month) 3,480 2,335 1,145 FNSACC402A Marking Guide V Page 13
14 ASSESSMENT TASK 4 Assessment Task 4: Project - Master operating budget Resources required for this assessment Research materials such as books, internet, magazines, workplace documentation etc. Students are required to answer the following questions: Part A 1. Reviewing the budget types listed below; identify key features that each one focuses on. Budget type Major focus Cash budget Focuses on expected cash flows just as statement of cash flow does Budgeted balance sheet Shows the expected financial position at the end of period Capital budget Shows expenditure relating to planned long-term investments Program budget Focuses on costs relating to specific programs normally used by government and not-for-profit organisations Manufacturing overhead budget Focuses on estimation of all overheads or expenses associated with production activities 2. Outline the components of a master budget. A master budget may be viewed as a set of interrelated budgets for a future period. The master budget is commonly classified into a set of operating budgets and financial budgets. 3. During 2012, Chan & Associate commenced a new business in Box Hill to rent car to tourists. A budget has been prepared for the coming financial year. Prepare a brief report to management on how the budget can be used as a control device to monitor actual performance. estimates. future Using the budget as a control device suggests using the budget to monitor the cash position of the firm. In this case, Chan & Associate might use the budget prepared on a monthly basis by comparing actual receipts and payments with the budgeted receipts and payments. This will enable the identification of variances; and may serve as a starting point for reviewing FNSACC402A Marking Guide V Page 16
15 Student name: Date assessed:
16 INTRODUCTION Introduction Assessment requirements This tool is for assessment of FNSACC402A Prepare operational budgets Assessment is based on a number of forms of evidence, as follows: Short answer questions Projects This assessment is targeted to groups of learners who are studying the Certificate IV in Accounting Recording assessment outcomes Use this Assessment Record Tool to record the outcomes of each assessment task related specifically to this unit. Marking Guide Refer to the Marking Guide for further instructions and details about each assessment. FNSACC402A Assessment Record Tool V Page 2
17 ASSESSMENT TASK 1 Assessment Task 1 Short answer questions Use this checklist to record the outcomes of each task. Record the outcome on the Record of Assessment Outcomes at the end of this document. Date: In this task, did the student: Did the student answer all short answer questions correctly? (Please note which questions were answered incorrectly, if applicable). If no to the above, did you identify gaps in the student s understanding and knowledge? If yes to the above, what arrangements have been made for reassessment? Further comments: Completed successfully Yes No Comments Task outcome: Satisfactory Not Satisfactory Trainer/assessor name: Trainer/assessor signature: Student name: FNSACC402A Assessment Record Tool V Page 4
18 ASSESSMENT TASK 4 Assessment Task 4 Project Master operating budget Use this checklist to record the outcomes of each task. Record the outcome on the Record of Assessment Outcomes at the end of this document. Date: Did the student: Identify key features of relevant budget types? Identify components of a master budget? Demonstrate the ability to prepare a report highlighting the benefits of using a budget as a control device? Demonstrate the necessary organisation and time management skills to meet deadlines required? Demonstrate the ability to accurately prepare the following budgets: Sales budget Purchase budget Expenses budget Budgeted income statement Further comments: Completed successfully Yes No Comments Task outcome: Satisfactory Not Satisfactory Trainer/assessor name: Trainer/assessor signature: Student name: FNSACC402A Assessment Record Tool V Page 8
19 RECORD OF ASSESSMENT OUTCOMES Record of Assessment Outcomes This section records all the evidence used to form the final assessment decision. Please document all types of evidence used in this assessment. This is for assessment of FNSACC402A Prepare operational budget. Student name: Assessment Requirements 1. Short answer questions Satisfactory (S) Task Outcome Not satisfactory (NS) Date Initials 2. Project - Cost of goods sold 3. Project Sales budget 4. Project Master operating budget Overall Assessment Outcome (C = Competent, NYC = Not Yet Competent) Assessor Name: Signature: Date: / / FNSACC402A Assessment Record Tool V Page 10
20 Unit Mapping FNSACC402A Prepare operational budgets Unit Descriptor Application of the unit Pre-requisites Elements This unit describes the performance outcomes, skills and knowledge required to prepare and document operational budgets for a variety of organisations. This unit has application to job functions that have budget responsibility and may include accountants and departmental managers. NA Performance Criteria 1. Prepare the budget 1.1 Budget objectives are confirmed and consistent with organisational aims, projects and forecasts 2. Set the budget timeframe 3. Document the budget 1.2 Cash, expenditure and revenue items are clearly defined and relevant to the identified objectives of the budget 1.3 Discussions and negotiations with stakeholders that the budget applies to are conducted in a manner that promotes goodwill and ongoing cooperation Assessment Tasks & Assessment Method AT1 AT2 AT3 AT4 Short answer Cost of goods sold Sales budget 1, 2, Milestones and performance indicators are identified and included in the budget 2.2 Annual budgets are broken down into seasonal periods in accordance with operating trends 3.1 Data is presented in a format that is easily understood and appropriate to budget reporting 3.2 Reports are completed within timelines and distributed for specified periods and projects Master operating budget FNSACC402A Mapping V FNS40611 Certificate IV in Accounting Eduworks Resources, a division of RTO Advice Group 2013 Page 1
21 Unit Mapping FNSACC402A Prepare operational budgets Critical aspects of assessment Assessment Tasks & Method AT1 AT2 AT3 AT4 Short answer Cost of goods sold Sales budget Apply knowledge of organisational policies and procedures 6 Establish and confirm milestones and performance indicators Prepare budgets for a variety of purposes and organisations Accurately record and document budget reports Context of and specific resources for assessment Competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment Access to and the use of a range of common office equipment, technology, software and consumables. Method of assessment A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency simulated tasks involving preparation of budgets from supplied data verbal or written questioning on underpinning knowledge and skills which may include formal examinations Master operating Yes/No Yes Yes Yes/No No Yes Yes budget FNSACC402A Mapping V FNS40611 Certificate IV in Accounting Eduworks Resources, a division of RTO Advice Group 2013 Page 3
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