Manage Budgets and Forecasts - FNSACC513 - Accounting and Finance Assignment Help

Assignment Task

Competency requirements Students must achieve a satisfactory result in each element to pass this assessment. A satisfactory result in this unit is considered if the student can demonstrate that they have the knowledge and skills required to prepare and manage a range of budgets and forecasts. To achieve an overall satisfactory result, you should not exceed the number of allowable errors in Part A and Part B (Task 1), there should not be any unsatisfactory result in Part B – Task 2, Task 3 and Task 4, and Part C must also be satisfactory. Refer to the table below. If you do not satisfactorily complete any of the questions (i.e. you do not achieve the nominated passing mark for that question) then you will be required to do a gap assessment or a resubmit of the entire assessment. Please note you will not be able to attempt the assessment more than twice.

Task 1 Prepare a performance report based on budgeted and actual results. You will need to separate some expenses into fixed and variable components. Ignore opening and closing stock. Use F or U to denote whether each variance in the reports is favourable or unfavourable. Complete the % Variance column by dividing the Variance into the Master Budget values. Expand the Performance report so you also have this in Flexible budget format.

Task 2 Comment on the sales variance referring to both the Performance report and the Flexible Budget. Make an analysis referring to both the total $ and number of units and the bottom line (net profit).

Task 3 Comment on price and usage variances for direct materials and direct labour and include these in your answer and analysis. A detailed answer is required and you should refer to both the Performance report as well as the Flexible budget format. You should consider both changes in Price and Usage in your response.

Task 4 Identify one fixed expense item that has a significant variance. Suggest a possible reason as to why the variance has occurred.

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