Prepare and Monitor & Cash Budget - Accounting Assignment Help

Assignment Task

If you are not employed, or able to complete demonstrative tasks in the workplace, you will need to inform the assessor. They will be able to provide you with a simulated environment in which to complete these tasks.
We would prefer that, wherever possible, these be “live” issues for your industry and require application of the principles that you are learning as part of your training. Where this is not possible, you and your third party should simulate the activity tasks and demonstrations that you believe would be likely to arise in your organisation or job role.
Third party evidence can also be used to provide “everyday evidence” of tasks included in your work role that relate to the unit of competency but are not a part of the formal assessment process.

The third party is not to be used as a co-assessor – the assessor must make the final decision on competency themselves.
Documents relevant to collection of third party evidence are included in the Third Party section in the Observations/Demonstrations document.
 

Objective To provide you with an opportunity to determine and confirm scope and nature of required budgets What is a budget?

A budget is a financial schedule that depends on your schedule and expenses. In other words, it is a forecast of how much money you will make and spend for a specific period, such as a month or a year. The entire list of spending or relying on certain items can be part of the budget.

List three types of budget.

• Cash Budget
• Sales Budget
• Wage Budget

Provide your comments here:

The learner’s performance was: Not yet satisfactory Satisfactory

If not yet satisfactory, date for reassessment: Feedback to learner:

Learner’s signature Assessor’s signature Activity 4CEstimated Time 10 Minutes

Objective To provide you with an opportunity to investigate and take appropriate action on significant deviations

Why do deviations occur?

One of the main explanations for major variations is that operating budgets are typically established months in advance of actual expenses and profits, and various internal and external performance factors may change during this time. Here are some examples that can change:

1. Supply and demand conditions For example, a supplier's price may rise, which can cost your business more.
2. Negligence of management may lead to increase in adverse deviations.
3. Failure to budget unrealistically optimistic can lead to major negative changes, especially when the parties involved fail to adequately track actual income and expenditure. 
4. Changes in economic realities can cause substantial deviations in the market/industry as well as in local, national and foreign economies. Whether the difference is favorable or unfavourable, you should always say so. If a difference increases net income, it is considered favorable; If it reduces income, it is considered unfavourable. Consequently, when the actual revenue exceeds the budgeted amount.

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