SITXFIN002 - Certificate IV in Travel and Tourism - Interpret financial information - Accounting And Finance Assignment Help

Assignment Task

Purpose of the Assessment

The purpose of this assessment is to assess the student in the following learning outcomes:

1.1.Identify and interpret the range of financial information and reports required to monitor business performance.

1.2.Interpret financial information and reports applicable to operational or departmental activities.

2.1.Review financial information for impacts on operational activities and resolve discrepancies according to own level of responsibility.

2.2.Routinely provide information on operational or departmental financial activities within required timelines.

Assessment/evidence gathering conditions:

Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can only achieve competence when all assessment components listed under “Purpose of the assessment” section are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.

Resources required for this Assessment

Computer with relevant software applications and access to internet

Weekly eLearning notes relevant to the tasks/questions

Task 1 

Written Responses:

Answer the following questions. All answers should be between 80-150 words.

1. What is a balance sheet?

2. In general, what type of information would you include in a financial report?

3. What is the difference between profit and cash flow?

4. Why is it important for organisations to properly maintain daily financial records?

5. Suggest 10 areas of financial information and reports that can be used to monitor business performance.

6. What is the purpose of reconciliations?

Task 2  

Categorise the following accounts into assets, liabilities, owner’s equity, revenue or expenses

Task 3  

With the information listed below please complete the profit and loss statement for the year 2016. In 2017 all the amounts are set to increase by 15% please complete the profit and loss statement for 2017.

Then answer the questions below.

1. How much was earned in sales this year?

2. Was more or less spent on advertising this year compared to last year?

3. What is the total administrative expense for this year?

4. Has the organisation performed better or worse than last year?

5. What is the cost per unit for last year and this year if they sold 50,000 units?

Task 4 

Calculate the averages and variances

Task 5 

Jane’s Restaurant has 175 seats with daily seat turnover of 1.2 and an average check of $17.00 and is open 6 days a week. The business operates 52 weeks in the year. Next year the average check is forecast to increase by 25%.

What will next year’s sales budget be?

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