SITXFIN004: Prepare and Monitor Budgets - Accounting and Finance Assignment Help

Assignment Task

Performance objective

Demonstrate knowledge required to incorporate safe work practices into own workplace activities. It requires the ability to follow predetermined health, safety and security procedures and to participate in organisational work health and safety (WHS) management practices.

Procedure (Steps)

Provide answers to the following Knowledge Questions:

Q1. Provide an outline of what a master budget is and what it contains.

Q2. Identify the four basic financial reports and outline their purpose and content.

Q3. Provide a brief summary of the purpose of each of the following budgets:

Q4. Identify the purpose of the following financial records.

Q5. What are the requirements for a tax invoice in Australia?

Q6. Research three common accounting software applications that small businesses use and summarise their functions and features.

Q7. Describe three techniques commonly used for making estimates of expense budgets.

Q8. Identify and outline the steps in the accounting cycle.

Q9. Give three examples of negative changes in the internal organisational environment which may have to be taken into account when reviewing budgets with a view to making necessary changes.

Q10. Budget formats can vary between organisations and accounting programs: list two ways a negative situation can be indicated in figures on a budget.

Q11. Discuss the role of a budget and financial reports for a business.

Q12. Discuss how changes in legislation can impact on a budget. Give three examples of legislation changes in the last decade that have had an impact on the hospitality industry and the profitability margins.

Q13. Discuss how a hospitality business might manage and recover their profit margin in a downturn in the economy.

Q14. Identify five internal sources of information that may be used as a basis for preparing a budget and forecasting income and expenditure.

Q15. Identify five external sources of information that may be used as a basis for preparing a budget and forecasting income and expenditure.

Q16. Identify and briefly summarise the four stages of a budget cycle.

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