Prepare operational budgets

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Unit details: FNSACC412 Prepare operational budgets
Assessment Cover sheet and Learner Assessment Pack

Course Code and
Title
FNS40217 Certificate IV in Accounting and Bookkeeping
Unit/S Code & Title FNSACC412 Prepare operational budgets
Learner Name:
Trainer Name:
Date:
Mode Of
Submission:
By hand to assessor
By email to assessor
By Post to TMG

Instructions for the Learner
Please complete your details in the table above, including the date and mode of submission.
You MUST keep a copy of all assignments before submitting them for assessment.
This form MUST be attached to all submitted written work with all sections completed. An
incomplete form may result in a delay in the assessment decision-making process for the
assignment.
Please securely attach the completed form to your submitted work after signing the
declaration below:

COMPULSORY LEARNER DECLARATION DETAILS:
Plagiarism
Plagiarism is the act of representing as one’s own original work the creative works of another,
without appropriate acknowledgment of the author or source.
Collusion
Collusion is the presentation by a learner of an assignment as his or her own which is in fact
the result in whole or in part of unauthorized collaboration with another person or persons.
Collusion involves the cooperation of two or more learners in plagiarism or other forms of
academic misconduct.
Both collusion and plagiarism can occur in group work. For examples of plagiarism, collusion
and academic misconduct in group work please see the TMG’s policy on Academic Honesty
and Plagiarism: (TMG website link to the policy)
Plagiarism and collusion constitute cheating. Disciplinary action will be taken against learners
who engage in plagiarism and collusion as outlined in TMG’s policy.
Proven involvement in plagiarism or collusion may be recorded on learners’ academic file
and could lead to disciplinary action.

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Unit details: FNSACC412 Prepare operational budgets

LEARNER DECLARATION
Please tick to indicate that you understand the following statements:
I declare that:
This assignment is my own original work, except where I have appropriately cited the
original source (Appropriate citation of original work will vary from discipline to discipline).
This assignment has not previously been submitted for assessment in this or any other
subject.
I have kept a copy of this assignment.
For the purposes of assessment, I give the assessor of this assignment the permission to:
Reproduce this assignment and provide a copy to another member of staff; and
Take steps to authenticate the assignment, including communicating a copy of this
assignment to a checking service (which may retain a copy of the assignment on its
database for future plagiarism checking).
Learner signature __________________________Date _________________________

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Unit details: FNSACC412 Prepare operational budgets
RECORD OF ASSESSMENT

Learner Name: Learner ID No:

 

Instructions
This record is to be completed by the assessor and used as a final record of learner competency for the
unit of competency:
FNSACC412 Prepare operational budgets
The Trainer/Assessor is required to complete this assessment task outcome record when:
• the Learner has completed and submitted all requirements for the assessment task for this cluster
or unit of competency
• All assessment tasks submitted by the learner as retained to establish Competence has been
reviewed and assessed by the Trainer/Assessor as S/NS.
• Relevant and detailed feedback has been provided to Learner
.

Assessment Summary
This section is to be complete once all assessment tasks have been finalised.

Evidence Recorded Was sufficient evidence recorded
for each task (please circle)
Assessment 1 Written Questions Satisfactory / Not Yet Satisfactory
Assessment 2 Practical Activities Satisfactory / Not Yet Satisfactory
Assessment 3 Case study Satisfactory / Not Yet Satisfactory
Final Assessment Result Competent /Not Yet Competent

Feedback to Candidate
Please provide general feedback on the candidate’s performance for the unit/s. Specific tasks related feedback
should be recorded throughout this tool in the provided space within each task.

Leaner signature: Date:
Assessor signature: Date:

ADMINISTRATIVE USE ONLY
Entered onto Learner Management Database

Date: Initials:

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Unit details: FNSACC412 Prepare operational budgets
Learner Assessment Pack

Learner’s Name Learner ID
Course Code And
Title (please tick)
FNS40217 Certificate IV in Accounting and Bookkeeping
Unit/s Code & Title FNSACC412 Prepare operational budgets
Trainer/Assessor
Name

This pack includes all the assessment tasks you will need to successfully complete in order to be
competent in the unit/s of competence listed above.
There are three (3) assessment tasks in this pack. To attain competence in the unit/s you must:
Successfully complete all written questions in this assessment pack
Successfully complete and submit the practical activities outlined in the assessment guide
Successfully complete and submit the case study outlined in the assessment guide
To be assessed as competent (C) in this unit, you need to provide evidence that demonstrates
you can perform the required competencies to the required standard.
Competency depends on consistently demonstrating the skills, attitudes and knowledge that
enable you to complete workplace tasks confidently in a variety of situations.
You must record your written responses in this assessment pack. You can attach additional
pages if required.
You must attach a TMG Assessment Coversheet to each submission.
The resources required for these assessment tasks are:
User Guide FNSACC412 Prepare operational budgets
Organisation policies, procedures, legislation, regulations and codes of
practice required for own role
office equipment, technology, software and consumables required to prepare
operational budgets, including: digital systems and programs to assist in budget
preparation and reporting templates for presenting financial data
Microsoft Word (or a similar program) and a printer
Access to the Internet and basic skills to navigate websites
USB Stick to copy your files onto for a back up
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Unit details: FNSACC412 Prepare operational budgets
Assessment 1 – Written Questions

Pre-Assessment Checklist for Trainer / Assessor to fill:
This checklist is to be completed prior to commencing the assessment. Please discuss this with the
Learner and circle yes or no for each question.
Is the Learner ready for assessment? Yes / No
Have you explained the assessment process and tasks? Yes / No
Does the Learner understand which evidence is to be collected and how? Yes / No
Have the Learner’s rights and the appeal system been fully explained? Yes / No
Have you discussed any special needs or reasonable adjustments to be considered
during the assessment?
Yes / No
Does the Learner have access to all required resources? Yes / No

Due Date/ Duration of the assessment:
As per the Timetable/Training plan
Description of assessment task to be completed:
This is one (1) of three (3) assessment tasks you need to successfully complete to be
deemed competent in this unit.
In this assessment you are required to complete all written questions on this
assessment worksheet.
Assessment needs to be undertaken in class as advised by your assessor.
You will be assessed according to the criteria listed.
Conditions of assessment:
This is an individual task
You will need to complete this task independently.
Participants can access the User Guide FNSACC412 Prepare operational budgets.
Participant’s notes are also allowed
No marks or grades are allocated for this assessment task. The outcome of the task
will be Satisfactory or Not Satisfactory.
You are entitled to two (2) assessment attempts for each assessment task within a
unit.
You must speak to your assessor if you have any difficulty in completing this task
and require reasonable adjustments

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Unit details: FNSACC412 Prepare operational budgets
Assessment 1: Written Questions
1. Explain the importance of strategic planning to the ongoing success of a
company/business.
2. List the four stages of the strategic planning cycle and outline how each
stage affects the budgeting operations of a company

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Unit details: FNSACC412 Prepare operational budgets

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Unit details: FNSACC412 Prepare operational budgets
3. Explain the how and when the following are used in the strategic planning
process:

i. Forecasting
ii. Key Performance Indicators
iii. Milestones

4. List three budgetary worksheets commonly utilised by most Australian
Companies and outline their major uses.

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Unit details: FNSACC412 Prepare operational budgets
5. Explain the following terms in respect to operational budgets
i. Cash sales
ii. Credit sales
iii. Expenditure
iv. Assets
v. Liabilities
vi. Cash flow

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Unit details: FNSACC412 Prepare operational budgets
6. State one internal and one external party who may be required to consult or
analyse company budget sheets. Explain the information that you will be
discussing.

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Unit details: FNSACC412 Prepare operational budgets
7. How could the breakdown of budgetary results into specific timeframes (e.g.
monthly/quarterly) assist in strategic planning and/or forecasting operations?

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Unit details: FNSACC412 Prepare operational budgets
8. List and explain three requirements that may influence the completion
timeframes of budget documents within Australian companies.

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Unit details: FNSACC412 Prepare operational budgets
Assessment Task 2 – Practical Activities

Pre- Assessment Checklist for Trainer/Assessor to fill:
This checklist is to be completed prior to commencing the assessment. Please discuss this with the Learner
and circle yes/no for each question.
Is the Learner ready for assessment? Yes / No
Have you explained the assessment process and tasks? Yes / No
Does the Learner understand which evidence is to be collected and how? Yes / No
Have the Learner’s rights and the appeal system been fully explained? Yes / No
Have you discussed any special needs or reasonable adjustments to be considered
during the assessment?
Yes / No
Does the Learner have access to all required resources? Yes / No

Due Date/ Duration of the assessment:
As per the Timetable/Training plan
Description of assessment task to be completed:
This is two (2) of three (3) assessment tasks you need to successfully complete to be
deemed competent in this unit.
In this assessment you are require to complete all the activities on this assessment
worksheet.
Assessment need to be undertaken in class as advised by your assessor.
You will be assessed according to the criteria listed in the project.
Conditions of assessment:
This is an individual task
You will need to complete this task independently.
Participants can access the User Guide FNSACC412 Prepare operational budgets.
Participant’s notes are also allowed
No marks or grades are allocated for this assessment task. The outcome of the task
will be Satisfactory or Not Satisfactory.
You are entitled to two (2) assessment attempts for each assessment task within a
unit.
You must speak to your assessor if you have any difficulty in completing this task
and require reasonable adjustments

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Unit details: FNSACC412 Prepare operational budgets
Assessment 2: Practical Activities
For these exercises we will use the example of Jones’ News, a small family owned
news agency located in a small suburban shopping precinct. Using a
Spreadsheet program like Microsoft Excel, you will create various financial reports.
You are required to submit the completed spreadsheet for the below tasks.
Task 1: Create a balance sheet for Jones’ News based on the following
information:

Cash $43,000 Accounts payable $156,000
Petty Cash $456 Business loan
payments
$22,500
Inventory $125,000 Accrued Wages $4,600
Pre-Paid
insurance
$3,500 Income Tax $3,500
Equipment $156,000 Business Loan $150,000
Office/computer
equipment
$5,400
Vehicles $56,000
Accounts
receivable
$2,560

PRINTOUT 01 – Balance sheet for Jones’ News
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Unit details: FNSACC412 Prepare operational budgets
Task 2: Create a Statement of Income for Jones’ News based on the following
information:

Income Outgoings
Month 1 $12,860 Staff – Sales $135,600
Month 2 $25,640 Staff – Office $25,000
Month 3 $17,960 Rent – Premises $80,400
Month 4 $39,300 Rent –
Equipment
$9,600
Month 5 $18,460 Utilities $60,000
Month 6 $16,486 Advertising $4,000
Month 7 $20,800 Insurance $4,440
Month 8 $19,400 Inventory $125,000
Month 9 $46,490 Finance costs $22,500
Month 10 $58,600
Month 11 $76,460 Income tax
rate
25%
Month 12 $94,320
$446,776

PRINTOUT 02 – Statement of Income for Jones’ News
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Unit details: FNSACC412 Prepare operational budgets
Task 3: Create a Statement of Cash Flow for Jones’ News utilising the following
information:
PRINTOUT 03 – Statement of Cash Flow for Jones’ News

Receipts from customers $446,776
Payments to suppliers $109,000
Payments to employees $160,600
Rental payments $90,000
Insurance $4,440
Utilities $60,000
Advertising $4000
Loan repayments $22,500
Income tax paid $3,500
GST paid $15,670

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Unit details: FNSACC412 Prepare operational budgets
Task 4: Create a cash flow budget for Jones’ News using the following information.

Month Jan-18 Nov-18 Dec-18 Jan-19
Cash sales $12,860 $76,460 $94,320 $19,500
Debtor payments $6,750 $15,700 $16,700 $14,500
Equity inflow $0 $10,000 $0 $0
Cash purchases $2,500 $3,000 $3,000 $2,500
Creditor payments $1,250 $2,500 $1,000 $2,700
Advertising $200 $800 $0 $2,000
Wages $9,300 $11,300 $11,300 $9,300
Rent – premises $6,700 $6,700 $6,700 $6,700
Rent – equipment $800 $800 $800 $800
Finance costs $1,875 $1,875 $1,875 $1,875
Utilities $5,000 $5,000 $5,000 $5,000

PRINTOUT 04 – Statement of Cash Flow Budget for Jones’ News
Task 5:
Write a brief, bullet pointed report to the management of the organisation
outlining your findings from the budget sheets created in tasks 1 – 4 including:
Your opinion on the current financial health of the business
Areas of concern as displayed within the budget sheets
Any identified trends within the data (hint: refer to monthly income data in
relation to a news agency business)
Suggested areas of improvement
Future key performance indicators and milestones that may be checked
Potential issues should the estimated income for Jan 2019 be over stated by
20%
Any reporting timelines that need to be adhered to for this business
PRINTOUT 05 – Financial analysis report for Jones’ News
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Unit details: FNSACC412 Prepare operational budgets
Assessment Task 3 – Case Study

Pre- Assessment Checklist for Trainer/Assessor to fill:
This checklist is to be completed prior to commencing the assessment. Please discuss this with the Learner
and circle yes/no for each question.
Is the Learner ready for assessment? Yes / No
Have you explained the assessment process and tasks? Yes / No
Does the Learner understand which evidence is to be collected and how? Yes / No
Have the Learner’s rights and the appeal system been fully explained? Yes / No
Have you discussed any special needs or reasonable adjustments to be considered
during the assessment?
Yes / No
Does the Learner have access to all required resources? Yes / No

Due Date/ Duration of the assessment:
As per the Timetable/Training plan
Description of assessment task to be completed:
This is three (3) of three (3) assessment tasks you need to successfully complete all
activities to be deemed competent in this unit.
In this assessment you are required to read the case study and complete all the
questions and tasks required.
Assessment needs to be undertaken in class as advised by your assessor.
You will be assessed according to the criteria listed.
Conditions of assessment:
This is an individual task
You will need to complete this task independently.
Participants can access the User Guide FNSACC412 Prepare operational budgets.
Participant’s notes are also allowed
No marks or grades are allocated for this assessment task. The outcome of the task
will be Satisfactory or Not Satisfactory.
You are entitled to two (2) assessment attempts for each assessment task within a
unit.
You must speak to your assessor if you have any difficulty in completing this task
and require reasonable adjustments

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Unit details: FNSACC412 Prepare operational budgets
Assessment 3: Case Study
Case Study 1
Read the below case study. The small business owner of Swimwell Café, Mr
Jonah, has reviewed and analysed the financial reports for 2018. Based on his
analysis and planning, he has provided the following information.
i. Forecasted cash sales for 2019 to increase by 20%

ii.
iii.
iv.
Forecasted cost of sales for 2019 to increase by 10%
Forecasted all expenditure for 2019 to increase by 5%
Purchase of an additional coffee machine in January 2019, estimated
$3,000 using small business loan that is expected to be repaid over three
financial years
Mr Jonah to contribute $1,000 cash in January 2019 into the small
business, Swimwell Café
2019 Financial results and financial position of Swimwell Café (see
below)
v.
vi.

Swimwell Cafe
Statement of Income for the year ending 31 December 2018

Income $
Sales $128,000
less Cost of Goods sold $43,000
Gross Profit $85,000
Expenses
Advertising $1,080
Bank Service Charges $120
Insurance $500
Rental $19,000
Payroll $13,000
Professional Fees (Legal, Accounting) $200
Utilities & Telephone $800
Interest expenses $5,500
Expenses total $40,200
Net Profit before
Tax
$44,800

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Unit details: FNSACC412 Prepare operational budgets
Swimwell Café
Balance sheet as at 31 December 2018

ASSETS CURRENT LIABILITIES AND
OWNER’S EQUITY
Current Assets Current Liabilities
Cash $23,500 Accrued Wages $2,050
Petty Cash $385 Accrued Utilities $1,000
Inventory $1,200
Pre-Paid insurance $2,400
Total Current Assets $27,485 Total Current Liabilities $3,050
Non-Current Assets Non-Current Liabilities
Cash register $5,400 Business Loan $50,000
Kitchen Equipment $46,000
Vehicles $68,000
Total Non-Current Assets $119,400 Total Non-Current
Liabilities
$50,000
Owner’s Equity
Retained Earnings $43,835
Capital $50,000
Total Owner’s Equity $93,835
Total Assets $146,885 Total Liabilities and
Owner’s Equity
$146,885

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Unit details: FNSACC412 Prepare operational budgets
Task 1: Prepare a budgeted Statement of Income for the year ending 31
December 2019 based on the information provided. You may wish to use the
below template.
Swimwell Cafe
Budgeted Statement of Income for the year ending 31 December 2019

$

PRINTOUT 06 – Budgeted Statement of Income for Swimwell Cafe
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Unit details: FNSACC412 Prepare operational budgets
Task 2: Prepare a budgeted balance sheet as at 31 December 2019 based on
the information provided.
Swimwell Café
Budgeted Balance sheet as at 31 December 2019
PRINTOUT 07 – Budgeted Balance Sheet for Swimwell Cafe

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Unit details: FNSACC412 Prepare operational budgets
Case Study 2
Alice has set up her shop selling clothes and she needs your help in operational
budgeting and cash flow forecast for the first half of 2019.
Task 1:
List the organisational policies and procedures relating to budgeting.
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Unit details: FNSACC412 Prepare operational budgets
Task 2: Discuss and identity the information required for cash budgeting with Alice
according to the budgeting procedures. You may use the following to guide you
in the discussion.

Month Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19
Cash sales
Bank loan inflow
Equity inflow
Cash purchases for
stock
Accounting fee
Bank fees
Insurances
Interest fees
Advertising
Utilities
Salaries and
employee expenses
Stationery
Others

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Unit details: FNSACC412 Prepare operational budgets
Task 3: As part of the budgetary control, prepare a monthly cash flow forecast for
first half of 2019 using the cash flow template provided.

A cash flow forecast is the most important business tool for every business. The
forecast will tell you if your business will have enough cash to run the business
or pay to expand it. It will also show you when more cash is going out of the
business, than in.
Use ‘Monthly Cash flow Forecast’ worksheet to forecast and record cash flow.
The worksheet will update your figures as you type.
1. Open the ‘Monthly Cash Flow Forecast’ spreadsheet
2. You have the opening bank balance of $15 000 at the beginning of the
year
3. Enter amounts of cash receipts by month and by the type of cash inflow
4. Enter the cash payments by month and by the type of cash outflow
5. Your cash surplus (Cash leftover) or cash deficit (shortage of cash) is shown.

PRINTOUT 08 – Monthly Cash Flow Forecast for first half of 2019 for Swimwell Cafe
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Unit details: FNSACC412 Prepare operational budgets
Finalizing the project
a) Back up your data file.
b) Assemble your printouts, marking clearly the printout number.
c) Hand this assessment, printouts and back up to your Workplace Assessor for
assessment.

TMG Assessment Coversheet & Learner
Assessment Pack
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Document Type: DC-1262 TMG Assessment Coversheet & Learner Assessment Pack
Version 7.3 Release Date: April 2019 Page 27 of 27
Unit details: FNSACC412 Prepare operational budgets
Assessment Tasks Outcome Record

Result of Assessment Tasks: Assessment Task 1 – Written Questions
Satisfactory Not Satisfactory
Assessment Task 2 – Practical Activities
Satisfactory Not Satisfactory
Assessment Task 3 – Case Study
Satisfactory Not Satisfactory
Feedback: Assessment 1:- Written Questions
Assessment Task 2-Practical Activities
Assessment Task 3- Case Study
Learner Signature: Date:
Trainer/Assessor Signature: Date: