NSACC503: Discuss Issues Relating To Ethical Considerations For Budgetary Forecasting: Manage Budgets And Forecasts Assignment, VU, Australia
University | Victoria University [VU] |
Subject | NSACC503: Manage Budgets And Forecasts |
Discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities
1. describe types and sources of data and information required for budgeting and forecasting
2. outline a range of expenditure and revenue items relevant to budgeting and forecasting
3. compare and contrast forecasting techniques
4. identify the key features of organizational procedures and policy-relevant to budgeting and forecasting
5. identify and explain the key principles and practices of accrual accounting budgetary control corporate governance double-entry bookkeeping statistical analysis and measures of variance.
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ASSESSMENT 1 – PROJECT
You must accurately reference all of your external sources of information Your task is to create a mock operating budget for any of the following business:
1. Cleaning service (commercial)
2. Retail store (clothing)
3. Insurance sales company
4. Restaurant Your will need to consider the types of expenses and wages that may be relevant to this type of business.
In your task you are required to prepare, forecast estimates, and document the budget ensuring you have used an acceptable budget template and that the budget contains all relevant information.
ASSESSMENT 2 KNOWLEDGE QUESTIONING
Sheet (Expandable)
1. List the types of budgets you may have to prepare?
2. List the typical budget cycle?
3. Discuss the purpose of each of the following budgets:
a) Cash budget
b) Labour budget
c) Production budget
d) Materials budget
e) Overhead budget
4. What are budget negotiation procedures used for?
5. What is a milestone in relation to budgets?
6. What are the steps involved in forecasting estimates?
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7. What factors need to be taken into consideration when preparing cash flow estimates?
8. What might a budget spreadsheet report cover?
9. List and describe each type of formatting for budgets?
10. What duties are involved in establishing a timeline for budgets?
11. What formats can trends be reported in?
12. What needs to be considered when monitoring budget outcomes?
ASSESSMENT 3 – CASE STUDY
You must accurately reference all of your external sources of information After you have completed this activity you will have to hand it in. You may either use the space provided below for your assessment or upload your file in Moodle. Please seek your trainers’ help if there are any issues. Alex your boss wants to improve his financial processes and has asked you to report to him in detail how you could monitor budget outcomes in a business environment.
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