SITXFIN003: List 8 Examples For Financial Records: Manage Finances Within A Budget Assignment. VU, Australia

Assessment 1

Your Task:

Answer the following questions below. All questions must be answered.

Question 1: List 8 examples for financial records

Question 2: List 4 different types of budgets.

Question 3: What is the purpose of preparing a draft budget?

Question 4: What should you do with the feedback from the draft budget?

Question 5: List 2 people to the final budget that might need to be distributed.

Question 6: Why is it important for each department head to understand their part of the budget?

Question 7: Why should all staff have some knowledge of the budget for their area?

Question 8: Once the final budget has been approved, how often should it be monitored?

Question 9: As well as receiving the final budget the management team should be advised of their reporting duties. What should their report contain?

Question 10: Name 2 financial reports you might generate from your accounting system to check your budget against actual income or expenditure.

Question 11: Every revenue and expense item on the Profit and Loss Statement should be compared to what

Question 12: When revenue variances occur, why should you talk to the staff to help identify, and find options to address the issue?

Question 13: List 2 factors that can cause variances in staff budgets.

Question 14: List 3 colleagues you may advise if you noticed that there were deviations between your budget and your targets.

Question 15: List 2 ways you might research new approaches to managing your budget.

Question 16: List 3 things you need to include in your budget report, to give the decision-maker enough information to do a clear cost versus benefit analysis of the budget request.

Question 17: If you are cutting expenditure, why must you be careful that the cuts do not cause the level of service and product to fall?

Question 18: Name an accounting program you can use to help manage budgets.