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Budgets Ass 1 Meet With Your Assessor To Clarify Budget and Negotiate Changes

The document discusses a company's goals to achieve a net profit of $1 million and identifies risks to that goal such as economic downturn and increased expenses. It notes the company is considering manufacturing overseas to reduce costs and expanding product lines. The candidate should discuss discrepancies between profit goals and budgets, negotiated vs budgeted commissions, sales spread evenly over the year, and unrealistic budgets for repairs and maintenance. Discussions should be in line with basic accounting principles around budgeting, cashflows, spreadsheets, and ledgers.

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51 views3 pages

Budgets Ass 1 Meet With Your Assessor To Clarify Budget and Negotiate Changes

The document discusses a company's goals to achieve a net profit of $1 million and identifies risks to that goal such as economic downturn and increased expenses. It notes the company is considering manufacturing overseas to reduce costs and expanding product lines. The candidate should discuss discrepancies between profit goals and budgets, negotiated vs budgeted commissions, sales spread evenly over the year, and unrealistic budgets for repairs and maintenance. Discussions should be in line with basic accounting principles around budgeting, cashflows, spreadsheets, and ledgers.

Uploaded by

otto
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assessment Task 1 BSBFIM501 Manage budgets and financial plans

Budgets Ass 1
Meet with your assessor to clarify budget and
negotiate changes
Student’s name Student no.

Assessor’s name

Assessment site

Assessment date/s

According to company strategic/goals plans, the company aims to achieve a net


profit before tax of $1,000,000.

The chief risks to this goal are:

● Poor sales due to economic downturn (the business (economy) is not doing
well)

● increases in expenses such as wage expenses.

In addition to Australian operations, the company is considering manufacturing


overseas as it is cheaper to manufacture.

The company is also thinking of expanding into different products and not to have
risk of poor sales of one product

Candidate should discuss at least two of the following:

 Discrepancy between Profit Company profit goals and budget projections


(income and expenditure)
 Income is the consumption and saving opportunity gained by an entity within
a specified timeframe.
 The total amount of money that a government or person spends.

Ver.02 review 08/19


Assessment Task 1 BSBFIM501 Manage budgets and financial plans

 Discrepancy between commissions negotiated and in budget


Negotiated commission. A fee that a client negotiates with a broker to
conduct trades on the client’s behalf some brokerages charge set
commissions but some allow clients especially large ones to apply large ones
to apply negotiated commissions.

 Sales spread too evenly over the year to be accurate


In order to increase sales, it is necessary to make products overseas to some
extent and reduce costs.

 Budget for repairs and maintenance not realistic considering need.


First keep the budget for materials.
Next consider how you can reduce transportations costs.

Discussions are in line with basic accounting principles.

Budgeting, allow or provide an amount of money in budget.

Cashflows, the total amount of money being transferred into and out of a
business especially as affecting liquidity.

Electronic spreadsheets, a software application that enables a user to save sort


and manage date in an arranged from of raw sand columns a spreadsheet.

GST paid by consumers, but it is remitted to the government by the businesses


selling.

ledgers, and financial statements

A general ledger is the foundation of a system used by accountants to store and


organize financial data used to create the firm’s financial statements.

profit and loss statements

Ver.02 review 08/19


Assessment Task 1 BSBFIM501 Manage budgets and financial plans

The profit and loss (P+L) statement is a financial statement that summarizes the
revenues costs and summarizes the revenues costs and expenses incurred during
a specified period usually a fiscal quarter or year.

The key requirements for financial recordkeeping and auditing

Something needed or necessary previous experience is one if the requirements


for the job.

Assessor’s name Marc Teleki

Assessor’s sign

Assessment date/s

Ver.02 review 08/19

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