Monitor and control finances
The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor.
Submit this document with any required evidence attached. See specifications below for details.
The candidate will demonstrate the ability to monitor and control finances.
In response to the scenario provided, you will create a simple spreadsheet budget to capture monitoring information. Using information provided to you by your assessor, you will then use the budget spreadsheet to produce a report on expenditure in accordance with organisational policies and procedures. You will also modify a contingency plan.
1. Read through the scenario provided in Appendix 1 to this assessment task and tasks A and B.
2. Design and develop a spreadsheet to capture budgeted and actual figures to produce a variance report.
3. Access actual budget figures from relevant managers and accounting systems (assessor).
4. Monitor and record actual figures.
5. Consider feedback from team members.
6. Produce a variance report as per organisational requirements.
7. Consider the scenario information and contingency plan provided and analyse the variance report.
8. Modify the contingency and implementation plans provided in the scenario to improve effectiveness.
9. Submit all documents required in the specifications below to your assessor. Ensure you keep a copy of all work submitted for your records.
You must provide:
- a budget variance report
- a modified contingency plan and modified implementation plan
- your notes on procedures.
Your assessor will be looking for:
- numeracy skills to read and understand a budget and to produce a variance report
- technology skills to use software associated with financial recordkeeping
- knowledge of basic accounting principles to identify and use account balances
- knowledge of organisational requirements related to financial management
- knowledge of organisational requirements for records and reports
- knowledge of principles and techniques involved in budgeting, profit and loss statements, electronic spreadsheets.
100% Plagiarism Free & Custom Written,
Tailored to your instructions