Assessment Answers for SITXFIN003 - Manage Finances Within a Budget

Assessment Answers for SITXFIN003 - Manage Finances Within a Budget

Get help in SITXFIN003 - Manage finances within a budget assessment answer, case study answer, and short answer from the "Get Essay Service" experts. SITXFIN003 is an important unit that deals with managing finance within the budget. This unit effectively develops the skills and knowledge required for budget management. Hence this unit is highly effective in developing the skills required to manage finances within a budget to achieve organizational goals effectively. The accounting assignment specialists at "Get Essay Service" have gained a critical understanding of managing finances within a budget. They can therefore provide the most relevant answers for the SITXFIN003 assessment, project answers, and short case study answers.

Assignment Solution for SITXFIN003 - Manage Finances Within a Budget

Review our free assignment sample for "SITXFIN003 - Manage finances within a budget" below– 

 

Ques 1: How many different expenses can you think of that a hospitality business would be legally required to allocate money to? (i.e. License, Insurance, Taxes)

Ans: Hospitality businesses normally need to control costs and set budgets for each area of operation. Legal requirements include allocating funds for several mandatory taxes and liabilities (Henry, 2017). The legal aspects that require companies to allocate funds include:

  • Real estate taxes
  • Insurance premium
  • Service tax negotiation

Ques 2: List 10 types of financial records that can be used to assist with financial management within a budget.

Ans: 10 types of financial records that can be used to assist with financial management within a budget are:-

1. Bank statements

2. Credit card statements

3. Invoices and receipts

4. Payroll records

5. Tax returns

6. Budget spreadsheets

7. Investment account statements

8. Insurance policies

9. Loan agreements

10. Profit and loss statements

Ques 3: What factors should you consider while preparing financial and statistical reports as a manager?

Ans: As a manager preparing financial and statistical reports, you must provide and document daily/weekly/monthly/yearly cost reports so that the owners can view the profit/loss from the business. Some budget lines will end up with a variance from the projected position in the final analysis; Project delays, project interruptions, changes in staffing levels, changes in currency exchange rates, etc., can all affect the final balance sheet. Therefore, it is essential to update the forecasts regularly to consider the changing conditions.

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Ques 4: List 15 things to consider in preparing a financial or statistical report.

Ans: Factors to consider in preparing financial and statistical reports:

  1. Cash flow
  2. Commission earnings
  3. Commercial account activity
  4. Daily, Weekly and Monthly Transactions
  5. Expense
  6. Income
  7. Sales performance
  8. Sales returns
  9. Staff costs
  10. Cover and financial return
  11. Occupancy Rate and Financial Return
  12. Display of department, project products and services
  13. Stock levels
  14. Variation in Income and Expenses
  15. Yield

Ques 5: What types of financial reporting cycles can an organization use? 

Ans: Several financial reporting cycles can be used by an organization, including:

  • Monthly reporting cycle
  • Quarterly reporting cycle
  • Annual reporting cycle
  • Semi-annual reporting cycle
  • Ad-hoc reporting cycle

 

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Ques 6: What factors should you consider while preparing financial and statistical reports as a manager?

Ans: Generate financial and statistical reports. As a manager, you are required to provide and document daily/weekly/monthly/yearly cost reports so that the owners can have a view of the profit/loss from the business. Some budget lines will end up with a variance from the projected position in the final analysis; Project delays, project interruptions, changes in staffing levels, changes in currency exchange rates, etc., can all affect the final balance sheet. Therefore, it is essential to update the forecasts regularly to consider the changing conditions.

Ques 7: What types of waste may need careful monitoring and control, and why would this be necessary?

Ans: Waste can be linked to materials, time, labour or employee hours, the cost of supplies, and all operational waste. Waste can be quantitative and non-quantitative.

Monitoring and controlling waste is essential because it costs the business carefully. When costs are low, profits can increase. Therefore, a business can increase its profits and efficiency by overcoming these wastes.

Ques 8: What types of budget deviations can occur, and what should be done when deviations are identified?

Ans: Budget deviations in the context of revenue shortfalls may be due to miscalculations or unexpected increases in the image or operating expenses. Once these variances are identified, some revenue can be set aside for emergency contingency planning. Also, after identifying these variances, further insure yourself against some possible variances, such as when a natural disaster strikes first.

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