WRITTEN ACTIVITY 1
For this assessment, you will need to perform the following tasks. These tasks will need to be completed and submitted in a professional, word processed, format. Each task must be 1000 words minimum in length.
For this assessment, you will need to perform the following tasks. These tasks will need to be completed and submitted in a professional, word processed, format. Each task must be 1000 words minimum in length.
Task 1
Your task is to write a policy and procedure outlining how you would monitor budget outcomes in a business environment.
Please ensure you use a policy and procedure template that is suitable in a business environment. There is an outline below that defines each of the sections of your policy and procedure that you may use or you can choose one of your own.
PROCEDURE ELEMENTS
- Policy: [What is the mission or standard that this procedure must meet?]
- Purpose: [What is the rationale of this procedure?]
- Scope: [What areas of the company are affected by this procedure?]
- Responsibilities: [Who is listed in this procedure and what are they required to do?]
- Definitions: [What words are used in this procedure that readers may not understand?]
- Procedure: [What are the activities and tasks or steps to this procedure?]
- Effectiveness Criteria: [What is important to measure?]
- References: [What references support this procedure?]
- Revisions: [What changes have occurred since publishing this procedure?]
After you have completed this activity you will have to hand it in.
Task 2
Your task is to research and discuss the following points in detail:
- Identify and explain the key principles and practices of:
o Accrual accounting
o Budgetary control
o Corporate governance
o Double-entry bookkeeping
o Statistical analysis and measures of variance
- Compare and contrast forecasting techniques.
- Outline a range of expenditure and revenue items relevant to budgeting and forecasting.
- Describe types and sources of data and information required for budgeting and forecasting.
- Discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities.
Please ensure the evidence of your research is clear by adding footnotes to your answers and a reference page at the end.
WRITTEN/ VERBAL QUESTIONS
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?
- Cash budget
- Labour budget
- Production budget
- Materials budget
- 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?
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?