BSBFIM501 - Manage budgets and financial plans

ASSESSMENT 2 – PROJECT - STUDENT INFORMATION

This information is to be handed to each student to outline the assessment requirements.

Student Instructions
Following Assessment 1, you are now required to implement your budget, develop financial reporting
processes and monitor performance against your budget.
TASK 1:
1. Prepare management reporting templates for reporting monthly expenditure against budget. You will
need to separate controllable and fixed costs, and provide separate reports for the supervisor and for
Patrick
2. Check your templates with your Assessor BEFORE continuing
TASK 2:
1. Populate your templates with your budget for a month for 2017
MONTH
SUPERVISOR BUDGET REPORT   : Oct-16    
               
      2016/2017   2016    
      ave month   October    
      BUDGET   ACTUAL   VARIANCE

Sales volume (150 kg x 30) kg kg

       
Controllable
costs    
Fish food
Expenses  
Other Variable costs
Repairs to Cod Boat Equip
Six Crew’s
Wages  
Six Crew’s Super  
Repairs to Cod
Nets  
Petrol, Oil &
Tyres  
     
Fixed costs  
Depreciation 3 Outboard Boats
3 Outboard Boats Reg & Insur
Depreciation of Vehicles

BSBFIM501 V 2.0 / Aug 2018 Page 1 of 3

KFQ Partners Pty Ltd | RTO ID: 21996 | CRICOS: 02999J
BSBFIM501 - Manage budgets and financial plans
2. Analyse the information provided for actual expenditure for the month of October and provide a
summary report, then populate your management reports with actual expenditures, showing
variances to budget
3. Analyse each variance and make recommendations where appropriate (recommendations could be
regarding control of costs, regarding the budgeting process, or regarding the effectiveness of financial
management processes
TASK 3:
1. The new regulations suspected have been announced to come into effect from January next year.
Patrick has decided therefore to reduce his operations to four staff and two outboard boats, and to
increase his prices by 12%. You are now required to
i. recast your monthly budgets for 2017 to account for these actions, and also
ii. recast your contingency plan from Assessment 1 to still provide for an annual budgeted profit
of at least $150,000
2. review and modify the format of the summary report for actual expenditures you prepared at Task
2.2 above, and your management reporting templates at Task 1 above, to reflect and implement
improvements identified at Task 2.3 and from undertaking Task 3
DOCUMENTS TO BE SUBMITTED to complete this assessment
1) Management reporting (blank) templates (Task 1.1)
2) Summary report of actual expenditure (Task 2.2)
3) Management reports with budget, actual and variances (Task 2.1 and 2.2)
4) Analyses of variances and recommendations (Task 2.3)
5) Recast budgets (Task 3.1)
6) Recast contingency plan (Task 3.1)
7) Modified format of the summary report for actual expenditures (Task 3.2)
8) Modified management reporting templates (Task 3.2)

BSBFIM501 V 2.0 / Aug 2018 Page 2 of 3

KFQ Partners Pty Ltd | RTO ID: 21996 | CRICOS: 02999J
 BSBFIM501 - Manage budgets and financial plans

ASSESSMENT 2 – ASSESSOR CHECKLIST

This checklist is to be used when assessing the students in this task. This checklist is to be completed for each student. Please refer to separate
mapping document for specific details relating to alignment of this task to the unit requirements.

Did the student: Satisfactory Comments

Prepare management reporting templates  Yes  No

Analyse actual expenditure and provide a summary report  Yes  No

Populate the management reports with actual expenditures,
showing variances to budget  Yes  No

Analyse variances and make recommendations  Yes  No

Recast the monthly budgets for 2017 to appropriately account
for the changed circumstances  Yes  No

Recast the contingency plan for profit of at least $150,000  Yes  No

Review and appropriately modify the format of the summary
report and the management reporting templates  Yes  No

Management reporting (blank) templates attached  Yes  No

Summary report of actual expenditure attached  Yes  No
Management reports attached  Yes  No
Analyses of variances and recommendations attached  Yes  No
Recast budgets attached  Yes  No
Recast contingency plan attached  Yes  No
Modified format of the summary report attached  Yes  No
Modified management reporting templates attached  Yes  No

Comments

Result: Satisfactory | Not Satisfactory

BSBFIM501 V 2.0 / Aug 2018 Page 3 of 3

KFQ Partners Pty Ltd | RTO ID: 21996 | CRICOS: 02999J