Unit Result Record Sheet

SITXFIN003 Manage finances within a budget

Student Name:
BLOCK Print
TANMOY DUTTA
Student Number:
BLOCK Print
Assessmen Reassessment
t Result Completed Result
Completed (If required)

Date
Satisfactory

Satisfactory
Date
Satisfactory

Satisfactory
Reassessed

Not Yet
Not Yet

Assessed
(Evidence must be in
students file)
(Evidence must be
in students file)
Written Assessment
Questions
Summative Written
Assessment Questions
Summative Practical
Demonstration of Skills

Result for unit Competent Not Yet Competent

Assessor Name: Signature:
& Signature
Date result
reached:

Comments:

Student Declaration:
I declare that:
 I was made aware of all assessment requirements for this/these unit/s
 I have received feedback from my assessor on the results of each individual assessment task and my overall
result for this/these unit/s
 I have been made aware of the reassessment policy for any assessment tasks and/or units that I have not yet
satisfactorily completed
 All work for assessment tasks submitted for this unit is my own with no part of any assessment being
copied/plagiarised from another person’s work, except where authorized and listed/referenced

TANMOY DUTTA
Student Signature:

Student Name: TANMOY DUTTA Student ID:

Received by Australian College of Trade:

NAME: Signature: Date:

UNIT: SITXFIN003 Manage finances within a budget
 Page|1

SITXFIN003
Manage finances within a
budget
Learner Workbook

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 Page|2

Activity 4A
Estimated Time 60 minutes
Objective To provide you with an opportunity to complete financial and statistical
reports within designated timelines.
As a real or simulated workplace activity as directed by the assessor; you must complete
one financial report and one statistical report. You should be provided with the information
that needs to be put into these reports.

When completed, print out these reports and attach these to your workbook.
One Financial Report
Financial Report
  Debt Credit
Rent 23,000  
Insurance Printing and Postage 5,750  
Printing and Postage 3,245  
Advertising 11,675  
Bad Debts 1,800  
Inventory   12,000
Receivables   10,780
Payables 13,570  
Cash at Bank   29,850
Cash in Hand   3,000
Motor Vehicle Expenses 12,000  
Furniture and Equipment (at Cost) 28,000  
Depreciation (30 June 2019) 8,750  
Motor Vehicles (at cost) 45,000  
Depreciation 19,500  
Long Term Loan 35,000  
Owner’s Equity   69280

Statistical Report

Report
80,000
60,000
40,000
20,000
0

Financial Report Debt Financial Report Credit

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 Page|3

Activity 4B
Estimated Time 30 minutes
Objective To provide you with an opportunity to prepare and present clear and concise
information to enable informed decision making.
Following on from Activity 4A; for one of your reports, assess how the information is presented
and make two changes to this to help make the report clearer and easier to read; for example,
you can introduce a graph to illustrate data, or you may want to change the layout in some way.

When completed, re-print your report and attach this to your workbook. Note down in your
workbook the changes that you have made.

Financial ReporT

Insurance Printing
Long Term Loan; 35000; 17% Rent; 23000; 11% and Postage; 5750;
3%
Depreciation; 19500;
9% Printing and Postage;
3245; 2%
Advertising; 11675;
6%

Bad Debts; 1800; 1%

Motor Vehicles (at Payables; 13570; 7%

cost); 45000; 22%
Motor Vehicle Ex-
penses; 12000; 6%
Depreciation (30 June 2019); Furniture and Equipment (at Cost);
8750; 4% 28000; 14%

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 Page|4
SECTION_A

Expenditure related to the budget

Formalize efficiency reviews:

In order to reduce wastage, efficiency review must be conducted. In the above table the
internet is having $1500 Unfavorable budgets. It can be reduced by reviewing with the
method of efficiency. As the new technology internet can be installed. Which can
provide better speed at least cost this is called efficiency which leads to reduction in
wastage
Discussion with staff:
As per the discussion, budget priority must be set for the upcoming great this can be
done with the help of following steps:
Make a List of Your Expenses
Start by making a list of all the bills you pay each month and the amount you owe. Don't
worry about listing these in any particular order, the pain is to calculate the total cost.
Identify Your "Must Pay Expenses
You probably have bills for some (or all) of the things on your monthly expense list, but
you may not have enough money to pay all of them. This is where prioritizing or
deciding what to pay first comes in.
Pay Your Debts
Once you know your must pay monthly expenses, focus on paying any bills that could
impact your credit, including debt from credit cards and loans. A record of late or

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 Page|5
missed payments could stop you from borrowing money or getting a place to live in the
future, so it's a good idea to look at your credit report on a quarterly basis to get a full
picture of all the money you've borrowed from lenders. Luckily, there are a number of
websites that let you access your credit report for free

Expenditure estimation of an upcoming projects:

Meeting
As per the above budget for the upcoming plan, this budget is prepared by considering the factors which later
leads to the deviation in actual amount and budgeted amount, these factors are as follows:
Make a List of Your Expenses
Start by making a list of all the bills you pay each month and the amount you owe. Don't worry about listing
these in any particular order, the point is to calculate the total cost
Identify Your "Must Pay Expenses
You probably have bills for some (or all) of the things on your monthly expense list, but you may not have
enough money to pay all of them. This is where prioritizing or deciding what to pay first comes in
Pay Your Debts
Once you know your "must pay monthly expenses, focus on paying any bills that could impact your credit,
including debt from credit cards and loans. A record of late or missed payments could stop you from borrowing
money or getting a place to live in the future, so it's a good idea to look at your credit report on a quarterly basis
to get a full picture of all the money you've borrowed from lenders. Luckily. There are a number of websites that
let you access your credit report for free.
Before estimating the amount of each expense these factors are considered. A good budget report is one,
having less amount of deviation. None of the reports can be made without zero deviation. As it is based on the
past experiences and external factors of the business.

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 Page|6
Section C: Performance activity
Budget for a project from April to June 2020

Explanation
Under the Head office division, Expenses were estimated as $125000, but the actual expense is $132000
having unfavorable variance of $7000. It can be controlled by the investigation. There can be a problem at the
time of budgeting some of the expenses missed that time. Another unfavorable variation is of construction
Expense as the actual expense is $570360 but the budgeted figures $421770 having a variance of $148590
which can be taken care of by investigating before setting the budget of next period. Administration expense is
also in unfavorable variation. As the actual is $20590 and budgeted expense is S21870, unfavorable variance
is $1280. There is a variance in salaries also, that is 1350 unfavorable variance. And 20 unfavorable variance
is found in telephone expenses.
Management should investigate the cause of significant budget variances. Here are some possibilities:
Changes in conditions: For example, a supplier may have raised prices, causing the company's costs to
increase
The quality of management: Special care to reduce costs can result in favorable variances On the other hand,
management carelessness can drive up unfavorable variances
Lousy budgeting: An unrealistically ambitious budget is likely to cause negative variances

Workplace Documentation – for learner

Workplace documents checklist
To demonstrate and support workplace knowledge, workplace documents can be submitted to the
assessor or third party. Indicate in the table below the documents that have been provided. Please
refer to your trainer/assessor if clarification is required or if you have any further questions on what
you are able to provide or use.

Document name/description Document attached

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019
 Page|7
Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

Yes No (Please circle)

For RTO use only

Have originals or digital copies been supplied for the workplace Yes No (Please circle)
documents?

If not originals, have the originals been validated or checked? Yes No (Please circle)
TANMOY DUTTA
Learner’s signature

Assessor’s signature

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 Page|8

Supplementary Oral Questions (optional) – for assessor

The below table is for you to document any supplementary verbal questions you have asked the
learner to determine their competency. For example, if you are unsure of their answer to a question
in the Learner Workbook, you may choose to ask them a supplementary question to clarify their
understanding of the relevant criteria.

Learner’s name

Assessor’s name

Unit of Competence
(Code and Title)

Date of assessment

Question:

Learner answer:

Assessor judgement: Satisfactory Not Satisfactory

Question:

Learner answer:

Assessor judgement: Satisfactory Not Satisfactory

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 Page|9

Question:

Learner answer:

Assessor judgement: Satisfactory Not Satisfactory

Question:

Learner answer:

Assessor judgement: Satisfactory Not Satisfactory

Question:

Learner answer:

Assessor judgement: Satisfactory Not Satisfactory

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 P a g e | 10

Feedback for the learner

I have read, understood, and am satisfied with the feedback provided by the assessor.
TANMOY DUTTA
Learner’s name
TANMOY DUTTA
Learner’s signature

Assessor’s name

Assessor’s signature

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 P a g e | 11

Competency as recorded by Assessor

This should be used by the trainer/assessor to document the learner’s skills, knowledge and
performance as relevant to the overall unit. Indicate in the table below if the learner is deemed
competent or not yet competent for the unit or if reassessment is required.

Learner’s name TANMOY DUTTA

Assessor’s name
Unit of Competence
(Code and Title)
Date(s) of assessment
Activities List 1A-1E, 2A-2E, 3A – 3F, 4A – 4B S NS
Have the activities been answered and performed fully, as required to assess Yes No
the competency of the learner? (Please circle)

Has sufficient evidence and information been provided by the learner for the Yes No
activities? (Please circle)
Comments from trainer/assessor:

Summative Assessments: Section A checklist S NS

Has the activity been answered and performed fully, as required to assess the Yes No
competency of the learner? (Please circle)

Has sufficient evidence and information been provided by the learner for the Yes No
activity? (Please circle)
Comments from trainer/assessor:

Summative Assessments: Section B checklist S NS

Has the activity been answered and performed fully, as required to assess the Yes No
competency of the learner? (Please circle)

Has sufficient evidence and information been provided by the learner for the Yes No
activity? (Please circle)
Comments from trainer/assessor:

Summative Assessments: Section C checklist S NS

Has the activity been answered and performed fully, as required to assess the Yes No
competency of the learner? (Please circle)

Has sufficient evidence and information been provided by the learner for the Yes No
activity? (Please circle)

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019

 P a g e | 12

Comments from trainer/assessor:

Unit Result
Has the learner completed all required assessments to a satisfactory Yes No
standard? (Please circle)

Has sufficient evidence and information been provided by the learner to Yes No
prove their competency across the entire unit? (Please circle)

Has the learner completed all required assessments to a satisfactory Yes No

standard? (Please circle)

Has sufficient evidence and information been provided by the learner to Yes No
prove their competency across the entire unit? (Please circle)
Comments from trainer/assessor:

The learner has been assessed as competent in the elements and performance criteria and the evidence has
been presented as:

Yes No
Authentic
(Please circle)

Yes No
Valid
(Please circle)

Yes No
Reliable
(Please circle)

Yes No
Current
(Please circle)

Yes No
Sufficient
(Please circle)

The learner is deemed: Not yet Competent Competent

If not yet satisfactory, date for reassessment:

Comments from trainer/assessor:

TANMOY DUTTA
Learner’s signature

Assessor’s signature

VCID. ACOT Training and Assessment/SITXFIN003/Learner Workbook/V1.3/July 2019