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BSBFIM501 Manage Budgets And Financial Plans

tag 0 Download 6 Pages / 1,425 Words tag 21-08-2021
  • Course Code: BSBFIM501
  • University: Tafe NSW
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  • Country: Australia

Questions

1. Prepare a Sales budget for 'Health is care' Cafe situated in a Blacktown city hospital for 2016.

Health is care Cafe- Sales data for the year ended December 2015

Product

Unit Sales

Selling Price ( $)

Sales Revenue( $)

Coffee

345

300

1035

Tea

100

2.50

250

Hot chocolate

125

3.00

375

Cold drinks

100

2.00

200

Iced donuts

200

1.00

200

Cakes

300

2.00

600

Total

1170

2.27

2660

 
Analysis of the local market and a trend over the past two years was conducted. A demographic report has been produced and following information has been determined in setting the budget for 2016. It is estimated that the following would occur during that period:
 
i. Unit sales of coffee will increase by 10%
ii. Sales of tea will decline by 5% and
iii. Sales of iced donuts will increase by 120%
iv. The selling price of coffee needs to decrease to $2.50 to meet competitors pricing
v. Cakes prices need to fall to $1.80

2. a) What is GST and give an example showing GST calculation in your response.

b) John manufacturer’s goods. He bought goods for $120,000 and incurred expenses of $ 10,000. These manufactured goods were sold for $ 145,000.

GST rate is 10%. Calculate total selling price of goods (( including GST).

3. Discuss whether relevant personnel need to be involved in developing and monitoring of the budgets?

4. a) What is the importance of cash flow budget or report.

b) Cash flow projection 

The following is a budget prepared by Roger's Tree service for the 3 months ending 31 March.

 

Jan

Feb

March

Total

Inflows   

$

$

$

$

Fees received             

42000

48000

36000

126000

Outflows

 

 

 

 

Wages  

12000

12500

10000

34500

Office expenses            

2000

2200

1800

6000

Equipment expenses    

1200

2600

1600

5400

Motor vehicles expenses

4800

5200

4600

14600

Advertising      

3200

3600

2800

9600

Other  

2800

3600

3000

9400

Total expenses            

26000

29700

23800

79500

Net inflow(outflow)     

16000

18300

12200

46500

 
The following assumptions ( use the march figures) are used to prepare the budget:
  • fees are expected to rise by 12%
  • wage will rise by 2%
  • all other expense will rise by 4%

You are required to prepare a budget for April.

5. Define the following terms and give the examples where needed:

i. Budgets
ii. Profit and loss statement
iii. Contingency planning in financial planning
iv. Liabilities
v. Balance sheets

6. a) Explain the process of financial management.

b) List the relevant legislations and regulations that finance managers must be considered while developing and managing budgets. Explain at least 2 regulations/legislations.

7. Explain the steps of developing and managing a budget.

8. What methods would you use to monitor and manage finances within the organisation?

9. List down all possible records/documents/systems that should be reviewed and evaluated in the financial management process

10. a) Explain the details and functioning of existing financial record keeping system in your organisation or conduct a research and detail one of the financial record keeping system used in the organisation
 
b) As per the requirements of The Australian Taxation Office, List down the financial records you must keep and for how long for audit purposes.
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[Accessed 06 October 2022].

My Assignment Help. 'Manage Budgets And Financial Plans' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bsbfim501-manage-budgets-and-financial-plans/balance-sheets.html> accessed 06 October 2022.

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