Assignment Problem 1: Provide answers to all of the questions below:
Problem 1: Explain the basic principle of double entry bookkeeping.
Problem 2: Describe the principle of cash accounting and one advantage and one disadvantage of this method of accounting.
Problem 3: Describe the principle of accrual accounting and one advantage and one disadvantage of cash accounting
Problem 4: Explain the two accounting principles on which the calculation and reporting of deprecation is based.
Problem 5: Identify and explain three key features of A New Tax System (GST) Act 1999.
Problem 6: Identify and then explain the four main taxation and superannuation obligations for a business. Briefly discuss each obligation.
Problem 7: According to GST legislation, list four items that do not attract GST.
Problem 8: Explain the process by which a business reports GST to the Australian tax office.
Problem 9: What is the penalty rate to be applied if a supplier does not provide an ABN?
Problem 10: A non-profit organisation needs to register for GST after it has a turnover of more than how much?
Problem 11: List the key information that must be included on a tax invoice for sales of $1,000 or more.
Problem 12: Identify and explain three types of financial statements and their purpose.
Problem 13: Describe the type of entity that is required to have financial reports audited.
Problem 14: Explain the purpose of a financial audit and auditor's report.
Problem 15: Describe why companies may choose to develop budgets.
Problem 16: Explain the main steps in the budgeting process.
Problem 17: List 5 ways to improve cash inflow and give examples.
Problem 18: Explain the use of electronic spreadsheets in developing budgets and give two of their key features.
Problem 19: Explain three key principles relating to the management of a chart of accounts.
Problem 20: Explain the purpose of a profit and loss statement and give two of its key features.
Assignment Problem 2: Budget planning project
Task summary:
This assessment task requires you, in the role of the Marketing Manager for King Edward VII College, to review the budget you have been assigned for the upcoming financial year and to participate in a meeting with the CEO to discuss and negotiate the budget.
You are then required to meet with your team to discuss the budget allocation for the year, as well as explain the key features of the company's financial policy and procedures.
This assessment is to be completed in the simulated work environment in the RTO.
Required:
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Marketing Budget Template
• Finance Policies and Procedures
• Space for a meeting
• Role-play participants
Carefully read the following:
King Edward VII College has been operating for 5 years. The College is based in Melbourne CBD and has an additional campus in Sydney. The College offers a range of courses in management, marketing, human resources and international business. It currently has around has around 500 students enrolled across all of its courses. Courses are offered at all levels, from Certificate II to Graduate Diploma.
King Edward VII College is very popular due to its competitive pricing structure, innovative teaching methods and state of the art facilities.
The College currently employs 24 staff members that include the CEO, a Marketing Manager and Marketing Assistant, Promotions Officer, Human Resources Manager, Operations and Finance Manager, Administration Manager, Office Assistant, Receptionist, Academic Manager, Student Services Officer and approximately 14 trainers.
As the Marketing Manager for the company, you are allocated a budget each year to spend on marketing.
This year the budget you have been allocated is $25,000, which is approximately 10% of revenue. Your budget does not include salaries and wages of staff, which is accounted for through another cost centre.
Your marketing plan for the year includes the activities below. The amounts in brackets are your cost projections for each activity:
• Redesign web site to improve branding ($2,000 in December, another $2,000 in April and $1,000 in May)
• Design and implement an incentive scheme for referrals by students ($200 per month)
• Conduct a radio advertising campaign from the start of February until the end of June, costing
$2,000 per month
• Online communications: newsletters, websites. Blogs, Twitter (zero cost: staff time only)
• Stand at the Education Expo in December (Package deal $3,300)
• Develop and publish 2016 Promotional Brochure in November ($1,500)
• Sponsor a community organisation to improve local community profile ($2,000 in March)
• Contingency amount ($800)
You would also like to conduct a TV advertising campaign and have been quoted a price of $30,000 to run the campaign. As this is obviously well over the budget limit, you need to negotiate an increase in budget. In order to negotiate this increase, you will need to research and present an argument for using TV advertising and the benefits to the company.
Put this item in your budget, but it can only remain in the budget if the CEO agrees to it.
Complete the following activities:
Problem 1: Develop a draft marketing budget
As the Marketing Manager for King Edward VII College, you are required to develop a budget for marketing for the year. Review the case study information provided to you and, based on amounts allocated to each marketing activity, develop a marketing budget using the Marketing Budget Template to discuss at a meeting with the CEO.
Save this document as Draft Marketing Budget.
Prior to the meeting, you are also required to research the benefits of television advertising in order to present a case for an increase in budget. Make notes to assist you at the meeting.
Problem 2: Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the contents of the attachment and ask for an appointment to discuss it with them.
Attach your draft marketing budget to the email.
Your assessor will advise you of the time and date of the meeting.
Problem 3: Participate in a budget meeting
The next part of the assessment requires you to participate in a meeting with the CEO (role- played by your assessor) to discuss the marketing budget. At the meeting, you will need to:
• Provide a copy of your completed budget to the CEO
• Explain each of the planned marketing activities
• Confirm the amount allocated to each of the marketing activities, including the amount allocated for contingencies.
• Negotiate to increase the budget to accommodate the TV advertising campaign you wish to run (as per the case study information, you will need to present the benefits of television advertising to convince the CEO).
During the meeting, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
Problem 4: Revise the marketing budget
Following the meeting, revise your marketing budget to incorporate feedback from the CEO. Save this document as Revised Marketing Budget.
Problem 5: Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the contents of the attachment, and seek their feedback and ask for the place, date and time of the meeting with your team.
Attach your revised marketing budget to the email.
Problem 6: Meet with your team to discuss the budget.
The final part of the assessment requires you to meet with your team to confirm the budget for the year.
You are also required to introduce the team to the company's Finance Policies and Procedures, so revise this before the meeting, and write a short summery of it to share with your team.
At the meeting, you will need to:
• Discuss the overall budget allocation
• Discuss the amounts allocated to each marketing activity
• Discuss the amount allocated for contingencies
• Provide an outline of the Finance Policies and Procedures.
During the meeting, demonstrate effective communication skills including:
• Speaking clearly and concisely
• Using non-verbal communication to assist with understanding
• Asking questions to identify required information
• Responding to questions as required
• Using active listening techniques to confirm understanding
Assignment Problem 3: Monitor and control finances project
Task summary:
Students must review budget figures and report on these as part of monitoring processes. This assessment is to be completed in the simulated work environment in the RTO.
Required:
• Access to textbooks/other learning materials
• Computer with Microsoft Office and internet access
• Marketing Expenditure
• Campus Profit and Loss
• Marketing Budget Report Template
• Campus Budget Report Template
Carefully read the following:
Complete the following activities:
1. Update the marketing budget.
Enter the amounts in Marketing Expenditure into your budget under actual expenses. Save this document as Actual Marketing Budget.
2. Write a report on the marketing budget and expenditure Your budget report should include:
• Projected budget and actual budget
• Overall level of variance, as well as variance for individual marketing activities.
• Reasons for overruns
• Proposed solutions for following year's budget
Use the Marketing Budget Report Template to guide your work
3. Write a report on the campuses' budgets and expenditure
Review the Campus Profit and Loss figures from the two campuses.
Your campus budget report should include:
• Completed Profit and Loss for both campuses
• An analysis of the financial performance of both campuses:
o Financial performance analysis, including a comparison of the two campuses.
o Any variances between budgeted and actual figures.
o Suggested solutions to any variances
Use the Campus Budget Report Template to guide your work
7. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the contents of the attachments.
Attach the following to your email:
• Actual marketing budget
• Marketing budget report
• Campus budget report
Assignment Problem 4: Debtor management project
Task summary:
This assessment task requires you to review and evaluate financial management processes. This assessment is to be completed in the simulated work environment in the RTO.
Required
• Access to textbooks/other learning materials
• Computer and Microsoft Office
• Access to the internet
• Aged Debtor Summary
• Aged Debtor Monitoring Summary
Complete the following activities:
1. Write an Aged Debtor Report for the CEO.
Analyze the information in the Aged Debtor Summary.
Note that the company's usual terms are payment 14 days from invoice.
Research best practice debtor management and then write an Aged Debtor Report. Your report should include:
• An outline of the information in the Aged Debtor Summary.
• What this says about the company's aged debtor processes.
• At least 5 recommendations that could be adopted by the company in response to your analysis. This should be based on the debtor management research you conducted.
Your aged debtor report should be approximately one-page long.
2. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the contents of the attachment and seek their approval to implement best practice debtor management processes.
Attach your aged debtor report to the email.
3. Implement debtor management procedures
Assume that the CEO advises that, in response to your recommendations, debtor management procedures should be developed and implemented in relation to customer invoices.
You are required to develop simple debtor management procedures for customer payments. It should include a range of simple steps from a friendly reminder to sending a formal letter of demand.
Your debtor management procedures should be approximately one-page long.
4. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should introduce and summarize the contents of the attachment. Attach your debtor management procedures to the email.
5. Monitor debtor management procedures
Assume it is six months later and you are required to review a summary of current aged debts to determine the effectiveness of the implementation of the debtor management procedure.
Review the Aged Debtor Monitoring Summary.
Compare it against the previous Aged Debtor Summary to determine the effectiveness of the procedure.
6. Send an email to the CEO (your assessor).
The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.
It should summarize your findings regarding your analysis of the Aged Debtor Monitoring Summary.
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