I need 3000 words on Skills and Knowledge

Attachement:1

1- Skills and Knowledge ActivityEstimated Time 90-120 Minutes 

Objective To provide you with an opportunity to demonstrate your knowledge of the foundation skills, knowledge evidence and performance evidence.

Activity Complete the following individually and attach your completed work to your workbook.

The answers to the following questions will enable you to demonstrate your knowledge of:

 Financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements

 Communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information

 Prepare, implement and modify financial contingency plans

 Monitor expenditure and control costs

 Support and monitor team members

 Report on budget and expenditure

 Review and make recommendations for improvements to financial processes

 Meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes

 Reading skills

 Writing skills

 Oral communication skills

 Numeracy skills

 Navigate the world of work

 Interact with others

 Get the work done

 Describe basic accounting principles

 Identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)

 Explain the key requirements for financial record keeping and auditing

 Describe the principles and techniques involved in managing:

o budgeting

o cash flows

o electronic spreadsheets

o GST

o ledgers and financial statements

o profit and loss statements.

Answer the questions in as much detail as possible, considering your organisational requirements for each one.

1. As a project, for your organisation manage and monitor producing budget requirements with your team, include the following:

 Evidence of your financial skills working with budgets and financial planning, including relevant principles and techniques as per the table below

 Principles and techniques

Budgeting

Cash flows

Electronic spreadsheets

GST

Ledgers and financial statements

Profit and loss statements

 The key requirements of financial record keeping and auditing, relevant legislation and current requirements of the Australian Taxation Office

 Evidence of working with and supporting your team and how you have disseminated relevant details to them

 Produce a final budget(s) and financial plan which includes recommendations and contingency plans for presenting to the appropriate senior person(s) in your organisation.

2. Present and discuss your budget(s) and financial plan with the appropriate senior person(s), with the aim of clarifying, reviewing and making recommendations for improvements to financial management procesMajor Activity A        

Estimated Time 60-90 Minutes

Objective To provide you with an opportunity to demonstrate your knowledge of the entire unit.

Activity The attached 2014 budgeted cash flow figures from DL Services are to be used for this activity. Use the data in the income statement to complete the actual figures for DL Services for 2014. Examine the cash flows and analyse if this is sustainable for the business. Calculate the variances. Document any outstanding variances and identify possible explanations for these variances. What improvements would you make to help control these costs in 2015?

Line item 2014 Budget $ 2014 Actuals $ % Variance 

Cash sales 230000

Payments from debtors 250000

Interest received 2100

Payments to creditors -140000

Salaries -23000

Interest paid -4100

Operating expenses -22000

Proceeds from sale of assets 0

Purchase of vehicle 0

Purchase of shares -17000

Proceeds from call on shares 12000

Loan from Commonwealth Bank 0

Repayments of loan -14000

Payment of dividends -16000

Collected GST 16200

GST Paid -18400

GST settlement paid to ATO -2200

Net change in cash

Income Statement 2014 

Line item Debit $ Credit $ 

Cash sales 21000

Payments from debtors 215000

Interest received 2350

Payments to creditors 132000

Salaries 29700

Interest paid 6200

Operating expenses 37000

Proceeds from sale of assets 18200

Purchase of vehicle 37000

Purchase of shares 17000

Proceeds from call on shares 9000

Loan from Commonwealth Bank 150000

Repayments of loan 14000

Payment of dividends 37000

Collected GST 16000

GST Paid 14000

GST settlement paid to ATO 2000

Net change in cash

 Is the cash source in 2014 sustainable? Explain your reasons. 

What correct measures would you implement for 2015? 

Who could you speak to within the organization to clarify the budget and financial plans? Who might you need to negotiate with? 

What would be the key steps involved in implementing these corrective actions? Who would you communicate this to? 

What resources and systems would you use and how could you access these? 

What data would you analyse to see if your changes were effective? Where would you get this data? Mention key personnel and reports you could use. 

What contingencies should be considered for 2015? 

Major Activity B        

Estimated Time 60-90 Minutes

Objective To provide you with an opportunity to demonstrate your knowledge of the entire unit.

Activity This is a major activity Attach your completed answers to the workbook.

You must individually, answer the following questions in full to show your competency of each element:

1. Plan financial management approaches

2. Implement financial management approaches

3. Monitor and control finances

4. Review and evaluate financial management processes

1. Create a draft contingency plan for your financial management system.

2. Communicate to your team members the relevant details of current budget/financial plans for carrying out work tasks. If you need to negotiate further changes to the budget/plans, ensure this is done with the relevant person(s)? How would you support your team to perform their financial roles?

3. For your organisation’s financial planning requirements produce the following:

 A flow chart to show how you review and evaluate financial management processes

 A mind map to outline the planning approaches for financial management.

4. Provide information and evidence of monitoring processes that you use at your place or work, to ensure finances and budget are meeting their targets?

(Minimum 1000 words of analysis)