SITXFIN003: List 8 Examples For Financial Records: Manage Finances Within A Budget Assignment. VU, Australia
|University||Victoria University [VU]|
|Subject||SITXFIN003: Manage Finances Within a Budget|
Answer the following questions below. All questions must be answered.
Question 1: List 8 examples for financial records
Question 2: List 4 different types of budgets.
Question 3: What is the purpose of preparing a draft budget?
Question 4: What should you do with the feedback from the draft budget?
Question 5: List 2 people to the final budget that might need to be distributed.
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Question 6: Why is it important for each department head to understand their part of the budget?
Question 7: Why should all staff have some knowledge of the budget for their area?
Question 8: Once the final budget has been approved, how often should it be monitored?
Question 9: As well as receiving the final budget the management team should be advised of their reporting duties. What should their report contain?
Question 10: Name 2 financial reports you might generate from your accounting system to check your budget against actual income or expenditure.
Question 11: Every revenue and expense item on the Profit and Loss Statement should be compared to what
Question 12: When revenue variances occur, why should you talk to the staff to help identify, and find options to address the issue?
Question 13: List 2 factors that can cause variances in staff budgets.
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Question 14: List 3 colleagues you may advise if you noticed that there were deviations between your budget and your targets.
Question 15: List 2 ways you might research new approaches to managing your budget.
Question 16: List 3 things you need to include in your budget report, to give the decision-maker enough information to do a clear cost versus benefit analysis of the budget request.
Question 17: If you are cutting expenditure, why must you be careful that the cuts do not cause the level of service and product to fall?
Question 18: Name an accounting program you can use to help manage budgets.
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