Assessment type:
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Unit Project (UP) – Prepare static and flexible budget
Assessment task description:
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This is the second (2) assessment task you have to successfully complete to be deemed competent in this unit of competency.
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This assessment task requires you to complete a unit project (UP).
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You must prepare static and flexible budget as per given data in order to successfully complete this project.
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You will receive your feedback within two weeks – you will be notified by your trainer/assessor when results are available.
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You must attempt all activities of the project for your trainer/assessor to assess your competency in this assessment task.
Applicable conditions:
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This project is untimed and are conducted as open book tests (this means you are able to refer to your textbook).
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You must read and respond to all criteria of the project.
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You may handwrite/use computers to answer the criteria of the project.
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You must complete the task independently.
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No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.
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As you complete this assessment task you are predominately demonstrating your practical skills, techniques and knowledge to your trainer/assessor.
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The trainer/assessor may ask you relevant questions on this assessment task to ensure that this is your own work.
Resubmissions and reattempts:
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Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed.
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You must speak to your Trainer/Assessor if you have any difficulty in completing this task and require reasonable adjustments (e.g. can be given as an oral assessment).
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For more information, please refer to your RTO Student Handbook.
Location:
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This assessment task may be completed in an independent learning environment or learning management system.
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Your trainer/assessor will provide you further information regarding the location of completing this assessment task.
General Instructions for attempting the project:
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You must correctly attempt all activities of this assessment task.
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You will prepare static and flexible budget as per given data in this assessment task.
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You will be expanding the knowledge and skills acquired during the previous assessment task.
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Instructions to prepare static and flexible budget is provided within the assessment task.
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You will be required to correctly attempt all activities of this assessment task.
How your trainer/assessor will assess your work?
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This assessment task requires the student to successfully complete and submit a project.
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Answers must demonstrate the student’s understanding and skills of the unit.
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You will be assessed according to the provided performance checklist/ performance criteria.
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Assessment objectives/ measurable learning outcome(s) are attached as performance checklist/ performance criteria with this assessment task to ensure that you have successfully completed and submitted the assessment task.
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If all assessment tasks are deemed Satisfactory (S), then the unit outcome is Competent (C).
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If at least one of the assessment task is deemed Not Satisfactory (NS), then the unit outcome is Not Yet Competent (NYC).
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Once all assessment tasks allocated to this Unit of Competency have been undertaken, trainer/assessor will complete an Assessment plan to record the unit outcome. The outcome will be either Competent (C) or Not Yet Competent (NYC).
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The “Assessment Plan” is available with the Unit Assessment Pack (UAP) – Cover Sheet.
Purpose of the assessment task:
This assessment task is designed to evaluate your following skills and abilities:
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Skill to identify, establish systems to gather and record operating data and analytically code, categorise and check data for efficiency and reliability as per organisational policy and procedure
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Skill to assign cost to specified products services and organisational units and reconciliation of data to ensure if the numerical calculations are accurate and is in compliance with organisational procedures.
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Skill to make sure that the analysed data and assigned cost are correctly interpreted to revenues and cost is supported by valid analysis and is in line with organisational business performance objectives.
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Skill to calculate and analyse variance and review the reports if they are accurate and is in compliance with management information requirements and organisational policies.
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Skill to use variance analysis to analyse effectiveness of cost assignment process.
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Reading skills to collect, review, interpret/understand and analyse/review text-based business information from a range/number of sources.
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Written and oral/speech communication skills to organise and deliver information to effectively communicate accounting information to a range of stakeholders/interested people.
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Numeracy/numbers- mathematical skills to interpret/understand mathematical data when reviewing and analysing scenario/setting-situation business information.
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Skill to work independently/freely as well as collaboratively/together to make decisions about management accounting information.
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Skill to interact/cooperate with others using appropriate conventions/systems when communicating to, and consulting/discussing with stakeholders/interested parties.
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Ability/skill to sequence/in order and schedule/plan activities and manage accounting information.
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Skill to analyse relevant/appropriate information to identify scope/range of work, goals and objectives and to evaluate/review options/other choices.
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Skill to use familiar/known digital technology to access/get to information, document findings/results and communicate them to stakeholders.
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