FNSACC507 – Provide management accounting information

 FNSACC507 – Provide management accounting information

Assignment Title- FNSACC507 – Provide management accounting information

Summary

  1. Plagiarism is not accepted in Australian education system and at HIBT. You should not practice any plagiarism in your assessments or any other works. If you are found to practice plagiarism, or your assessment has been found to be plagiarised, you will be fined $250 (for first time) followed by $500 (for second time) and $1000 (for third time). If you are still found to be plagiarised after the third time, HIBT will report to DIBP as against plagiarism and it may affect your student visa.
    Students must submit assessments by due dates; otherwise, they will incur a fine of $50.00.per Unit (if submitted within one week after the due date) followed by $100.00 per Unit (if submitted within two weeks after the due date) and $150.00 per Unit (if submitted within one month after the due date). If you don’t submit assessments even by one month, or do not pay fines, HIBT may report to DIBP as against non-completion of assessments and non-payment of fees and fines, and it may affect your student visa.

How to Conduct these Assessments

It is important that prior to conducting this assessment, the assessor undertakes the following

Prior to conducting the assessment

  • Read the assessment task as detailed throughout this document
  • Contextualise the task (and checklist) to ensure it reflects the students working environment.  (Be sure to check with the mapping document to ensure any contextualisation still covers the unit requirements)
  • Read the assessor instructions and checklist prior to commencing the assessment
  • Ensure the workplace (or simulated environment) is suitable for the parameters of the task, to ensure the students will have an appropriate opportunity to demonstrates their skills
  • Make suitable modifications to the workplace if required to allow all tasks to be observed
  • If undertaken on the job – discuss the assessment with the workplace supervisor, to so they are aware of what will happen throughout the process
  • Ensure the student is allocated the appropriate time and resources for the task
  • If undertaken on the job – Determine and agree with the supervisor an acceptable time frame for each assessment. 
  • Advise the student prior to conducting the assessment of:
    • what will occur throughout the assessment process
    • when the assessment will occur
    • the level of competency expected
    • NB: You should not tell the student how to undertake the task, as it would lead the student and render the assessment process invalid.  The student should have been taught “How” to perform each task during the training stage, and is expected to know this prior to commencing the assessment
    • DO NOT give the student a copy of the checklist prior to the assessment

 

Conducting the assessment

  • Establish and oversee the evidence gathering process to ensure remains valid, reliable, fair and flexible
  • Advise the student when to commence the assessment
  • Observe the student undertake the tasks as outlined
  • Record your observations in the assessor checklist
  • Where a checklist point is not observed due to an inappropriate environment, or for a reason outside the students control, modify the scenario to allow the student an opportunity to perform the associated task
  • Where a checklist point is not appropriate, write “N/A” in the space provided
  • Gather supporting documentation where available and appropriate (as evidence)
  • Incorporate allowable adjustments to the assessment procedure without compromising the integrity of the assessment
  • Do not interfere with the assessment unless the students actions impose a risk to themselves or anyone else
  • If a student performs an action incorrectly, mark it as such.  Record what you see, not what you want to see.
  • Once the assessment is complete, advise the student that the assessment has ceased, and record your comments in the sections provided
  • FNSACC507 – Provide management accounting information

Making the decision

  • The student needs to be deemed satisfactory in the full unit to gain competency.
  • If you are in doubt, gather further evidence to help guide your decision.
  • Assess the students on what you see during the assessment period, not on actions before or after the assessment.
  • Use both the checklist and your professional competency to determine the final outcome for the student.
  • If you are marking the student NYC, ensure you outline why you have made this decision, and provide advice on how the student can improve their skills / knowledge prior to reassessment.

After the assessment

  • Provide constructive feedback to the student on their performance during the assessment period.  Do not make any comments on actions undertaken prior or after the assessment period.
  • Provide the student with:
    • Clear and constructive feedback based on the assessment decision
    • Information on ways of overcoming any identified gaps in competency revealed by the assessment the opportunity to discuss the assessment process and outcome information on reassessment and the appeals processes.
    • An opportunity for reassessment if appropriate or requested by the candidate
    • Information on appeal process as applicable to your organisation
  • Where the students performance is deemed satisfactory, provide the student with a copy of the completed checklist, ensuring the comments section is completed.
  • Where the students performance is deemed not-satisfactory – provide a copy of the comments / feedback, but not the checklist.  This is to ensure the assessment remains valid on re-assessment.
  • Record and report the assessment outcome as per your RTO’s p
  • ASSESSMENT 1 – STUDENT INFORMATION                                               

This information is to be handed to each student to outline the assessment requirements

For the assessment, students must write a detailed report on how they would undertake the task of gathering, record and analyse data for management budgetary use.  Students may choose a company of their choice for this report in consultation with their instructor, or may alternatively use the company model detailed below (MJ Holdings Inc)

Students must answer the following in their report:

  • What data is necessary for the purpose of creating cost and operating budgets?
  • Be specific, i.e. cash flow reports for the last 3 months, P&L statements for the last 12 months etc
  • What sort of a system would you set up to retrieve the necessary data?
  • How would you ensure the appropriate departments staff are aware of what is required of them?
  • How would you go about gathering the data?
  • How would you code and classify the data appropriately for management use?
  • How would you store the data?
  • Briefly discuss how you would ensure security of the financial data
  • Also discuss how you would ensure the financial data is protected from being erased or lost.
  • What steps should you undertake to ensure the data is accurate and reliable?
  • Give a detailed explanation on how you adequately ensure your interpretation of the data is reliable and consistent with management performance strategies.
  • What constitutes valid analysis?
  • What auditing requirements would be involved in this process?
  • What steps would you take to ensure your reasoning is logical, transparent and supported by the data?

This assignment should be submitted in the form of a detailed written report.

Business Example (MJ Holdings Inc)

MJ Holdings Inc. is a Medical Supplies company in East Melbourne specialising in orthopaedic instruments and disposable items.  The company has 67 employees employed in their customer service, accounts, managements, sales, marketing and costing departments.  Their annual turnover is approximately $2.5M with profits of $970,000 recorded last year.  Management requires operating and cost data for budgetary decision making and has asked you to gather record and analyse the data for their use.

This assessment is due on: __________________________________

ASSESSMENT 1 – ASSESSOR INSTRUCTIONS

These instructions must be followed when assessing the student in this unit.  The checklist on the following page is to be completed for each student.  Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.

For the assessment, students must write a detailed report on how they would undertake the task of gathering, record and analyse data for management budgetary use.  Students may choose a company of their choice for this report in consultation with their instructor, or may alternatively use the company model detailed below (MJ Holdings Inc)

Students must answer the following in their report:

  • What data is necessary for the purpose of creating cost and operating budgets?
  • Be specific, i.e. cash flow reports for the last 3 months, P&L statements for the last 12 months etc
  • What sort of a system would you set up to retrieve the necessary data?
  • How would you ensure the appropriate departments staff are aware of what is required of them?
  • How would you go about gathering the data?
  • How would you code and classify the data appropriately for management use?
  • How would you store the data?
  • Briefly discuss how you would ensure security of the financial data
  • Also discuss how you would ensure the financial data is protected from being erased or lost.
  • What steps should you undertake to ensure the data is accurate and reliable?
  • Give a detailed explanation on how you adequately ensure your interpretation of the data is reliable and consistent with management performance strategies.
  • What constitutes valid analysis?
  • What auditing requirements would be involved in this process?
  • What steps would you take to ensure your reasoning is logical, transparent and supported by the data?

This assignment should be submitted in the form of a detailed written report.

Business Example (MJ Holdings Inc)

MJ Holdings Inc. is a Medical Supplies company in East Melbourne specialising in orthopaedic instruments and disposable items.  The company has 67 employees employed in their customer service, accounts, managements, sales, marketing and costing departments.  Their annual turnover is approximately $2.5M with profits of $970,000 recorded last year.  Management requires operating and cost data for budgetary decision making and has asked you to gather record and analyse the data for their use.

Please refer to student checklist for more detailed assessment instructions

 SPECIFIC ASSESSOR NOTES

In setting up this assessment, please:

  1. Set a date for this assessment and advise students of the topic.
  2. Hand out and explain the Student Information Form and allow opportunities for the student to ask questions
  3. Assess the candidates’ submissions / observations using the following checklist

This assessment may be undertaken in the following formats:

  • On the job. These assessments must:
    • using a registered and operating workplace
    • ensure access to customers relevant to the work role and unit requirements
    • ensure access to staff members / colleagues
    • ensure candidate is working in a suitable role to the unit (i.e. – candidates undertaking units requiring staff supervision must have staff to supervise, and authority to do so)
    • ensure access to relevant, working and current tools and equipment as appropriate to the unit requirement
    • substitute the provided data with relevant data from the students work-place

Classroom / Simulated environment. These assessments must

  • As outlined in the TAA04 Training Package Glossary, “”Simulation is a form of evidence gathering that involves the candidate in completing or dealing with a task, activity or problem in an off-the-job situation that replicates the workplace context. Simulations vary from recreating realistic workplace situations such as in the use of flight simulators, through the creation of role plays based on workplace scenarios to the reconstruction of a business situation on a spreadsheet. In developing simulations, the emphasis is not so much on reproducing the external circumstance but on creating situations in which candidates are able to demonstrate:
    • technical skills
    • underpinning knowledge
    • generic skills such as decision making and problem solving
    • workplace practices such as effective communication.”
  • If role plays are required, the assessor must ensure all ‘actors’ or ‘participants’ perform in a professional manner – reflecting an actual workplace. Participants are to be informed of their expected involvement
  • Students may undertake this task by researching a chosen company and specifying the questions to the business model, however instructors should ensure students choose a model with several departments so that students must demonstrate how they would obtain the information having to liaison with multiple staff members.
  • If a simulated workplace is used, it must allow for distractions such as background noises, ringing telephones, interruptions, etc. As this is a finance unit, a simulated environment may also include an office environment with office equipment and computers
  • Each student must dress appropriately and professionally in line with workplace standards

For each assessment, you not to interfere.  In the event that the assessment is activities will impact on the safety of a student or bystander, the assessment must be stopped immediately

Observation Checklist outlined overleaf

ASSESSMENT 1 – ASSESSOR CHECKLIST

This checklist is to be used when assessing the students in the associated task.  This checklist is to be completed for each student.  Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.

Please complete below
Assessor Instructions:
 

Please refer to the detailed instructions outlined on the Assessment Instruction Page (previous) that provides more detail as to required observations:   

Result:  Satisfactory   |   Not Satisfactory   |   Not Assessed


ASSESSMENT 2 – STUDENT INFORMATION

This information is to be handed to each student to outline the assessment requirements 

For this assessment, students are to utilise the data in the Appendices regarding XYZ Company.  The instructor can role-play the part of manage of XYZ Company, the proprietor and will give any additional information required, including company policies and procedures, milestones etc.

Students are to undertake the following:

  • List all personnel you would consult with in order to gain adequate advice prior to commencing your reports.
  • Consult with your instructor to determine management requirements
  • Prepare a 1 year budget & projected financial statement including:
  • Sales forecast, taking into account additional information in Appendix 5
  • Estimated expenses
  • Estimated profits
  • Ensure report layout and format comply with management information requirements, are clear and error-free

 This assessment may be undertaken in the following formats:

  • On the job. These assessments must:
    • using a registered and operating workplace
    • ensure access to customers relevant to the work role and unit requirements
    • ensure access to staff members / colleagues
    • ensure candidate is working in a suitable role to the unit (i.e. – candidates undertaking units requiring staff supervision must have staff to supervise, and authority to do so)
    • ensure access to relevant, working and current tools and equipment as appropriate to the unit requirement
    • substitute the provided data with relevant data from the students work-place
  • Classroom / Simulated environment. These assessments must
    • As outlined in the TAA04 Training Package Glossary, “”Simulation is a form of evidence gathering that involves the candidate in completing or dealing with a task, activity or problem in an off-the-job situation that replicates the workplace context. Simulations vary from recreating realistic workplace situations such as in the use of flight simulators, through the creation of role plays based on workplace scenarios to the reconstruction of a business situation on a spreadsheet. In developing simulations, the emphasis is not so much on reproducing the external circumstance but on creating situations in which candidates are able to demonstrate:
      • technical skills
      • underpinning knowledge
      • generic skills such as decision making and problem solving
      • workplace practices such as effective communication.”

 FNSACC507 – Provide management accounting information

  • If role plays are required, the assessor must ensure all ‘actors’ or ‘participants’ perform in a professional manner – reflecting an actual workplace. Participants are to be informed of their expected involvement

 

  • Management information requirements must be sought by students. Students will need access to company policy and procedures on budgeting and forecasting procedures.

 

  • If a simulated workplace is used, it must allow for distractions such as background noises, ringing telephones, interruptions, etc. As this is a finance unit, a simulated environment may also include an office environment with office equipment and computers
  • Each student must dress appropriately and professionally in line with workplace standardsFor each assessment, you not to interfere.  In the event that the assessment is activities will impact on the safety of a student or bystander, the assessment must be stopped immediately

Observation Checklist outlined overleaf
ASSESSMENT 2 – ASSESSOR CHECKLIST

This checklist is to be used when assessing the students in the associated task.  This checklist is to be completed for each student.  Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.

 

Please complete below

Assessor Instructions: 

Please refer to the detailed instructions outlined on the Assessment Instruction Page (previous) that provides more detail as to required  

Result:  Satisfactory   |   Not Satisfactory   |   Not Assessed

 Students are to undertake the following:

  • Prepare a variance analysis between budgeted and actual figures
  • Ensure report demonstrates major differences
  • What was the discrepancy?
  • Is the discrepancy a positive or negative one?
  • Locate the area and give at least 5 reasons why the discrepancy may have occurred
  • Utilise the data provided to determine the effectiveness of the cost budgeting techniques used
  • Lastly, students should give recommendations as to how their variance may be corrected for future budgets for the business.

The variance report should be submitted along with a written report detailing the student’s answers to the above questions.

This assessment is due on: __________________________________

 ASSESSMENT 3 – ASSESSOR INSTRUCTIONS

These instructions must be followed when assessing the student in this unit.  The checklist on the following page is to be completed for each student.  Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.

Students are required to compare their budgeted figures of XYZ Company ( in Assessment 2) against actual figures of one year located below:

Total Sales:                                    $2,200,000

Total Purchases:                            $1,500,000

Total Expenses:                                $100,000

Students are to undertake the following:

  • Prepare a variance analysis between budgeted and actual figures
  • Ensure report demonstrates major differences
  • What was the discrepancy?
  • Is the discrepancy a positive or negative one?
  • Locate the area and give at least 5 reasons why the discrepancy may have occurred
  • Utilise the data provided to determine the effectiveness of the cost budgeting techniques used
  • Lastly, students should give recommendations as to how their variance may be corrected for future budgets for the business.

The variance report should be submitted along with a written report detailing the student’s answers to the above questions.

Please refer to student checklist for more detailed assessment instructions

This assessment may be undertaken in the following formats:

  • On the job. These assessments must:
    • using a registered and operating workplace
    • ensure access to customers relevant to the work role and unit requirements
    • ensure access to staff members / colleagues
    • ensure candidate is working in a suitable role to the unit (i.e. – candidates undertaking units requiring staff supervision must have staff to supervise, and authority to do so)
    • ensure access to relevant, working and current tools and equipment as appropriate to the unit requirement
    • substitute the provided data with relevant data from the students work-place
  • Classroom / Simulated environment. These assessments must
    • As outlined in the TAA04 Training Package Glossary, “”Simulation is a form of evidence gathering that involves the candidate in completing or dealing with a task, activity or problem in an off-the-job situation that replicates the workplace context. Simulations vary from recreating realistic workplace situations such as in the use of flight simulators, through the creation of role plays based on workplace scenarios to the reconstruction of a business situation on a spreadsheet. In developing simulations, the emphasis is not so much on reproducing the external circumstance but on creating situations in which candidates are able to demonstrate:
      • technical skills
      • underpinning knowledge
      • generic skills such as decision making and problem solving
      • workplace practices such as effective communication.”

Observation Checklist outlined overleaf

ASSESSMENT 3 – ASSESSOR CHECKLIST

This checklist is to be used when assessing the students in the associated task.  This checklist is to be completed for each student.  Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.

 

Please complete below Assessor Instructions: 

Please refer to the detailed instructions outlined on the Assessment.
                                          

The Company has purchased 30 and 40 units of Mac Pro and Mac Air respectively in December, 2016. The company is running with four staff whereas three are permanent and one is part time permanent. The company is providing $3,000 per month salary to permanent and $1,500 to part time staff. The company has entered in lease agreement of one storied building paying $24,000 annual salary which is fixed. The company sales its product through sales agent where at this moment company is paying 1% commission on sales to the agent and also 2% sales commission on sales to sales staff which falls under selling and distribution expenses heading. Company records shows that the electricity bill of Dec 2016 is $550.   

 The company has forecasted that sales growth rate is 5% of Mac Pro until June then after the sales will be constant for the year end and again increase and comes to as it was January 2017 because of entrance of new other product and also latest model of Mac Air. In regards to Mac Air, it is expected because of the high price, the sales growth will be 2.5% till April and then it will be increased by 5% on wards because of low demand of Mac Pro. The sales price of both items will be decrease by 2% every month onward.

 

Company has prepared policy to maintain desired closing stock 20% of next month sales. Company is expecting the purchase price will be decrease by 5% in April and will constant onwards. Real estate is going to increase rent from $12,000 per annum to $16,000 per annum from July. The company has advertised job to hire two casual staff from July to September with $1000 (each) salary per month. Company is also planning to fire part time permanent staff from August.  

 

The company has planned to increase sales commission to sales staff by 50% from July for the motivation purpose.  Electricity expenses will be decrease by 1% in January and constant to April end and again increase to same level as it was in Dec 2016.

 

 

 

About the author

HND Assignment Help is the #1 Assignment help company offering hnd business management assignments at most affordable prices and 100% plagiarism free content. Contact for hnd business assignments at hndassignmenthelp@gmail.com. We are pioneer in btec hnd assignments since more than 7 years and have provided btec hnd assignment help for students around the world. Login http://www.hndassignmenthelp.co.uk for more details.