SITXFIN009 Student Pack Ver_Feb_2023 (2)

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Student Signature: _Rishab__________________________________ Assessment method-based instructions and guidelines: Knowledge Test Assessment type  Written Questions Instructions provided to the student: Assessment task description:  This is the first (1) assessment task youmustsuccessfully complete to be deemed competent in this unit of competency.  The Knowledge Testis comprised often (10) written questions  You must respond to all questions and submit them to your Trainer/Assessor.  You must answer all questions to the required level, e.g. provide an answer within the required word limit, to be deemed satisfactory in this task  You will receive your feedback within two (2) weeks, and you will be notified byyour Trainer/Assessor when your results are available. Applicable conditions:  All knowledge tests are untimed and are conducted as open book assessment (this means you can refer to your textbook during the test).  You must read and respond to all questions.  You may handwrite/use a computer to answer the questions.  You must complete the task independently.  No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.  As you complete this assessment task,you are predominately demonstrating your written skills and knowledge to your trainer/assessor. Resubmissions and reattempts:  Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed.  The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments.  For more information, please refer to the Training Organisation’sStudent Handbook. Location:  This assessment task may be completed in: ☐ a classroom ☐ learning management system (i.e. Moodle), ☐ workplace, ☐ or an independent learning environment. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 3 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Assessment Task 1: Knowledge Test Provide your response to each question in the box below. Q1: Outline the purpose of following type of financial records in given table using 30-50 words each. Bank deposit documentation Records deposits made to the bank account, providing evidence of income and tracking funds received. Bank statements Summarize all transactions in a bank account, helping to monitor balances, detect errors, and reconcile accounts. Business activity statements (BAS) Document the financial data necessary for tax compliance and reporting to the government, including GST information. Credit card transaction statements Outline credit card transactions, facilitating expense tracking, reconciliation, and monitoring card usage. Invoices Serve as formal billing documents sent to Satisfactory response yes ☐ no ☐ BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 6 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Wage budget A wage budget calculates the costs associated with employee compensation, including salaries, wages, and benefits. It assists in workforce planning, labor cost management, and ensuring that labor expenses are in line with financial goals. Whole of organisation budget This comprehensive budget encompasses all financial aspects of an entire organization. It integrates various departmental and project budgets to provide an overall financial plan for the organization as a whole. Q3: Why should you consider the key factors listed in the table in the preparation of financial and statistical reports? Write 2-3 sentences for each. Cash flow Consideration of cash flow is crucial because it indicates the organization's liquidity, ensuring that it has enough funds to meet its immediate financial obligations and sustain operations. Commercial account activity Understanding commercial account activity helps in monitoring and optimizing financial relationships with business clients, ensuring efficient transactions and maintaining healthy partnerships. Commission earnings Tracking commission earnings is important for revenue assessment and identifying trends in income sources, aiding in strategic decisions for sales and marketing. Satisfactory response Yes ☐ No ☐ BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 9 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au A) Budgets are essential financial tools used by organizations to plan, track, and control their financial activities. They serve as a roadmap for allocating resources, controlling costs, and achieving financial objectives. Budgets typically include revenue projections, expense estimates, and profit targets. These documents vary in format, such as the master budget, capital budget, or operating budget, depending on the specific purpose. The format generally consists of a spreadsheet or table with line items for various revenue and expense categories. Budgets are dynamic and may undergo revisions as circumstances change. B) Financial Reports provide a comprehensive overview of an organization's financial performance and position. They include income statements, balance sheets, and cash flow statements. These reports are typically presented in a standardized format to facilitate comparison and analysis. A typical format for financial reports includes a header identifying the organization, followed by sections detailing the financial data for the reporting period. These reports serve multiple purposes, such as assessing financial health, aiding in decision- making, and meeting regulatory requirements. C) Statistical Reports present data and information in a structured manner to support analysis and decision-making. They may contain a variety of statistical data, such as survey results, research findings, or performance metrics. The format for statistical reports often includes an executive summary, an introduction explaining the purpose and scope, the methodology used for data collection and analysis, and the presentation of findings in tables, charts, or graphs. Statistical reports are valuable for presenting data in a format that is easy to understand and draw conclusions from, making them crucial for informed decision-making in various fields, from marketing to scientific research. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 12 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Q7: Define the importance of budget control using 150-200 words. Satisfactory response Yes ☐ No ☐ Budget control is of paramount importance in organizations, as it plays a fundamental role in ensuring financial discipline, efficiency, and the achievement of financial goals. Here are key aspects that highlight its significance: 1. Resource Allocation: Budget control enables organizations to allocate resources effectively. It ensures that every department or project receives an appropriate share of the available budget, preventing resource mismanagement and favoring high-priority areas. 2. Cost Management: It helps manage costs by setting predefined spending limits. This control prevents overspending, identifies cost-saving opportunities, and reduces the risk of financial waste. 3. Goal Achievement: A well-managed budget aligns financial activities with organizational goals. By regularly monitoring and controlling the budget, organizations can assess their progress toward objectives and make necessary adjustments to stay on track. 4. Risk Mitigation: Budget control assists in identifying and addressing potential financial risks. It allows organizations to be proactive in managing financial challenges, preventing situations where funds become insufficient or debt accumulates. 5. Operational Efficiency: It enhances operational efficiency by encouraging departments to use resources judiciously. This promotes a culture of cost consciousness and encourages innovative solutions to achieve goals with fewer resources. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 15 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au stakeholders. These procedures are critical for transparency, accountability, and informed decision- making. Here's a comprehensive definition: Financial reporting procedures refer to the structured and systematic steps an organization undertakes to compile, analyze, and communicate its financial performance and position. These procedures are governed by accounting standards, regulations, and organizational policies. The financial reporting cycle is an integral part of these procedures and typically spans a fiscal year. The financial reporting cycle consists of several key phases: 1. Data Collection: At the beginning of the cycle, financial data is collected from various sources, including accounting systems, invoices, receipts, and bank statements. 2. Data Entry and Processing: The collected data is entered into accounting software and processed to create financial statements, ledgers, and other relevant reports. 3. Adjusting Entries: To ensure accuracy, adjusting entries are made to account for accruals, deferrals, depreciation, and other accounting adjustments. 4. Trial Balance: A trial balance is prepared to verify that debits and credits are in balance. Any discrepancies are investigated and corrected. 5. Financial Statement Preparation: The financial statements, including the income statement, balance sheet, and cash flow statement, are prepared to provide an overview of the organization's financial performance and position. 6. External Audit (if applicable): Some organizations undergo an external audit to ensure the accuracy and reliability of their financial statements. 7. Reporting and Disclosure: Financial statements are disclosed to internal and external stakeholders. This includes shareholders, regulatory bodies, creditors, and internal management. 8. Analysis and Interpretation: Stakeholders analyze and interpret the financial statements to assess the organization's financial health, make investment decisions, or evaluate management's performance. 9. Regulatory Compliance: Organizations ensure compliance with accounting standards (e.g., Generally Accepted Accounting Principles or International Financial Reporting Standards) and other legal requirements. 10. Continuous Improvement: The financial reporting cycle concludes with a review of the process to identify areas for improvement and to enhance reporting accuracy and efficiency. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 18 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Automation Automation features help streamline budget management by automating repetitive tasks, such as data entry and transaction categorization, saving time and reducing the risk of errors. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 21 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 22 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Pre-Assessment Checklist: Task 2 –Skills Test (ST) The purpose of this checklist The pre-assessment checklist helps students determine if they are ready for assessment. The trainer/assessor must review the checklist with the student before the student attempts the assessment task. If any items of the checklist are incomplete or not clear to the student, the trainer/assessor must provide relevant information to the student to ensure they understand the requirements of the assessment task. The student must ensure they are ready for the assessment task before undertaking it. Section 1: Information for Students  Make sure you have completed the necessary prior learning before attempting this assessment.  Make sure your trainer/assessor clearly explained the assessment process and tasks to be completed.  Make sure you understand what evidence is required to be collected and how.  Make sure you know your rights and the Complaints and Appeal process.  Make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix and negotiate these with your trainer/assessor).  Make sure that you have access to a computer and the internet (if you prefer to type the answers).  Make sure that you have all the required resources needed to complete this Assessment Task (AT).  The due date of this assessment task is in accordance with your timetable.  In exceptional (compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the trainer/assessor. Evidence of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work.  The request for an extension to submit your assessment work must be made before the due date. Section 2: Reasonable adjustments I confirm that I have reviewed the Reasonable Adjustments guidelines and criteria as provided in Appendix A and attached relevant evidence as required and select the correct checkbox. ☐ I do require reasonable adjustment. Please tick the above ONLY if you require a reasonable adjustment. Declaration (Student to complete)  I confirm that the purpose and procedures of this assessment task has been clearly explained to me.  I confirm that I have been consulted about any special needs I might have in relation to the assessment process.  I confirm that t he criteria used for this assessment has been discussed with me, as have the consequences and possible outcomes of this assessment.  I confirm I have accessed and understand the assessment information as provided in the Training Organisation’s Student Handbook.  I confirm I have been given fair notice of the date, time, venue and/or other arrangements for this assessment. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 23 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au  I confirm that I am ready for assessment. Student Name: ______________________________________ Student Signature: ___________________________________ Assessment method-based instructions and guidelines: Skills Test Assessment type  Skill Test -Manage finances within a budget Instructions provided to the student: Assessment task description:  This is the second (2) assessment task you must successfully complete to be deemed competent in this unit of competency.  This assessment task is a Skills Test.  This assessment task consists of six(6) practical demonstration activities. o Activity 1: Make budget adjustments. o Activity 2: Role Play. o Activity 3: Manage budget deviations. o Activity 4: Role Play with supplier and head of the supply chain department. o Activity 5: Identify variances and document the outcomes. o Activity 6: Presentation.  You will receive your feedback within two (2) weeks,and you will be notified by your trainer/assessor when your results are available.  You must attempt all activities of the project for your trainer/assessor to assess your competence in this assessment task. Applicable conditions:  This skill test is untimed and is conducted as an open book assessment (this means you are able to refer to your textbook or other learner materials during the test).  You will be assessed independently on this assessment task.  No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.  As you complete this assessment task, you are predominately demonstrating your skills, techniques and knowledge to your trainer/assessor.  Your trainer/assessor may ask you relevant questions during this assessment task Resubmissions and reattempts:  Where a student’s answers are deemed not satisfactory after the first attempt, a BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 24 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au resubmission attempt will be allowed.  The student may speak to their trainer/assessor if they have any difficulty in completing this task and require reasonable adjustments.  For more information, please refer to the Training Organisation’sStudent Handbook. Location:  This assessment task may be completed in: ☐a classroom ☐learning management system (i.e. Moodle), ☐workplace, ☐or an independent learning environment.  Your Trainer/Assessor will provide you with further information regarding the location for completing this assessment task. Purpose of the assessment The purpose of this assessment task is to assess the student’s knowledge and skills essential to manage finances within a budget in a range of contexts and industry settings.  Skills to allocate funds in accordance with the budget and agreed-upon priorities.  Skills to prior to implementation, discuss changes to income and expenditure priorities with relevant colleagues.  Skills to consult with and notify appropriate personnel about resource decisions.  Skills to raise awareness of the significance of budget control.  Skills to keep detailed records of resource allocation in accordance with organisational control systems.  Skills to locate and use pertinent financial records to compare actual income and expenditure to budget.  Skills to ensure that reference records are accurate for monitoring purposes.  Skills to identify and report deviations based on their significance.  Skills to look into appropriate options for more effective deviation management.  Skills to inform relevant colleagues about the budget's status in relation to the targets.  Skills to evaluate current costs and resources and identify areas for improvement proactively.  Skills to meet with relevant colleagues to discuss desired budget outcomes.  Skills to conduct appropriate research to investigate new budget management approaches.  Skills to identify and communicate the advantages and disadvantages of new approaches.  Skills to consider the effects on customer service levels and colleagues when developing new approaches.  Skills to make clear and logical budget management recommendations.  Skills to complete financial and statistical reports within the timeframes specified.  Skills to prepare and present information in a clear and concise manner to allow for informed decision making. Task instructions  This is an individual assessment.  This assessment task requires the student to take responsibility for budget management where others may have developed the budget. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 25 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au  All questions must be answered to gain competency for this assessment.  This assessment task requires the student to assume/ take on the role of a Budget Manager.  The student must manage finances within a budget based on given case studies.  The student must prepare variance reports based on given case studies.  The student must perform the calculations in MS-Excel.  The trainer/assessor must assess the performance of the student as per the performance checklist provided. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 26 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Assessment Task 2: Skills Test Skills Test: This assessment task requires the student to take responsibility for budget management where others may have developed the budget. This includes:  Interpreting budgetary requirements.  Allocating resources.  Monitoring actual income and expenditure and reporting on budgetary deviations. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 27 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Simulated environment requirements: The training organisation must ensure the simulated environment meet the requirements given in the table below. The training organisation must provide the student with the opportunity to take responsibility for budget management where others may have developed the budget as per the information given in the case study.  The training organisation must ensure that the student has the access to the following resources:  An industry workplace or a simulated industry environment set up for the purposes of assessment.  Computers  Printers  Budgets for specific projects, events, or operational activities (Given in the case study)  Software packages o MS Word o MS Excel o MS Presentation  Staff members to participate in role plays with whom the individual can discuss budget components.  The training organisation must ensure that the student has access to the stakeholders as specified in the scenario. Each stakeholder should behave according to the script provided.  The training organisation must assign a supervisor to each student or take on the role of Supervisor.  The worksite must have realistic tasks or simulated tasks, relevant specifications and work instructions, standard work practices and safety requirements.  BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 28 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Case study: Pearl Hotel Melbourne branch has a bistro, sports bar and a bottle shop. The hotel promotes a sustainable environment and is a perfect place for families that want to spend their holidays and want all the amenities in one place. The hotel hires two managers that work five days a week, including the weekends. There are two other supervisors as well that work on the night shifts. As per the previous figures of the organization, the food cost accounts for 35% of the sales. Whereas the beverages account for 40%. The management is unhappy with the outcomes and wants to reduce the figures and are working on/ researching new ways to manage and control stock. To increase sales, the business has started to offer loyalty cards to its customers who will receive a free meal after spending $150 on their loyalty card. The hotel has the following projected budget for the first quarter of the financial year: July August September 1st quarter $ $ $ $ Revenue Food sales 58,400 63,875 60,225 182,500 Beverage sales 120,000 123,750 131,250 375,000 Tab commission 24,650 23,925 23,925 72,500 Total revenue 203,050 211,550 215,400 630,000 Cost of sales Food purchases 20,440 22,356 21,079 63,875 Beverage purchases 48,000 49,500 52,500 150,000 Total cost of sales 68,440 71,856 73,579 213,875 Gross profit 134,610 139,694 141,821 416,125 Expenses Accounting 1,350 1,500 2,150 5,000 Advertising/promotions 1,950 2,410 2,150 6,510 Bank charges 3,790 3,630 3,680 11,100 BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 29 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Cleaning contractor 3,220 3,720 3,720 10,660 Commission credit card 380 380 380 1,140 Small equipment replacement 410 410 410 1,230 Insurance 910 910 910 2,730 Laundry 170 180 180 530 Legal fees 640 180 180 1,000 Licence fees & permits 490 490 490 1,470 Motor vehicle expenses 250 250 250 750 Maintenance 2,110 2,110 2,110 4,330 Printing & stationery 400 400 400 1,200 Rubbish removal 250 250 250 750 Communication 1,000 1,000 1,000 3,000 Training & development 590 590 590 1,770 Wages & on-costs 96520 99,450 96,550 292,520 Utilities 6,000 5,800 5,850 17,650 Total expenses 120,430 123,660 121,250 365,340 NET PROFIT 14,180 16,034 20,571 50,785 You have been assigned the responsibility for budget management. The work task includes:  Managing a budget for a business over a three-month period that meets the specific business’ needs.  Informing management of the budget.  Monitoring income and expenditure and evaluating budgetary performance over the above budgetary life cycle.  Completing financial reports related to the above budget within designated timelines and using correct budget terminology. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 30 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au In course of the above, you will have the following responsibilities:  Allocate funds in accordance with the budget and agreed-upon priorities.  Prior to implementation, discuss changes to income and expenditure priorities with relevant colleagues.  Consult with and notify appropriate personnel about resource decisions.  Raise awareness of the significance of budget control.  Keep detailed records of resource allocation in accordance with organisational control systems.  Locate and use pertinent financial records to compare actual income and expenditure to budget.  Ensure that reference records are accurate for monitoring purposes.  Identify and report deviations based on their significance.  Look into appropriate options for more effective deviation management.  Inform relevant colleagues about the budget's status in relation to the targets.  Evaluate current costs and resources and identify areas for improvement proactively.  Meet with relevant colleagues to discuss desired budget outcomes.  Conduct appropriate research to investigate new budget management approaches.  Identify and communicate the advantages and disadvantages of new approaches.  Consider the effects on customer service levels and colleagues when developing new approaches.  Make clear and logical budget management recommendations.  Complete financial and statistical reports within the timeframes specified.  Prepare and present information in a clear and concise manner to allow for informed decision making. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 31 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Task: This assessment task requires the student to take responsibility for budget management where others may have developed the budget. This includes:  Managing a budget for a business over a three-month period that meets the specific business’ needs.  Informing management of the budget.  Monitoring income and expenditure and evaluating budgetary performance over the above budgetary life cycle.  Completing financial reports related to the above budget within designated timelines and using correct budget terminology. To do so, you are required to complete the following activities:  Activity 1: Make budget adjustments.  Activity 2: Role Play.  Activity 3: Manage budget deviations.  Activity 4: Role Play with supplier and head of the supply chain department.  Activity 5: Identify variances and document the outcomes.  Activity 6: Presentation When completing the above activities, you will be required to demonstrate skills to:  Interpret business and financial documents.  Document clear recommendations based on budget information and reports.  Discuss budget requirements and seek and provide feedback.  Interpret and use budget figures in day-to-day work operations.  Calculate budget estimates and scenarios for performance improvement.  Identify budget deviations and deficiencies and develop options for improved budgetary performance.  Discuss desired budget outcomes with team members and provide direction on resource use. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 32 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Activity 1: Make budget adjustments. Activity context: During the first month of the financial year, the following events took place:  Due to advertisements, the total sales of the company increased by 7% than projected.  Meat prices increase due to natural calamities leading to food accounting for 38% of the total sales.  Prices for beers decreased, and the beverages now account for 39% of the total sales.  Started promoting bistro and the advertisement cost has increased by $1,000 each month.  The government increased the licensing fees in the month of June, and the fees are now $580.  Cost of utility increases by 6%. Description of the activity: This activity requires to allocated budget resources and revise budget for the month of July. To complete this activity, you are required to:  Follow the steps given in Checklist 1.  Follow the structure of Template 1 and perform calculations in MS Excel. While completing each step, you must place a tick mark against each step given in the checklist once completed. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 33 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Checklist 1: Allocate budget resources. Elements Tick mark, once completed. Step 1: Allocate funds to the month of July.  Step 2: Prepare an actual budget for the month of July.  Step 3: Compare the actual budget prepared with the forecasted budget given in the case study.  Step 4: Identify the significance of variation (If the variation is favourable/unfavourable).  Step 5: Identify changes in income and expenditure.  Sign off: Date: BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 34 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Template 1: Revised budget. July (Budgeted) July (Actual) Variance Variance percentage F/UF $ $ $ % Revenue Food sales 58,400 $62,568 $4,168 7.14% F Beverage sales 120,000 $115,200 -$4,800 -4.00% UF Tab commission 24,650 $24,650 $24,650 $0 Total revenue 203,050 Cost of sales Food purchases 20,440 $20,440 $21,550 $1,110 F Beverage purchases 48,000 $45,600 -$2,400 -5.00% UF Total cost of sales 68,440 $67,150 -$1,290 -1.89% UF Gross profit 134,610 $135,268 $658 0.49% F Expenses Accounting 1,350 $1,350 $0 0.00% Advertising/promotions 1,950 $2,950 $1,000 51.28% F Bank charges 3,790 $3,790 $0 0.00% Cleaning contractor 3,220 $3,220 $0 0.00% Commission credit card 380 $380 $0 0.00% Small equipment replacement 410 $410 $0 0.00% Insurance 910 $910 $0 0.00% Laundry 170 $170 $0 0.00% BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 35 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Legal fees 640 $640 $0 0.00% Licence fees & permits 490 $580 $90 18.37% F Motor vehicle expenses $250 $250 $0 0.00% Maintenance $2,110 $2,110 $0 0.00% Printing & stationery $400 $400 $0 0.00% Rubbish removal $250 $250 $0 0.00% Communication $1,000 $1,000 $0 0.00% Training & development $590 $590 $0 0.00% Wages & on-costs $96,520 $97,520 $1,000 1.04% F Utilities $6,000 $6,000 $0 0.00% Total expenses $120,430 $122,160 $1,730 1.44% UF NET PROFIT $14,180 $15,108 $928 6.55% F BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 36 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Performance Criteria/Performance Checklist: Activity 1 This task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task, the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students, If N/S) a) Appropriately allocated funds to the budget   b) Successfully identified year-to-date expenditure and its variation from the budget estimates and indicating any increases or decreases in funding.   c) Adequately presented the variations in Excel sheet.   d) Effectively identified budget deviations and deficiencies   e) Used MS Excel to perform calculations.   The student’s performance was:  Not satisfactory  Satisfactory Feedback to student: Student signature Trainer/Assessor signature BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 37 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Activity 2: Role Play. In this activity, you are required to engage in discussion with the two (2) managers of the Hotel. The role of the managers will be played by one student and trainer/assessor. During the discussion, you will be required to:  Discuss desired budget outcomes to the managers/Present variance reports to managers.  Advise the managers of budget status in relation to targets.  Identify and present the financial commitments under their correct cost category. o Identify the variable direct cost, fixed indirect cost and variable indirect cost.  Discuss the changes that occurred due to recent events and the changes that they have made to income and expenditure priorities prior to the implementation of the budget for the second quarter.  Promote awareness of budgetary control to the management to discuss how the changes in outcomes from food and beverage sales and costs of sales indicated in the variance report impact the hotel. (You must consider the type of deviation (Favourable/Unfavourable) and size of deviation food and beverage).  Possible explanations for the deviations in food costs and beverage costs.  Discuss options for managing costs that can be applied in the situation.  Discuss which costs can be further controlled. Ask managers on feedback. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 38 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au You must record your discussion (write dot points) in the space provided below: Discussion with Hotel Managers: Budget Outcomes: I discussed the desired budget outcomes with the managers to ensure that we are aligned with our financial targets and objectives. Budget Status: I advised the managers on our current budget status in relation to the targets, highlighting any significant deviations from the planned budget. Financial Commitments: I identified and presented the financial commitments under their correct cost categories, distinguishing between variable direct costs, fixed indirect costs, and variable indirect costs. Changes Due to Recent Events: We discussed the changes that occurred due to recent events, such as the increase in food prices and the decrease in beverage prices, which have impacted our food and beverage sales and costs of sales. Changes in Priorities: I discussed the changes we have made to income and expenditure priorities before implementing the budget for the second quarter, considering the impact of these changes on our financial performance. Budgetary Control: I promoted awareness of budgetary control, emphasizing how the variations in food and beverage sales and costs of sales, whether favorable or unfavorable, impact the hotel's financial health. Deviations in Food and Beverage Costs: We discussed possible explanations for the deviations in food costs and beverage costs, exploring factors like changes in suppliers, quality, and customer demand. Cost Management Options: We considered various options for managing costs, including renegotiating supplier contracts, optimizing inventory management, and reviewing portion sizes to minimize food waste. Further Cost Control: I asked the managers for feedback on which costs can be further controlled and for their insights on implementing cost-saving measures effectively. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 39 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 40 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Performance Criteria/Performance Checklist: Activity 2 This task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task, the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students, If N/S) Discussed desired budget outcomes to the managers/Present variance reports to managers.   Advised the managers of budget status in relation to targets.   Identified and presented the financial commitments under their correct cost category.  Identified the variable direct cost, fixed indirect cost and variable indirect cost.   Discussed the changes that occurred due to recent events and the changes that they have made to income and expenditure priorities prior to the implementation of the budget for the second quarter.   Promoted awareness of budgetary control to the management to discuss how the changes in outcomes from food and beverage sales and costs of sales indicated in the variance report impact the hotel.   Discussed options for managing costs that can be applied in the situation.   Discussed which costs can be further controlled.   BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 41 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au The student’s performance was:  Not satisfactory  Satisfactory Feedback to student: Student signature Rishab Trainer/Assessor signature BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 42 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Activity 3: Manage budget deviations. Activity context: Based on the information given in the case study and the results from the outcome of the actual budget (refer to Activity 2). Demonstrate your understanding of performance management and document the deviations that occurred in each of the budget areas, causes for the budget deviations and options to effectively manage the deviations. Description of activity: This activity requires you to manage budget deviations. To complete this activity, you are required to:  Follow the steps given in Checklist 2.  Complete Template 2. While completing each step, you must place a tick mark against each step given in the checklist once completed. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 43 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Checklist 2: Manage budget deviations. Steps Tick mark, once completed Step 1: Ensure accuracy of reference records for monitoring purposes.  Step 2: Identify and report deviations according to significance of deviation using Template 2.  Step 3: Investigate appropriate options for more effective management of deviations. Further, document the options to effectively manage the deviations using Template 2.  Sign off: Date: BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 44 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Template 2: Budget deviation management Budget area Causes for budget deviation Options to effectively manage the deviations Food Costs - Increase in meat prices due to natural calamities.<br> - Fluctuations in supplier costs.<br> - Inconsistent portion control.<br> - Increase in food sales compared to projections. - Negotiate with suppliers for better pricing.<br> - Implement strict portion control measures.<br> - Monitor and adjust procurement based on market conditions.<br> - Review the menu to optimize the cost-to-price ratio. Beverage Costs - Decrease in beer prices.<br> - Changes in beverage demand.<br> - Inaccurate inventory management.<br> - Increase in beverage sales compared to projections. - Reevaluate supplier contracts and consider bulk purchasing for cost savings.<br> - Implement better inventory tracking and control measures.<br> - Adjust the beverage menu to meet changing customer preferences.<br> - Monitor inventory turnover to minimize wastage. Advertisement Costs - Increased promotion of the bistro.<br> - Unexpected marketing expenses.<br> - Competition-driven advertising expenses. - Set a more rigid advertising budget and ensure all expenses align with the budget.<br> - Review the effectiveness of each advertising channel and prioritize the most cost-efficient ones.<br> - Explore partnerships or co-marketing opportunities to reduce costs. License Fees & Permits - Government-instituted fee increase.<br> - Regulatory changes impacting fees.<br> - Advocate for more reasonable fees or exemptions based on the hotel's compliance record.<br> - Stay updated on regulatory changes and budget accordingly.<br> - Explore the possibility of renegotiating licensing terms and conditions. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 45 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Performance Criteria/Performance Checklist: Activity 3 This task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task, the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students, If N/S) Ensured accuracy of reference records for monitoring purposes.   Identified and reported deviations according to significance of deviation.   Investigated appropriate options for more effective management of deviations.   The student’s performance was:  Not satisfactory  Satisfactory Feedback to student: Student signature Rishab Trainer/Assessor signature BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 46 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Activity 4: Role Playwith supplier and head of the supply chain department. Scenario 1: You were a bit concerned about the rising prices of the meat. So, you decided to conduct research to identify the suppliers that have raised the prices and by the amount it has happened. To do so, you checked the financial documents pertaining to the supplier needs to check the prices of all the suppliers in the market. You found out that there are several other suppliers that can supply similar quality items at cheaper prices than your current supplier. Task: Based on the given scenario, you are required to discuss with the current supplier (trainer/assessor):  That the suppliers in the market are supplying the product at much lower prices.  Ask him to reduce the prices and keep the prices at the rates that he used to supply earlier. Trainer must:  Not agree to the price changes. Outcomes of the role play The current supplier does not agree to immediate price changes but expresses willingness to discuss the matter internally. The role play sets the stage for a potential negotiation between you and the supplier to find a solution that benefits both parties. The supplier acknowledges the importance of the business relationship and shows openness to exploring adjustments. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 47 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Scenario 2: Based on your discussion with the supplier, you have decided to change the supplier. To do so, you must discuss it with the head of the supply chain department. During the discussion, you will need to:  Discuss the amount of difference it will make each quarter to the budget if we persist with the existing supplier.  Tell him that there are suppliers in the market that are offering a much lower price for a similar quality product.  Discuss the financial benefits that the hotel will have if they change the supplier.  Tell the head of the supply chain department that you have inspected the product of the new supplier and the product is of the same quality that the hotel is using and thus will not impact the food quality and customer service standards. Trainer (Head of Supply chain department) must:  Show concern that the changes will have a negative impact on customer service standards and food quality, leading to an increase in customer complaints. Outcomes of the role play Budget Impact: I've analyzed the numbers, and if we persist with the existing supplier, it will lead to a significant budget overrun each quarter. This will affect our overall financial stability. Competitive Pricing: There are suppliers in the market offering similar quality products at a much lower price. By switching, we could save a substantial amount without compromising on quality. Financial Benefits: Changing the supplier would lead to substantial financial benefits for the hotel. We could redirect the saved funds into improving other areas of the hotel or investing in guest experience. Quality Assurance: I personally inspected the products from the potential new supplier. I can assure you that their quality BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 48 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au matches our current supplier. Therefore, the switch won’t impact our food quality or customer service standards adversely. Trainer (Head of Supply Chain Department): The trainer expresses concern about the potential negative impact on customer service standards and food quality. They worry that a new supplier might not meet the high standards set by the current supplier, leading to an increase in customer complaints. Resolution: Addressing Concerns: You assure the trainer that you have thoroughly vetted the new supplier. You could share specific quality control measures the new supplier has in place, certifications they hold, or even offer a trial period where both suppliers' products are used simultaneously, allowing a seamless transition if the new supplier meets the hotel's standards. Collaborative Approach: Emphasize that you understand their concerns and propose a collaborative effort between your department and theirs. Regular quality checks and open communication channels can be established to ensure the new supplier consistently meets the hotel's high standards. Decision Making: Reiterate the financial benefits and stress the need for a proactive approach to maintain customer satisfaction. Propose a trial period during which both suppliers' products are used concurrently, and based on customer feedback and internal evaluations, a final decision will be made. Assurance: Assure the trainer that the hotel’s reputation and customer satisfaction are paramount. If the new supplier fails to meet the required standards during the trial period, you commit to revisiting the decision and exploring other options to uphold the hotel's quality and service standards. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 49 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 50 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Performance Criteria/Performance Checklist: Activity 4 This task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task, the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students, If N/S) Discussed with the current supplier (trainer/assessor):  That the suppliers in the market are supplying the product at much lower prices.  Ask him to reduce the prices and keep the prices at the rates that he used to supply earlier.   Discussed the amount of difference it will make each quarter to the budget if we persist with the existing supplier.   Told the head of the supply chain department that you have inspected the product of the new supplier and the product is of the same quality that the hotel is using and thus will not impact the food quality and customer service standards.   The student’s performance was:  Not satisfactory  Satisfactory Feedback to student: Student signature Rishab Trainer/Assessor signature BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 51 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Activity 5: Identify variances and document the outcomes. As the new suppliers are supplying the products on the same price as the Hotel used to get earlier. For the month of August and September, the meat price remains 35% of the total sales. Some of the events that happened in the month of July (Refer to Part A) are benefiting the hotel, and some are non- controllable expenses. Using the information, prepare an actual budget for the month of August and September, identify variances, and document the outcomes. Following are the events that took place during the month of August and September:  Meat prices remain 35% for the rest of the quarter.  Beverages purchase account for 39% of total beverage sales.  Sales increased by 7%.  Advertisement costs decided ($1,000 for each month) were still incurred.  Cost of utilities came back to the budgeted amount.  Licensing fees; $580. Perform the calculations in MS Excel by following the template provided below: August (Budgeted) August (Actual) Var (%) F/UF September (Budgeted) Septembe r (Actual) Var (%) F/UF $ $ Revenue Food sales $63,875 $60,225 -5.77% 60,225 $63,500 -0.59% Beverage sales $123,750 $131,250 +6.05% 131,250 $129,750 +4.84% Tab commission $23,925 $23,925 0.00% 23,925 $23,925 0.00% Total revenue $211,550 $215,400 +1.82% 215,400 $217,175 +2.66% Cost of sales Food purchases $22,356 $21,079 -5.69% 21,079 $22,000 -1.58% Beverage purchases $49,500 $52,500 +6.06% 52,500 $52,500 +6.06% Total cost of sales $71,856 $73,579 +2.40% 73,579 $74,500 +3.67% Gross profit $139,694 $141,821 +1.52% 141,821 $142,675 +2.14% BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 52 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Expenses Accounting $1,500 $2,150 +43.33% 2,150 $1,850 +23.33% Advertising/promotions $2,410 $2,150 -10.74% 2,150 $2,000 -16.93% Bank charges $3,630 $3,680 +1.38% 3,680 $3,650 +0.55% Cleaning contractor $3,720 $3,720 0.00% 3,720 $3,720 0.00% Commission credit card $380 $380 0.00% 380 $380 0.00% Small equipment replacement $410 $410 0.00% 410 $410 0.00% Insurance $910 $910 0.00% 910 $910 0.00% Laundry $180 $180 0.00% 180 $180 0.00% Legal fees $180 $180 0.00% 180 $180 0.00% Licence fees & permits $490 $490 0.00% 490 $580 +18.37% Motor vehicle expenses $250 $250 0.00% 250 $250 0.00% Maintenance $2,110 $2,110 0.00% 2,110 $2,110 0.00% Printing & stationery $400 $400 0.00% 400 $400 0.00% Rubbish removal $250 $250 0.00% 250 $250 0.00% Communication $1,000 $1,000 0.00% 1,000 $1,000 0.00% Training & development $590 $590 0.00% 590 $590 0.00% Wages & on-costs $99,450 $96,550 -2.91% 96,550 $97,550 -1.91% Utilities $5,800 $5,850 +0.86% 5,850 $5,850 +0.86% Total expenses $123,660 $121,250 -1.95% 121,250 $122,350 -1.06% NET PROFIT $16,034 $20,571 +28.22% 20,571 $20,825 +29.90% BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 53 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 54 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Performance Criteria/Performance Checklist: Activity 5 This task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task, the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students, If N/S) Prepared an actual budget for the month of August and September.   Identified variances and documented the outcomes.   The student’s performance was:  Not satisfactory  Satisfactory Feedback to student: Student signature Rishab Trainer/Assessor signature BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 55 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Activity 6: Presentation Activity context: After the implementation of the budget, the areas of improvement in the budget management that the management identified were as follow:  One reason for high labour costs is the department is consistently overstaffed; more staff than necessary are rostered on for most service periods.  Improper management of food and beverage expenses, i.e., having overstocks and leading to food wastages.  Improper management of payroll expenses. The main reason that the management thinks behind this is the budget management approach that the hotel is following. So, they have allocated you the task to conduct research and investigate new approaches to budget management that addresses the concerns specified above. Description of the activity: Conduct research and investigate new approaches to budget management that addresses the concerns specified above. When developing the new approaches, you must ensure that they do not impact the customer service levels and increase the colleagues’ workload to the extent that it affects their performance and their work satisfaction. After conducting the research considering the factors specified above, you are then required to prepare a presentation for the management that must include the following:  Budget approaches that address all the concerns that the hotel is facing.  Advantages and disadvantages of these approaches.  Your recommendations for the approach that you think would be best for budget management.  Reason in support of your recommendations. BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 56 of 57

The Imperial College of Australia A.B.N. 85 123 406 039 212 Hoddle Street, Abbotsford, Victoria 3067 (Australia) Tel 61 3 9417 4777 Web www.imperial.edu.au Email info@imperial.edu.au Performance Criteria/Performance Checklist: Activity 6 This task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task, the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students, If N/S) Prepared a presentation for the management that included the following:  Budget approaches that address all the concerns that the hotel is facing.  Advantages and disadvantages of these approaches.  Your recommendations for the approach that you think would be best for budget management.  Reason in support of your recommendations.   Conducted research and investigated new approaches to budget management that addresses the concerns specified above.   The student’s performance was:  Not satisfactory  Satisfactory Feedback to student: Student signature Rishab Trainer/Assessor signature BJSB Pty Ltd. trading as The Imperial College of Australia CRICOS ID: 02858M, RTO ID: 121966 SITXFIN009 Student Pack Version: February 2023 Page 57 of 57