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Australian Institute of Management *

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Management

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Nov 24, 2024

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#1. Briefly describe the following types of budgets in about 20 – 40 words each. Budget types Explanation (20 – 40 words) Cash budget Cash flow budget Departmental budget Project budget Purchasing budget Sales budget Wage budget Budget for the whole organisation #2. List any five budget terminologies used in the hospitality industry along with their explanation.

Words:0 #3. Analyse the role of budgets in assisting and supporting an organisation’s operations. Give at least two examples. Words:0 #4. Why is it important to reflect organisational objectives within the draft budget? (In about 30 – 50 words). Words:0 #5. Briefly describe two types of budget formats. (In about 40-60 words). Fixed (static) budget Words:0 Flexible (Variable) budget Words:0 #6. You are drafting a sales budget. List the five basic steps you would follow to draft the budget.

Words:0 #7. a. What do you mean by budget performance? (30 – 40 words). b. Compare the difference between successful and unsuccessful budgets in about 30 – 40 words. a) Words:0 b) Words:0 #8. Briefly explain purpose of financial reports in an organisation (in about 60 – 80 words). List any two types of financial reports used in the organisation. Words:0 #9. Part of the budget process is reporting on performance, the results from the various budgets used, and analysing the information you’ve gained from them. List four examples of the type of financial reports you need to prepare after reviewing budget performance. Words:0

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#10. Explain the procedure you would follow to prepare financial reports in about 50 – 70 words. Words:0 #11. Explain briefly on the financial reporting cycle in Australia in about 40 – 60 words. Words:0 #12. Critically analyse the financial reporting procedures and the activities involved in these procedures. (In about 110 – 130 words) Words:0 #13. Briefly explain how the features and functions of accounting software programs assist you in managing budgets. (In about 30 – 40 words). Words:0 #14. Outline the key features of the accounting software that assists the users in financial reporting. (Any four). Words:0

#15. Explain how the following functions of accounting software helps to prepare and monitor organisational budgets. (50 – 60 words each). Expense tracking Words:0 Bank reconciliation Words:0 Tax compliance Words:0 Payroll accounting Words:0 #16. Outline both internal and external factors that impact budget planning of a business. (any three of each) Words:0

#17. Summarise the impact of the following factors on budget development. Factors Impact on budget development (30 – 60 words each) Growth or decline in economic conditions Human resource requirements New legislation or regulations Organisational objectives Organisational and management structures Scope of project Shift in market trends Price movement for certain commodities Supplier availability and cost #18. What level of involvement should colleagues have in the budget planning process? (In about 60 – 80 words)

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Words:0 #19. Most of the restaurants in Australia, which earlier reserves spots in person, has come up with a new initiative where it allows customers to reserve spots through an exclusive online application. How would the market trend affect the budget planning and summarise the impact if failed to follow the trend? (in about 60-80 words) Words:0 #20. You are a restaurant manager. Last month, you arranged a last minute catering service for a party and received a lot of negative feedback from the customer as you failed to deliver food on-time. The reason for which is lack of suitable supplier in your locality to supply required food items in a short notice. You have an upcoming order in the next week. What would be your planning this time to deliver the order on time with a good margin? (in about 50-70 words) Words:0 #21. Identify the sources for the following data types and examine the contents of each data type that helps to develop budgets. Data type Source (Any one) Contents (30 – 50 words each) Competitor research Customer and supplier research

Data type Source (Any one) Contents (30 – 50 words each) Declared commitments in areas of operation Financial information from suppliers Financial proposals from stakeholders Income and expenditure for previous time periods Department, event or project budgets Grant funding guidelines or limitations Management policies and procedures Organisational budget preparation guidelines Performance information from previous periods #22. How are income and expenditure figures taken into account while drafting a budget and how would you determine the best type of budget to use? (50-80 words)

Words:0 #23. How can you ensure the final budget is completed within designated timelines? List any three techniques. Words:0 #24. Explain each of the following techniques to prepare budget estimates in about 30 – 40 words. Historical Estimation Words:0 Parametric Estimation Words:0 Bottom-Up Estimation Words:0 #25. S S

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Briefly describe the steps that should be followed to prepare budget information. (In 70 – 80 words). Words:0 #26. Briefly describe the process of reviewing monthly budget performance. Words:0 #27. What are budget deviations? Describe the types of deviations with examples. (In about 60 – 80 words). Words:0 #28. Identify any three common reasons that cause deviations in the budget. Examine the reasons and come out with suitable techniques to avoid them. Reasons (Any three) Techniques to avoid them (Any one)

#29. You are working as a procurement manager in a multi cuisine restaurant chain. You are about to conduct performance review meeting with the staff to analyse budget performance. List any four questions you would ask the staff during this budget performance review meeting. Words:0 WE

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