Assessment task 2: Review project Task summary: This assessment task requires the student to review the profit and loss statement for 2019 2020, as well as the cash flow statement for Grow Management Consultants. What do students need to complete this assessment? Computer and Microsoft Office Access to the internet for research Profit and Loss Account 2019-2020 Cash flow statements 2019 - 2020. What do students have to submit? Report on performance, including revisions to budget. Instructions to students: It is now one year later and you are required to review the profit and loss account for 2019 2020, as well as the cash flow statement. The Principal Consultant has also asked you to focus on reviewing the conference costs as while there was very positive feedback from the conference and the company wishes to run it next year, there needs to be revisions to the budget and a potential price increase for the conference fee to make the conference profitable. The Principal Consultant would like you to report on a proposed conference fee given a 10% increase in all the recorded costs for the conference as shown in the profit and loss statement (and that match the conference costs for the document you reviewed in Assessment Task 1) and assuming 70 people will attend the 2020 conference. The Principal Consultant would also like a 20% return on the conference costs. Complete the following activities: 1.Analyse financial information Analyse the information provided in the profit and loss account and cash flow statement including: Review of overall performance and gross/net profit margins. Calculation of variation in actual versus budgeted amounts for each income source. Calculation of variation in actual versus budgeted costs, focusing particularly on conference costs. Recommended revisions to the budget for conference costs for 2020 - 2021. Proposed conference fee for 2021 conference assuming attendance of 70 people and to make a profit of at least 20%. 2.Based on your analysis of the profit and loss account, develop and submit a short report that includes your analysis as above.