Discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities

Assessment Task - Test Exam (AS1) FNSACC503 Manage budgets and forecasts Student Name Student Number Unit Code and Name FNSACC503 Manage budgets and forecasts Assessment No. AS1 Assessment Name Manage budgets and forecasts concepts Assessment Date Student Declaration: I declare that this assessment is my own work. I am aware of and understand the rules related to assessment as outlined in TAFE Queensland Student Rules and acknowledge that failure to comply with these rules will be regarded as misconduct and will be subject to disciplinary action as outlined. Student Signature Date Assessor Feedback: Student provided with feedback (check box when completed) Satisfactory Unsatisfactory Date Attempt 1 Attempt 2 Supplementary Assessment (Apprentices/Trainees only) Assessor Name Assessor Signature Note to assessor: Please record any reasonable adjustment below that has occurred during this assessment. e.g. written assessment given orally; scribe provided. 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Unless approved by the Assessor / Supervisor prior to the written test / exam (e.g. for open-book exams) you may not bring any devices capable of conveying information relevant to the content (e.g. text books, course notes, mobile phones, pagers, notebook computers, and other devices). You must ensure mobile phones and other electronic devices are turned off prior to the commencement of the written test / exam. You are required to comply with all directions: a) Detailed in assessment material supplied; b) Set out on any notice displayed in the room; and c) Given by the supervisor. During a written test / exam session you may not: a) Communicate with any person other than the supervisor; b) Assist another person to communicate with another person; and c) Willingly receive communication from any person except with the approval of the supervisor. Unless permitted by the supervisor, you may not take from the room any papers or other materials provided for use during the written test / exam. You are expected to be considerate of other students when entering or leaving the room or when in the vicinity of the room. If you consider that your performance in the written test / exam has been adversely affected by illness, disability, bereavement or other exceptional circumstances you may apply for special consideration. For more information, refer to the Student Rules. Instructions to Student Number of Questions: 7 Time Allowed: 2.0 hours Examination Conditions: This is a closed book examination; All questions must be attempted Materials to be supplied: Examination paper. Student may supply additional paper to respond to questions. Materials to be supplied by the Student: Pen, ruler, pencil, eraser, calculator, paper for planning/drafting General Instructions: You are required to answer each of the questions provided. You must use a black or blue pen to provide answers, not pencil or you may undertake the assessment using a computer and accounting or spread-sheet software. Multiple Choice Questions: When answering multiple choice questions, select the answer/s that correctly complete the statement, or answers the question. In some cases you will be asked to select a specific number of answers. FNSACC503_Assessment Task Test Exam_AS1.docx Ver. 1.2 (08/03/16) 2 of 6 TAFE Queensland 2016 Uncontrolled Copy If Printed True False Questions: To answer True/False questions select either true or false to indicate your response to the statement provided. Short Answer Questions: Answer all short answer questions in the space provided. Calculators: Calculators may be used during this examination. Before the examination commences, all memories must be fully cleared and programs erased. Work, Health and Safety: Usual office WHS requirements Number of Attempts: You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant questions with you and will arrange a date your 2nd attempt. If your 2nd attempt is unsatisfactory (U), or you fail to attend the scheduled date for a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task, with the exception of Apprentices or Trainees who are permitted an additional supplementary assessment. For more information, refer to the Student Rules. Instructions for the Assessor Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to: Common office equipment, technology, software and consumables. Assessors must satisfy NVR/AQTF assessor requirements This is a closed book examination. Remind students of TAFE Queensland Student Rules assessment requirements. Submission details (if relevant) All information used in this assessment is required to be submitted e.g. all materials used for planning or drafting must be submitted along with your test / exam paper Note to Student An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide. FNSACC503_Assessment Task Test Exam_AS1.docx Ver. 1.2 (08/03/16) 3 of 6 TAFE Queensland 2016 Uncontrolled Copy If Printed 1. Discuss the key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators 2. Discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities 3. Describe types and sources of data and information required for budgeting and forecasting FNSACC503_Assessment Task Test Exam_AS1.docx Ver. 1.2 (08/03/16) 4 of 6 TAFE Queensland 2016 Uncontrolled Copy If Printed 4. Outline a range of expenditure and revenue items relevant to budgeting and forecasting 5. Compare and contrast forecasting techniques FNSACC503_Assessment Task Test Exam_AS1.docx Ver. 1.2 (08/03/16) 5 of 6 TAFE Queensland 2016 Uncontrolled Copy If Printed 6. Identify the key features of organisational procedures and policy relevant to budgeting and forecasting 7. Identify and explain the key principles and practices of: accrual accounting budgetary control corporate governance double-entry bookkeeping statistical analysis and measures of variance FNSACC503_Assessment Task Test Exam_AS1.docx Ver. 1.2 (08/03/16) 6 of 6 TAFE Queensland 2016