PLEASE HELP ME ANSWERING THIS ASSESSMENT I HAVE ATTACHED. THANKS.

Assessment-Task-3 (4) - Microsoft Word X Home Insert Page Layout References Mailings Review View * Cut Copy Franklin Gothic Book * 11 - A A . AaBbC( . AaBbC . AaBbCo o AaBb AaBb AaBbCO AA #Find - Aa AaBbCcDd Paste Format Painter B I U - abe X2 X' Aa ab - A- 1 B1 1 bullet 1 Bullet1 Bullet2 Chapter Ti... Char 1 Check1 1 Footer Change Gac Replace Styles . Select Clipboard Font Paragraph Styles Editing L 121 1 1 121 141 161 18 1 1101 1121 114 1161 1 want Task 3 BSBFIM501 Manag BSBFINSO1 ant Task 3 BSBFIMSO Manage Monitor/check and control finances 7. Consider the scenario information and contingent analyse/study the varia encybackup plan provided and Appendix 1 - Scenario 12 1 R. Modifyadjust the contingency/backup and imp entation, completion plans Big Red Bicyde Play Lid is a bicyde manufacturer based in Boogto Victoria. The company Submission details provided in the scenario to in aces bicycles which it sells to re 0. Submit all documents required in the specifications below to your accesor. Ensure usitalian market. you keep a copy of all works submimed for your records. The senior manage acture of the con pany appears below. Student no. Specifications Person Position 1 1141 1121 1101 181 16 1 Assesof's name Michelle Vos Chief Executive Officer (CEO) You must provide: Tom Copeland Managing Director Assessment dale's * a budget variance report (is a re budget figures) John Black Chief Financial Officer (CFO) The assessment task is due on the date your has soldy . a modified contingency plan and modifed impl mentation pan ( backup and amingrant must be approved in writing by your a completion plans) Stunt LARAHA Operations General Manager Submit this document with any re amached. See . 194notes on procedures Pat Roberts Senior Accountant details. a below for Your andisaor will be looking for] Sam Cellar Sales General Manager Performance objective . numeracy skills (reading and understanding figures) to read and un budget and to produce a w darshand a Charles Pierce Production Manager Whoclamshills to use sat caping 48 Holly Burke HR Manager The student will show skill and onitor/check and control finances. computer skills) According to company strabag c/goals plans, the company aims to achieve a net profit Assessment description knowledge of basic acsou inciples to identity and use account balances understanding account Males To do a uses and minusas) before tax off $1,000,000. The chief risks to this goal are: . knowledge of organisational 126 1 1241 122 1 1201 1 181 1 16 1 In reply to the situation provided, you will create a simple spreadsheet budget to chag romania related to financial management is nomy) is not doing wall) wwwwwwwww/checking information. king information provided to you by your asaasaor, you what the company want in relation to gagsjew/finances) . Wowwinxp will than use the budget spreadsheet to produce a report on expenditure/expenses in line . knowledge of organisational requirements for records and reports In addition to Australian operations, the company is considering manufacturing overseas with organizational /company policies and procedures. You will abo adjust any backup/ * boboleg of principles and techniques (basics and ways) involved in budgeting, as it is cheaper to manufacture. The company is also thinking of expanding into different antingency plans. it and lose (making or losing money) statements, electronic spreadsheets (is products and not to have risk of poor sales of one product. computer software files). Procedure Role You are the Senior Accountant at Big Red Bicycle. A major component/part of your role is Read through the son mario provided in A pandix 1 to this setting budgets and monitoring budgetary performance for the organisation ($ how well MeAs A and B. the company is doing financially) 2. Disign and develop a spreadsheet to record budgeted,planned and actual/real figures to produce a variance,rep Task A 3. dot real budget/financial plan figures from Mane managers and The Managing Director, Tom Copeland, has asked you to imple hunt/put together a Accounting systems (assessor). procasa/method to monitor/check expenditure/expenses and income/sales revenue. He . Monitorychuck and recon d actual/real figures. has asked you to prepare a spreadsheet to captureyrecord and comparechack appinst actual/real income and expenditure to what is recorded in the budget log budgeted 5. Consider figuresi. Your spreadsheet must contain columns for each of the four quarters of the inancial year. You are required to gather data from the relevant managers (your accessor to complete a budget variance/adjustment differences report The 145 615 Page: 2 of 8 Words: 1,779 English (United States) 10 3 50% @ + Type here to search O 9 M DI S ?) ~ - ()) iENG 1:17 AM 1/09/2020Assessment-Task-3 (4) - Microsoft Word X Home Insert Page Layout References Mailings Review View * Cut En Copy Franklin Gothic Book * 11 - A A . AaBbC( . AaBbC . AaBbCo o AaBb AaBb AaBbCO #Find - Aa AaBbCcDd AA Paste B I U - abe X x' Aat a - A- Gac Replace Format Painter 1 B1 1 bullet 1 Bullet1 Bullet2 Chapter Ti... Char 11 Check1 1 Footer Change Styles . Select Clipboard Font Paragraph Styles Editing L 121 1 1 121 141 161 181 1101 1121 114 1161 1 ant Task 3 BSBFINSOHIM ent Task 3 BSBFIMSO1 Manage The report should conform to organ and contains The Managing Director would like you to submit a rev contingency implementation plan (backup plans) to bri inged contingency plan and maas under Contingency plan for Took B columns to show actual account values more effective control. Contingency Plan beclute variance the actual/real change) Company name: Big Red Bicyde Ply Lid nice thow much of the total amount, if percentage changed) Person developing The pan Task B Name: Tom Copeland Position: Managing Director It has come to the attention of the Managing Director, Tom Copeland, that due to the Risk idealTed: Poff for FY Thandid year more than 10% less than budgeted current economic climate fog the state of business in the country or state is not all that apodi sales volume may be 20% below target this financial year. Tom is wonfed that this By when By whom may affect the planned profit (profit projectional. The company can accept as much as a 10%% variance/change in profit proj make it difficult Produce quarterly variancaydifferancas reports to identity for company to pay its bills and put money into other areas and departments. Correct income/ expenditure and profit shortfalls over 10%% information to about the risks will only be available by mid Q2, when sales data for the company's product and in Implement sales training coaching Consider the contingency plan and the implementation plan (backup and putting together Implement incentives/bonus program 02 plani for the contingencyemergency-risk below. You have already implemented/put in place a part of the contingency plan, namely the watching and checking of how well the Reduce overtime. 02 PR budget is goodgoing, and. compare it to the variance/differences report you have Prepared. You should now 303bygg/lock al - gudyank repo charming the electiveness of the contingency plan and its in planandationyyou putting it inno place. + Contingency implan ion plan for Tank B You have received the follow Risk idoniTied: Poff for FY morethan 10% less Than budgeted Full-time workers and sales people are resentful/upast of time wasting and Activity Monitoring adivily and date distracting making the amention of contact ton on special ar ement employees. . Overtime (extra work) not used but out of suppostion it Monitor variance (di ferences) Completion of variance might not be approved if modded. report Q2. Training suited the needs of many sales but was not relevant to Analysis of report to idenally issues. Management report: 92. PR about half the team members. Sales wear members were happy with the incentives/bonus program and tried hard Email to wam employees of risk to jobs fonitoring off variance report PR to make sales in the third quarter (031 however, they were also resentful at the threateningy bullying tone of emails and soon lost enthusia Exact of one-day training wearing off. (& what they leame in the one day training is Email to announce rise of commission from | Monitoring of variance raport forgotband 2% 10 2.5% PR osult: 03. . Fifty percent of direct wages costs (exim pay) are andbutable,linked to short-sen Email to inform employees that overtime contract employees (people hired for special reasonsi whose contract, have will no longer be approved. Monitoring of variance report expired/finished and who are no longer nodded. Employees concemed about lack of attention paid to w age: water, electricity- Email to inform employees of Monitoring of variance report PR paper, raw materials. (p stall misusing services like water and electricity) mandatory/compulsory sales skills training set program. . Employees foul left out of budgetary decision-making in general. (4 management did not consult with employees when saming budgets) Mandatory/compulsory training conducted. | Monitoring of variance report PR Bault: 03. Pagesala Page: 4 of 8 Words: 1,779 English (United States) 10 50% + Type here to search O 9 S ?) A - ) iENG 1:17 AM 1/09/2020Assessment-Task-3 (4) - Microsoft Word X Home Insert Page Layout References Mailings Review View * Cut #Find En Copy Franklin Gothic Book * 11 - A A . AaBbC( . AaBbC . AaBbCo o AaBb AaBb AaBbCO Aa AaBbCcDd AA Paste Format Painter B I U - abe X x' Aa a - A- Gac Replace 11 B1 71 bullet 1 Bullet1 Bullet2 Chapter Ti... Char 1 Check1 1 Footer Change Styles . Select Clipboard Font Paragraph Styles Editing L 121 1 1 121 141 161 181 1101 1121 114 1161 1 Appendix 2 - Budgeting and finance policy . All expenses and income ly throughout the year otherwise required by business needs or business environment Budget preparations The financial cyde (ups and downa of income and expenses) for buda purposes will be yearly ending 30 June. The business plan will set the kewimp ming for all financial budging Variations/changes to the business plan must be approved by the CEO and senior Reporting requirements man aparant stab high level planning Software a be used in reporting Prior period morevic udied to show the profit . Environment (is comp nd system wilable) - MS Windows. level of cost cannes/saction of the business, identily comalations/connections between financial statistics (financial information) and to sat key performance Accounting information system - MYCB JetNOW indicates * and benchmarks/sam Bards for future budgets. . Data analysis - Microsoft Excel 2007. * The budget planning committee will most before budgets are developed and agea on budget parameters/sewing. The committee will consist of all department Actual /real results will be produced monthly by the MYOB accounting system. Actual managers plus the CEO and CFO ances tical changes/differences) to budget will be produced using Excel with a report prepared for senior management for any important differences log significant variances). A CAPEX * budget will be business plan A detailed sales budget (sales inco d before completing the profit budget for the year. Financial delegations A cash flow budget " covering the first three months will be propared after he profit . Each manager is responsible for achieving the neve budget * is completed. Agreed to in the budget committed. A master budget = inc . Each manager is responsible to approve, by signing the necessary paperwork, all which cost canbe a expanditures that fall within their area of responsibility. Budget notes that contain all the assumptions (something that is believed to be Expenditures must be w ines for the individual dep true but no proof used in the budg panw/be with the master budget or be made available as a separate document. Where possible, the notes Format for budgets and reports should justityprove the basis on which the estimate sads were made. . Overheads (non-direct expenses) will be socoolcusiogad across the cast All budgets must include the centres equally. Exceptionsot $.people good. to be negotiated/discussed . name of the person who prepared it with relevant/concemed authorities. " cast cantre (if applicable) name of the budget/report, Le. sales, expenses, CAPEX, cash flow. budget variance repon . coded of the budget. activity in which it sugar whation or of a particular CAPEX- Captl expand bares ( CAPEX or quagg) are expend loves altering the future of the theants of to add to the value of an existing ford asant Cash for baqat - An estimation of the ouch indore and outlines for a bushess of individual to Specific period of time Profitbadjet - Aplanned financial forecast for the net home of a box 's Master burger - The master budget isa coat his and within a company Page: 7 of 8 Words: 1,779 English (United States) 1 3 50% -D + Type here to search O Fi S ? A - 4) ENG 1:18 AM 1/09/2020