SITXFIN002 Interpret Financial information - Certificate IV in Travel and Tourism - Accounting And Finance Assignment Help
- Internal Code :
- Subject Code :
- Country :
The purpose of this assessment is to assess the student in the following learning outcomes:
- Identify and interpret the range of financial information and reports required to monitor business performance.
- Interpret financial information and reports applicable to operational or departmental activities.
- Review financial information for impacts on operational activities and resolve discrepancies according to own level of responsibility.
- Routinely provide information on operational or departmental financial activities within required timelines.
Assessment/evidence gathering conditions
Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can only achieve competence when all assessment components listed under “Purpose of the assessment” section are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.
Resources required for this Assessment
Computer with relevant software applications and access to internet
Weekly eLearning notes relevant to the tasks/questions
Written Responses: Answer the following questions:
What are meant by the terms assets and liabilities?
What is a bank statement and how does it assist in identifying discrepancies?
What is the GST, who pays it and how is it calculated when shown as a GST exclusive price and as a GST inclusive price?
Describe the differences between accrual accounting and cash accounting?
Explain the following:
(a). General ledger
(b). Chart of accounts
(d). Double entry accounting
Using the following ledgers and bank statement answer the following questions.
Cash Receipts Journal
Complete and answer the following table:
Task 4 A
Nuria owns The Academies Travel Agency, in George Street Sydney and is thinking of buying new office furniture in three months’ time (December, 20XX) you have been quoted a total cost of $65,000. The old furniture will be sold at that time for $3,000. Assume an opening bank balance of $50,000 at the beginning of October. Other details include:
Iain estimates $70,000 sales for each month. Half these sales are received in cash and half are received in the next month as they are credit sales. October’s credit sales from September, amount to $35,000.
Purchases amount to 25% of sales (excluding old furniture) and are paid for in cash.
Labour costs are $20,000 each month.
Superannuation ($3,000), rent (3,000), energy bills ($2,000), miscellaneous ($2,500) are all paid monthly.
Courier costs to Embassies and customer Documentation amount to $1,000 per month.
Rates are paid once in October of $5,000.
Prepare a cash budget for each month for The Academies Travel Agency, with the view to advising Nuria whether she is in a position to pay $65,000 cash for the furniture at the end of the third month (December). Include also an accurate heading for this cash budget.
Suppose your balance at end was negative, what (new approaches) actions to rectify the problem would you consider?
Who would you consult and inform in relation to resource decisions?
Recalculate The Academies Travel Agency’s cash budget for the same period if:
sales still averaged $70,000 per month,
with sales averaging 90% cash and 10%, debtors for September were $ 6,000
purchases averaging 30% of sales
bank balance to start was $4,000
all else remains the same.
is there a problem with resource decisions?
Please calculate the Increase/decrease in both dollar amount and percentage:
Calculate the revenue budget and wages of the restaurant:
This SITXFIN002:Accounting And Finance Assignment Help has been solved by our Accounting And Finance Experts at TV Assignment Help. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.
Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.