Assignment Detail:- BSBFIM601 Manage finances
Assessment Part:
Background: You are required to compare their budgeted figures against actual figures
Part: Using the figures below you will need to compare the budgeted figures against actual figures
Ed's Whitegoods 1-year result:
Total Sales: $1,623,000Total Purchases: $701,400Total Expenses: $402,000
Students are to undertake the following:• Prepare a variance analysis between budgeted and actual figures• Ensure report demonstrates major differences• What was the discrepancy????- Is the discrepancy a positive or negative one????- Locate the area and give at least 5 reasons why the discrepancy may have occurred• Utilise the data provided to determine the effectiveness of the cost budgeting techniques used• Lastly, students should give recommendations as to how their variance may be corrected for future budgets for the business-
The variance report should be submitted along with a written report detailing the student's answers to the above questions-
Keep your message simple and effective-
Assessment Summary
You are to submit the following evidence / perform the following tasks• revised budget• budget assessment report• feasibility report
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