Unit 2 Managing Financial Resources and Decisions - level 4 in business

Unit 2 Managing Financial Resources and Decisions - level 4 in busines

Task 1: Explain the principles of costing and business control systems that may be adopted in CareTech Holding PLC.

Shareholders engagement:

Data accuracy:

Consistency:

Materiality:

Transparency:

Causality and Objectivity:

a. Payroll and personnel controls:

b. Software and IT infrastructure:

c. Regulatory framework:

d. Auditing:

e. Forecasting:

Information needed to manage financial resource

Management accounting information:

Budgeting:

Variance and cost benefit analysis:

Financial accounting information:

Statement of financial position:

The income statement:

Cash flow statement:

Audit Committee:

HMRC:

FRC:

Company house:

NHS Litigation Authority:

Regulatory requirements need to be satisfied while managing financial resources in CareTech Holding PLC

Evaluation of the systems for managing financial resources in CareTech Holding PLC

Budgeting:

Audit requirements:

Financial accounting systems:

Costing and management accounting system:

Task 2: Discuss the diverse sources of income available to Care Tech PLC in the financial year in 2013

1. The general sources:

2. Other sources:

Analyse the factors that may influence the availability of financial resources in CareTech PLC

Government policies:

Policies of the organization:

Geographical locations:

Legal form:

Different types of budget expenditure in Care Tech PLC.

Sales budget:

Capital budgets:

Master budget:

Cash flow budget:

Evaluate how decisions about expenditure are made within a health or social care organisation

Maximizing value:

Rational thinking:

Cost-benefit analysis:

Task 3: Assuming there was financial shortfall in CareTech PLC; explain how this situation could be managed

Reserve funds:

Controlling the financial resources:

Managing cash flows:

Priorities:

Analysis of markets:

Explain what action you would take if you suspect occurrence of financial fraud in your organisation

Evaluate budget monitoring arrangements in Care Tech PLC

Cash Flow:

Training Requirements:

Spread sheet data:

Principles of budget monitoring & controlling

Timely review:

Multiple levels monitoring:

Comparing actual spending with the budget:

Setting target:

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