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Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- prepare, document and present budgets and forecasting estimates that:
- accurately apply accounting principles and practices
- follow organisational policy and procedures
- monitor budget outcomes periodically
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- discuss the key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators
- discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities
- describe types and sources of data and information required for budgeting and forecasting
- outline a range of expenditure and revenue items relevant to budgeting and forecasting
- compare and contrast forecasting techniques
- identify the key features of organisational procedures and policy relevant to budgeting and forecasting
- identify and explain the key principles and practices of:
- accrual accounting
- budgetary control
- corporate governance
- double-entry bookkeeping
- statistical analysis and measures of variance
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered 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
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
