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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:
- gather and record operating and cost data in accordance with organisational policy and procedures
- analyse data and assign costs to products, services and organisational units to comply with organisational procedures
- obtain data and prepare a range of cost reports and budgets to meet management information requirements
- analyse variances between budgeted and actual data, and review integrity of costing systems
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- describe the principles of double-entry bookkeeping and accrual based accounting
- identify and describe cost behaviour characteristics for the different cost elements of a product or service
- identify and discuss the key features of organisational policy and procedures as they apply to costing systems
- outline the key management information requirements
- identify and explain the key principles and practices of budget preparation
- discuss the relationship between variance analysis and costing system integrity
- explain the key processes and procedures for recording and securely storing data
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:
- a range of common office equipment, technology, software and consumables
- an integrated financial software system and data
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.
