Elements and Performance Criteria

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.


association

limited companies

not for profit groups

partnerships

private companies

public companies

sole traders

trusts


computer data file

existing chart of account

financial statements and other material available from accountant

source documents such as asset/inventory records, cash receipts and cash payments journals, sales and purchases distribution journals, general ledger


current assets

noncurrent assets (fixed assets)


Business Activity Statement (BAS) liabilities

current liabilities

noncurrent liabilities (long term)

payroll liabilities


capital

current year earnings

drawings

reserves

retained earnings


accountant

tax agent


deduction of brokers/agents commissions

key stroke errors

incorrect account allocation

over payments

part payments

system errors

termination of policies

under payments


computer system documentation

internal control guidelines

legal obligations

operations manuals

policies and procedures relating to:
working with others
participating in ongoing learning
monitoring and evaluating own performance
managing own time and priorities
applying goals and visions

suspension of credit facilities

trading terms and credit limits


cost of goods sold

cost of sales

expenses

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:

ability to establish client files and set up bookkeeping system on a cash basis
thorough checking of invoices, receipts, payments and balances outstanding
knowledge of relevant statutory, legislative and regulatory requirements
understanding of bank account and cash reconciliation processes
establishment of a basic chart of accounts
ability to carry out bank reconciliations.

Context of and specific resources for assessment

Assessment must ensure:

access to relevant IT software and real or simulated banking information.

Method of assessment

The following assessment methods are appropriate for this unit:

observation of processes and procedures as detailed in the Performance Criteria
conducting of mock interviews to determine ability to liaise with relevant persons
testing of numerical skills to determine attention to detail and accuracy in dealing with numbers
oral and/or written questioning of knowledge and skills
people with disabilities may use assistive technologies to demonstrate interview skills and /or receive and respond to oral and or written questioning.

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

FNSACCT405B Prepare financial statements
FNSBKPG401A Develop and implement policies and practices relevant to booking activities