Unit of competency Outline
Date retreived
22/07/2026 5:01 AM AWST
22/07/2026 5:01 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Provide management accounting information
Provide management accounting information
Unit of competency
National Code
FNSACC507A
FNSACC507A
State Code
D4045
D4045
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
28/05/2014
Field of Education
080101 - Accounting
Original Release Date
28/05/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to gather, record and analyse operating and cost data, prepare budget reports and review costing systems integrity to calculate and record the costs of products and services.This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Gather and record operating and cost data
- 1.1. Systems to generate data are identified and established
- 1.2. Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures
2. Analyse data
- 2.1. Costs are assigned to specified products, services and organisational units and data is reconciled to ensure calculations are accurate and comply with organisational procedures
- 2.2. Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's business performance objectives
3. Prepare budgeted reports
- 3.1. Cost information advice is sought from all sections of the organisation when formulating budgets
- 3.2. Structure and format of budgets and reports are clear and conform to management information requirements
- 3.3. Variances against budget are identified and prioritised for review and decision making
- 3.4. Reports are error free, comprehensive and comply with management requirements and organisational practices
4. Review costing system integrity
- 4.1. The variance between actual and applied overheads costs is analysed
- 4.2. Variance analysis is used to review the effectiveness of the cost assignment process
RANGE STATEMENT
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.
Data may include:
consumables records
inventory, materials and finished product records
labour utilisation records
manufacturing and general overhead costs
materials used
payroll records
records of purchases and associated costs
sales information
service charge out rates.
Costs assignments may include:
direct and indirect costs
fixed and variable costs
labour, materials and overheads
manufacturing costs
service costs.
Budgets may include:
costing budgets
labour usage
manufacturing overhead
materials purchases
materials usage
production budgets
relationship with master budgets.
Management information requirements may include:
causes of and reasons for variances
costs of products and services and business units.
Reports may include:
cost volume profit report
job and service profitability reports
job cost records
manufacturing statements
performance reports
service cost analysis
variance analysis reports.
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.
Data may include:
consumables records
inventory, materials and finished product records
labour utilisation records
manufacturing and general overhead costs
materials used
payroll records
records of purchases and associated costs
sales information
service charge out rates.
Costs assignments may include:
direct and indirect costs
fixed and variable costs
labour, materials and overheads
manufacturing costs
service costs.
Budgets may include:
costing budgets
labour usage
manufacturing overhead
materials purchases
materials usage
production budgets
relationship with master budgets.
Management information requirements may include:
causes of and reasons for variances
costs of products and services and business units.
Reports may include:
cost volume profit report
job and service profitability reports
job cost records
manufacturing statements
performance reports
service cost analysis
variance analysis reports.
EVIDENCE GUIDE
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.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
gather, evaluate and use management information
gather and record operating and cost data
analyse data to prepare budgeted reports
review costing systems integrity.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
gather, evaluate and use management information
gather and record operating and cost data
analyse data to prepare budgeted reports
review costing systems integrity.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to an integrated financial software system and data.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills which may include formal examinations
setting and reviewing workplace projects and business simulations
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9607 | FNSACCT507B | Provide management accounting information | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ14 | FNSACC507 | Provide management accounting information | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S718 | FNS50210 | Diploma of Accounting | Qualification |
| 3730 | 52694WA | Diploma of Aviation Management | Accredited course |
| J304 | PSP50512 | Diploma of Government (Financial Services) | Qualification |