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.
Financial informationmay include:
account summaries and balances
balance sheets
bank deposit documentation
bank statements
banking summaries
business activity statements
cheque books
credit card transaction statements
invoices
journal entries
merchant statements
merchant summaries
profit and loss statements
trial balance.
Reports may include those for:
budgets
cash flow
covers
expenditure
labour and wages
occupancy rates
purchases
receivables
sales
stock
transactions
transactions exempted
units sold
variance
wastage.
Operational or departmental financial activities may relate to:
average customer spend
daily, weekly and monthly transactions
departmental expenditure, including:
labour
stock purchased
wastage
departmental income, including:
covers and gross income
commission earnings
occupancy and gross income
sales
outstanding accounts:
payable
receivable
quotations realised to sales
sales performance
stock levels
variance from budget.

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:
interpret a diverse range of financial information and reports used to monitor overall business performance
provide financial information on operational or departmental financial activities
use correct financial terminology
integrate knowledge of the use of financial information and reports in monitoring overall business performance.
Context of and specific resources for assessment
Assessment must ensure use of:
a real or simulated tourism, hospitality or event industry business operation or activity for which financial information can be interpreted
computers, printers and accounting software packages currently used by the tourism, hospitality and event industries
financial data and reports.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
projects and activities that allow assessment of the individual’s ability to interpret financial information and reports
review of information, prepared by the individual, on operational or departmental financial activities
written or oral questioning to assess knowledge of accounting concepts and terminology
review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual.
Guidance information for assessment
The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector, workplace and job role, for example:
BSBPMG501A Manage projects
SITXFIN402 Manage finances within a budget
SITXMGT401Monitor work operations.