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 will affect performance.
The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Chart of accounts may include:
current assets
non-current assets
current liabilities
non-current liabilities
income
classified expenses by type
equity
Organisational requirements, procedures and policiesmay include:
Australian Accounting Standards
log on procedures
correctly identifying and opening files
locating data
storing data
OH&S policies, procedures and programs
security
electronic and paper based recording
corporate governance
Appropriate technical help may include:
on screen help
online help
software manuals
computer help desk personnel
managers and supervisors
designated technology assistance staff
external staff employed or recommended by the software supplier to assist with difficulties
Transactions may include:
commencing business entry
cheque payments
credit card payments
cash sales and deposits
petty cash
funds transfers
loans
sales invoices
purchase invoices
purchase orders
adjustment notes
contra entries
customer payments
supplier payments
discounts (financial and sales)
commission
bad debts
bank reconciliation
purchase and sale of stock
inventory stock take
withdrawal of stock/assets by owner
Balance day adjustments may include:
prepaid expenses
revenue received in advance
depreciation
accrued expenses
doubtful debts
Subsidiary ledgersmay include:
accounts receivable
accounts payable
inventory
fixed assets
Reportsmay include:
profit and loss
balance sheet
business activity statement
bank reconciliation
aged receivables/reconciliation
aged payables/reconciliation
inventory listing
asset listing
customer statements
auditable transaction trail

EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
knowledge of organisations chart of accounts
knowledge of organisational polices and procedures
ability to implement an integrated accounting system
ability to process transactions within the system
ability to maintain the system
ability to produce reports
ability to ensure system integrity
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.
Delivery/assessment relationship to other units:
Prerequisite units:
BSBCMN308A Maintain financial records
Assessment requirements
Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.