List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Prepare budget | 1.1 Confirm budget objectives are consistent with organisational aims, projects and forecasts 1.2 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget 1.3 Conduct discussions and negotiations with stakeholders that budget applies to in manner that promotes goodwill and ongoing cooperation |
2. Set budget timeframe | 2.1 Identify and include milestones and performance indicators in budget 2.2 Break down annual budgets into seasonal periods in accordance with operating trends |
3. Document budget | 3.1 Present data in format that is easily understood and appropriate to budget reporting 3.2 Complete and distribute reports within timelines for specified periods and projects |
Evidence of the ability to:
establish and confirm budgetary milestones and performance indicators
prepare budgets for a variety of purposes and organisations
accurately record and document budget reports.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
identify and explain the key principles of budgetary control
describe a variety of forecasting techniques
explain the principles of double-entry bookkeeping
outline the key principles of statistical analysis and measures of variance
describe the key features of organisational procedures and policy for financial administration.
Assessment must be conducted in a safe environment 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.
Assessors must satisfy NVR/AQTF assessor requirements.