Assessor Resource

FNSACC405A
Maintain inventory records

Assessment tool

Version 1.0
Issue Date: May 2024


The unit can be applied across all sectors within the financial services sector.

This unit describes the performance outcomes, skills and knowledge required to comply with organisational inventory procedures, reconcile inventory records to general ledgers, record inventory flows, prepare schedules and produce ad hoc reports.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

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.

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 and apply organisational policies and procedures and inventory valuation rules

make inventory flow assumptions and record inventory flows

prepare schedules and ad hoc reports.

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.

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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

numeracy and IT skills such as:

calculating financial ratios and related information

accessing and using appropriate software such as spreadsheets and databases

literacy skills to read and interpret documentation from a variety of sources and recording, gathering and consolidating financial information

organisational skills, including the ability to plan and sequence work

problem solving skills to address data integrity issues

Required knowledge

banking processes

process for entering data into general ledgers

inventory valuation rules

reconciliation processes

spreadsheets functions

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.

Documentation may include:

delivery reports

invoices from suppliers

purchase orders

purchase requisitions.

Inventory flow assumptions may include:

calculations based on gross margins

cost

net realisable value.

Inventory valuation rules may include:

first in, first out

specific identification

weighted average.

Organisation's policies, procedures and practices may include:

inventory management

preparation of reconciliation reports

stock takes.

Ad hoc reports may include:

inventory turnover analysis

total purchases and inventory usage for a period.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Purchase of inventory is recorded from appropriate documentation in subsidiary ledger 
Periodic and perpetual records of inventory are maintained 
Inventory flow assumptions are applied as appropriate 
Inventory is valued using appropriate valuation rules 
All inventory records to the accounts are reconciled in accordance with organisation's policies, procedures and practices 
Discrepancies are identified and actioned according to organisation's policies, procedures and practices 
Schedules of inventory turnover and other procedures are developed and documented 
Spreadsheets and ad hoc reports reporting on inventory status are prepared as required or requested 

Forms

Assessment Cover Sheet

FNSACC405A - Maintain inventory records
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC405A - Maintain inventory records

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: