Assessor Resource

FNSACC507A
Provide management accounting information

Assessment tool

Version 1.0
Issue Date: April 2024


The unit can be applied across the financial services sector and applies to job roles that are responsible for accounting reports.

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.

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:

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

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:

gather information and data by consulting with staff and using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing and managing complex information and assessing application of corporate governance requirements

well-developed literacy skills for interpreting and analysing complex documentation and producing reports

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using appropriate integrated financial system software, spreadsheets and databases and using internet information

problem solving skills to identify any issues that have the potential to impact on organisational financial reporting and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

ethical considerations for the handling of financial reconstruction such as:

conflict of interests

confidentiality

disclosure requirements

methods of data protection including:

back-ups

security procedures

organisational operating procedures

principles and practices of budgetary control such as:

double-entry bookkeeping

accrual accounting

principles of costing and costing system integrity

processes and procedures for recording and securely storing data

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.

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
Systems to generate data are identified and established 
Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures 
Costs are assigned to specified products, services and organisational units and data is reconciled to ensure calculations are accurate and comply with organisational procedures 
Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's business performance objectives 
Cost information advice is sought from all sections of the organisation when formulating budgets 
Structure and format of budgets and reports are clear and conform to management information requirements 
Variances against budget are identified and prioritised for review and decision making 
Reports are error free, comprehensive and comply with management requirements and organisational practices 
The variance between actual and applied overheads costs is analysed 
Variance analysis is used to review the effectiveness of the cost assignment process 

Forms

Assessment Cover Sheet

FNSACC507A - Provide management accounting information
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

FNSACC507A - Provide management accounting information

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: