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.
ELEMENTS | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Access and interpret financial information. | 1.1.Identify and interpret the range of financial information and reports required to monitor business performance. 1.2.Interpret financial information and reports applicable to operational or departmental activities. |
2. Use and provide financial information. | 2.1.Review financial information for impacts on operational activities and resolve discrepancies according to own level of responsibility. 2.2.Routinely provide information on operational or departmental financial activities within required timelines. |
Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:
correctly complete each of the following financial information documents or reports used to monitor overall business performance:
account summaries and balances
balance sheets
bank deposit documentation
bank statements
banking summaries
business activity statements
credit card transaction statements
invoices
journal entries
merchant statements
merchant summaries
profit and loss statements
trial balance
provide financial information using correct financial terminology on six different operational or departmental financial activities listed in the knowledge evidence.
Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:
specific industry sector and organisation:
financial terminology specific to financial report
reporting periods and different financial years observed by different businesses
key features and functions of accounting software programs used to manage financial operations
use of financial information and reports in monitoring overall business performance
operational or departmental financial activities relevant to the sector:
average customer spend
daily, weekly and monthly transactions
departmental expenditure on:
labour
stock purchased
wastage
departmental income:
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
types of financial reports and their purpose:
budgets
cash flow
covers
expenditure
labour and wages
occupancy rates
purchases
receivables
sales
stock
transactions
transactions exempted
units sold
variance
wastage
key elements of financial record-keeping and key terminology:
ledgers, subsidiary ledgers and journals
transactions, receipts and disbursements
invoices, accounts payable, debtors and creditors
cash flow
key elements of accounting and how it provides information for business management:
charts of accounts and account categories
basic rules for double-entry accounting and the concept of debits and credits
accrual versus cash accounting
profit and loss statements and balance sheets as key financial statements used to measure business performance:
purpose
how these reports are generated
format
features
key information
reconciliations:
purpose
different types of reconciliation, and the impact of unpresented cheques
bank charges
direct debits and credits
concept of costing, and fixed and variable costs
accounting for and reporting goods and services tax (GST).
Skills must be demonstrated in an operational tourism, travel, hospitality or events environment for which financial information can be interpreted. This can be:
an industry workplace
a simulated industry environment.
Assessment must ensure access to:
computers, printers and accounting software packages
financial data and reports.
Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.