Assessor Resource

SITXFIN401
Interpret financial information

Assessment tool

Version 1.0
Issue Date: April 2024


This unit applies to all tourism, travel, hospitality and event sectors.

It applies to those people who operate independently or with limited guidance from others. This includes supervisors and departmental managers. This unit does not include the skills required to produce reports for the overall operation of the department or whole organisation. This would be created by senior managers, financial specialists or accountants.

This unit describes the performance outcomes, skills and knowledge required to interpret financial information and reports used by organisations to monitor business performance and provide information on operational or departmental financial activities.

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

Prerequisites

Not applicable.

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 a diverse range of financial information and reports used to monitor overall business performance

provide financial information on operational or departmental financial activities

use correct financial terminology

integrate knowledge of the use of financial information and reports in monitoring overall business performance.

Context of and specific resources for assessment

Assessment must ensure use of:

a real or simulated tourism, hospitality or event industry business operation or activity for which financial information can be interpreted

computers, printers and accounting software packages currently used by the tourism, hospitality and event industries

financial data and reports.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

projects and activities that allow assessment of the individual’s ability to interpret financial information and reports

review of information, prepared by the individual, on operational or departmental financial activities

written or oral questioning to assess knowledge of accounting concepts and terminology

review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual.

Guidance information for assessment

The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector, workplace and job role, for example:

BSBPMG501A Manage projects

SITXFIN402 Manage finances within a budget

SITXMGT401Monitor work operations.

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

literacy skills to:

read and interpret a wide range of financial documents

write explanatory notes to accompany financial information

numeracy skills to interpret and use financial records and to calculate entries within financial reports

planning and organising skills to prepare information within designated timelines

problem-solving skills to identify and resolve financial reporting discrepancies

technology skills to use accounting software packages.

Required knowledge

for the specific industry sector and organisation:

financial terminology, including average spend, cover, wastage and nett costs

reporting periods, including different financial years observed by different businesses

the features and functions of accounting software programs used to manage financial operations

use of financial information and reports in monitoring overall business performance

key elements of financial recordkeeping and key terminology, including:

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, including:

charts of accounts and account categories, such as assets, liabilities, equity, cost of sales, income and expense

basic rules for doubleentry 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, including their role; how these reports are generated; and the format, features and key information

reconciliations, including purpose, different types of reconciliation and the impact of unpresented cheques, bank charges, direct debits and credits on reconciliations

concept of costing, including fixed and variable costs

accounting for and reporting Goods and Services Tax (GST).

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.

Financial informationmay include:

account summaries and balances

balance sheets

bank deposit documentation

bank statements

banking summaries

business activity statements

cheque books

credit card transaction statements

invoices

journal entries

merchant statements

merchant summaries

profit and loss statements

trial balance.

Reports may include those for:

budgets

cash flow

covers

expenditure

labour and wages

occupancy rates

purchases

receivables

sales

stock

transactions

transactions exempted

units sold

variance

wastage.

Operational or departmental financial activities may relate to:

average customer spend

daily, weekly and monthly transactions

departmental expenditure, including:

labour

stock purchased

wastage

departmental income, including:

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.

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
Identify and interpret the range of financial information and reports required for the organisation to monitor business performance. 
Interpret financial information and reports applicable to operational or departmental activities. 
Review financial information for impacts on operational activities and take action according to individual empowerment. 
Routinely provide information on operational or departmental financial activities. 

Forms

Assessment Cover Sheet

SITXFIN401 - Interpret financial 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

SITXFIN401 - Interpret financial 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: