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Elements and Performance Criteria

  1. Participate in formulation of a cash flow budget
  2. Supervise financial transaction

Required Skills

Required skills

arrange income and expenditure

record transactions

monitor income and expenditure

compare budgeted figures to actuals

participate in formulation of a budget

use literacy skills to read interpret and follow organisational policies and procedures develop sequenced written instructions record accurately and legibly information collected and select and apply procedures to a range of tasks

use oral communication skillslanguage competence to fulfil the job role as specified by the organisation including questioning active listening asking for clarification negotiating solutions and responding to a range of views

use numeracy skills to estimate calculate and record routine and more complex workplace measures and data

use interpersonal skills to work with others and relate to people from a range of cultural social and religious backgrounds and with a range of physical and mental abilities

Required knowledge

income and expenditure categories

budgeting procedures and templates

taxation and accounting requirements for recording financial transactions

costing mechanisms

forecasting mechanisms

banking routines

cash flow analyses and records

recording systems

records of receipts and expenditure

work reports

factors that impact upon the timing of sales and purchases taxation GST market conditions

Evidence Required

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

The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy holistically all of the requirements of the performance criteria and required skills and knowledge and include achievement of the following

obtain and confirm the operational budget has been allocated

review projected income and expenditure and compare to budget

record transactions and allocate to cost and income categories

identify and report budget variations

review production and expenditure plans to meet financial targets

Context of and specific resources for assessment

Competency requires the application of work practices under work conditions Selection and use of resources for some worksites may differ due to the regional or enterprise circumstances