Required skills

literacy skills to read and understand financial procedures

numeracy skills to

use knowledge of mathematical concepts

interpret compare and calculate with whole numbers and money

use decimal fractions and percentages

problemsolving skills to use approximation to check for discrepancies and ensure calculations are correct

Required knowledge

key provisions of relevant legislation and regulations from all forms of government standards and codes that may affect aspects of business operations such as

Australian Taxation Office regulations

Goods and Services Tax GST regulations

antidiscrimination legislation

ethical principles

codes of practice

finance legislation

privacy laws

occupational health and safety

limit of scope of own responsibility

organisational accounting systems and procedures

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 following is essential

maintaining journals and subsidiary ledger systems

accurately entering data into journal and subsidiary ledger system

reconciling subsidiary ledger system with journal or general ledger data

Context of and specific resources for assessment

Assessment must ensure

access to an actual workplace or simulated environment

access to office equipment and resources such as

calculator

computer equipment and relevant software

access to examples of cash journals credit journals accounts payable and accounts receivable subsidiary legers

access to workplace reference materials such procedural manuals and company policy

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

analysis of responses to case studies and scenarios

demonstration of techniques

direct questioning combined with review of portfolios of evidence and third party workplace reports of onthejob performance by the candidate

review of authenticated documents from the workplace or training environment

oral or written questioning to assess knowledge of accounting procedures and techniques

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector workplace and job role is recommended for example

other financial administration units

Source documents may include:

Transactions may include:

Journal system may include:

Systems may include:

Relevant legislation and compliance requirements may include:

Discrepancies may include:

Accounts payable and accounts receivable systems may include:

Journal data may include:

Checking payment documentation may include:

Accounts receivable statements may include:

Credit terms may include: