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

accurately entering data

applying understanding of general journal entries and knowledge of the relationship between journals and general ledger

implementation of doubleentry principles

systematic tracing of errors

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

examples of source journals

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 ofaccounting 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

General journal entries may include:

Source journals for general ledger may include:

General ledger system may include:

Reconciling accounts payable and accounts receivable may include:

Preparing trial balance may include: