Google Links
Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge
Performance Evidence
correctly complete each of the following financial information documents or reports used to monitor overall business performance: account summaries and balancesbalance sheetsbank deposit documentationbank statementsbanking summariesbusiness activity statementscredit card transaction statementsinvoicesjournal entriesmerchant statementsmerchant summariesprofit and loss statementstrial balanceprovide financial information using correct financial terminology on six different operational or departmental financial activities listed in the knowledge evidence.
Knowledge Evidence
specific industry sector and organisation:financial terminology specific to financial reportreporting periods and different financial years observed by different businesseskey features and functions of accounting software programs used to manage financial operationsuse of financial information and reports in monitoring overall business performanceoperational or departmental financial activities relevant to the sector: average customer spenddaily, weekly and monthly transactionsdepartmental expenditure on:labourstock purchasedwastagedepartmental income:covers and gross incomecommission earningsoccupancy and gross incomesalesoutstanding accounts:payablereceivablequotations realised to salessales performancestock levelsvariance from budgettypes of financial reports and their purpose:budgetscash flowcoversexpenditurelabour and wagesoccupancy ratespurchasesreceivablessalesstocktransactionstransactions exemptedunits soldvariancewastagekey elements of financial record-keeping and key terminology:ledgers, subsidiary ledgers and journalstransactions, receipts and disbursementsinvoices, accounts payable, debtors and creditorscash flowkey elements of accounting and how it provides information for business management:charts of accounts and account categoriesbasic rules for double-entry accounting and the concept of debits and creditsaccrual versus cash accountingprofit and loss statements and balance sheets as key financial statements used to measure business performance: purposehow these reports are generatedformatfeatureskey informationreconciliations: purpose different types of reconciliation, and the impact of unpresented cheques bank charges direct debits and creditsconcept of costing, and fixed and variable costsaccounting for and reporting goods and services tax (GST).