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

problemsolving 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

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

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 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 individuals 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

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

BSBPMGA Manage projects

BSBPMG501A Manage projects

SITXFIN Manage finances within a budget

SITXMGTMonitor work operations

SITXMGT401Monitor work operations.

Financial informationmay include:

Reports may include those for:

Operational or departmental financial activities may relate to: