Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSACC402A Mapping and Delivery Guide
Prepare operational budgets

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC402A - Prepare operational budgets
Description This unit describes the performance outcomes, skills and knowledge required to prepare and document operational budgets for a variety of organisations.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit has application to job functions that have budget responsibility and may include accountants and departmental managers.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Prepare the budget
  • Budget objectives are confirmed and consistent with organisational aims, projects and forecasts
  • Cash, expenditure and revenue items are clearly defined and relevant to the identified objectives of the budget
  • Discussions and negotiations with stakeholders that the budget applies to are conducted in a manner that promotes goodwill and ongoing cooperation
       
Element: Set the budget timeframe
  • Milestones and performance indicators are identified and included in the budget
  • Annual budgets are broken down into seasonal periods in accordance with operating trends
       
Element: Document the budget
  • Data is presented in a format that is easily understood and appropriate to budget reporting
  • Reports are completed within timelines and distributed for specified periods and projects
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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:

apply knowledge of organisational policies and procedures

establish and confirm milestones and performance indicators

prepare budgets for a variety of purposes and organisations

accurately record and document budget reports.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

simulated tasks involving preparation of budgets from supplied data

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

evaluating samples of work.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

literacy skills to:

read and interpret documentation from a variety of sources

read and interpret financial statements and reports

writing skills for preparing reports and recommendations, recording and classifying financial information

numeracy skills for financial calculations and analysis

information technology skills for setting up and analysing spreadsheets

estimating, forecasting and analysis skills

organisational skills, including the ability to plan and sequence work and meet organisational timelines

Required knowledge

principles of budgetary control

forecasting techniques

principles of double entry bookkeeping

principles of statistical analysis and measures of variance

organisational procedures and policies for financial administration

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Budget objectives may include:

annual planning

cost reduction

rolling forecasts:

next period

monthly

next year.

Expenditure and revenue items may include:

capital expenditure

client and supplier payments

sales

commissions

fees and charges

Goods and Services Tax (GST)

Pay As You Go (PAYG) tax

revenue producing expenditures

sales.

Stakeholders may include:

chief executive officers

clients

directors

financial institutions

suppliers.

Milestones and performance indicators may include:

compliance with scheduled payment dates

profits and losses

reports:

quarterly

half yearly

annually.

Data may include:

cash flow projections

fixed costs information

sales records and projections

variable business costs.

Formats and presentation methods may include:

explanations of calculations used

explanatory notes

graphics

highlighted estimates and projections

tables.

Reports may include:

cash budgets

purchase budgets

sales budgets

Statement of financial performance

Statement of financial position.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Budget objectives are confirmed and consistent with organisational aims, projects and forecasts 
Cash, expenditure and revenue items are clearly defined and relevant to the identified objectives of the budget 
Discussions and negotiations with stakeholders that the budget applies to are conducted in a manner that promotes goodwill and ongoing cooperation 
Milestones and performance indicators are identified and included in the budget 
Annual budgets are broken down into seasonal periods in accordance with operating trends 
Data is presented in a format that is easily understood and appropriate to budget reporting 
Reports are completed within timelines and distributed for specified periods and projects 

Forms

Assessment Cover Sheet

FNSACC402A - Prepare operational budgets
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC402A - Prepare operational budgets

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: