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

FNSACC613A Mapping and Delivery Guide
Prepare and analyse management accounting information

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC613A - Prepare and analyse management accounting information
Description This unit describes the performance outcomes, skills and knowledge required to gather, record and analyse operating costs and data, prepare cost reports and budgets, and calculate the costs of products, services and other organisational activities.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application The unit has application to job roles such as accountants and financial analysts.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites FNSACC507A Provide management accounting information
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: Gather and record operating and cost data
  • Systems to generate cost and operating data and determine cost and operating standards are established
  • Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures
       
Element: Analyse data
  • Costs are assigned to specified cost objects
  • Data are reconciled to ensure calculations are accurate and comply with organisational procedures
  • Variance analysis is used to review the effectiveness of the cost assignment process
  • Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's objectives
       
Element: Prepare cost reports and budgets
  • Cost information and organisational activities advice is sought from all sections of the organisation when formulating reports and budgets
  • Structure and format of reports and budgets are error free, comprehensive, clear and comply and conform to routine and ad hoc management information requirements
  • Comprehensive variances against budget and standards are identified, and prioritised for review and decision making
       
Element: Analyse cost reports and budgets
  • Variances against budget are interpreted and discussed in consultation with relevant personnel in the organisation
  • Outcomes from variance reviews are assessed and recommendations made for further actions where required, including revisions to cost and activity standards
  • Cost and process information is reviewed for value adding and non-value adding activities, and recommendations made for further actions
  • Reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects are assessed against the organisation's objectives, and recommendations made for further actions
       


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 standards, accounting techniques and principles to gather and record operating and cost data

analyse data and prepare cost reports and budgets.

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

access to an integrated financial software system and data

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

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

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

well-developed communication skills to:

gather information and data by consulting with staff and using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research and analysis skills for accessing and managing complex information and assessing application of management accounting and governance requirements

well-developed literacy skills for interpreting and analysing complex documentation and producing management reports

well-developed numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using appropriate integrated financial system software, spreadsheets and databases and internet information

problem solving skills to identify any issues that have the potential to impact on organisational management financial reporting and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

systems and procedures for recording, accessing and securely storing data

ethical considerations for the handling of financial and operating information such as:

conflict of interests

confidentiality

disclosure requirements

methods of data protection including back-ups and security

organisational operating procedures

principles and practices of budgetary control such as:

double-entry bookkeeping

accrual accounting

principles of costing

principles of costing system integrity

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.

Systems may include:

activity based costing

direct and absorption costing

joint and by-products costing

operations costing

process costing

standard costing.

Data may include:

consumables records

inventory, materials and finished product records

labour utilisation records

manufacturing and general overhead costs

marketing, distribution and customer records

marketing, distribution, logistics and other support area activity records

materials used

payroll records

records of purchases and associated costs

sales information

service charge-out rates

standards for:

labour

materials

overheads usage and costs.

Cost assignments may include:

absorption costs

activity-based costs

direct and indirect costs

fixed and variable costs

labour, materials and overheads

manufacturing costs

product, service, market segment, distribution channel and customer costs

project costs

service costs.

Cost objects may include:

products

services

projects

organisational units

customers

distribution channels

market segments.

Reports and budgets may include:

activity-based reports and budgets

cost volume profit report

costing budgets

job cost records

job, process and service profitability reports

labour usage

manufacturing overhead

manufacturing statements

market segment, distribution channel and customer cost analysis

materials purchases

materials usage

performance reports

production reports and budgets

project cost analysis

project reports and budgets

relationship with master budgets

service cost analysis

variance analysis reports.

Management information requirements may include:

causes of and reasons for variances

costs and profitability of:

market segments

distribution channels

customers

costs and profitability of:

products and services

business units

identification of value adding and non-value adding activities

improvement of cost and resource management.

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
Systems to generate cost and operating data and determine cost and operating standards are established 
Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures 
Costs are assigned to specified cost objects 
Data are reconciled to ensure calculations are accurate and comply with organisational procedures 
Variance analysis is used to review the effectiveness of the cost assignment process 
Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's objectives 
Cost information and organisational activities advice is sought from all sections of the organisation when formulating reports and budgets 
Structure and format of reports and budgets are error free, comprehensive, clear and comply and conform to routine and ad hoc management information requirements 
Comprehensive variances against budget and standards are identified, and prioritised for review and decision making 
Variances against budget are interpreted and discussed in consultation with relevant personnel in the organisation 
Outcomes from variance reviews are assessed and recommendations made for further actions where required, including revisions to cost and activity standards 
Cost and process information is reviewed for value adding and non-value adding activities, and recommendations made for further actions 
Reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects are assessed against the organisation's objectives, and recommendations made for further actions 

Forms

Assessment Cover Sheet

FNSACC613A - Prepare and analyse management accounting information
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

FNSACC613A - Prepare and analyse management accounting information

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: