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

FNSACCT406B Mapping and Delivery Guide
Maintain asset and inventory records

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSACCT406B - Maintain asset and inventory records
Description This unit describes those functions associated with the maintenance of records for fixed assets and inventory.This unit describes those functions associated with the maintenance of records for fixed assets and inventory.
Employability Skills Not applicable.
Learning Outcomes and Application This unit requires the application of skills and knowledge required to maintain asset and inventory records. The unit encompasses complying with organisational asset acquisition procedures, reconciling assets register and inventory records to general ledgers, recording inventory flows, recognising new assets and asset categories, preparing schedules and ad hoc reports and recording disposal of fixed assets. The unit can be applied across all sectors within the financial services sector. This unit requires the application of skills and knowledge required to maintain asset and inventory records. The unit encompasses complying with organisational asset acquisition procedures, reconciling assets register and inventory records to general ledgers, recording inventory flows, recognising new assets and asset categories, preparing schedules and ad hoc reports and recording disposal of fixed assets. The unit can be applied across all sectors within the financial services sector.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
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: Comply with organisational asset acquisition procedures
  • Approval and authorisation for purchase of assets is obtained
  • Quotes are obtained and other organisational purchase procedures are followed
  • All asset purchases documentation and invoices are reconciled
  • Assets received are checked for compliance with the quantity and quality as per documentation
       
Element: Reconcile asset register and inventory records to general ledgers
  • All asset expenditures are reconciled in accordance with organisation's policies, procedures and practices to the accounting records
  • Discrepancies are identified and actioned according to organisation's policies, procedures and practices
       
Element: Record inventory flows
  • Purchase of inventory is recorded in subsidiary ledger
  • Asset register is established and maintained
  • Periodic and perpetual records are maintained
  • Inventory flow assumptions are applied as appropriate
  • Inventory is valued using appropriate valuation rules
       
Element: Recognise new assets and asset categories
  • New asset categories are identified where appropriate
  • Proforma for input of asset details is prepared and processed accurately and in a timely fashion
       
Element: Prepare schedules and ad hoc reports
  • Spreadsheets/ad hoc reports are prepared as requested
       
Element: Record disposal of fixed assets
  • Assets are disposed of in accordance with organisational procedures, relevant legislative requirements and under supervision of appropriate persons
  • Disposal price data is obtained and entered into accounting records
  • Accounting procedures are followed for the removal of assets from ledger and asset register
       


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.

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of organisational policies and procedures

knowledge of inventory valuation rules

knowledge of inventory flow assumptions

knowledge of relevant legislation

ability to comply with organisational asset acquisition procedures

ability to reconcile asset register and inventory records to general ledgers

ability to record inventory flows

ability to recognise new assets and asset categories

ability to prepare schedules and ad hoc reports

ability to record disposal of fixed assets

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

People with disabilities may use assistive technologies to demonstrate interview skills and /or receive and respond to oral and or written questioning.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Assessment of this unit of competence requires access to suitable resources to demonstrate competence.

Assessment instruments, including personal planner and assessment record book.

Access to registered provider of assessment services.

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 KNOWLEDGE&SKILLS

Knowledge requirements include:

organisational procedures for asset acquisition

fixed asset register software - this may include adjusted software or equipment for use by people with disabilities

depreciation schedules

reconciliation process

banking processes

general ledgers

information systems including spreadsheets

Skills requirements include:

organising and planning own work schedule to meet organisational priorities

communicating effectively to gain approval and authorisation for the purchase of assets

developing schedules and ad hoc reports

solving discrepancies in data

reconciling inventory records and general ledgers

using computers, organisational accounting software systems, spreadsheet applications and telecommunication devices

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Documentationmay include:

purchase requisitions

purchase orders

quotes

delivery reports

invoice from suppliers

Asset expenditures may include:

inventory

materials

equipment

land and buildings

freight in

insurance in transit

installation and testing costs

Organisation's policies, procedures and practices may include:

maintenance of capital expenditure items

preparation of reconciliation reports

stock takes

inventory management

Inventory valuation rules may include:

first in - first out

weighted average

specific identification

Inventory flow assumptions may include:

cost

net realisable value

calculations based on gross margins

Ad hoc reports may include:

depreciation schedule

asset register

total purchase and disposals for a period

spreadsheets

output from dedicated fixed asset software

inventory turnover analysis

Relevant legislation may include:

Consumer Credit Code

Privacy Act

Secrecy Laws

Australian Consumer and Competition Commission (ACCC)

Financial Institutions (FI) Code

Credit Reference Association of Australia (CRAA)

Electronic Funds Transfer (EFT)

Code of Conduct

Financial Transaction Reports Act

Cheques and Payment Orders Act

Corporate Law

Commercial Tenancies Act

Land Tax Assessment Act

Prescribed Payments Act

Payroll Tax Assessment Act

Australian Accounting Standards

Stamp Duties Act

Taxation Assessment Act

Bills of Exchange Act

Disposal price data may include:

cash

cost of removal

restoration expenses

trade-in amount

other costs associated with disposal

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
Approval and authorisation for purchase of assets is obtained 
Quotes are obtained and other organisational purchase procedures are followed 
All asset purchases documentation and invoices are reconciled 
Assets received are checked for compliance with the quantity and quality as per documentation 
All asset expenditures are reconciled in accordance with organisation's policies, procedures and practices to the accounting records 
Discrepancies are identified and actioned according to organisation's policies, procedures and practices 
Purchase of inventory is recorded in subsidiary ledger 
Asset register is established and maintained 
Periodic and perpetual records are maintained 
Inventory flow assumptions are applied as appropriate 
Inventory is valued using appropriate valuation rules 
New asset categories are identified where appropriate 
Proforma for input of asset details is prepared and processed accurately and in a timely fashion 
Spreadsheets/ad hoc reports are prepared as requested 
Assets are disposed of in accordance with organisational procedures, relevant legislative requirements and under supervision of appropriate persons 
Disposal price data is obtained and entered into accounting records 
Accounting procedures are followed for the removal of assets from ledger and asset register 

Forms

Assessment Cover Sheet

FNSACCT406B - Maintain asset and inventory records
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

FNSACCT406B - Maintain asset and inventory records

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: