- FNSACCT507B - Provide management accounting information
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
FNSACCT507B Mapping and Delivery Guide
Provide management accounting information
Version 1.0
Issue Date: April 2024
| Qualification | - |
Unit of Competency | FNSACCT507B - Provide management accounting information |
|---|---|---|---|
| Description | This unit covers the competency to calculate and record the costs of products and services.This unit covers the competency to calculate and record the costs of products and services. | ||
| Employability Skills | The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements. | ||
| Learning Outcomes and Application | This unit requires the application of skills and knowledge required to provide management accounting information. The unit encompasses gathering and recording operating and cost data, analysing data, preparing budgeted reports and reviewing costing systems integrity.This unit requires the application of skills and knowledge required to provide management accounting information. The unit encompasses gathering and recording operating and cost data, analysing data, preparing budgeted reports and reviewing costing systems integrity. | ||
| Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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| 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 | |
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| Elements of Competency | Performance Criteria | |||||||
| Element: Gather and record operating and cost data |
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| Element: Analyse data |
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| Element: Prepare budgeted reports |
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| Element: Review costing system integrity |
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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 management information requirements ability to gather and record operating and cost data ability to analyse data ability to prepare budgeted reports ability to review costing systems integrity | |
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. |
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: principles of costing organisational operating procedures common routines for recording and storing data principles of costing system integrity methods of data protection including back ups and security principles and practices of budgetary control (eg double entry bookkeeping and accrual accounting) ethical considerations for the handling of financial reconstruction (eg conflict of interests, confidentiality, disclosure requirements) |
Skills requirements include: interpersonal skills and communication skills (eg liaising, listening, consulting) information technology use for the set up and analysis of spreadsheets estimating, forecasting and analysis skills reading, interpreting financial statements and reports writing skills for reports and recommendations numeracy for financial calculations and analysis recording, gathering and classifying financial information |
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. | |
Data may include: | inventory, materials and finished product records consumables records records of purchases and associated costs sales information labour utilisation records materials used payroll records manufacturing and general overhead costs service charge out rates |
Costs assignments may include: | direct and indirect costs fixed and variable costs labour, materials and overheads manufacturing costs service costs |
Budgets may include: | production budgets materials purchases materials usage labour usage manufacturing overhead costing budgets relationship with master budgets |
Management information requirements may include: | costs of products and services and business units causes of and reasons for variances |
Reports may include: | manufacturing statements variance analysis reports job and service profitability reports cost volume profit report manufacturing statements job cost records spreadsheets service cost analysis performance reports |
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 data are established | |||
| Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures | |||
| Costs are assigned to specified products, services and organisational units | |||
| Data is reconciled to ensure calculations are accurate and comply with organisational procedures | |||
| Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's business performance objectives | |||
| Cost information advice is sought from all sections of the organisation when formulating budgets | |||
| Structure and format of budgets and reports are clear and conform to management information requirements | |||
| Variances against budget are identified and prioritised for review and decision making | |||
| Reports are error free, comprehensive and comply with management requirements and organisational practices | |||
| The variance between actual and applied overheads costs is analysed | |||
| Variance analysis is used to review the effectiveness of the cost assignment process |
Forms
Assessment Cover Sheet
FNSACCT507B - Provide 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
FNSACCT507B - Provide 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: