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

FNSACCT613B Mapping and Delivery Guide
Prepare and analyse management accounting information

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSACCT613B - Prepare and analyse management accounting information
Description This unit covers the competency to calculate, record and analyse the costs of products, services and other organisational activities.This unit covers the competency to calculate, record and analyse the costs of products, services and other organisational activities.
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 prepare and analyse management accounting information. The unit encompasses gathering and recording operating costs and data, analysing data, preparing cost reports and budgets and analysing cost reports and budgets. The unit has application to those job positions such as accountants and analysts. This unit requires the application of skills and knowledge required to prepare and analyse management accounting information. The unit encompasses gathering and recording operating costs and data, analysing data, preparing cost reports and budgets and analysing cost reports and budgets. The unit has application to those job positions such as accountants and analysts.
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: Gather and record operating and cost data
  • Systems to generate cost and operating data are established
  • Systems to determine cost and operating standards are established
  • Data is systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures
       
Element: Analyse data
  • Costs are assigned to specified products, services, projects, organisational units, customers, distribution channel, market segments and other cost objects
  • Data is 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 organization when formulating reports and budgets
  • Structure and format of reports and budgets are clear 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
  • Reports are error free, comprehensive and comply with routine and ad hoc management requirements and organisational practices
       
Element: Analyse cost reports and budgets
  • Variances against budget are interpreted and discussed in consultation with relevant sections of 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.

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 standards accounting techniques and principles

ability to gather and record operating and cost data

ability to analyse data

ability to prepare cost reports and budgets

ability to analyse cost reports and budgets

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:

Prerequisite units:

FNSACCT507B Provide management accounting information.

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 and operating information (eg conflict of interests, confidentiality, disclosure requirements)

Skills requirements include:

interpersonal skills and communication skills (eg liaising, listening, consulting)

information technology used for the set up and analysis of spreadsheets

estimating, forecasting and analysis skills

reading and 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.

Systems may include:

standard costing

activity-based costing

process costing

direct and absorption costing

operations costing

joint and by-products costing

Data may include:

inventory, materials and finished product records

marketing, distribution and customer 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

marketing, distribution, logistics and other support areas activity records

standards for labour, materials and overheads usage and costs

Cost assignments may include:

direct and indirect costs

fixed and variable costs

absorption costs

labour, materials and overheads

manufacturing costs

service costs

activity-based costs

project costs

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

Reports and budgets may include:

production reports and budgets

materials purchases

materials usage

labour usage

manufacturing overhead

costing budgets

relationship with master budgets

activity-based reports and budgets

project reports and budgets

Management information requirements may include:

costs and profitability of products and services and business units

costs and profitability of market segments, distribution channels and customers

causes of and reasons for variances

identification of value adding and non-value adding activities

improvement of cost and resource management

Reports may include:

manufacturing statements

variance analysis reports

job, process and service profitability reports

cost volume profit report

manufacturing statements

job cost records

spreadsheets

service cost analysis

project cost analysis

market segment, distribution channel and customer 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 cost and operating data are established 
Systems to determine cost and operating standards 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, projects, organisational units, customers, distribution channel, market segments and other cost objects 
Data is 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 organization when formulating reports and budgets 
Structure and format of reports and budgets are clear 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 
Reports are error free, comprehensive and comply with routine and ad hoc management requirements and organisational practices 
Variances against budget are interpreted and discussed in consultation with relevant sections of 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

FNSACCT613B - 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

FNSACCT613B - 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: