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Evidence Guide: FNSACC402 - Prepare operational budgets

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC402 - Prepare operational budgets

What evidence can you provide to prove your understanding of each of the following citeria?

Prepare budget

  1. Confirm budget objectives are consistent with organisational aims, projects and forecasts
  2. Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget
  3. Conduct discussions and negotiations with stakeholders that budget applies to in manner that promotes goodwill and ongoing cooperation
Confirm budget objectives are consistent with organisational aims, projects and forecasts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct discussions and negotiations with stakeholders that budget applies to in manner that promotes goodwill and ongoing cooperation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Set budget timeframe

  1. Identify and include milestones and performance indicators in budget
  2. Break down annual budgets into seasonal periods in accordance with operating trends
Identify and include milestones and performance indicators in budget

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Break down annual budgets into seasonal periods in accordance with operating trends

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document budget

  1. Present data in format that is easily understood and appropriate to budget reporting
  2. Complete and distribute reports within timelines for specified periods and projects
Present data in format that is easily understood and appropriate to budget reporting

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete and distribute reports within timelines for specified periods and projects

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Prepare budget

1.1 Confirm budget objectives are consistent with organisational aims, projects and forecasts

1.2 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.3 Conduct discussions and negotiations with stakeholders that budget applies to in manner that promotes goodwill and ongoing cooperation

2. Set budget timeframe

2.1 Identify and include milestones and performance indicators in budget

2.2 Break down annual budgets into seasonal periods in accordance with operating trends

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete and distribute reports within timelines for specified periods and projects

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Prepare budget

1.1 Confirm budget objectives are consistent with organisational aims, projects and forecasts

1.2 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.3 Conduct discussions and negotiations with stakeholders that budget applies to in manner that promotes goodwill and ongoing cooperation

2. Set budget timeframe

2.1 Identify and include milestones and performance indicators in budget

2.2 Break down annual budgets into seasonal periods in accordance with operating trends

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete and distribute reports within timelines for specified periods and projects

Evidence of the ability to:

establish and confirm budgetary milestones and performance indicators

prepare budgets for a variety of purposes and organisations

accurately record and document budget reports.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify and explain the key principles of budgetary control

describe a variety of forecasting techniques

explain the principles of double-entry bookkeeping

outline the key principles of statistical analysis and measures of variance

describe the key features of organisational procedures and policy for financial administration.