NTISthis.com

Evidence Guide: FNSACC405 - Maintain inventory records

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

 

FNSACC405 - Maintain inventory records

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

Process inventory purchase

  1. Record purchase of inventory from appropriate documentation in subsidiary ledger
  2. Maintain periodic and perpetual records of inventory
Record purchase of inventory from appropriate documentation in subsidiary ledger

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain periodic and perpetual records of inventory

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record inventory flows

  1. Apply inventory flow assumptions as appropriate
  2. Value inventory using appropriate valuation rules
Apply inventory flow assumptions as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Value inventory using appropriate valuation rules

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile inventory records to general ledgers

  1. Reconcile all inventory records to accounts in accordance with organisational policy, procedures and practices
  2. Identify and action discrepancies according to organisational policy, procedures and practices
Reconcile all inventory records to accounts in accordance with organisational policy, procedures and practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and action discrepancies according to organisational policy, procedures and practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare inventory schedules and ad hoc reports

  1. Develop and document schedules of inventory turnover and other procedures
  2. Prepare spreadsheets and ad hoc reports on inventory status as required or requested
Develop and document schedules of inventory turnover and other procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare spreadsheets and ad hoc reports on inventory status as required or requested

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. Process inventory purchase

1.1 Record purchase of inventory from appropriate documentation in subsidiary ledger

1.2 Maintain periodic and perpetual records of inventory

2. Record inventory flows

2.1 Apply inventory flow assumptions as appropriate

2.2 Value inventory using appropriate valuation rules

3. Reconcile inventory records to general ledgers

3.1 Reconcile all inventory records to accounts in accordance with organisational policy, procedures and practices

3.2 Identify and action discrepancies according to organisational policy, procedures and practices

4. Prepare inventory schedules and ad hoc reports

4.1 Develop and document schedules of inventory turnover and other procedures

4.2 Prepare spreadsheets and ad hoc reports on inventory status as required or requested

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. Process inventory purchase

1.1 Record purchase of inventory from appropriate documentation in subsidiary ledger

1.2 Maintain periodic and perpetual records of inventory

2. Record inventory flows

2.1 Apply inventory flow assumptions as appropriate

2.2 Value inventory using appropriate valuation rules

3. Reconcile inventory records to general ledgers

3.1 Reconcile all inventory records to accounts in accordance with organisational policy, procedures and practices

3.2 Identify and action discrepancies according to organisational policy, procedures and practices

4. Prepare inventory schedules and ad hoc reports

4.1 Develop and document schedules of inventory turnover and other procedures

4.2 Prepare spreadsheets and ad hoc reports on inventory status as required or requested

Evidence of the ability to:

make inventory flow assumptions and record inventory flows using generally accepted accounting principles and inventory valuation rules

prepare schedules and ad hoc 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:

outline organisational procedures and practices and generally accepted accounting principles relevant to maintaining inventory records

describe the key steps in the inventory management processes and relevant documentation and recording systems

identify and explain the process for entering data into systems or ledgers

explain the key features of inventory valuation rules and reconciliation processes.