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Evidence Guide: FNSACC405A - 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

 

FNSACC405A - Maintain inventory records

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

Process inventory purchase

  1. Purchase of inventory is recorded from appropriate documentation in subsidiary ledger
  2. Periodic and perpetual records of inventory are maintained
Purchase of inventory is recorded from appropriate documentation in subsidiary ledger

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Periodic and perpetual records of inventory are maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record inventory flows

  1. Inventory flow assumptions are applied as appropriate
  2. Inventory is valued using appropriate valuation rules
Inventory flow assumptions are applied as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Inventory is valued using appropriate valuation rules

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile inventory records to general ledgers

  1. All inventory records to the accounts are reconciled in accordance with organisation's policies, procedures and practices
  2. Discrepancies are identified and actioned according to organisation's policies, procedures and practices
All inventory records to the accounts are reconciled in accordance with organisation's policies, procedures and practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discrepancies are identified and actioned according to organisation's policies, procedures and practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare inventory schedules and ad hoc reports

  1. Schedules of inventory turnover and other procedures are developed and documented
  2. Spreadsheets and ad hoc reports reporting on inventory status are prepared as required or requested
Schedules of inventory turnover and other procedures are developed and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Spreadsheets and ad hoc reports reporting on inventory status are prepared as required or requested

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

interpret and apply organisational policies and procedures and inventory valuation rules

make inventory flow assumptions and record inventory flows

prepare schedules and ad hoc reports.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research skills such as:

accessing and managing information

interpreting documentation

coordinating tasks

numeracy and IT skills such as:

calculating financial ratios and related information

accessing and using appropriate software such as spreadsheets and databases

literacy skills to read and interpret documentation from a variety of sources and recording, gathering and consolidating financial information

organisational skills, including the ability to plan and sequence work

problem solving skills to address data integrity issues

Required knowledge

banking processes

process for entering data into general ledgers

inventory valuation rules

reconciliation processes

spreadsheets functions

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.

Documentation may include:

delivery reports

invoices from suppliers

purchase orders

purchase requisitions.

Inventory flow assumptions may include:

calculations based on gross margins

cost

net realisable value.

Inventory valuation rules may include:

first in, first out

specific identification

weighted average.

Organisation's policies, procedures and practices may include:

inventory management

preparation of reconciliation reports

stock takes.

Ad hoc reports may include:

inventory turnover analysis

total purchases and inventory usage for a period.