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Evidence Guide: FNSACC507A - Provide management accounting information

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

 

FNSACC507A - Provide management accounting information

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

Gather and record operating and cost data

  1. Systems to generate data are identified and established
  2. Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures
Systems to generate data are identified and established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures

Completed
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Analyse data

  1. Costs are assigned to specified products, services and organisational units and data is reconciled to ensure calculations are accurate and comply with organisational procedures
  2. Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's business performance objectives
Costs are assigned to specified products, services and organisational units and data is reconciled to ensure calculations are accurate and comply with organisational procedures

Completed
Date:

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Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's business performance objectives

Completed
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Prepare budgeted reports

  1. Cost information advice is sought from all sections of the organisation when formulating budgets
  2. Structure and format of budgets and reports are clear and conform to management information requirements
  3. Variances against budget are identified and prioritised for review and decision making
  4. Reports are error free, comprehensive and comply with management requirements and organisational practices
Cost information advice is sought from all sections of the organisation when formulating budgets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Structure and format of budgets and reports are clear and conform to management information requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Variances against budget are identified and prioritised for review and decision making

Completed
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Reports are error free, comprehensive and comply with management requirements and organisational practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review costing system integrity

  1. The variance between actual and applied overheads costs is analysed
  2. Variance analysis is used to review the effectiveness of the cost assignment process
The variance between actual and applied overheads costs is analysed

Completed
Date:

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Variance analysis is used to review the effectiveness of the cost assignment process

Completed
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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:

gather, evaluate and use management information

gather and record operating and cost data

analyse data to prepare budgeted reports

review costing systems integrity.

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

access to an integrated financial software system and data.

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

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

communication skills to:

gather information and data by consulting with staff and using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills for accessing and managing complex information and assessing application of corporate governance requirements

well-developed literacy skills for interpreting and analysing complex documentation and producing reports

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using appropriate integrated financial system software, spreadsheets and databases and using internet information

problem solving skills to identify any issues that have the potential to impact on organisational financial reporting and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

ethical considerations for the handling of financial reconstruction such as:

conflict of interests

confidentiality

disclosure requirements

methods of data protection including:

back-ups

security procedures

organisational operating procedures

principles and practices of budgetary control such as:

double-entry bookkeeping

accrual accounting

principles of costing and costing system integrity

processes and procedures for recording and securely storing data

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.

Data may include:

consumables records

inventory, materials and finished product records

labour utilisation records

manufacturing and general overhead costs

materials used

payroll records

records of purchases and associated costs

sales information

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:

costing budgets

labour usage

manufacturing overhead

materials purchases

materials usage

production budgets

relationship with master budgets.

Management information requirements may include:

causes of and reasons for variances

costs of products and services and business units.

Reports may include:

cost volume profit report

job and service profitability reports

job cost records

manufacturing statements

performance reports

service cost analysis

variance analysis reports.