SITXFIN008 - Interpret financial information

Unit code:SITXFIN008Study level:TAFE

Nominal hours

Location

Footscray Nicholson

Prerequisites

(Or equivalent to be determined by unit coordinator)
Co-requisites
(Corequisite units must be studied concurrently with this unit)

Overview

This unit describes the performance outcomes, skills and knowledge required to interpret financial information and reports used by organisations to monitor business performance and provide information on operational or departmental financial activities.
The unit applies to all tourism, travel, hospitality and event sectors.It applies to those people who operate independently or with limited guidance from others. This includes supervisors and departmental managers. This unit does not include the skills required to produce reports for the overall operation of the department or whole organisation. These would be created by senior managers, financial specialists or accountants.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

correctly interpret at least six of the following financial information documents or reports used to monitor overall business performance:

account summaries and balances
balance sheets
bank deposit documentation
bank statements
business activity statements (BAS)
credit card transaction statements
invoices
journal entries
merchant statements
profit and loss statements

provide financial information using correct financial terminology on six different operational or departmental financial activities listed in the knowledge evidence.

Students will also be expected to demonstrate the following knowledge:

financial terminology specific to financial reports
reporting periods and different financial years observed by different businesses
key features and functions of accounting software programs used to manage financial operations
use of financial information and reports in monitoring overall business performance
operational or departmental financial activities relevant to the sector:

average customer spend
daily, weekly and monthly transactions
departmental expenditure reports
departmental income reports
outstanding accounts
quotations realised to sales
sales performance
stock levels
variance from budget

types of financial reports and their purpose:

budgets
cash flow
covers
expenditure
labour and wages
occupancy rates
purchases
receivables
sales
stock
transactions
transactions exempted
units sold
variance
wastage

key elements of financial record keeping and key terminology
key elements of accounting and how it provides information for business management:

profit and loss statements and balance sheets as key financial statements used to measure business performance:
purpose
how these reports are generated
format
features
key information
reconciliations:
purpose
different types of reconciliation, and the impact of unpresented cheques
bank charges
direct debits and credits

concept of costing, and fixed and variable costs
accounting for and reporting goods and services tax (GST).

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.