Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and 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:
- access, analyse and compile required financial data for non-reporting entities;
- calculate financial ratios for liquidity, activity and profitability, and analyse the significance of those calculations, and;
- prepare financial accounts and comprehensive statements showing financial position, performance and cash flow for: a partnership and a not-for-profit organisation.Students will also be expected to demonstrate the following knowledge:
- differences between non-reporting entities and reporting entities;
- different types of non-reporting entities and their key characteristics;
- purpose of preparing financial statements for non-reporting entities;
- key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities;
- key features of financial legislation covering taxable transactions and reporting requirements, and;
- advantages and disadvantages of ratios and comparison techniques and methods of presenting financial data.