This unit describes the skills and knowledge required to gather, record and analyse operating and cost data, prepare budget reports and review costing systems integrity to calculate and record the costs of products and services.  It applies to individuals who use specialised knowledge and analytical skills to manage complex financial data and develop comprehensive organisational reports.


Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC507

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each competency unit's learning outcomes and performance criteria requirements, including the setting of project and 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: - gather and record operating and cost data in accordance with organisational policy and procedures; - analyse data and assign costs to products, services and organisational units to comply with organisational procedures; - obtain data and prepare a range of cost reports and budgets to meet management information requirements, and; - analyse variances between budgeted and actual data, and review integrity of costing systems. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - identify and describe cost behaviour characteristics for the different cost elements of a product or service; - describe the principles of double-entry bookkeeping and accrual based accounting; - identify and discuss the key features of organisational policy and procedures as they apply to costing systems; - outline the key management information requirements; - identify and explain the key principles and practices of budget preparation; - discuss the relationship between variance analysis and costing system integrity, and; - explain the key processes and procedures for recording and securely storing data.

Where to next?

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