This unit describes the skills and knowledge required to gather, record and analyse operating and cost data, prepare budget reports, and review costing system 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 Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC517

Assessment

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: - gather and record operating and cost data according to 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: - cost behaviour characteristics for different cost elements of a product or service; - key features of organisational policies and procedures as they apply to costing systems; - key requirements of management accounting information; - key principles and practices of budget preparation, and; - relationship between variance analysis and costing system integrity.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.