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:
- correctly complete each 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; banking summaries; business activity statements; credit card transaction statements; invoices; journal entries; merchant statements; merchant summaries; profit and loss statements; trial balance, and;
- 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:
- specific industry sector and organisation;
- operational or departmental financial activities relevant to the sector;
- types of financial reports and their purpose;
- key elements of financial record-keeping and key terminology;
- key elements of accounting and how it provides information for business management;
- concept of costing, and fixed and variable costs, and;
- accounting for and reporting goods and services tax (GST).