SITXFIN002 - Interpret financial information

Unit code: SITXFIN002 | Study level: TAFE

Credit points

N/A

Location

Footscray Nicholson

Industry

Prerequisites

N/A

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.

Assessment

For Melbourne campuses

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;
reconciliations;
concept of costing, and fixed and variable costs, and;
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 the Polytechnic and/or via the Polytechnic e-learning system.