SITXFIN008 - Interpret financial information

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Unit code: SITXFIN008 | Study level: TAFE
Credit points
N/A
Location
Footscray Nicholson
Prerequisites
N/A
Overview
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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.
The unit applies to all tourism, travel, hospitality and event sectors.It applies to those people who operate independently or with limited guidance from others. This includes supervisors and departmental managers. This unit does not include the skills required to produce reports for the overall operation of the department or whole organisation. These would be created by senior managers, financial specialists or accountants.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & 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 interpret at least six 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
  • business activity statements (BAS)
  • credit card transaction statements
  • invoices
  • journal entries
  • merchant statements
  • profit and loss statements
  • 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:

  • financial terminology specific to financial reports
  • reporting periods and different financial years observed by different businesses
  • key features and functions of accounting software programs used to manage financial operations
  • use of financial information and reports in monitoring overall business performance
  • operational or departmental financial activities relevant to the sector:
  • average customer spend
  • daily, weekly and monthly transactions
  • departmental expenditure reports
  • departmental income reports
  • outstanding accounts
  • quotations realised to sales
  • sales performance
  • stock levels
  • variance from budget
  • types of financial reports and their purpose:
  • budgets
  • cash flow
  • covers
  • expenditure
  • labour and wages
  • occupancy rates
  • purchases
  • receivables
  • sales
  • stock
  • transactions
  • transactions exempted
  • units sold
  • variance
  • wastage
  • key elements of financial record keeping and key terminology
  • key elements of accounting and how it provides information for business management:
  • profit and loss statements and balance sheets as key financial statements used to measure business performance:
    purpose
    how these reports are generated
    format
    features
    key information
  • reconciliations:
    purpose
    different types of reconciliation, and the impact of unpresented cheques
    bank charges
    direct debits and credits
  • concept of costing, and fixed and variable costs
  • 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 VU Polytechnic and/or via the VU Polytechnic e-learning system.

As part of a course

This unit is studied as part of the following course(s):

Diploma of Travel and Tourism Management
SIT50122 | Diploma | Duration:

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.

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