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SITXFIN003 Assessment 6 Third Party Evaluation

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SITXFIN003 Assessment 6 Third Party Evaluation

SITXFIN003 Assessment 6 Third Party Evaluation 

Student will be assessed in a workplace or simulated workplace environment.

2.      Ensure the student is aware of the assessment requirements at the commencement of the unit

3.      The students are required to work aloneand interact with others to demonstrate ability.

4.      The observations are aimed at determining the student’s knowledge of managing finances within a budget.

5.      This practical assessment will need to be conductedby the student, in person and within the workplace or simulated workplace environment.

6.      The student is required to complete the practical assessment for this unit of competency.

7.      The observations of the student should be recorded in the student assessment booklet.

8.      After the student has completed the practical assessment, the Trainer/Assessor will makecomments regarding where corrections to skills may be required.

9.      The student will receive up to two (2) attempts at this assessment task. Should the 1st attempt be Not Yet Satisfactory (NYS), the Trainer/Assessor will provide feedback and will arrange a date for the student 2nd attempt. If the student 2nd attempt is Not Yet Satisfactory (NYS), or the student fail to attend of date scheduled for the 2nd attempt, the student will receive an overall unsatisfactory result for this assessment task.

 

-        The supervisor (in the workplace) or the assessor (in a simulated training environment) will complete this checklist to verify the learner’s application of skills and knowledge in the workplace or simulated training environment.

-        Observations will be conducted over a period of time to ensure consistent performance of the learner of all criteria to be achieved on multiple occasions.

-        The supervisor/assessor will submit the completed checklist as supporting evidence of the learner’s performance in the workplace or simulated training environment.

You will respond orally, and your assessor may record your response or use your response to determine sufficient under pinning knowledge.

Topics will include:

-        Identify and explain financial terminology, reporting periods, accounting software and reporting forms

-        Identify and discuss operational or departmental financial activities

-        Explain types of financial reports and their purpose

-        Discuss elements of financial record-keeping

To achieve a satisfactory outcome, you must be able to: -

·        specific industry sector and organisation:

·     financial terminology specific to financial report

·     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 on:

·                  labour

·                  stock purchased

·                  wastage

·     departmental income:

·                  covers and gross income

·                  commission earnings

·                  occupancy and gross income

·                  sales

·     outstanding accounts:

·                  payable

·                  receivable

·     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:

·     ledgers, subsidiary ledgers and journals

·     transactions, receipts and disbursements

·     cash flow

·        key elements of accounting and how it provides information for business management:

·     charts of accounts and account categories

·     basic rules for double-entry accounting and the concept of debits and credits

·     accrual versus cash accounting

·     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

·     cash flow

·        key elements of accounting and how it provides information for business management:

·     charts of accounts and account categories

·     basic rules for double-entry accounting and the concept of debits and credits

·     accrual versus cash accounting

·     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



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