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Unit of competency details

SITXFIN008 - Interpret financial information (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to SITXFIN002 - Interpret financial informationMinor changes to PE, KE and AC. 09/Jun/2022

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 10/Jun/2022


Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnUsage RecommendationRelease
SIT40422 - Certificate IV in HospitalityCertificate IV in HospitalityCurrent
SIT50122 - Diploma of Travel and Tourism ManagementDiploma of Travel and Tourism ManagementCurrent1-2 
SIT40821 - Certificate IV in Asian CookeryCertificate IV in Asian CookeryCurrent
SIT50422 - Diploma of Hospitality ManagementDiploma of Hospitality ManagementCurrent1-2 
SIT60122 - Advanced Diploma of Travel and Tourism ManagementAdvanced Diploma of Travel and Tourism ManagementCurrent
SIT60222 - Advanced Diploma of Event ManagementAdvanced Diploma of Event ManagementCurrent
SIT60322 - Advanced Diploma of Hospitality ManagementAdvanced Diploma of Hospitality ManagementCurrent
SIT40122 - Certificate IV in Travel and TourismCertificate IV in Travel and TourismCurrent
SIT40521 - Certificate IV in Kitchen ManagementCertificate IV in Kitchen ManagementCurrent
SIT40721 - Certificate IV in PatisserieCertificate IV in PatisserieCurrent1-2 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  10/Jun/2022 
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Unit Of competency

Modification History

Not applicable.

Application

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.

The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.

No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.

Pre-requisite Unit

Nil

Competency Field

Finance

Unit Sector

Cross-Sector

Elements and Performance Criteria

ELEMENTS 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Access and interpret financial information.

1.1. Identify and interpret the range of financial information and reports required to monitor business performance.

1.2. Interpret financial information and reports applicable to operational or departmental activities.

2. Use and provide financial information.

2.1. Review financial information for impacts on operational activities and resolve discrepancies according to own level of responsibility.

2.2. Routinely provide information on operational or departmental financial activities within required timelines.

Foundation Skills

Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement.

SKILLS 

DESCRIPTION 

Writing skills to:

  • prepare explanatory notes to accompany financial information.

Numeracy skills to:

  • use basic mathematics to calculate and check financial information

Technology skills to:

  • use accounting software.

Unit Mapping Information

Supersedes and is equivalent to SITXFIN002 Interpret financial information.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694

 

Assessment requirements

Modification History

Not applicable.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

  • 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.

Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

  • 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).

Assessment Conditions

Skills must be demonstrated in an operational business environment. This can be:

  • an industry workplace; or
  • a simulated industry environment set up for the purposes of assessment.

Assessment must ensure access to:

  • computers, printers and accounting software
  • financial data and reports.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694