Assessment Requirements for FNSACC405 Maintain inventory records

Release: 1

Assessment Requirements for FNSACC405 Maintain inventory records

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

make inventory flow assumptions and record inventory flows using generally accepted accounting principles and inventory valuation rules

prepare schedules and ad hoc reports.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline organisational procedures and practices and generally accepted accounting principles relevant to maintaining inventory records

describe the key steps in the inventory management processes and relevant documentation and recording systems

identify and explain the process for entering data into systems or ledgers

explain the key features of inventory valuation rules and reconciliation processes.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

a range of common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe