Assessment Requirements for SITXFIN008 Interpret financial information

Release: 1

Assessment Requirements for SITXFIN008 Interpret financial information

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