Elements and Performance Criteria

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.
The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Systems may include:
standard costing
activity-based costing
process costing
direct and absorption costing
operations costing
joint and by-products costing
Data may include:
inventory, materials and finished product records
marketing, distribution and customer records
consumables records
records of purchases and associated costs
sales information
labour utilisation records
materials used
payroll records
manufacturing and general overhead costs
service charge out rates
marketing, distribution, logistics and other support areas activity records
standards for labour, materials and overheads usage and costs
Cost assignments may include:
direct and indirect costs
fixed and variable costs
absorption costs
labour, materials and overheads
manufacturing costs
service costs
activity-based costs
project costs
product, service, market segment, distribution channel and customer costs
Reports and budgets may include:
production reports and budgets
materials purchases
materials usage
labour usage
manufacturing overhead
costing budgets
relationship with master budgets
activity-based reports and budgets
project reports and budgets
Management information requirements may include:
costs and profitability of products and services and business units
costs and profitability of market segments, distribution channels and customers
causes of and reasons for variances
identification of value adding and non-value adding activities
improvement of cost and resource management
Reports may include:
manufacturing statements
variance analysis reports
job, process and service profitability reports
cost volume profit report
manufacturing statements
job cost records
spreadsheets
service cost analysis
project cost analysis
market segment, distribution channel and customer cost analysis
performance reports

EVIDENCE GUIDE
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.
Overview of assessment requirements
To achieve competency in this unit, a person must be able to demonstrate:
knowledge of standards accounting techniques and principles
ability to gather and record operating and cost data
ability to analyse data
ability to prepare cost reports and budgets
ability to analyse cost reports and budgets
Critical aspects of evidence
Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.
Delivery/assessment relationship to other units:
Prerequisite units:
FNSACCT507B Provide management accounting information.
Assessment requirements
Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.
Context of assessment:
Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.
Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.
Resources required for assessment:
Assessment of this unit of competence requires access to suitable resources to demonstrate competence.
Assessment instruments, including personal planner and assessment record book.
Access to registered provider of assessment services.