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Evidence Guide: FNSACC613 - Prepare and analyse management accounting information

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC613 - Prepare and analyse management accounting information

What evidence can you provide to prove your understanding of each of the following citeria?

Gather and record operating and cost data

  1. Establish systems to generate operating and cost data, and determine cost and operating standards
  2. Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures
Establish systems to generate operating and cost data, and determine cost and operating standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse data and assign costs

  1. Analyse costs to identify cost behaviour characteristics
  2. Assign costs to specified cost objects, and reconcile data to ensure calculations are accurate and comply with organisational procedures
  3. Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s objectives
Analyse costs to identify cost behaviour characteristics

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assign costs to specified cost objects, and reconcile data to ensure calculations are accurate and comply with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare cost reports and budgets

  1. Obtain cost information and relevant advice from all sections of organisation when formulating reports and budgets
  2. Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements
Obtain cost information and relevant advice from all sections of organisation when formulating reports and budgets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse cost reports and budgets, and review costing system integrity

  1. Calculate variances against budget and standards, and prioritise for review and decision making
  2. Interpret and discuss variances against budget in consultation with relevant personnel in organisation
  3. Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards
  4. Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions
  5. Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation’s objectives, and make recommendations for further actions
  6. Use comprehensive variance analysis to review effectiveness of cost assignment processes
Calculate variances against budget and standards, and prioritise for review and decision making

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Interpret and discuss variances against budget in consultation with relevant personnel in organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation’s objectives, and make recommendations for further actions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Use comprehensive variance analysis to review effectiveness of cost assignment processes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Gather and record operating and cost data

1.1 Establish systems to generate operating and cost data, and determine cost and operating standards

1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

2. Analyse data and assign costs

2.1 Analyse costs to identify cost behaviour characteristics

2.2 Assign costs to specified cost objects, and reconcile data to ensure calculations are accurate and comply with organisational procedures

2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s objectives

3. Prepare cost reports and budgets

3.1 Obtain cost information and relevant advice from all sections of organisation when formulating reports and budgets

3.2 Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements

4. Analyse cost reports and budgets, and review costing system integrity

4.1 Calculate variances against budget and standards, and prioritise for review and decision making

4.2 Interpret and discuss variances against budget in consultation with relevant personnel in organisation

4.3 Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards

4.4 Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions

4.5 Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation’s objectives, and make recommendations for further actions

4.6 Use comprehensive variance analysis to review effectiveness of cost assignment processes

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Gather and record operating and cost data

1.1 Establish systems to generate operating and cost data, and determine cost and operating standards

1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

2. Analyse data and assign costs

2.1 Analyse costs to identify cost behaviour characteristics

2.2 Assign costs to specified cost objects, and reconcile data to ensure calculations are accurate and comply with organisational procedures

2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s objectives

3. Prepare cost reports and budgets

3.1 Obtain cost information and relevant advice from all sections of organisation when formulating reports and budgets

3.2 Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements

4. Analyse cost reports and budgets, and review costing system integrity

4.1 Calculate variances against budget and standards, and prioritise for review and decision making

4.2 Interpret and discuss variances against budget in consultation with relevant personnel in organisation

4.3 Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards

4.4 Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions

4.5 Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation’s objectives, and make recommendations for further actions

4.6 Use comprehensive variance analysis to review effectiveness of cost assignment processes

Evidence of the of the ability to:

gather and record operating and cost data in accordance with organisational policy and procedures

determine cost and operating standards for a costing system

analyse data and assign costs to comply with organisational procedures

prepare a range of cost reports and budgets to meet management information requirements

analyse variances against budget and standards

recommend changes to cost and activity standards

recommend further actions required resulting from review process

review integrity of costing systems.

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

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

identify and describe cost behaviour characteristics for the different cost elements of a product or service

describe the principles of double-entry bookkeeping and accrual-based accounting

identify and discuss the key features of organisational policy and procedures as they apply to costing systems

identify and explain the key principles and practices of budget preparation

discuss the relationship between variance analysis and costing system integrity

explain the key processes and procedures for recording and securely storing data.