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Evidence Guide: FNSORG301 - Administer fixed asset register

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

 

FNSORG301 - Administer fixed asset register

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

Reconcile asset register to general ledgers

  1. Record all expenditure items in accordance with organisational policy, procedures and practices
  2. Identify and action discrepancies according to organisational policy, procedures and practices, and relevant legislation
Record all expenditure items in accordance with organisational policy, procedures and practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and action discrepancies according to organisational policy, procedures and practices, and relevant legislation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recognise new assets and asset categories

  1. Identify new asset categories
  2. Prepare and process proforma for input of asset details within month of purchase
Identify new asset categories

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and process proforma for input of asset details within month of purchase

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare schedules and ad hoc reports

  1. Update depreciation expense regularly according to depreciation schedule
  2. Prepare spreadsheets and reconciliations in accordance with annual tax schedule, with allowance made for permanent differences
  3. Prepare spreadsheets and ad hoc reports as requested
Update depreciation expense regularly according to depreciation schedule

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare spreadsheets and reconciliations in accordance with annual tax schedule, with allowance made for permanent differences

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare spreadsheets and ad hoc reports as requested

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. Reconcile asset register to general ledgers

1.1 Record all expenditure items in accordance with organisational policy, procedures and practices

1.2 Identify and action discrepancies according to organisational policy, procedures and practices, and relevant legislation

2. Recognise new assets and asset categories

2.1 Identify new asset categories

2.2 Prepare and process proforma for input of asset details within month of purchase

3. Prepare schedules and ad hoc reports

3.1 Update depreciation expense regularly according to depreciation schedule

3.2 Prepare spreadsheets and reconciliations in accordance with annual tax schedule, with allowance made for permanent differences

3.3 Prepare spreadsheets and ad hoc reports as requested

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. Reconcile asset register to general ledgers

1.1 Record all expenditure items in accordance with organisational policy, procedures and practices

1.2 Identify and action discrepancies according to organisational policy, procedures and practices, and relevant legislation

2. Recognise new assets and asset categories

2.1 Identify new asset categories

2.2 Prepare and process proforma for input of asset details within month of purchase

3. Prepare schedules and ad hoc reports

3.1 Update depreciation expense regularly according to depreciation schedule

3.2 Prepare spreadsheets and reconciliations in accordance with annual tax schedule, with allowance made for permanent differences

3.3 Prepare spreadsheets and ad hoc reports as requested

Evidence of the ability to:

record accurate transaction details and produce reconciliation reports using IT systems

apply relevant reconciliation processes and manage depreciation schedules.

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:

describe basic accounting principles relevant to administration of fixed assets

explain basic finance industry administration processes and procedures relevant to administering the asset register

list the features of fixed asset registers

define the role and structure of general ledgers

outline key requirements of organisational policy and procedures relating to administration of fixed assets

identify legal requirements regarding capital asset purchase and depreciation administration

identify banking processes relevant to administration of fixed assets.