SITXFIN002:Assessment 3 – Project (1)Student NameStudent ID NumberUnit Start DateUnit End DateAssessment Due DateDate SubmittedThis cover sheet is to be...

SITXFIN002 TASK 3


SITXFIN002:Assessment 3 – Project (1) Student Name Student ID Number Unit Start Date Unit End Date Assessment Due Date Date Submitted This cover sheet is to be completed by the student and assessor and used as a record to determine student competency in this assessment taskYes / No The assessment process and tasks were fully explained. I am aware of which evidence will be collected and how. I am aware of my right to appeal an assessment decision. I am aware that I can locate the RTO’s Complaints and Appeals Policy and Procedure on their website at http://enhance.edu.au/download/ I have discussed any additional educational support or reasonable adjustments I require in order to undertake this assessment with the Student Support Services Officer and Trainer / Assessor, (if applicable). e.g. Student Handbook and Access and Equity Policy http://enhance.edu.au/download/ I have access to all required resources? Cheating & Plagiarism Declaration Student Declaration: In accordance with the RTO’s Plagiarism Policy, I hereby acknowledge by signing this declaration that I have not cheated or plagiarised any work regarding the assessment tasks undertaken in this unit of competency except where the work has been correctly acknowledged. NOTE: Student must sign this prior to submitting their assessments to the assessor Signature Date: // 20 Assessment Results Satisfactory or Not Yet Satisfactory (Please circle the assessment result for this task) Feedback to Student - Please provide general feedback on the Student’s performance Student Declaration: - I verify that the work completed is my own and that I was adequately informed of the assessment process prior to commencing this assessment task. Assessor Declaration: - I verify that I have adequately explained and negotiated the assessment tasks with the student prior to commencing assessment. Student Name: Assessor’s Name: Student Signature Date Assessor Signature Date Enhance College of Technology Enhance College Pty Ltd ABN: 821 6587 1572RTO: 41531CRICOS: 03587K 2/35 Manilla Street, East Brisbane, Queensland 4169 Australia Phone: 07 3895 8393email: [email protected] Page 5 of 9 SIT40516 Certificate IV in Commercial Cookery Unit: SITXFIN002 – Interpret Financial Information Document Version: 2 Updated: 3Mar21 Source: S.L.S.8.8 Student Guide for Assessment Instructions Instructions to include, but not limited to: 1. Student will be assessed in a workplace or simulated workplace environment. 2. Ensure the student is aware of the assessment requirements at the commencement of the unit 3. The students are required to work alone to answer all the questions. 4. The questions are aimed at testing the student’s knowledge and skills of interpret financial information. 5. This practical assessment comprising of verbal questions and practical observations that need to be answered by the student verbally, in person and within the workplace or simulated workplace environment. 6. The student is required to complete the practical assessment for this unit of competency. To complete this task, the student will need to answer all questions in Part A of this practical assessment in their own words in person, verbally. 7. The student answers should be recorded in the student assessment question booklet. 8. After the student has completed the practical assessment, the Trainer/Assessor will make corrections to the verbal responses. 9. The student will receive up to two (2) attempts at this assessment task. Should the 1st attempt be Not Yet Satisfactory (NYS), the Trainer/Assessor will provide feedback and will arrange a date for the student 2nd attempt. If the student 2nd attempt is Not Yet Satisfactory (NYS), or the student fail to attend of date scheduled for the 2nd attempt, the student will receive an overall unsatisfactory result for this assessment task. 10. In special circumstances this practical assessment may be delivered as a written assessment in which the assessor shall mark the assessment and identify the assessment was presented in written form. Task/s to be assessed The tasks you will be observed undertaking are: Your assessor will do the following. · Observe you in an operational tourism, travel, hospitality or events environment interpreting financial information using a range of skills/tasks. · Use the checklist to observe you using a range of skills/tasks. · Observe you over a period of time while you learn and use various skills/tasks. · Ensure that you can consistently perform all tasks multiple times satisfactorily. · Decide when you are competent at all tasks. You are required to do the following. · You must answer all verbal questions. · You can ask your assessor for further clarification of any question, if necessary. · Provide all necessary information when answering questions. Oral Questioning During the assessment your assessor will ask you oral questions that will address the knowledge aspects of the unit of competency. You will respond orally, and your assessor may record your response or use your response to determine sufficient under pinning knowledge. Topics will include: · Identify and explain financial terminology, reporting periods, accounting software and reporting forms · Identify and discuss operational or departmental financial activities · Explain types of financial reports and their purpose · Discuss elements of financial record-keeping -Discuss details of double-entry, accrual versus cash, profit and loss and reconciliations Time allowed On average, the Assessment should take 8-10 hours to complete Location Assessment will be completed in a simulated workplace environment under the supervision of a trainer/assessor. Decision making rules To achieve a satisfactory outcome, you must be able to: - · specific industry sector and organisation: · financial terminology specific to financial report · 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 on: · labour · stock purchased · wastage · departmental income: · covers and gross income · commission earnings · occupancy and gross income · sales · outstanding accounts: · payable · receivable · 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: · ledgers, subsidiary ledgers and journals · transactions, receipts and disbursements · invoices, accounts payable, debtors and creditors · cash flow · key elements of accounting and how it provides information for business management: · charts of accounts and account categories · basic rules for double-entry accounting and the concept of debits and credits · accrual versus cash accounting · 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). Performance Observation Criteria for Assessment Task The assessment methods must be by direct observation of tasks on required skills and knowledge to ensure correct interpretation and application. Your Assessor will observe you on the following observations: · correctly complete each 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 · banking summaries · business activity statements · credit card transaction statements · invoices · journal entries · merchant statements · merchant summaries · profit and loss statements · trial balance · provide financial information using correct financial terminology on six different operational or departmental financial activities listed in the knowledge evidence. Assessment conditions Assessors must satisfy NVR/AQTF assessor requirements. Competency is to be assessed in the workplace or a simulated environment that accurately reflects performance in a real workplace setting. Assessment must include direct observation of tasks. Where assessment of competency includes third-party evidence, individuals must provide evidence that links them to the leadership or management of organisational change that the student has performed. Assessors must verify performance evidence through questioning on skills and knowledge to ensure correct interpretation and application. Resources required The following equipment will be made available to students: · Simulated or workplace documentation and resources · Office equipment, materials and software packages (such as laptops, WiFi, Microsoft Suite) · Case studies to examine or real workplace situations to analyze · an industry workplace · a simulated industry environment. Assessment must ensure access to: · an industry workplace · a simulated industry environment, such as a training kitchen servicing customers. Assessment must ensure access to: · computers, printers and accounting software packages · financial data and reports. -Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors. Results/Re- assessment · Your Assessor will grade as either S – Satisfactory or NYS – Not Yet Satisfactory for the assessment. In all cases your Assessor will provide you with feedback. · Only when all assessment tasks have been graded as S – Satisfactory you will be deemed C – Competent in the final result of the unit of competency; if you do not satisfactorily complete all the assessment tasks you will be deemed NYC – Not Yet Competent. · If the evidence is graded as NYS – Not Yet Satisfactory you will be required to re- submit the evidence. In this case, you will be provided with clear and constructive feedback based on the assessment decision so that they can improve your skills / knowledge prior to reassessment. · Where a ‘NYS – Not Yet Satisfactory’ judgement is made, you will be given guidance on steps to take to improve your performance and provided the opportunity to resubmit evidence to demonstrate competence. The assessor will determine and discuss the reasons for NYS – Not Yet Satisfactory on any of the criteria and will assess you through a different method of assessment e.g. verbal/oral questioning, problem solving exercises. · You will be notified within 10 working days of undertaking an assessment of their result in achieving competency · If a student does not complete the assessment, they should notify their trainer as to why they did not complete the assessment and if due to illness, a medical certificate must be produced. “This process is detailed more in the “Training and Assessment Policy and Procedure” · In the above scenario, student will be given an opportunity for reassessment within 5 working days with no reassessment fee charged. · Students who are deemed to be Not Yet Competent (NYC) will be provided with information identifying the areas in which they failed to achieve competency. Students will then have the opportunity to repeat the assessment task within 5 working days of notification with no reassessment fee charged. · If a student is deemed NYC in the reassessment or if the student did not approach the RTO within five working days with a valid reason for not availing themselves of the