Assessment Requirements for AHCBUS408 Operate within a budget framework

Release: 1

Assessment Requirements for AHCBUS408 Operate within a budget framework

Modification History

Release	Comments
Release 1	This version released with AHC Agriculture, Horticulture, Conservation and Land Management Training Package Version 4.0.

Performance Evidence

An individual demonstrating competency must satisfy all of the elements and performance criteria in this unit. There must be evidence that the individual has operated effectively within a budget framework for a period of at least three months (a financial quarter), using a software application or spreadsheet, including:

identified information to be included in a budget

reviewed budgeted income and expenditure and compared to actuals

recorded transactions and allocated them to cost and income categories

identified and reported budget variations

reviewed production and expenditure plans to meet financial targets.

Knowledge Evidence

An individual must be able to demonstrate the knowledge required to perform the tasks outlined in the elements and performance criteria of this unit. This includes knowledge of:

income and expenditure categories

budgeting procedures and templates

taxation and accounting requirements for business

costing and forecasting mechanisms

cash flow analyses and records

financial recording and reporting systems

records of receipts and expenditure

factors that impact upon the timing of sales and purchases, including taxation, goods and services tax (GST), and market conditions.

Assessment Conditions

Assessment of skills must take place under the following conditions:

physical conditions:

skills must be demonstrated in a workplace setting or an environment that accurately represents workplace conditions

resources, equipment and materials:

access to business financial records that cover a period of at least three months.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volumes, including Implementation Guides, are available at VETNet: - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c6399549-9c62-4a5e-bf1a-524b2322cf72