Unit Title:Keep Financial Records

Unit Credit Value: / 3
Unit Level: / Three
Unit Guided Learning Hours: / 24
Ofqual Unit Reference Number: / A/505/1158
Unit Review Date: / 31/07/2019
Unit Sector: / 15.3 Business Management

Unit Summary

This unit enables learners to understand the importance of financial records to running a business, how financial information is recorded, be able to select an appropriate accounts management system and assess its effectiveness for their business.

Unit Information

It is expected that before the unit is delivered, the tutor will have read the Qualification Specification to ensure all conditions regarding Rules of Combination, delivery, assessment and internal quality assurance are fulfilled. Additional guidance is available below as Assessment Guidance for Learning Outcomes and Assessment Criteria in bold.

This unit has4learning outcomes

LEARNING OUTCOMES / ASSESSMENT CRITERIA
The learner will: / The learner can:
  1. Understand the importance of financial records in running a business
/ 1.1.Describe how maintaining financial records supports monitoring the performance the business
1.2.Explain why financial measures and forecasts are important in business planning and development
  1. Understand how financial information is recorded in a business
/ 2.1.Explain the systems used to record financial transactions in own business
2.2.Describe the information that needs to be recorded to maintain credit control, cash flow and bank monitoring
2.3.Analyse how to ensure that people internal and external to own business are informed about accounting information
  1. Be able to select an accounts management system to support running a business
/ 3.1.Assess the principles and procedures underpinning accounts management systems
3.2.Justify the choice of an accounting system that fits with the management of own business
  1. Be able to review the effectiveness of an accounts management system for a business
/ 4.1.Review the extent to which financial transactions are recorded in own business
4.2.Specify the extent to which financial systems in own business are producing invoicing and purchasing records
4.3.Review the extent to which the financial records kept are in line with the legal requirements for own business

Assessment Guidance

Assessment is to be based on naturally occurring evidence or realistic work environment.

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