| ELEMENT | PERFORMANCE CRITERIA |
| Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
| 1 Maintain asset register | 1.1 Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures1.2 Determine method of calculating depreciation in accordance with organisational requirements1.3 Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements |
| 2 Record general journal entries for balance day adjustments | 2.1 Record depreciation of non-current assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements2.2 Adjust expense accounts and revenue accounts for prepayments and accruals2.3 Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements2.4 Adjust ledger accounts for inventories, if required, and transfer to final accounts |
| 3 Prepare final general ledger accounts | 3.1 Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements3.2 Post revenue and expense account balances to final general ledger accounts system3.3 Prepare final general ledger accounts to reflect gross and net profits for reporting period |
| 4 Prepare end of period financial reports | 4.1 Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period4.2 Prepare balance sheet to reflect financial position of business at end of reporting period4.3 Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures |
