View Unit : Keep Financial Records

Unit

Unit Reference Number

D/601/5800

Qualification Framework

QCF

Title

Keep Financial Records

Unit Level

Level 2

Unit Sub Level

None

Guided Learning Hours

Unit Credit Value

Date of Withdrawal

SSAs

15.3 Business Management

Unit Grading Structure

Pass

Assessment Guidance

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

Learning Outcomes and Assessment Criteria

Learning Outcome - The learner will:		Assessment Criterion - The learner can:
1	Understand the importance of financial records running a business.	1.1	Identify the key benefits of keeping financial records when monitoring the financial state of their business.
		1.2	Explain why it is necessary in terms of meeting the legal requirements for the business.
		1.3	Identify the financial measures and forecasts that are needed by their business.
2	Know the financial information that needs to be recorded in a business.	2.1	Identify the financial records that may need to be kept about sales, including cash and credit sales transactions, purchase transactions and creditors.
		2.2	Identify the financial records that may need to be kept about their business assets and funds.
		2.3	Describe the information that should be recorded in order to maintain credit control, cash flow and bank monitoring.
3	Be able to select an accounts management system to support a business.	3.1	Compare manual and computer based accounting systems.
3		3.2	Choose an accounting system and methods that are relevant to the trading status of their business.
4	Know how to produce financial records	4.1	Make sure all financial transactions are properly recorded in the appropriate place.
		4.2	Make sure that the financial system will produce suitable invoicing and purchasing records.
		4.3	Make sure that the way in which financial records are kept and reported on is in line with the legal requirements of the business.

Equivalent Units

There are no equivalences to display.