Unit: Keep Financial Records L3 CV3 Ofqual Unit Reference Number: A/505/1158 Unit Review Date: 31/12/2015 LEARNING OUTCOMES ASSESSMENT CRITERIA EVIDENCE LOCATION The learner will: The learner can: Understand the importance of Describe how maintaining financial financial records in running a records supports monitoring the business performance the business Explain why financial measures and forecasts are important in business planning and development Understand how financial Explain the systems used to record information is recorded in a financial transactions in own business business Describe the information that needs to be recorded to maintain credit control, cash flow and bank monitoring Analyse how to ensure that people internal and external to own business are informed about accounting information Be able to select an accounts Assess the principles and management system to support procedures underpinning accounts running a business management systems Justify the choice of an accounting system that fits with the management of own business Be able to review the Review the extent to which effectiveness of an accounts financial transactions are recorded management system for a in own business business Specify the extent to which financial systems in own business are producing invoicing and
Unit: Keep Financial Records L3 CV3 Ofqual Unit Reference Number: A/505/1158 Unit Review Date: 31/12/2015 LEARNING OUTCOMES ASSESSMENT CRITERIA EVIDENCE LOCATION The learner will: The learner can: Understand the importance of financial records in running a business Describe how maintaining financial records supports monitoring the performance the business Explain why financial measures and forecasts are important in business planning and development Understand how financial information is recorded in a business Explain the systems used to record financial transactions in own business Describe the information that needs to be recorded to maintain credit control, cash flow and bank monitoring Analyse how to ensure that people internal and external to own business are informed about accounting information Be able to select an accounts management system to support running a business Assess the principles and procedures underpinning accounts management systems Justify the choice of an accounting system that fits with the management of own business Be able to review the effectiveness of an accounts management system for a business Review the extent to which financial transactions are recorded in own business Specify the extent to which financial systems in own business are producing invoicing and