NZQA Expiring unit standard
11620 version 7
Page 1 of 2
Title
Prepare and review a profit and loss budget
Level
4
Credits
2
Purpose
People credited with this unit standard are able to: prepare a
profit and loss budget; and review actual results against a profit
and loss budget.
Classification
Accounting > Accounting - Middle Level
Available grade
Achieved
Explanatory notes
1
People must be assessed against this unit standard in their workplace using naturally
occurring evidence, or in a realistic simulation of such a context. Competence must
be demonstrated within timeframes expected in a commercial environment.
2
Budgets relevant to this unit standard may include but are not limited to budgets for –
a community club, a small business.
Outcomes and evidence requirements
Outcome 1
Prepare a profit and loss budget.
Evidence requirements
1.1
Data is gathered and validated.
Range
1.2
historical data, projected data.
Any problems in gathering data are identified.
Range
problems may include – missing data, delayed data, exceptions.
1.3
Budget calculations are supported by verifiable evidence.
1.4
Budget profit and loss statement is prepared.
Outcome 2
Review actual results against a profit and loss budget.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016
NZQA Expiring unit standard
11620 version 7
Page 2 of 2
Evidence requirements
2.1
Variances between budgeted and actual results are identified.
2.2
Remedial action is recommended for identified variances.
Range
two variances.
Replacement information
This unit standard and unit standard 25941 have been
replaced by unit standard 29017.
This unit standard is expiring. Assessment against the standard must take place by
the last date for assessment set out below.
Status information and last date for assessment for superseded versions
Process
Version Date
Last Date for Assessment
Registration
1
24 October 1997
31 December 2018
Revision
2
16 January 2001
31 December 2018
Revision
3
13 November 2002
31 December 2018
Revision
4
12 January 2006
31 December 2018
Review
5
21 August 2009
31 December 2018
Rollover
6
24 October 2014
31 December 2018
Review
7
19 May 2016
31 December 2018
Consent and Moderation Requirements (CMR) reference
0113
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do.
Please note
Providers must be granted consent to assess against standards (accredited) by NZQA,
before they can report credits from assessment against unit standards or deliver courses
of study leading to that assessment.
Industry Training Organisations must be granted consent to assess against standards by
NZQA before they can register credits from assessment against unit standards.
Providers and Industry Training Organisations, which have been granted consent and
which are assessing against unit standards must engage with the moderation system that
applies to those standards.
Requirements for consent to assess and an outline of the moderation system that applies
to this standard are outlined in the Consent and Moderation Requirements (CMR). The
CMR also includes useful information about special requirements for organisations wishing
to develop education and training programmes, such as minimum qualifications for tutors
and assessors, and special resource requirements.
NZQA National Qualifications Services
SSB Code 130301
 New Zealand Qualifications Authority 2016