NZQA registered unit standard 1852 version 8
Page 1 of 3
Title Prepare a revenue statement and balance sheet
Level
Purpose
4 Credits 6
People credited with this unit standard are able to prepare a revenue statement and balance sheet.
This unit standard is for people who are not financial specialists or experts but who need financial knowledge and skills in their workplace.
Classification Financial Management > Financial Skills
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 Relevant legislation and regulations depend on the entity for which financial statements are prepared, but may include:
Companies Act 1993
Commerce Act 1986
Income Tax Act 2007
Financial Reporting Act 2013.
3 Revenue statement and balance sheet for this unit standard:

need not be classified statements

are intended primarily for internal use.
Outcome 1
Prepare a revenue statement and balance sheet.
Evidence requirements
1.1 Principles and concepts of accounting are explained in terms of their relevance to the preparation of a revenue statement and balance sheet.
NZQA National Qualifications Services
SSB Code 9999

New Zealand Qualifications Authority 2020

NZQA registered unit standard
Range
1852 version 8
Page 2 of 3 principles – the accounting equation, the nature of the business entity, the revenue/cost period; concepts – relevant, understandable, reliable, comparable, material.
1.2 Transactions are recorded and classified in accounts.
Range accounts – assets, liabilities, equity, revenue, expenses; assets – current, long-term; liabilities
– current, long-term.
1.3
1.4
Accounts are summarised and a trial balance is prepared.
Accounts are categorised, period-end adjustments are made, and revenue statement and balance sheet are prepared.
Range period-end adjustments include but are not limited to
– depreciation, accruals, pre-payments.
1.5
1.6
Post-balance reversing entries are completed.
Revenue statement and balance sheet meet the requirements of relevant legislation.
Planned review date 31 December 2020
Status information and last date for assessment for superseded versions
Process Version Date Last Date for Assessment
Registration
Revision
1
2
28 September 1994
7 September 1999
31 December 2016
31 December 2016
Revision
Revision
Review
Revision
Rollover
3
4
5
6
7
16 December 2002
12 January 2006
21 May 2010
22 October 2010
18 April 2013
31 December 2016
31 December 2016
31 December 2016
31 December 2016
N/A
Rollover and
Revision
8 17 September 2015 N/A
Republished 8 11 March 2016 N/A
Consent and Moderation Requirements (CMR) reference 0113
This CMR can be accessed at http://www.nzqa.govt.nz/framework/search/index.do
.
NZQA National Qualifications Services
SSB Code 9999

New Zealand Qualifications Authority 2020

NZQA registered unit standard 1852 version 8
Page 3 of 3
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 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.
Comments on this unit standard
Please contact NZQA National Qualifications Services nqs@nzqa.govt.nz
if you wish to suggest changes to the content of this unit standard.
NZQA National Qualifications Services
SSB Code 9999

New Zealand Qualifications Authority 2020