NAME: Bonnie McConnell
ID: 220003122
Subject
Accounting, NCEA Level 2
Date : 3 December 2024
Standard No.
AS91386 V2 Accounting 2.6
Credit value
3
Standard Title
Demonstrate understanding of an inventory subsystem for an entity
Achieved
Merit
Excellence
Demonstrate understanding of an
inventory subsystem for an entity.
Demonstrate in-depth
understanding of an
inventory subsystem for an
entity.
Demonstrate comprehensive
understanding of an inventory
subsystem for an entity.
Key requirements: (tick)
A
M
E
Has processed financial information for the entity’s inventory subsystem which includes:
•
✓
individual inventory records that identify quantities and costs for balances, sales,
and purchases using FIFO.
Has processed financial information for the entity’s inventory subsystem which includes:
•
✓
entries for return(s) and shortage
Has processed complex financial information for the entity’s inventory subsystem which
includes:
•
✓
entries for drawings of inventory and/or a transposition error between inventory
items
Has described (A) at least 4 elements of the entity’s inventory subsystem. Elements of
the entity’s accounts inventory may include, but are not limited to:
• perpetual inventory system and FIFO
• authorisation of inventory purchases
• checking inventory received
• managing inventory levels
• internal control of documents
• authorisation of payments
• stock take
Has described (A) and explained (M)
subsystem. .
✓
at least 4 elements of the entity’s inventory
✓
Has explained and justified (E) at least 4 elements of the entity’s inventory subsystem.
✓
Sufficiency statement:
Final grades will be decided using professional judgment based on a holistic examination of the evidence provided
against the criteria in the Achievement Standard.
Teachers signature: J.Sanders
Overall grade achieved
N
A
M
E
Congratulations Bonnie you have achieved AS91386 with excellence! Well done on gaining 3 Level 2
credits. Keep up the great work!
Ngā mihi, Joy Sanders