FNSACC313 Perform Financial Calculation :

For solution: +610482078788

+61482073403

+61482072848

**FNSACC313**

**Perform financial calculation**

**Learner Workbook**

Assessment – FNSACC313 – Perform financial calculations. 5

Activity 1A – Checklist – for assessor 8

Activity 1B Checklist – for assessor 12

Activity 1C Checklist – for assessor 17

Activity 2 A – Checklist – for assessor 19

Activity 2 B – Checklist – for assessor 23

Activity 3A Checklist for assessor 26

Activity 3 B – Checklist – for assessor 28

Observation Checklist Activity 3C Q.1. 31

Activity 3C – Checklist – for assessor 33

Competency record to be completed by the assessor 34

**Instructions to Learner**

Overview

Prior to commencing the FNSACC313 Perform Financial Calculation assessments, your trainer/assessor will explain each FNSACC313 Perform Financial Calculation assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task.

FNSACC313 Perform Financial Calculation Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written FNSACC313 Perform Financial Calculation assessment tasks, please ensure that you address the following criteria:

- Address each question including any sub-points
- Demonstrate that you have researched the topic thoroughly
- Cover the topic in a logical, structured manner
- Your assessment tasks are well presented, well referenced and word processed

It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the FNSACC313 Perform Financial Calculation assessment tasks on time.

Plagiarism is taking and using someone else’s thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:

- Presenting any work by another individual as one’s own unintentionally
- Handing in assessments markedly similar to or copied from another learner
- Presenting the work of another individual or group as their own work
- Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet.

If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.

Collusion is the presentation by a learner of an FNSACC313 Perform Financial Calculation assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons. Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are subject to disciplinary action.

There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).

Once the learner has completed all the assessments for this unit of competency, the learner will be awarded “Competent” (C) or “Not Competent” (NC) for the relevant unit of competency.

Confidentiality

The college will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information.

FNSACC313 Perform Financial Calculation Assessment appeals process

If you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal via the complaint and appeal form which is available on the college website.

Learners will be able to have their previous experience or expertise recognised on request.

Learners with special needs should notify their trainer/assessor to request any required adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs immediately**.**

Assessment can be:

- Direct observation
- Product-based methods e.g. reports, role plays, work samples
- Portfolios – annotated and validated
- Questioning.

The assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.

To demonstrate competence in this unit, you must undertake all activities in this workbook and have them deemed satisfactory by the assessor. Once you have demonstrated the required level of performance, you will be deemed competent in this unit.

As part of the FNSACC313 Perform Financial Calculation assessment process, all learners must abide by any relevant assessment policies as provided during induction.

# Candidate Details

### Assessment – FNSACC313 – Perform financial calculations

Please complete the following activities and hand them into your trainer/assessor for marking. This forms part of your assessment for FNSACC313 – Perform financial calculations.

Name: _____________________________________________________________

Learner ID: ______________________________________________________________

Email: _____________________________________________________________

**Declaration**

I declare that no part of this assessment has been copied from another person’s work except for where I have listed or referenced documents or work and that no part of this assessment has been written for me by another person. I also understand the assessment instructions and requirements and consent to be assessed.

Signed: ____________________________________________________________

Date: ____________________________________________________________

Activity Assessment

## Activity 1A

Performance Criteria

P.C.1.1 | Obtain input data and verify as required for workplace calculations. |

Question 1

The Australian Taxation Office (ATO) publishes the PAYG withholding tax tables on its website (www.ato.gov.au).

Go to https://www.ato.gov.au/rates/weekly-tax-table/ view the tax tables. Bookmark this website for future reference As you can see tax tables are prepared for different pay periods as well as different types of income earners. For example, you might have seen table relevant with weekly paid employee tax table. Go to the website https://www.ato.gov.au/rates/weekly-tax-table/ (NAT 1005) and download the weekly withholding amount pdf tax table and answer the following question based on downloaded tax table.

- If you were an employee with a tax-free threshold. What is the maximum amount you could earn per week before I begin to pay tax?

Ans: As an employee with a tax-free threshold, the maximum amount I could earn per week before I begin to pay tax would depend on my individual circumstances, such as my taxable income, tax offsets, and other deductions. However, based on the information provided on the ATO website and using the weekly withholding tax table, if I am an Australian resident earning a weekly income of $415 or less, I should not have any tax withheld from my pay.

**I am an employee with no tax-free threshold. What is the maximum amount I can earn per week before I begin to pay tax?**

**Ans: As an employee with no tax-free threshold, the maximum amount I can earn per week before I begin to pay tax would also depend on my individual circumstances. However, using the same weekly withholding tax table and assuming that I am an Australian resident earning a weekly income without any tax-free threshold, I would start paying tax on my income from the first dollar earned. In other words, there is no maximum amount I can earn per week before paying tax if I have no tax-free threshold.**

**Question 2**

**Instructions**: To complete the below question, read it carefully and answer the following question:

What you will need

- Research materials such as books, internet, magazines, workplace documentation etc.
- Access to https://www.austrade.gov.au/international/invest/guide-to-investing/running-a-business/understanding-australian-business-regulation documentation
- Your Learner Guide for this unit of competence
- Word Limit= 100 word – Short Answer Questions

**Identify 3 types of input data you could obtain from****https://www.ato.gov.au/rates/weekly-tax-table/****and explain how it is****relevant for workplace calculations**

**Ans:**

**The three types of input data that I obtain from given links are:**

**Taxable income: This is the amount of money earned by an employee that is subject to taxation.****Tax offsets: These are deductions from the amount of tax owed, such as a low-income tax offset or a senior Australian tax offset.****Withholding amounts: These are the amounts of tax to be withheld from an employee’s pay based on their income, tax offsets, and other factors. Understanding these inputs can help with calculating the correct amount of tax to be withheld from an employee’s pay.**

**What are the five examples of calculations you may need to perform to complete a different task in your workplace?**

**Ans: The five examples of calculations that I may need to perform to complete a different task in my workplace are:**

**Profit and loss calculations: This involves calculating the difference between income and expenses to determine the net profit or loss.****Budget calculations: This involves estimating income and expenses for a specific period, such as a month or a year.****Tax calculations: This involves determining the amount of tax owed by individuals or the business, based on income and other relevant factors.****Payroll calculations: This involves calculating the correct amount of pay for employees, taking into account hours worked, rates of pay, and any deductions or allowances.****Sales calculations: This involves calculating the total amount of sales, including taxes and any discounts or promotions.**

**Identify 4 types of resources and equipment that you might use to assist with performing calculations effectively**

**Ans: The four types of resources and equipment that I usefg are:**

**Calculator: This can help with performing accurate calculations quickly and efficiently.**

**Spreadsheet software: This can help with organizing and manipulating data for calculations, as well as automating repetitive calculations.**

**Reference materials: This can include textbooks, online resources, and other documentation to help with understanding concepts and formulas.**

**Training and support: This can include access to training programs or support from colleagues or managers to improve skills and knowledge in performing calculations.**

Activity 1A – Checklist – for assessor

This should be used by the trainer/assessor of FNSACC313 Perform Financial Calculation to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Checklist | ||

1A Q1 – Did the learner provide evidence of their ability to Obtain the input data required, ensuring to verify that it is relevant for workplace calculations. Provide copies of this data | Yes No (Please circle) | |

1A Q2 – Did the learner correctly identify 3 types of input data you could obtain from https://www.ato.gov.au/rates/weekly-tax-table/ and also explain how it is relevant for workplace calculations | Yes No (Please circle) | |

1A Q3 – Did the learner correctly explain the five examples of calculations individual may need to perform to complete a different task in your workplace? | Yes No (Please circle) | |

1A Q4 – Did the learner correctly identify 4 types of resources and equipment that you might use to assist with performing calculations effectively | Yes No (Please circle) | |

Comments | ||

The learner’s performance was: | Satisfactory | Not Yet Satisfactory |

## Activity 1B

P.C. 1.2 | Determine required outcomes of calculations from task specifications |

**Question 1**

To complete this activity, the following instruction should be followed:

- Obtain all required data required to perform the calculations
- Use a calculator correctly
- Perform accurate calculations
- Check and record your results as appropriate

**What is the formula for calculating the basic interest on an amount**

**Ans:** The formula for calculating the basic interest on an amount is:

Basic Interest = Principal x Interest Rate x Time

**A couple borrow $10,000. The interest rate is 1% per month, and the monthly payment is $210.How much of the first payment goes to interest and how much to reduce the loan. Explain all your calculation step by step.**

**Ans: The couple borrows $10,000 at an interest rate of 1% per month. So, the interest charged for the first month would be 1% of $10,000, which is $100. The monthly payment of $210 is used to pay off both the interest and a part of the loan amount. Therefore, the amount used to reduce the loan would be $210 – $100 = $110, and the interest would be $100.**

**How long will it take $6,000 to earn $600 interest at 5% p.a.? Please show your calculation.**

**Ans:**

**Solution**

**Here;**

**Simple interest = (Principal * Rate * Time) / 100**

**where Principal is $6,000, Rate is 5%, and Simple interest is $600.**

**So, we can rearrange the formula to solve for time:**

**Time = (Simple interest * 100) / (Principal * Rate)**

**Substituting the values, we get:**

**Time = (600 * 100) / (6,000 * 5)**

**Time = 2 years**

**Therefore, it will take 2 years for $6,000 to earn $600 interest at 5% p.a.**

**Calculate the compound interest and future value on the following principals. $1000 invested for 3 years at 5% compounded annually**

**Solution:**

**Here;**

**Future value = Principal * (1 + Rate)^n**

**where Principal is $1000, Rate is 5% per year, and n is the number of compounding periods, which is 3 years.**

**Substituting the values, we get:**

**Future value = 1000 * (1 + 0.05)^3**

**Future value = 1157.63**

**Therefore, the future value of $1000 invested for 3 years at 5% compounded annually is $1157.63.**

**To calculate the compound interest, we can subtract the initial principal from the future value:**

**Compound interest = Future value – Principal**

**Compound interest = 1157.63 – 1000**

**Compound interest = 157.63**

**Therefore, the compound interest earned on $1000 invested for 3 years at 5% compounded annually is $157.63.**

**Calculate the GST on the following items.**

$75.95 excluding GST

Ans: GST = 10% of $75.95 = $7.60

$9.90 including GST

Ans: GST = $9.90 ÷ 1.1 = $9.00

$354.90 excluding GST

Ans: GST = 10% of $354.90 = $35.49

$150 excluding GST GST

Ans: GST = 10% of $150 = $15.00

$951.50 including GST

Ans: GST = $951.50 ÷ 1.1 = $865.00

$23.53 including GST

Ans: GST = $23.53 ÷ 1.1 = $21.3

**Calculate the annual depreciation charges for a GST registered business using the straight line method**

$5,000 (Ex GST) purchase with $200 approximate salvage price (3 years estimated useful life)

Ans:

Solution:

Here;

Annual Depreciation = (Purchase Price – Salvage Value) / Useful Life

Given:

Purchase Price = $5,000 (Ex GST)

Salvage Value = $200

Useful Life = 3 years

First, we need to calculate the depreciable amount:

Depreciable amount = Purchase Price – Salvage Value

Depreciable amount = $5,000 – $200

Depreciable amount = $4,800

Next, we can calculate the annual depreciation charge:

Annual Depreciation = Depreciable amount / Useful Life

Annual Depreciation = $4,800 / 3

Annual Depreciation = $1,600

Therefore, the annual depreciation charge for a GST registered business using the straight-line method for a $5,000 purchase with $200 approximate salvage price and 3 years estimated useful life is $1,600 (Ex GST).

Ans:

Monthly Repayment = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

where P is the loan amount, i is the monthly interest rate, and n is the total number of monthly payments.

First, we need to calculate the monthly interest rate, which can be found by dividing the annual interest rate by 12:

Monthly Interest Rate = 6.57% / 12 = 0.5475%

Next, we need to calculate the total number of monthly payments, which is the loan duration in years multiplied by 12:

Total Number of Monthly Payments = 25 x 12 = 300

Now we can plug these values into the formula:

Monthly Repayment = 210000 [ 0.005475(1 + 0.005475)^300 ] / [ (1 + 0.005475)^300 – 1]

Monthly Repayment = $1,409.57

Activity 1B Checklist – for assessor

This should be used by the trainer/assessor of FNSACC313 Perform Financial Calculation to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Checklist | ||

1 B Q1 – Did the learner provide evidence of their ability to perform each of the following financial calculations: | Yes No (Please circle) | |

1B Q2 – Did the learner provide evidence of their ability to Obtain the input data required, ensuring to verify that it is relevant for workplace calculations. Provide copies of this data. | Yes No (Please circle) | |

1B Q3 – Did the learner Accurately perform the financial calculations, using techniques suited to selected method, and the appropriate equipment and software. Provide evidence of these calculations. | Yes No (Please circle) | |

Comments | ||

The learner’s performance was: | Satisfactory | Not Yet Satisfactory |

## Activity 1C

P.C. 1.3 | Identify and acquire resources and equipment needed to perform calculations |

P.C. 1.4 | Use simple spreadsheets where necessary to perform repeated calculations |

**Question 1**

For this task, you will be observed developing and testing 8 basic spreadsheets for

If you have the following information, calculate size of monthly instalment.

Loan amount: $500,000

Interest rate: 5% p.a. (compounded annually)

Maturity of loan: 5 years

Ans:

S.N. | A | B | C | D |

1 | Loan amount | Interest rate | Maturity of loan | Monthly instalment |

2 | $500,000.00 | 5.00% p.a. | 5 years | =PMT(5%/12, 5*12, 500000) |

The formula used to calculate the monthly instalment is the PMT function, which takes three arguments:

The interest rate per period (in this case, per month), which is calculated by dividing the annual interest rate by 12.

The total number of payment periods, which is equal to the maturity of the loan in years multiplied by 12.

The present value of the loan, which is the loan amount.

The result of the formula is the size of the monthly instalment, which in this case is $9,459.88.

Calculate the monthly instalment and interest if you have the following information:

Loan amount: $10,000

Bank interest rate: 10% p.a. (compounding annually) Period : 2 years.

Ans:

Loan Amount | $10,000 |

Interest Rate | 10% |

Compounding Frequency | Annually |

Period (years) | 2 |

Monthly Payment | $464.10 |

Total Payment | $11,138.33 |

Total Interest | $1,138.33 |

To calculate the monthly payment, the following formula is used:

=PMT((10%/12),2*12,10000)

To calculate the total payment, the following formula is used:

=PMT((10%/12),2*12,10000)*12*2

To calculate the total interest, the following formula is used:

=PMT((10%/12),2*12,10000)*12*2-10000

If you have the following information, calculate the number of instalment to pay the following principal.

Principal Loan amount= $100,000 Interest rate = 11.5% p.a.

Ans:

Principal Loan Amount | Interest Rate | Monthly Instalment | Number of Instalments |

$100,000 | 11.5% |

=PMT(11.5%/12, 12*25, 100000)

This gives us the value of the monthly instalment as $1,109.05.

If you have the following information, calculate the Selling price

Product price = $100

Mark up = 25%

Solution:

$100 * 25% = $25

$100 + $25 = $125

Therefore, the selling price is $125.

Selling price per unit = $ 10

Variable cost per unit= $ 6

Fixed Expenses = $ 1,000

Ans:

Break Even in amount = Fixed Expenses / (Selling price per unit – Variable cost per unit)

Break Even in amount = $1,000 / ($10 – $6)

Break Even in amount = $1,000 / $4

Break Even in amount = $250

If you have the following information, calculate the future value of investment and interest amount.

Monthly deposit = $250

Interest rate = 6% p.a. (compounded monthly)

Period = 5 years

Ans:

6%/12 = 0.5%

5 years x 12 months = 60 months

FV = PMT x (((1 + r)^n – 1) / r)

FV = $250 x (((1 + 0.005)^60 – 1) / 0.005) = $16,702.19

Interest = FV – Total Deposits

Interest = $16,702.19 – ($250 x 60) = $2,702.19

Monthly deposit = $250

Interest rate = 6% (compounded monthly)

Period = 5 years.

Ans:

interest rate: 6%/12 = 0.5%

periods: 5 years x 12 months = 60 months

future value of the investment: FV = PMT x (((1 + r)^n – 1) / r) x (1 + r)

FV = $250 x (((1 + 0.005)^60 – 1) / 0.005) x (1 + 0.005) = $16,836.92

Interest = FV – Total Deposits

Interest = $16,836.92 – ($250 x 60) = $3,836.92

Calculate the depreciation expenses and accumulated depreciation for every year. Acquisition cost of Machine = $100,000

Residual value of assets = $10,000

Useful life of machine = 10 years

Ans:

Acquisition cost of Machine – Residual value of assets = $100,000 – $10,000 = $90,000

depreciation expense: $90,000 ÷ 10 = $9,000

Year | Beginning Book Value | Depreciation Expense | Accumulated Depreciation | Ending Book Value |

1 | $100,000 | $9,000 | $9,000 | $91,000 |

2 | $91,000 | $9,000 | $18,000 | $82,000 |

3 | $82,000 | $9,000 | $27,000 | $73,000 |

4 | $73,000 | $9,000 | $36,000 | $64,000 |

5 | $64,000 | $9,000 | $45,000 | $55,000 |

6 | $55,000 | $9,000 | $54,000 | $46,000 |

7 | $46,000 | $9,000 | $63,000 | $37,000 |

8 | $37,000 | $9,000 | $72,000 | $28,000 |

9 | $28,000 | $9,000 | $81,000 | $19,000 |

Activity 1C Checklist – for assessor

This should be used by the trainer/assessor of FNSACC313 Perform Financial Calculation to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Checklist | ||

1C Q1 – Did learner complete the necessary calculation and develop simple spreadsheets to perform calculations. Provide copies of these spreadsheets. | Yes No (Please circle) | |

1c Q2 – Did the learner accurately perform the financial calculations, using techniques suited to selected method, and the appropriate equipment and software and also provide evidence of these calculations. | Yes No (Please circle) | |

Comments | ||

The learner’s performance was: | Satisfactory | Not Yet Satisfactory |

## Activity 2 A

P.C. 2.1 | Select method and equipment suitable for required calculations |

Answer the questions below by writing in the space provided.

What you will need

- Business viability assessment tool provided on https://www.ato.gov.au/calculators-and-tools/business-viability-assessment-tool/

**Question 1**

Identify 8 of the mathematical techniques you might select and use for performing financial calculations

Ans:

8 Mathmatical steps are:

**Question 2**

What types of equipment might be used to use to perform calculations?

Ans:

Various types of equipment can be used to perform calculations, such as calculators, computers, smartphones, and other electronic devices. Spreadsheet software, such as Microsoft Excel or Google Sheets, is also commonly used for financial calculations. Additionally, specialized financial calculators and accounting software can also be used for more complex financial calculations.

Activity 2 A – Checklist – for assessor

This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Checklist | ||

2A Q1 – Did learner select, and record, the suitable method for the required calculations. | Yes No (Please circle) | |

2A Q2 – Did the learner identify and obtain the resources and equipment that are relevant to perform the required calculations effectively, including hand held calculators. list the resources and equipment obtained. | Yes No (Please circle) | |

Comments | ||

The learner’s performance was: | Satisfactory | Not Yet Satisfactory |

## Activity 2B

P.C. 2.2 | Perform financial calculations and complete work requirements using techniques suited to selected method |

This FNSACC313 Perform Financial Calculation assessment job needs you to calculate and build a portfolio of material to demonstrate your competence to perform financial math activities.

The following tasks must be conducted in a secure location where evidence can be gathered. Displays continuous completion of basic accounting duties, including access to:

if you are creating data to show the computation, please make sure your spreadsheet has at least 15 line items.

**Question 1**

Using an electronic calculator complete the following calculations. Round your answers to two decimal places.

2445 x 63 + 336 x 75 + 6791 x 27 + 4356 = 201,996

287 997 + 254 + 14 465 + 6673 = 310,389

234 – 76 x 3 – 71 + 1908 = 1,915

194 + 32 + 17 x 68 – 897 + 644 = 95.31

798 – 465 + 73 – 35 = 371.02

718 + 415 + 314 + 0.7 = 1,448.70

16.34% of 456.87 = 74.66

316 + (216 + 0.625) x 15 = 4,326.38

423-8 x (53-12) = 55.01

**Question 2**

The Commonwealth Bank has different kind of tools, calculators and plans to help you better manage your money, in which you can easily compare the different features of bank accounts, including interest rates. Like as Personal loan borrowing calculator, Home loan repayments calculator etc.

**Instruction**

a) Go to the Commonwealth Bank website http://www.commbank.com.au/personal/tools calculators/.Click on the https://www.commbank.com.au/personal/personal-loans/borrowing-calculator.html personal loan calculator.

b) Enter all the required details related to your commitments, your income and loan.

Ans: income, expenses, credit card balances, and the amount you want to borrow.

c) After selecting all the information given on business tool under the incone of “How much can I borrow”

Ans: After entering all the necessary information, select “How much can I borrow?” to see an estimate of how much I can borrow.

d) Estimate how much you can borrow and what will be the repayments as per the current interest rate.

**Ans:**

**Question 3**

a) Go to the Commonwealth Bank website http://www.commbank.com.au/personal/tools-calculators/. Click on the “saving ” calculator. Enter the details required.

b) Enter all the required details related to your income and expenditure .

c) After selecting all the information given on business tool under the income of “How much can I save”

d) Calculate what is your saving plan .

**Question 4**

Give three advantage and disadvantages in using calculators, spreadsheets or other software for performing business calculations.

Activity 2 B – Checklist – for assessor

Checklist | ||

2B Q1 – Did the learner identify and obtain the resources and equipment that are relevant to perform the required calculations effectively, including handheld calculators? list the resources and equipment obtained. | Yes No (Please circle) | |

2B Q2 – Did the learner select, and record, the suitable method for the required calculations? | Yes No (Please circle) | |

2B Q3- Did the learner accurately record the calculation results? Provide a copy of these recorded results. | Yes No (Please circle) | |

2B Q4 – Did the learner give three advantage and disadvantages in using calculators, spreadsheets or other software for performing business calculations? | Yes No (Please circle) | |

Comments | ||

The learner’s performance was: | Satisfactory | Not Yet Satisfactory |

## Activity 3 A

P.C. 3.1 | Check results and confirm that calculations are accurate and meet required outcomes, and identify and correct computational errors |

**Instruction**

Check results to confirm that calculations are accurate and meet required outcomes, and identify and correct routine computational errors.

**Question 1**

Are the following correct (C) or not correct (NC)?

a. 40 + 5 – 13 = 14 C or NC = C

b. 10 x (12 – 2) = 118 C or NC= NC

c. 10 x (12 – 2) = 100 C or NC= C

d. 2/5 = 0.04 C or NC= NC

e. 4/8 = 0.50 C or NC= C

**Question 2**

On January 1, 2021, Aker Company acquired a machine at a cost of P $2,000,000.The machine is depreciated on the straight line method over a five-year period with no residual value. Because of a bookkeeping error, no depreciation was recognized in the 2021 financial statements. The oversight was discovered during the preparation of the 2022 financial statements.

What is the depreciation expense on the machine for 2022.

Ans:

To find the depreciation expense for 2022, we need to calculate the annual depreciation expense first. Since the machine has a cost of $2,000,000 and is depreciated over 5 years with no residual value, the annual depreciation expense is $400,000 ($2,000,000 divided by 5).

Since no depreciation was recognized in the 2021 financial statements, we need to recognize the full year’s depreciation expense in 2022. Therefore, the depreciation expense for the machine in 2022 will be $400,000.

**Question 3**

Explain how we Identify the typical computational errors that can occur when performing calculations, and for each outline explain the ways in which you would check for these errors. (Briefly explain the two method which you can use in your workplace calculation)

Ans:

When we perform calculations, we can make typical computational errors such as mistakes in addition, subtraction, multiplication, division, or decimal point placement. To identify these errors, we can use two methods: double-checking and estimation.

Double-checking involves reviewing the calculations and comparing them to previous calculations, company standards, or industry benchmarks. For example, we can use a calculator or spreadsheet to perform the calculation and then double-check it by performing the same calculation on a different calculator or spreadsheet. This can help us catch any errors we may have made during the initial calculation.

Estimation involves using a rough estimate to check the accuracy of a calculation. For example, if we are calculating the total cost of an order, we can estimate the cost in our head or on a piece of paper and then compare it to the calculated total. If the estimated cost is significantly different from the calculated cost, we may need to recheck our calculation for errors.

By using these methods, we can catch and correct typical computational errors and ensure the accuracy of our calculations in the workplace.

Activity 3A Checklist for assessor

This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Checklist | ||

3A Q1 – Did learner correctly confirm that calculations are accurate and meet required outcomes. | Yes No (Please circle) | |

3A Q2 – Did the learner accurately perform the financial calculations of depreciation. | Yes No (Please circle) | |

3A Q3- Did the learner correctly identify the typical computational errors also correctly explain the two method that can use to check for these errors in workplace. | Yes No (Please circle) | |

Comments | ||

The learner’s performance was: | Satisfactory | Not Yet Satisfactory |

## Activity 3B

P.C. 3.2 | Record calculation results according to organizational requirements |

**Question 1**

For this activity Use the ATO record-keeping evaluation tool to identify what records a need to as businessman must keep and review how well your business is keeping records.

After that answer the following question.

**Ans:**

**To identify the records that a businessman needs to keep, the following steps can be followed:**

**Ans: Anyone who runs a business or is responsible for record-keeping in a business can use this tool.**

**Ans:**

**The legal requirements for how long to keep records depend on the type of record and the applicable laws and regulations. As a general rule, records related to income tax, GST, and FBT must be kept for at least five years, while records related to capital gains tax must be kept for at least five years after the relevant CGT event. Records related to employment must be kept for at least seven years. Other records, such as financial statements, should be kept permanently. It is recommended to check the specific requirements applicable to the business with the relevant authorities.**

Activity 3 B – Checklist – for assessor

This should be used by the trainer/assessor to document the learner’s skills, knowledge and performance as relevant to the unit activity. Indicate in the table below if the learner is deemed satisfactory (S) or not satisfactory (NS) for the activity or if reassessment is required.

Checklist | ||

3B Q1(a) – Did the learner correctly explain steps that should be followed to identify records need to as a businessman? | Yes No (Please circle) | |

3B Q1(b) – Did the learner correctly identify those person who can use record keeping evaluation tools. | Yes No (Please circle) | |

3B Q1(c)- Did the learner properly describe the legal requirement of how long to keep records. | Yes No (Please circle) | |

Comments | ||

The learner’s performance was: | Satisfactory | Not Yet Satisfactory |

## Activity 3C

P.C.3.3 | Store calculation worksheets for future use according to organizational policies and procedures |

**Question 1**

Research Topics

**Question 2**

When storing or electronically filing calculation worksheets, Briefly explain the to six organizational procedures that you need to follow as per workplace requirements.

Ans:

The six organizational procedure are:

## Observation Checklist Activity 3C Q.1

Observation Checklist | |||

The learner is required to demonstrate all components from the list below | Assessment Date: | ||

Did the learner presentation given in defined timeframe I. Introduction – can be presented by 1 student (5 mins) I. Body – can be presented by 1 or 2 student/s (5- 10 mins) III. Conclusion – can be presented by 1 student (5 mins) | S | NS | |

The learner verbally explains case scenario to group members For presentation : The learner is expected to: Explain the case scenario to his/her classmates and also Observe and implement the given phenomena correctly | ☐ | ☐ | |

The learner uses a formal language which appropriates the context discussed. For scenario/context/statement/situation: The learner is expected to use formal language in a business discussion. They must not use slang and avoid abbreviations. | ☐ | ☐ | |

All task criteria must be satisfactorily demonstrated by the learner. The task has been confirmed: | |||

Satisfactory Not Satisfactory | |||

Comment: | |||

Assessor Declaration: | I declare that I have observed the learner perform this task. The task has been conducted as per the assessment procedures and the instructions provided for this assessment task. I have provided appropriate feedback to the learners. | ||

Assessor Name: | |||

Assessor Signature: | |||

Activity 3C – Checklist – for assessor

Checklist | ||

3C Q1 – Did the learner properly describe all the contents of presenatation as per given timeframe? | Yes No (Please circle) | |

3C Q2 – Did the learner correctly explain the organizational procedures that can be follow for storing or electronically filing calculation worksheets as per workplace requirements. | Yes No (Please circle) | |

Comments | ||

The learner’s performance was: | Satisfactory | Not Yet Satisfactory |

## Competency record to be completed by the assessor

This section should be completed by the trainer/assessor to document the overall outcomes of the learner’s FNSACC313 Perform Financial Calculation assessments in the Learner Workbook. The table below indicates whether the learner is deemed competent or not competent

Learner’s name | ||||

Assessor’s name | ||||

Unit of Competence (Code and Title) | | |||

Date | ||||

Has the learner completed all required assessments in this workbook to a satisfactory standard? | Yes No (Please circle) | |||

Comments from trainer/assessor: | ||||

Learner is deemed | Not competent | Competent | ||

Assessor’s signature | ||||

Australian customers. although this solution will satisfy the new GST law some

Australian customers are unsatisfied with the New Australian services. By

enforcing this law the Australian government is hoping by introducing this new

law more local Australian businesses will receive more support from Aus

The Australian government has enforced a recently adopted law that requires all

overseas businesses to register with the Australian Taxation Office to collect GST

on all goods sold. This means all the online sales businesses have been forced to

change their operations to cater to this new law while also satisfying their

Australian customers. although this solution will satisfy the new GST law some

Australian customers are unsatisfied with the New Australian services. By

enforcing this law the Australian government is hoping by introducing this new

law more local Australian businesses will receive more support from Australian

custome

The Australian government has enforced a recently adopted law that requires all

overseas businesses to register with the Australian Taxation Office to collect GST

on all goods sold. This means all the online sales businesses have been forced to

change their operations to cater to this new law while also satisfying their

Australian customers. although this solution will satisfy the new GST law some

Australian customers are unsatisfied with the New Australian services. By

enforcing this law the Australian government is hoping by introducing this new

law more local Australian businesses will receive more support from Australian

custome

The Australian government has enforced a recently adopted law that requires all

overseas businesses to register with the Australian Taxation Office to collect GST

on all goods sold. This means all the online sales businesses have been forced to

change their operations to cater to this new law while also satisfying their

Australian customers. although this solution will satisfy the new GST law some

Australian customers are unsatisfied with the New Australian services. By

enforcing this law the Australian government is hoping by introducing this new

law more local Australian businesses will receive more support from Australian

customers

The Australian government has enforced a recently adopted law that requires all

overseas businesses to register with the Australian Taxation Office to collect GST

on all goods sold. This means all the online sales businesses have been forced to

change their operations to cater to this new law while also satisfying their

Australian customers. although this solution will satisfy the new GST law some

Australian customers are unsatisfied with the New Australian services. By

enforcing this law the Australian government is hoping by introducing this new

law more local Australian businesses will receive more support from Australian

customers

Visit:https://auspali.info/

Also visit:https://www.notesnepal.com/archives/767

For solution: +610482078788

+61482073403

+61482072848

## YOUR COMMENT