Assessor Resource

FNSACC303
Perform financial calculations

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to use a range of common calculation methods and techniques for conducting routine financial calculations and transactions.

It applies to individuals who use literacy and numeracy skills to perform common computational tasks as part of an operational job role.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Obtain data and resources for financial calculations

1.1 Obtain input data and verify as relevant for workplace calculations

1.2 Determine outcomes of calculations and confirm from task specifications

1.3 Acquire relevant resources and equipment to perform calculations effectively

1.4 Develop simple spreadsheets where necessary to perform calculations that may be repeated

2. Select appropriate methods and carry out financial calculations

2.1 Use hand held calculators to perform calculations, and identify and obtain other equipment that may be required

2.2 Perform calculations to complete work requirements using appropriate techniques

2.3 Recheck data used in calculations against task specifications

3. Check calculations and record outcomes

3.1 Check results to ensure calculations are accurate and meet required outcomes, and recognise and correct common computational errors where required

3.2 Record calculation results to industry standards and enterprise requirements

3.3 Store or electronically file calculation worksheets according to organisational policy and procedures, for future use

Evidence of the of the ability to:

apply mathematical techniques and methods of calculation

effectively use office equipment and software to enter data and complete calculations

check for accuracy of computational results

record calculation worksheets used for future reference and use.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe how to complete the following calculations:

goods and services tax (GST)

simple interest

compound interest

basic loan calculations

straight line depreciation

describe typical computational errors and ways to check for errors

outline tools and sources of information to assist with financial calculations

describe the key organisational policy and procedures relating to record keeping and filing.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables

hand held calculators

financial services industry documentation and specialist software

information technology systems and databases.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Obtain data and resources for financial calculations

1.1 Obtain input data and verify as relevant for workplace calculations

1.2 Determine outcomes of calculations and confirm from task specifications

1.3 Acquire relevant resources and equipment to perform calculations effectively

1.4 Develop simple spreadsheets where necessary to perform calculations that may be repeated

2. Select appropriate methods and carry out financial calculations

2.1 Use hand held calculators to perform calculations, and identify and obtain other equipment that may be required

2.2 Perform calculations to complete work requirements using appropriate techniques

2.3 Recheck data used in calculations against task specifications

3. Check calculations and record outcomes

3.1 Check results to ensure calculations are accurate and meet required outcomes, and recognise and correct common computational errors where required

3.2 Record calculation results to industry standards and enterprise requirements

3.3 Store or electronically file calculation worksheets according to organisational policy and procedures, for future use

Evidence of the of the ability to:

apply mathematical techniques and methods of calculation

effectively use office equipment and software to enter data and complete calculations

check for accuracy of computational results

record calculation worksheets used for future reference and use.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe how to complete the following calculations:

goods and services tax (GST)

simple interest

compound interest

basic loan calculations

straight line depreciation

describe typical computational errors and ways to check for errors

outline tools and sources of information to assist with financial calculations

describe the key organisational policy and procedures relating to record keeping and filing.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables

hand held calculators

financial services industry documentation and specialist software

information technology systems and databases.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Obtain input data and verify as relevant for workplace calculations 
Determine outcomes of calculations and confirm from task specifications 
Acquire relevant resources and equipment to perform calculations effectively 
Develop simple spreadsheets where necessary to perform calculations that may be repeated 
Use hand held calculators to perform calculations, and identify and obtain other equipment that may be required 
Perform calculations to complete work requirements using appropriate techniques 
Recheck data used in calculations against task specifications 
Check results to ensure calculations are accurate and meet required outcomes, and recognise and correct common computational errors where required 
Record calculation results to industry standards and enterprise requirements 
Store or electronically file calculation worksheets according to organisational policy and procedures, for future use 

Forms

Assessment Cover Sheet

FNSACC303 - Perform financial calculations
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC303 - Perform financial calculations

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: