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Evidence Guide: FNSACC303A - Perform financial calculations

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSACC303A - Perform financial calculations

What evidence can you provide to prove your understanding of each of the following citeria?

Obtain data and resources for financial calculations

  1. Input data is obtained and verified as relevant for workplace calculations
  2. Outcomes of calculations are determined and confirmed from task specifications
  3. Relevant resources and equipment to perform the calculations effectively are acquired
  4. Simple spreadsheets are developed where necessary to perform calculations that may be repeated
Input data is obtained and verified as relevant for workplace calculations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outcomes of calculations are determined and confirmed from task specifications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant resources and equipment to perform the calculations effectively are acquired

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Simple spreadsheets are developed where necessary to perform calculations that may be repeated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select appropriate methods and carry out financial calculations

  1. Hand held calculators are primarily used for performing calculations with other equipment that may be required identified and obtained as necessary
  2. Calculations to complete the work requirements are performed using appropriate techniques
  3. Data used in calculations is rechecked against task specifications
Hand held calculators are primarily used for performing calculations with other equipment that may be required identified and obtained as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculations to complete the work requirements are performed using appropriate techniques

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data used in calculations is rechecked against task specifications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check calculations and record outcomes

  1. Results are checked to ensure the calculations are accurate, meet the required outcomes with common computational errors recognised and corrected where required
  2. Calculation results are recorded to industry standards and enterprise requirements
  3. Calculation worksheets are stored or electronically filed for future use
Results are checked to ensure the calculations are accurate, meet the required outcomes with common computational errors recognised and corrected where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculation results are recorded to industry standards and enterprise requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculation worksheets are stored or electronically filed for future use

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

use sound written communication skills

understand and apply mathematical techniques and methods of calculation

effectively use relevant data entry, office equipment and software

check for accuracy of computational results

record calculation worksheets used for future reference and use.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

hand held calculators

financial services industry documentation and specialist software

access to IT systems and databases.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

evaluating samples of work

Guidance information for assessment

Required Skills and Knowledge

Required skills

ability to communicate effectively with co-workers and supervisors in order to clarify information

basic numeracy skills

data entry skills

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

questioning/listening techniques

time management skills

written communication skills necessary to complete business documentation

Required knowledge

relevant financial services legislation and statutory requirements

relevant knowledge of organisation policy on record keeping and filing

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Input data may include:

client records

enterprise tables and associated documentation

industry and government data and statistics such as:

tax tables

compound interest tables

loan calculators

depreciation factors.

Workplace calculations include:

basic loan calculations

compound interest

credit interest

Goods and Services Tax (GST) calculations

inflation effects

mark up and break even

simple interest

straight-line deprecation.

Resources and equipment must include:

hand held calculators

and may include:

computers

financial services software

spreadsheets

on-ine special purpose calculators.

Appropriate techniques include:

division

addition

subtraction

percentages

fractions

decimals

straight-line graphs.

Common computational errors may include:

input/transcription errors

wrong spreadsheet function or formula used

incorrect methodology

wrong computational sign

incorrect order of operations

loss of constants

incorrect positioning of decimal points and brackets in equations.