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Evidence Guide: FNSACC303 - 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

 

FNSACC303 - 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. Obtain input data and verify as relevant for workplace calculations
  2. Determine outcomes of calculations and confirm from task specifications
  3. Acquire relevant resources and equipment to perform calculations effectively
  4. Develop simple spreadsheets where necessary to perform calculations that may be repeated
Obtain input data and verify as relevant for workplace calculations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine outcomes of calculations and confirm from task specifications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Acquire relevant resources and equipment to perform calculations effectively

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select appropriate methods and carry out financial calculations

  1. Use hand held calculators to perform calculations, and identify and obtain other equipment that may be required
  2. Perform calculations to complete work requirements using appropriate techniques
  3. Recheck data used in calculations against task specifications
Use hand held calculators to perform calculations, and identify and obtain other equipment that may be required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Perform calculations to complete work requirements using appropriate techniques

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recheck data used in calculations against task specifications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check calculations and record outcomes

  1. Check results to ensure calculations are accurate and meet required outcomes, and recognise and correct common computational errors where required
  2. Record calculation results to industry standards and enterprise requirements
  3. Store or electronically file calculation worksheets according to organisational policy and procedures, for future use
Check results to ensure calculations are accurate and meet required outcomes, and recognise and correct common computational errors where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record calculation results to industry standards and enterprise requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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.