ASSESSMENT 2

FNSACC323
PERFORM FINANCIAL CALCULATIONS
Assessment Instructions for the Candidate
Requirements:
 Access to a computer loaded with Microsoft Word and Excel.
 Access to the Student Portal.
 Calculator.
 Your assessment should be completed using Word or Excel, as required by each task.
 It is recommended that on completion of this unit, participants should be able to produce
accurate work with not more than three re-submissions.

On completion
 Upload your assessment document to the online platform.
 Remember to name each document according to task requirements.

Reasonable Adjustment
 If you are unable to complete the assessment as designed, please raise a support ticket to
discuss with your Assessor.

Assessment Outcomes
There are only two possible results of any assessment:
 Competent
 Not yet competent

Competent
An assessment of ‘Competent’ recognises that you have clearly demonstrated to your assessor that
you have current skills and knowledge as outlined in the units of competency for which application
was made.

Not Yet Competent

Student Name Type full name.

Date of Assessment Click to enter a date.

Pre-Requisite
Before attempting this assessment, you must complete Assessment 1, Online Exam.

When completing this assessment, please ensure you consider and adhere to the following
organisational policies and procedures

POLICY & PROCEDURES EXTRACT – CALCULATIONS AND FILE SAVING

 All calculations must be checked for errors before finalising

 All calculations must be checked to ensure they meet the desired outcomes

 Microsoft Excel should be used for spreadsheets

 Where a spreadsheet is used for calculations that may be reused at a later date, the file must
be saved and uploaded to the portal

 All financial records must be kept for a minimum of seven (7) years

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Part A
Written Questions

QUESTION 1
You have been asked to create a record of the payroll data for each staff member, including
calculating their weekly pay.

a) What is some of the data you may need to perform payroll calculations?

Click or tap here to enter text.

b) Where could you get the required information?

Click or tap here to enter text.

c) What Equipment, tools or resources can you use to perform financial calculations?

The resources and equipment that can be used to perform financial calculations
includes: (1) Hand-held calculators, (2) Computers, (3) Financial services software, and
lastly (4) Spreadsheets.

d) Referring to the provided Policy & Procedures Extract – Calculations and File Saving, what
policies and procedures does the organization have in place regarding record keeping and
filing of documents?
Organization’s policy and procedures regarding record keeping and filing of documents
includes: Records management, Document management, Security access, Filing
protocols, Processes for recording transactions, Processes for classifying transactions,
Internal sources of dara, External sources of data, Legal obligations, Operations
manuals, and Manual or computer system documentation.

QUESTION 2
How can you check your calculations for errors?

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Click or tap here to enter text.

QUESTION 3
Identify three (3) types of calculations you may be required to perform in the workplace (i.e.
income tax payable)

1 Interest & Loans Calculations

2 Goods and Services Tax Calculations

3 Income Tax Calculations

QUESTION 4
List three (3) techniques you use when performing calculations (i.e. multiplication)

1 Click or tap here to enter text.

2 Click or tap here to enter text.

3 Click or tap here to enter text.

QUESTION 5
List three (3) key features of Microsoft Excel you could use to conduct financial calculations
Hint: look on the different tabs in Excel.

1 Conditional Formula
-Helps to calculate counts, sums, averages, and totals from text strings based
on one or more conditions in data set.
2 LOOKUP Formula
- Lookup formula are essential when relationg information from multiple

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records.
3 PIVOT Table
- Pivot table are important tools for organizing and analyzing large amounts
of data.

QUESTION 6
List three (3) common computational errors.

1
Input/Transaction errors

2
Wrong spreadsheet function or formula used

3
Wrong computational sign

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Part B
Practical Tasks

TASK 1 – LOAN REPAYMENT SCHEDULE

The company has drawn down a new business loan to finance some asset purchases.

Details of the loan are as follows:

Loan Amount $20,000

Interest Rate 6.00%

Term 10 Years

Loan repayments will be made monthly and include both a principal and interest payment.

You are required to:

a) Open the Loan Repayment spreadsheet in Microsoft Excel

b) Using the PMT function, calculate the monthly repayment amount

c) Save your spreadsheet for future use.

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TASK 2 – STRAIGHT LINE GRAPH

You have been provided the following data and are required to calculate the breakeven point.

Sales Price per Unit $50

Cost Price per Unit $20

Fixed Costs $6,000

a) Open the Straight Line Graph spreadsheet in Microsoft Excel

b) Insert a Line chart to plot the Sales (Qty) and Profit in order to determine the breakeven
point.

c) Be sure to:
 Label all axis

 Include an appropriate chart title

 Include an appropriate chart legend

d) Save your spreadsheet for future use.

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CHECKLIST
Documents to be uploaded

The following documents should be uploaded to the Student Portal for marking.

DOCUMENT DOCUMENT NAME

Assessment Completed Assessment document.

Spreadsheet 1 Loan Repayment

Spreadsheet 2 Straight Line graph

You have now completed this Assessment.

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