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FNSACC323 Assessment 2 Skills Guide and Tips

You are asked to use the Excel workbook called FNSACC323_AE_Appx_Resources for your
answers. Please ensure you use Excel formulas in all your tasks. Lesson 1 runs through
writing formulas. Under the RESOURCE tab you will also find a link to webinars on LinkedIn
Learning for writing basic formulas in Excel.

Part 1 Break even

Lesson information can be found at Lesson 2 Topic 2 Markup and Margin
Please note terminology does change from worked examples in lesson to assessment.

• Variable cost from assessment is the ‘cost’ or ‘cost price’.

• Contribution margin in assessment is also simply ‘margin’ or ‘profit’.
• Break Even is in units, but font in template is set to currency. Please amend this to
Number and round the figure.
Additional Information under RESOURCES tab that you will need

• Break Even concepts

• Rounding concepts

Part 2 Depreciation
Lesson information can be found at Lesson 1 Topic 4 Use spreadsheet to perform
calculations.

• Ensure you understand what residual value means

• The webinar “Create a depreciation schedule with Excel” shows how to create the
schedule in Excel just like your assessment. You may create the summary table at the
top if easier (see below from webinar), but it is not required. You may just calculate
the depreciation value in your schedule.

Part 3 GST
Lesson information can be found at Lesson 2 Topic 2 Perform calculations to organisational
requirements

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Task 1

• In the workbook Column D, Total Price (excl. GST) should be INC GST.
• Sanity check your answers as you know GST is 10% of original cost.

Task 2

• You can write the formulas in row 4 then copy down.

Task 3

• Refer to the ATO website and database and check on GST

Part 4 Income tax, mark-up and margin

Lesson information can be found at Lesson 2 Topic 2 Perform calculations to organisational
requirements

Task 1

• Use the ATO website to confirm the rates given are accurate for 2022-2023
0https://www.ato.gov.au/rates/individual-income-tax-rates/
• The Income Tax excludes Medicare Levy
• When writing formulas, ensure you consider order or operations and use brackets
for this

Task 2

• When writing formulas, ensure you consider order or operations and use brackets
for this
• Please see Supplementary Information under Resource tab Markup vs Margin
• This will give you a list of formulas you can use

Part 5 Simple and Interest Compound

Lesson information can be found at Lesson 2 Topic 2 Perform calculations to organisational
requirements

Task 1

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• Calculate interest for each year and not accumulated interest in Year 2
• You may write the formula or use the Simple Interest function in Excel.

Task 2

• You may insert columns for closing balance at Year 1 and Year 2 in the template, if
this is easier.
• When writing formulas, ensure you consider order or operations and use brackets
for this
• You may write the formula or use the Compound Interest function in Excel.

Part 6 Storing calculation worksheets

• Take a screen shot of your directory from File Explorer

• One way to do this is Insert > Screenshot

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