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Assignment sample solution of MSFGN1006 - Estimsate and Cost Job

Q.1 Answer the following questions related to the industry sector and enterprise costing and quoting procedures as stated.

  • What are mark-up percentages? Write your answer using 60-80 words.
  • How is the Goods and Services Tax (GST) applied in job cost estimation? Write your answer using 70-90 words.
  • What are the key elements to include in documentation formats for quotations? Write your answer using 110-160 words.
  • What terms and conditions should be included in quotations for job cost estimation? Write your answer using 170-190 words.
  • What are the common checking and approval processes involved in preparing job cost quotations? Write your answer using 100-120 words.

Q.2 Answer the following questions related to the workplace procedures and protocols for:

  • How do you identify customer requirements when estimating and costing a job? Write your answer using 110-150 words.
  • What is the process for recording job specifications when preparing a cost estimate? Write your answer using 100-120 words.
  • Why is it important to check and verify costing details before providing a customer quotation? Write your answer using 70-90 words.
  • What is the best practice for filing and storing costing and quotation documentation in this context? Write your answer using 100-120 words
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Accounting Assignment Sample

Q1:

Answer :

Mark-up percentages are the extra amount added to the cost of a product or service to set its selling price. This extra amount covers things like overhead costs and profit. For example, if a product costs $100 and the mark-up is 20%, the selling price would be $120. Mark-ups are important because they help businesses cover their costs and make a profit while setting a fair price for customers.

  • GST is a tax added to goods and services in countries like Australia. When estimating job costs, GST is added to the total price of materials, labour and other expenses. For example, if a job costs $1,000 and the GST is 10%, the total estimate will be $1,100. Businesses must include GST in quotations to follow tax rules and make sure the correct amount is paid to the tax authorities.

  • Key elements to include in documentation formats for quotations are:

    Company details: The name, contact information, and license number of the company providing the quote.
    Client details: The customer’s name, address and contact details.
    Quotation number and date: A unique reference number and the date of issue for tracking purposes.
    Job description: A clear and concise description of the goods or services to be provided.
    Itemized costs: A detailed breakdown of costs, including materials, labor, and any other related expenses.
    Completion time: An estimate of how long the job will take to finish.
    Payment terms: The schedule for payment and the methods accepted.
    GST or taxes: Indication of whether GST or any other taxes are applicable and the amounts.
    Validity period: The duration for which the quote is valid before it needs to be revised or updated.
    Terms and conditions: Specific conditions related to cancellations, warranties, or guarantees, as well as other legal terms.
    Approval section: A space for the customer’s approval, signature, and date of acceptance.