Unit of competency Outline

Date retreived
22/07/2026 2:05 AM AWST

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Perform financial calculations

Perform financial calculations

Unit of competency
National Code
FNSACC303A
State Code
D4032
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
13/02/2012
Field of Education
080101 - Accounting
Original Release Date
13/02/2012
Nominal Hours
30
Description
This unit covers the use of a common range of calculation methods and techniques for conducting routine financial calculations and transactions.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Obtain data and resources for financial calculations
  • 1.1. Input data is obtained and verified as relevant for workplace calculations
  • 1.2. Outcomes of calculations are determined and confirmed from task specifications
  • 1.3. Relevant resources and equipment to perform the calculations effectively are acquired
  • 1.4. Simple spreadsheets are developed where necessary to perform calculations that may be repeated
2. Select appropriate methods and carry out financial calculations
  • 2.1. Hand held calculators are primarily used for performing calculations with other equipment that may be required identified and obtained as necessary
  • 2.2. Calculations to complete the work requirements are performed using appropriate techniques
  • 2.3. Data used in calculations is rechecked against task specifications
3. Check calculations and record outcomes
  • 3.1. Results are checked to ensure the calculations are accurate, meet the required outcomes with common computational errors recognised and corrected where required
  • 3.2. Calculation results are recorded to industry standards and enterprise requirements
  • 3.3. Calculation worksheets are stored or electronically filed for future use
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.
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
Replaced By
State Code National Code Title Type
AUX26 FNSACC303 Perform financial calculations Unit of competency