^

 
 

Unit of competency details

FNSACC303 - Perform financial calculations (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC303A - Perform financial calculationsUpdated to meet Standards for Training Packages 24/Mar/2015
Is superseded by and equivalent to FNSACC313 - Perform financial calculations 12/Feb/2018

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  30/Jul/2015 
The content being displayed has been produced by a third party, while all attempts have been made to make this content as accessible as possible it cannot be guaranteed. If you are encountering issues following the content on this page please consider downloading the content in its original form

Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to use a range of common calculation methods and techniques for conducting routine financial calculations and transactions.

It applies to individuals who use literacy and numeracy skills to perform common computational tasks as part of an operational job role.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

Elements and Performance Criteria

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

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 3.1

  • Interprets instructions and carefully analyses information for errors and discrepancies

Writing

3.2

  • Accurately records information using correct spelling, grammar and conventions

Numeracy

1.2, 1.4, 2.2, 2.3

  • Accurately performs mathematical calculations including addition, subtraction, multiplication, division, percentages, fractions, decimals and straight line graphs to undertake financial computations

Navigate the world of work

3.3

  • Follows organisational protocols, policy and procedures relevant to own role

Get the work done

1.1-1.4, 2.1, 2.2, 3.1-3.3

  • Plans, organises and implements tasks according to organisational requirements
  • Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC303 Perform financial calculations

FNSACC303A Perform financial calculations

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

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.

Knowledge Evidence

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.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • common office equipment, technology, software and consumables
  • hand held calculators
  • financial services industry documentation and specialist software
  • information technology systems and databases.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe