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 |
|
Writing |
3.2 |
|
Numeracy |
1.2, 1.4, 2.2, 2.3 |
|
Navigate the world of work |
3.3 |
|
Get the work done |
1.1-1.4, 2.1, 2.2, 3.1-3.3 |
|
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