Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
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. |
Application of the Unit
Application of the unit |
This unit requires the application of literacy and numeracy skills to perform common computational tasks as part of an operational job role. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
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 |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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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:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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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. |
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Input data may include: |
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Workplace calculations include: |
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Resources and equipment must include: |
and may include:
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Appropriate techniques include: |
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Common computational errors may include: |
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Unit Sector(s)
Unit sector |
Accounting |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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