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Unit of competency details

FNSACC313 - Perform financial calculations (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC303 - Perform financial calculations 12/Feb/2018
Is superseded by and equivalent to FNSACC323 - Perform financial calculationsSupersedes and is equivalent to FNSACC313 Perform financial calculations. 14/Jun/2022

Releases:
ReleaseRelease date
1 1 (this release) 13/Feb/2018

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Training packages that include this unit

Qualifications that include this unit

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  13/Feb/2018 
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Unit of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to use a range of routine calculation methods and techniques when performing routine financial calculations and checking calculation outcomes.

It applies to individuals who use literacy and numeracy skills to perform routine computational tasks as part of their 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 required for workplace calculations

1.2 Determine required outcomes of calculations and confirm from task specifications

1.3 Acquire resources and equipment needed to perform calculations effectively

1.4 Use simple spreadsheets where necessary to perform repeated calculations

2. Select suitable calculation methods and carry out financial calculations

2.1 Identify and obtain equipment required to perform calculations, including hand-held calculators

2.2 Select method suitable for required calculations

2.3 Perform financial calculations to complete work requirements using techniques suited to selected method

3. Check calculations and record outcomes

3.1 Check results to confirm that calculations are accurate and meet required outcomes, and identify and correct routine computational errors

3.2 Record calculation results according to organisational requirements

3.3 Store or electronically file calculation worksheets for future use according to organisational policy and procedures

Foundation Skills

This section describes those language, literacy and numeracy and employment skills that are essential to performance.

Skill 

Description 

Reading
  • Interprets instructions and carefully analyses information for errors and discrepancies

Writing
  • Records information accurately using correct spelling, grammar and conventions

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

Navigate the world of work
  • Follows organisational protocols, policies and procedures relevant to own role

Get the work done
  • 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 

FNSACC313 Perform financial calculations (Release 1)

FNSACC303 Perform financial calculations (Release 1)

Updates to performance criteria. Updates to assessment requirements to expand required performance evidence.

Equivalent unit.

Links

Companion volumes are available from 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 3.0.

Performance Evidence

Evidence of the ability to:

  • apply mathematical techniques and methods of calculation, including to calculations of:
  • goods and services tax (GST)
  • simple interest
  • compound interest
  • basic loan calculations
  • effectively use office equipment and software to enter data and complete calculations
  • check for accuracy of computational results and correct errors where required
  • record calculation worksheets 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

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Industry-standard techniques and methods to perform routine calculations
  • Typical computational errors and ways to check for them
  • Key features of equipment and software required to conduct routine financial calculations

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:

  • office equipment, technology, software and consumables required to perform financial calculations, including:
  • hand-held calculators
  • financial services industry documentation and specialist software
  • information technology systems and databases.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

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