Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Obtain data and resources for financial calculations
   • Obtain input data and verify as relevant for workplace calculations
   • Determine outcomes of calculations and confirm from task specifications
   • Acquire relevant resources and equipment to perform calculations effectively
   • Develop simple spreadsheets where necessary to perform calculations that may be repeated
2. Select appropriate methods and carry out financial calculations
   • Use hand held calculators to perform calculations, and identify and obtain other equipment that may be required
   • Perform calculations to complete work requirements using appropriate techniques
   • Recheck data used in calculations against task specifications
3. Check calculations and record outcomes
   • Check results to ensure calculations are accurate and meet required outcomes, and recognise and correct common computational errors where required
   • Record calculation results to industry standards and enterprise requirements
   • Store or electronically file calculation worksheets according to organisational policy and procedures, for future use

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.

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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.

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