Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSACC303A Mapping and Delivery Guide
Perform financial calculations

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC303A - Perform financial calculations
Description 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.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit requires the application of literacy and numeracy skills to perform common computational tasks as part of an operational job role.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Obtain data and resources for financial calculations
  • Input data is obtained and verified as relevant for workplace calculations
  • Outcomes of calculations are determined and confirmed from task specifications
  • Relevant resources and equipment to perform the calculations effectively are acquired
  • Simple spreadsheets are developed where necessary to perform calculations that may be repeated
       
Element: Select appropriate methods and carry out financial calculations
  • Hand held calculators are primarily used for performing calculations with other equipment that may be required identified and obtained as necessary
  • Calculations to complete the work requirements are performed using appropriate techniques
  • Data used in calculations is rechecked against task specifications
       
Element: Check calculations and record outcomes
  • Results are checked to ensure the calculations are accurate, meet the required outcomes with common computational errors recognised and corrected where required
  • Calculation results are recorded to industry standards and enterprise requirements
  • Calculation worksheets are stored or electronically filed for future use
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

use sound written communication skills

understand and apply mathematical techniques and methods of calculation

effectively use relevant data entry, office equipment and software

check for accuracy of computational results

record calculation worksheets used for future reference and use.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

hand held calculators

financial services industry documentation and specialist software

access to IT systems and databases.

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:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

evaluating samples of work

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

ability to communicate effectively with co-workers and supervisors in order to clarify information

basic numeracy skills

data entry skills

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

questioning/listening techniques

time management skills

written communication skills necessary to complete business documentation

Required knowledge

relevant financial services legislation and statutory requirements

relevant knowledge of organisation policy on record keeping and filing

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.

Input data may include:

client records

enterprise tables and associated documentation

industry and government data and statistics such as:

tax tables

compound interest tables

loan calculators

depreciation factors.

Workplace calculations include:

basic loan calculations

compound interest

credit interest

Goods and Services Tax (GST) calculations

inflation effects

mark up and break even

simple interest

straight-line deprecation.

Resources and equipment must include:

hand held calculators

and may include:

computers

financial services software

spreadsheets

on-ine special purpose calculators.

Appropriate techniques include:

division

addition

subtraction

percentages

fractions

decimals

straight-line graphs.

Common computational errors may include:

input/transcription errors

wrong spreadsheet function or formula used

incorrect methodology

wrong computational sign

incorrect order of operations

loss of constants

incorrect positioning of decimal points and brackets in equations.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Input data is obtained and verified as relevant for workplace calculations 
Outcomes of calculations are determined and confirmed from task specifications 
Relevant resources and equipment to perform the calculations effectively are acquired 
Simple spreadsheets are developed where necessary to perform calculations that may be repeated 
Hand held calculators are primarily used for performing calculations with other equipment that may be required identified and obtained as necessary 
Calculations to complete the work requirements are performed using appropriate techniques 
Data used in calculations is rechecked against task specifications 
Results are checked to ensure the calculations are accurate, meet the required outcomes with common computational errors recognised and corrected where required 
Calculation results are recorded to industry standards and enterprise requirements 
Calculation worksheets are stored or electronically filed for future use 

Forms

Assessment Cover Sheet

FNSACC303A - Perform financial calculations
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC303A - Perform financial calculations

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: