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.
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 |
Evidence of Performance
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.
Evidence of Knowledge
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.
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:
common office equipment, technology, software and consumables
hand held calculators
financial services industry documentation and specialist software
information technology systems and databases.
Assessors must satisfy NVR/AQTF assessor requirements.
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 | Interprets instructions and carefully analyses information for errors and discrepancies |
Writing | 3.2 | Accurately records information using correct spelling, grammar and conventions |
Numeracy | 1.2, 1.4, 2.2, 2.3 | Accurately performs mathematical calculations including addition, subtraction, multiplication, division, percentages, fractions, decimals and straight line graphs to undertake financial computations |
Navigate the world of work | 3.3 | Follows organisational protocols, policy and procedures relevant to own role |
Get the work done | 1.1-1.4, 2.1, 2.2, 3.1-3.3 | Plans, organises and implements tasks according to organisational requirements Uses the main features and functions of digital tools to complete work tasks |
Sectors
Accounting