Course Title: Perform financial calculations

Part B: Course Detail

Teaching Period: Term2 2016

Course Code: ACCT5385C

Course Title: Perform financial calculations

School: 650T Vocational Business Education

Campus: City Campus

Program: C4366 - Certificate IV in Accounting

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email: ben.sethia@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Inna Kazakevich

inna.kazakevich@rmit.edu.au

Nominal Hours: 30

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC303 Perform financial calculations

Element:

1. Obtain data and resources for financial calculations

Performance Criteria:

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 

Element:

2. Select appropriate methods and carry out financial calculations

Performance Criteria:

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

Element:

3. Check calculations and record outcomes

Performance Criteria:

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 


Learning Outcomes



Details of Learning Activities

 

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
 


Teaching Schedule

 

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 The Teaching Schedule for this course (for both FULL time and Flexed students)  is as follows but please note that it is subject to change.

     WeekWeek CommencingTopics                                                            Assessment   
 1  4 July    

Introduction to Blackboard

Course Guide

Blackboard. Weekly contents (Week 1)

WHS & Ergonomics & Office Sustainability.

Organise your information.

Introduction to Spreadsheet

Task:

Complete Blackboard activities    
 
 2  11 July    

Book - Section 1 – Introduction to Financial Calculations

Blackboard (week 2) – tutorial links

Math principals – use Excel (handout) 

Task:

Complete exercises 1-5 from textbook

Blackboard – Activity – Week 2    
 
 3  18 July    

Blackboard  (week 3)

Book - Section 2 – Spreadsheets

Task:

Complete online quiz

Review of BODMAS

Complete activity from Blackboard (week3)

Complete exercises 6-8 from textbook    

 

 Online Quiz
 4  25 July 

Blackboard  (week 4)

Book - Section 2 – Spreadsheets

Excel spreadsheet: formatting

Task:

Complete activity from Blackboard (week 4)

Complete exercises 9-11 from textbook

Complete Evidence Portfolio Task 1 (EP1)    

Evidence Portfolio (EP1)-due

 
 51 Aug   Blackboard  (week 5) -Simple and Compound Interest

 

Book - Section 6 – Loans  & Debit Interest

           Section 7 – Investing and credit interest

Task:

Complete exercises 21, 22, 23, 24, 25, 26 from textbook

Complete activity from Blackboard (week 5)

Evidence Portfolio (EP2)    
 
 6 8 Aug    

 

Blackboard  (week 6)- Present value

Task:

Complete Blackboard activities         
Evidence Portfolio (EP 2) - due     
 715 AugBlackboard  (week 7)-Relative and Absolute cell references

Actual and Forecast data

Parameter Table

Task:

Complete Blackboard activities -

Excel consolidation exercises
 
 822 AugBlackboard  (week 8)- Excel Chart

Excel chart

Task:

Complete Blackboard activities -

Excel chart exercises

Evidence Portfolio (EP3)    
 
    29 AUGUST - 2 SEPTEMBER - Mid Semester Break     
 9 5 Sep    

Blackboard  (week 9) - Cost Volume Profit Analysis

Book - Section 11 – Break-Even Point

Task:

Complete exercise 30 from textbook

Complete activity from Blackboard (week 9)

Evidence Portfolio (EP4)    
Evidence Portfolio (EP 3)  - due  
 1012 Sep

 

Blackboard  (week 10) –PAYG calculations. Checking for errors

Book - Section 3 – Input data

           Section 4 – Investing and credit interest

           Section 5 – Record-keeping

Task:

Complete exercises 12,15,16,1718,19, 20 from textbook

Complete activity from Blackboard (week 10)

Evidence Portfolio (EP5)        
Evidence Portfolio (EP 4)- due    
1119 SepBlackboard  (week 11) –GST & Inflation

Book - Section 8 – GST

           Section 12 – Inflation

Task:

Complete exercises 27, 14(page 59), 31(page 106) from textbook
Evidence Portfolio (EP 5)- due    
 1226 Sep

Blackboard  (week 12) –Depreciation

Book - Section 9 – Straight line Depreciation

Task:

Complete exercise 28 from textbook

Depreciation calculations; straight line and reducing balance – Blackboard exercises Week 12

Evidence Portfolio (EP6)    
 
 133 Oct

Blackboard  (week 13) – Mark ups and Margins Book - Section 10 – Mark ups and Margins calculations      

Task:

Complete exercise 29 from textbook

Blackboard Exercises

Review of topics    
Evidence Portfolio (EP 6)- due    
 1410 Oct Financial Calculation test (in class)     Test
 1517 Oct Finalisation of assessments     
 1624 Oct Feedback 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Please note, it is anticipated that two collaboration sessions will be provided during the course for flexed students. The weeks in which these will occur will be announced on Blackboard during the course of the semester. It is the responsibility of the student to have the required technical hardware necessary to participate in these sessions.


Learning Resources

Prescribed Texts

Perform Financial Calculations (3rd Edition) by Ian Berry, Software Publications

978-1922012-61-6


References


Other Resources

The Blackboard will be a significant resource during the semester. Students should therefore frequently visit the program shell for updates and announcements


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

 Evidence 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

Knowledge Evidence

To complete the unit requirements safely and effectively, you 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

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.


Assessment Tasks

 

Overview of Assessment

This course is co-delivered and co-assessed as a cluster of units. The competencies within this cluster include:

ACCT5385C Prepare Financial Calculations

COSC6190C Produce Spread Sheets
 

 The assessments for this course have been designed to allow participants  apply their learning to particular simulated work scenarios and demonstrate their competence in a variety of ways.

TASK 1. Quiz (Due Date: Within week commencing 18/07/2016

For this Assessment Task you you will be required to team up with a class member to complete an online quiz covering ergonomic , sustainability principles and spreadsheet planning. This will require for you to answer a number of multiple choice, true and fair and multiple answer questions. You will be able to use notes which you have prepared specifically for this task (Cheat Sheet). The test must be completed successfully (no errors), you will have three attempts in order to complete this task. This task is used for purposes of evidencing competency only, and will have no bearing on your grade.


TASK 2. Evidence Portfolio (Due Date: See below)

The Evidence Portfolio (EP) comprises a total of six (6) online supervised (in class) tasks. The EP is simply a compilation of items used as evidence to show your competence against a set of criteria. The tasks you complete will be retained in the Blackboard system. In this case the EP is completed so as to meet criteria commensurate with many of the performance and knowledge evidence items listed above.

All individual EP tasks will be closely aligned with work exercises set in the weeks leading up to the tasks. These exercises will be featured in the Blackboard in the weeks prior to the EP tasks (please refer to the Blackboard frequently), you should therefore ensure you complete any set exercises prior to the related EP task.

The EP tasks are scheduled for classes conducted in the following weeks (dates shown week commencing)

EP Task 1 25/07/2016

EP Task 2 08/08/2016

EP Task 3 05/09/2016

EP Task 4 12/09/2016

EP Task 5 19/09/2016

EP Task 6 03/10/2016

The EP Tasks are OPEN BOOK assessments. All six EP Tasks must be completed to a very high standard (i.e. minimum errors are accepted) in order for you to successfully complete this assessment.

You will have two attempts per EP task to satisfy the standard required. First attempt of each EP tasks may be completed in class or outside of the class by due date. Resubmission  should be completed within one week of the first attempt.

Apart from competency, only the first attempt will contribute to grading for the course.

For purposes of grading the EP will contribute 60% of the grade.

 

TASK 3 Online Test 2.  (Due Date: In week commencing 23/05/2016)

For this assessment task you will be required to complete an in class (supervised) online test. The test will cover all topics from week 2 to 13 of the course. You will be required to make calculations and to place your answers in the designated spaces. You will also be required to produce a spreadsheet with the relevant calculations and functions as required. The spread sheet will need to be uploaded into the Blackboard at the end of the test. You will be allowed the use of a book. The test must be completed to a high degree of accuracy (minimum errors) In the event that you are not successful in your first at attempt, you will be provided a second attempt in the following week (week 15). Apart from competency, only the first attempt will contribute to grading for the course. For purposes of grading this assessment will make up 40% of the grade.

 

You must successfully complete all assessment tasks to achieve competency.

 

 


Assessment Matrix

Other Information

 

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.


Late Submission Procedures


You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.


If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. <check links are still current>


More Information: http://www.rmit.edu.au/students/assessment/extension


Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf


Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. <check links are still current>
 

More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w


Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf


Resubmissions (VET Programs):


If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.


If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.


Adjustments to Assessment


In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: <check link is still current>
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.


Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

Final Grades table:


CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment


Further information regarding the application of the grading criteria will be provided by your teacher.
 

Course Overview: Access Course Overview