Course Title: Perform financial calculations
Part B: Course Detail
Teaching Period: VE 2024
Class Number: 2817
Class Section: AC4J
For flexible terms and optional semesters, a Part B course guide may have been published for the entire teaching period, or for the specific class number in which you are enrolled. If there is no Part B course guide published for your specific class number, please refer to the guide for the teaching period in which you are enrolled. Enrolment Online is the definitive source for details regarding your class enrolment.
Course Code: ACCT5450C
Course Title: Perform financial calculations
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
School: 525T Business & Enterprise
Campus: City Campus
Program: C4435 - Certificate IV in Accounting and Bookkeeping
Course Contact: Nick Reynolds
Course Contact Phone: +61 3 9925 0791
Course Contact Email: nick.reynolds@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
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 routine calculation methods and techniques when performing routine financial calculations and checking calculation outcomes.
The unit applies to individuals who use literacy, numeracy and digital literacy 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.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC323 Perform financial calculations |
Element: |
1. Obtain data and resources for financial calculations |
Performance Criteria: |
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 Identify and acquire resources and equipment needed to perform calculations 1.4 Use simple spreadsheets where necessary to perform repeated calculations |
Element: |
2. Select suitable calculation methods and carry out financial calculations |
Performance Criteria: |
2.1 Select method suitable for required calculations 2.2 Perform financial calculations to complete work requirements using techniques suited to selected method |
Element: |
3. Check calculations and record outcomes |
Performance Criteria: |
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 calculation worksheets for future use according to organisational policies and procedures |
Learning Outcomes
Details of Learning Activities
Welcome to FNSACC323 Perform financial calculations.
This is a 9-week course, and all learning and assessment activities for this course must be completed within this time. A weekly breakdown of the activities for this course can be found in the 'Teaching Schedule' section below.
To ensure you accomplish the expected learning outcomes of this course, you will be required to devote study time each week outside of scheduled class times, completing exercises, activities and assessment tasks.
All assessment tasks should be completed and submitted by their due dates as shown in CANVAS.
Text Book
The textbook for this unit is Perform Financial Calculations by Patrick Lynch, 6th Edition (January 2023)
ISBN: 978-1-76073-287-5
You can access this book in SCORM.
Teaching Schedule
| Week 1 |
Introduction, Welcome and Orientation and Important Information about the unit course, Teacher contact info, Canvas Navigation, Unit Modules, Resources/Textbook, Assessment and other Q&A about the unit.
Basic Mathematical Operations • Signed Numbers • Order of Operations • Rounding
Fractions • Addition and Subtraction • Multiplication and Division
Converting Fractions, Percentages and Decimals • Convert a Percentage to a Decimal • Convert a Percentage to a Fraction • Convert a Fraction to a Percentage • Convert a Fraction to a Decimal • Convert a Decimal to a Percentage • Percentage Change
Factorising • Solving Linear Equations • Transposition |
Chapter 1: Self-Testing Exercises &Review Questions
|
| Week 2 |
Chapter 2: Applying Percentage Calculations to Business
Percentage Calculations in Trading Situations • Determining Selling Price • Mark-up % (Mark-up Rate) • Margin • Calculating Profit Margin % and Mark-up % • Markdowns and Discounts • Chain Discounts
Sales Commissions • Multiple Commissions • Indifference Point
Taxation • Goods and Services Tax (GST) • Personal Income Tax • Company Tax |
Chapter 2: Self-Testing Exercises &Review Questions |
| Week 3 |
Assessment 1 Review | Q&A |
|
| Week 4 |
Chapter 3: Interest and Annuities Simple Interest • Simple Interest Formulae • Borrowing Money at Simple Interest • Effective Interest Rates for Simple Interest Compound Interest • Future Value • Interest Compounding more than Once per Annum • Present Value • Investment Options • Solving for I and N • Effective Annual Rate Of Interest
• Ordinary Annuities • Sinking Funds • Present Value Of an Ordinary Annuity • Borrowing Money at Compound Interest
|
Chapter 3: Self-Testing Exercises &Review Questions
|
| Week 5 |
Chapter 4: Depreciation Straight Line Depreciation • Constructing a Depreciation Schedule • Depreciation for Tax Purposes — Straight Line
|
Chapter 4: Self-Testing Exercises &Review Questions
|
| Week 6 |
Chapter 5: Straight Line Graphs Straight Line Equations and Breakeven Analysis • Revenue, Costs and Profit • Static Budgets • Flexible Budgets • Contribution Margin Concept • Breakeven and Desired Profit
Graphing the Breakeven Point • Revenue Graphs • Cost Graphs Using Breakeven Analysis to Determine Profit or Loss |
Chapter 5: Self-Testing Exercises &Review Questions |
| Week 7 |
Assessment 2 Review | Q&A |
Assessment 2 Due |
| Week 8 | Resubmission and Feedback | |
| Week 9 | Final week to submit all assessments, re-submissions if required. |
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- apply mathematical techniques and methods to correctly calculate each of the following:
- break even
- depreciation (straight line method)
- goods and services tax
- percentages relevant to income tax mark-up and margin
- simple and compound interest.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- mathematical formulas and terms, including addition, subtraction, multiplication, division, currency, decimal, fraction, percentage, rate and ratio
- typical computational errors and procedures to identify and rectify them
- key features of equipment and software required to perform routine financial calculations, including spreadsheets.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- office equipment, technology, software and consumables required to perform financial calculations, including:
- financial services industry documentation and specialist software
- information technology systems.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
This assessment tasks in the course are 2 Case Studies. Students must successfully complete both to be deemed competent in the unit FNSACC323 - Perform financial calculations.
Assessment 1- Case Study 1 Financial Assistant Due week 4
Summary and Purpose of Assessment
This assessment task is the first of two assessment tasks that you must successfully complete to be deemed competent in the
unit FNSACC323 - Perform financial calculations.
Completing this assessment allows you to demonstrate your ability to use a range of calculation methods and techniques
when performing routine financial calculation sand checking calculation outcomes
Assessment 2- Case Study 2 Working with Client information - Due week 7
Summary and Purpose of Assessment
This assessment task is the second of two assessment tasks that you must successfully complete to be deemed competent in the
unit FNSACC323 - Perform financial calculations.
Completing this assessment allows you to demonstrate your ability to use a range of calculation methods and techniques
when performing routine financial calculation sand checking calculation outcomes
Assessment Matrix
The assessment criteria for all the assessments will be available on CANVAS under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
Other Information
Other information
Attendance
Your learning experience will involve online teaching, discussion, demonstration and practical exercises
It is strongly advised that you attend all timetabled sessions. This will allow you to engage in the required learning activities, ensuring you the maximum opportunity to complete this course successfully.
Information about your studies
You can access My Studies through the RMIT website for information about timetables, important dates, assessment dates, results and progress, Canvas etc.
https://www.rmit.edu.au/students
Canvas
Use Canvas to access your course content and announcements, submit assignments, and receive your grades and feedback;
https://www.rmit.edu.au/students/support-and-facilities/it-services-for-students/canvas
Student feedback at RMIT:
You will receive verbal and written feedback by teacher on your work. This feedback also includes suggestions on how you can proceed to the next stage of developing your projects.
The following link is an outline and ways that you will receive your feedback at RMIT;
Assessment
Information on assessment including Special consideration, Adjustments to assessment, (eg. applying for an extension of time):
https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment
Submitting Assessments onto Canvas
Here is a guide to submitting assessments on Canvas;
Student Progress Monitoring
Academic progress is an important enabling and proactive strategy to assist you to achieve your learning potential.
Please see following access to the Student progress policy webpage; https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/academic-progress
Academic Integrity and Plagiarism
RMIT University has a strict policy on plagiarism and academic integrity. Please see following access for more information on Academic Integrity at RMIT; https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/academic-integrity
Credit Transfer and Recognition of Prior Learning
Credit transfer is the recognition of previously completed formal learning (an officially accredited qualification).Recognition of Prior Learning (RPL) is an assessment process that allows you to demonstrate competence using the skills you have gained through experience in the workplace, voluntary work, informal or formal training or other life experiences.
Please speak to your teacher if you wish to discuss applying for Credit Transfer or RPL for the unit(s) of competency addressed in this course.
https://www.rmit.edu.au/students/student-essentials/enrolment/apply-for-credit
Course Overview: Access Course Overview