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: firstname.lastname@example.org
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
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
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
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.
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- 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.
Introduction to Blackboard
Blackboard. Weekly contents (Week 1)
WHS & Ergonomics & Office Sustainability.
Organise your information.
Introduction to Spreadsheet
Task:Complete Blackboard activities
Book - Section 1 – Introduction to Financial Calculations
Blackboard (week 2) – tutorial links
Math principals – use Excel (handout)
Complete exercises 1-5 from textbookBlackboard – Activity – Week 2
Blackboard (week 3)
Book - Section 2 – Spreadsheets
Complete online quiz
Review of BODMAS
Complete activity from Blackboard (week3)Complete exercises 6-8 from textbook
Blackboard (week 4)
Book - Section 2 – Spreadsheets
Excel spreadsheet: formatting
Complete activity from Blackboard (week 4)
Complete exercises 9-11 from textbookComplete Evidence Portfolio Task 1 (EP1)
Evidence Portfolio (EP1)-due
|5||1 Aug||Blackboard (week 5) -Simple and Compound Interest
Book - Section 6 – Loans & Debit Interest
Section 7 – Investing and credit interest
Complete exercises 21, 22, 23, 24, 25, 26 from textbook
Complete activity from Blackboard (week 5)Evidence Portfolio (EP2)
Blackboard (week 6)- Present value
Task:Complete Blackboard activities
|Evidence Portfolio (EP 2) - due|
|7||15 Aug||Blackboard (week 7)-Relative and Absolute cell references
Actual and Forecast data
Complete Blackboard activities -Excel consolidation exercises
|8||22 Aug||Blackboard (week 8)- Excel Chart
Complete Blackboard activities -
Excel chart exercisesEvidence Portfolio (EP3)
|29 AUGUST - 2 SEPTEMBER - Mid Semester Break|
Blackboard (week 9) - Cost Volume Profit Analysis
Book - Section 11 – Break-Even Point
Complete exercise 30 from textbook
Complete activity from Blackboard (week 9)Evidence Portfolio (EP4)
|Evidence Portfolio (EP 3) - due|
Blackboard (week 10) –PAYG calculations. Checking for errors
Book - Section 3 – Input data
Section 4 – Investing and credit interest
Section 5 – Record-keeping
Complete exercises 12,15,16,1718,19, 20 from textbook
Complete activity from Blackboard (week 10)Evidence Portfolio (EP5)
|Evidence Portfolio (EP 4)- due|
|11||19 Sep||Blackboard (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|
Blackboard (week 12) –Depreciation
Book - Section 9 – Straight line Depreciation
Complete exercise 28 from textbook
Depreciation calculations; straight line and reducing balance – Blackboard exercises Week 12Evidence Portfolio (EP6)
Blackboard (week 13) – Mark ups and Margins Book - Section 10 – Mark ups and Margins calculations
Complete exercise 29 from textbook
Blackboard ExercisesReview of topics
|Evidence Portfolio (EP 6)- due|
|14||10 Oct||Financial Calculation test (in class)||Test|
|15||17 Oct||Finalisation of assessments|
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.
Perform Financial Calculations (3rd Edition) by Ian Berry, Software Publications
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:
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
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 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 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.
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.
• 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