Course Title: Perform financial calculations
Part B: Course Detail
Teaching Period: Term1 2024
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: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@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 that runs from week 1 to 9. No additional time is available beyond these dates. You will learn skills and knowledge required to use a range of routine calculation methods and techniques when performing routine financial calculations and checking calculation outcomes.
To ensure you accomplish the expected learning outcomes, you will be required to spend approximately 2-3 hours each week outside class timings, completing textbook exercises, activities and assessments and submit all assessments by due date.
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 | Week beginning 12/2/2024 |
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
Appendix 2 |
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 Appendix 3.3
|
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 | |
| Mid-semester break 29 March - 05 April ( No Class) | |||
| Week 8 | Resubmission and Feedback | ||
| Week 9 | Final week to submit all assessments, re-submissions if required. |
Student support
Your first point of contact for any support needs with your assessments should be your teacher and assessor. If you require further support, you should consider contacting the following support services at RMIT.
Assessment adjustments
Students requiring support or adjustments for their formal assessments task or exams should contact Equitable Learning Services (ELS), for more information on the types of adjustments provided, access RMIT adjustments to assessment.
Special consideration
If unexpected circumstances affect your ability to complete an assessment you can apply for special consideration. For more information access RMIT special consideration.
Appeals
As an RMIT student you are entitled to seek a review of decisions that impact on your studies. For more information access RMIT appeals.
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
Assessment 2- Case Study 2 Working with Client information
Assessment Matrix
Other Information
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 on CANVAS.
Course Overview: Access Course Overview