Course Title: Perform financial calculations
Part B: Course Detail
Teaching Period: Term1 2025
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
Course Coordinator and teacher: Nurjis Sethi
Phone: +61 3 9925 5701
E-mail:
Contact hours (appointment only):
Mon to Fri: 8:30am - 4:30pm
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 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 and equipment suitable for required calculations 2.2 Perform financial calculations and complete work requirements using techniques suited to selected method |
Element: |
3. Check calculations and record outcomes |
Performance Criteria: |
3.1 Check results and confirm that calculations are accurate and meet required outcomes, and identify and correct 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. 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.
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.
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
There will be a 2 hour Face to Face class every week on RMIT campus for this course. Please check your timetable for class location and timings.
| Week 1 | Week beginning 10/02/25 |
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
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| 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
Currency Exchange Rates Appendix 2 |
Chapter 2: Self-Testing Exercises &Review Questions
At the end of this session, please attempt Quiz 2 to record your participation & engagement in this course unit. |
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| Week 3 | Assessment 1 Review | Q&A (In class) |
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| Week 4 |
Chapter 3: Interest (Simple and Compound Interest) 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
Appendix 3.1 |
Chapter 3: Self-Testing Exercises &Review Questions
9 March 2025 23:59 |
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| 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
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| 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 |
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| Week 7 |
Assessment 2 Review | Q&A (In class)
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Assessment 2 Due (Topics covered Chapter 3-5) Assessment 230 March 2025 23:59 |
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| Week 8 | 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
Perform Financial Calculations by Patrick Lynch, 6th Edition (January 2023). You can access this book in SCORM on CANVAS. |
978-1-76073-287-5 |
References
Other Resources
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.
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 ALL below mentioned assessment tasks to gain competency in order to pass this course FNSACC323 - Perform financial calculations.
Assessment 1- Case Study 1 Financial Assistant
Assessment 2- Case Study 2 Working with Client information
Students can be asked to reproduce any assessment piece in front of the teacher.
Assessment Matrix
The assessment matrix that maps all the assessment is 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
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 Canvas.
- 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, Julie Macpherson, 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.
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.
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 particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
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.
Grading & re-submissions
Re-submissions do not contribute to your overall grade for the course.
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:
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.
Course Overview: Access Course Overview