Perform Financial Calculations (In Compliance with Australian legislation)COURSE OVERVIEW: Welcome to the course Perform Financial Calculations. This program is designed to provide you with the essential knowledge and skills necessary to accurately perform a variety of financial calculations. Mastering these calculations is crucial for effective financial management, analysis, and decision making within any organisation. We begin with an introduction to financial calculations, where we define the concept and discuss its

COURSE OVERVIEW:

Welcome to the course Perform Financial Calculations. This program is designed to provide you with the essential knowledge and skills necessary to accurately perform a variety of financial calculations. Mastering these calculations is crucial for effective financial management, analysis, and decision-making within any organisation.

We begin with an introduction to financial calculations, where we define the concept and discuss its purpose. You will gain an understanding of the importance of financial calculations in various business contexts and how they contribute to accurate financial reporting and analysis.

The course then covers mathematical formulas and terms essential for performing financial calculations. This section includes basic arithmetic operations such as addition, subtraction, multiplication, and division, as well as concepts like currency, decimals, fractions, percentages, rates, and ratios. These fundamental mathematical skills form the basis for more complex financial calculations.

Understanding and preventing typical computational errors is crucial for maintaining accuracy. This section explores common computational errors and provides procedures to identify and rectify these errors, ensuring the reliability of your financial calculations.

Key features of equipment and software required to perform routine financial calculations are also covered. You will learn about the tools and technologies that can aid in financial computations, enhancing efficiency and accuracy in your work.

Applying mathematical techniques and methods to calculate various financial metrics is a core component of this course. This section includes calculating break-even points, straight-line depreciation, goods and services tax (GST), percentages relevant to income tax mark-up and margin, and simple and compound interest. These calculations are vital for financial planning and analysis.

Obtaining data and resources for financial calculations involves verifying input data, determining required outcomes, and identifying and acquiring necessary resources. You will also learn how to use spreadsheets for repeated calculations, which is a key skill for efficient financial management.

Selecting suitable calculation methods and carrying out financial calculations require choosing the appropriate method and equipment for the task. This section covers performing calculations to meet work requirements and documenting and reporting the results accurately.

Checking calculations and recording outcomes ensures the accuracy and completeness of financial data. This section covers procedures for checking and confirming calculation accuracy, recording results, and storing calculation worksheets for future reference and audit purposes.

By the end of this course, you will be equipped with the knowledge and practical skills needed to perform a wide range of financial calculations accurately and efficiently. This expertise will enable you to contribute to the financial health and success of your organisation through precise financial analysis and reporting.

This course is designed to align with the content outlined in the Nationally Recognised Unit of Competency FNSACC323.

LEARNING OUTCOMES:

By the end of this course, you will be able to understand the following topics:

1. Introduction to Financial Calculations

• Definition and Purpose of Financial Calculations 

2. Mathematical Formulas and Terms

• Addition
• Subtraction
• Multiplication
• Division
• Currency
• Decimal
• Fraction
• Percentage
• Rate
• Ratio

3. Typical Computational Errors and Procedures and How to Identify and Rectify Them

• Common Computational Errors
• Procedures to Identify and Rectify Errors

4. Key Features of Equipment and Software Required to Perform Routine Financial Calculations

5. Apply Mathematical Techniques and Methods to Calculate

• Break even
• Depreciation (straight line method)
• Goods and services tax
• Percentages relevant to income tax mark-up and margin
• Simple and compound interest 

6. Obtain Data and Resources for Financial Calculations

• Obtain and Verify Input Data
• Determine Required Outcomes
• Identify and Acquire Resources
• Use Spreadsheets for Repeated Calculations

7. Select Suitable Calculation Methods and Carry Out Financial Calculations

• Select Suitable Method and Equipment
• Perform Calculations and Complete Work Requirements
• Document and Report Results

8. Check Calculations and Record Outcomes

• Check and Confirm Calculation Accuracy
• Record Calculation Results
• Store Calculation Worksheets

COURSE DURATION:

The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

ASSESSMENT:

A simple 10-question true or false quiz with Unlimited Submission Attempts.

CERTIFICATION:

Upon course completion, you will receive a customised digital “Certificate of Completion”.