Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term2 2021
Course Code: ACCT5406C
Course Title: Manage budgets and financial plans
School: 650T Vocational Business Education
Campus: City Campus
Program: C5399 - Diploma of Logistics
Course Contact: Annie Barry
Course Contact Phone: +61 3 9925 5493
Course Contact Email: Anahita.Barry@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 80
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 involves the skills and knowledge required to manage budgets and financial plans in various contexts within the transport and logistics industry.
It includes communicating budget and financial plans, monitoring and controlling activities, and reporting outcomes of financial plans.
It covers all of the significant aspects of financial management for operational managers who are not financial specialists. It emphasises preparing users of budgets/financial plans through communication and training, and consistent surveillance over budget performance, with early intervention where required.
The unit generally applies to those who lead individuals or teams.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
TLIP5035 Manage budgets and financial plans |
Element: |
1 Communicate budget and financial plans |
Performance Criteria: |
1.1 Budget/financial plan communication package is reviewed by finance specialists 1.2 Package is amended/revised where appropriate 1.3 Training activities are undertaken with users of the budget and plans across the organisation 1.4 Data and terms are defined to assist users of the plans 1.5 Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities |
Element: |
2 Monitor and control activities against plan |
Performance Criteria: |
2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period 2.2 Funds are allocated in accordance with budget objectives and parameters 2.3 Audit requirements and legal obligations are met through recording systems and documentation 2.4 Risk management plans are implemented and contingency plans are in place for all financial plans 2.5 Performance is monitored and variances are identified on a real time basis 2.6 Variances are analysed in conjunction with relevant experts to determine cause and effect |
Element: |
3 Report outcomes of financial plans |
Performance Criteria: |
3.1 Records of financial performance are properly maintained within organisational systems 3.2 Financial performance is analysed and reported in a form and language appropriate to the audience 3.3 Non-financial objectives are reported in the context of overall organisational performance 3.4 Strategies and plans are reviewed and updated to optimise organisational performance |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
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.
Teaching Schedule
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.
This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities
Course Schedule: Semester 2: 2021 | ||
Week |
Topic / Activities (including any pre-reading, research and resources required) |
Assessment |
Week 1 |
Introduction to Basic Accounting and Tax requirements
|
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Week 2 |
Introduction to Management Accounting Concepts
|
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Week 3 |
The Budgeting Process
|
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Week 4 |
Costing and Costs Control
|
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Week 5 |
Assessment 1 - In class/online Open Book Short Answer Test |
In Class/online Assessment 1Due. |
Week 6 |
Sales Budgets
|
|
Week 7 |
Operating Budgets - Manufacturing & Non-manufacturing
|
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Week 8 |
Operating Budgets - Manufacturing & Non-manufacturing - Continuing
|
|
Semester break (28th August to 5th September) |
||
Week 9 |
Variance Analysis and Performance Reports
|
|
Week 10 |
Financial Budget
|
Assessment 2 Master Budget Due. |
Week 11 |
Cash Budget
|
|
Week 12 |
Financial plans and flow of information
|
|
Week 13 |
Assessment three support session |
|
Week 14 |
Course Revision |
|
Week 15 |
Assessment Task 3 - Case study Feedback and Support |
Assessment task 3 Case Study Due. |
Week 16 |
Re-submissions and resit |
|
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
Assessment Methods
Assessment methods have been designed to measure achievement of the requirements in a flexible manner over a range of assessment tasks, for example:
- direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
- review of final printed documents
- demonstration of techniques
- observation of presentations
- oral or written questioning to assess knowledge of software applications
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.
Performance Evidence
Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include: |
|
Knowledge Evidence
Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of: |
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
There are three assessment tasks for this course. To be deemed competent students must successfully achieve competency in each task.
Assessment Task 1 : In class/online Open Book Knowledge Test
Due Date: Week five of this course.
Purpose:
This assessment will allow you to demonstrate your ability to understand and apply basic accounting knowledge and tax requirements, budgeting process, costing and simple management accounting concepts.
By completing this assessment you will be equipped with the basic knowledge and skills to tackle more complex scenarios in this unit.
This short-answer assessment task is one of three assessment tasks you need to complete satisfactorily, in order to be deemed competent for this unit.
Assessment Task 2 : Excel Format Master Budget
Due Date: End of Week ten of this course.
Purpose:
This Assessment will allow you to demonstrate your ability to generate a master budget for a manufacturing business. This Assessment will also allow you to Prepare & present data in format that is easily understood, accurate and appropriate to budget reporting, complying with organisational policy and procedures.
On completion of this Assessment you should be able to break down annual budgets into seasonal periods in accordance with operating trends, and provide realistic, ethical and achievable estimates of future cash flow, costs and revenues, and support with evidence e.g. source documentation.
Assessment Task 3 : Practical Case Study
Due Date: End of Week fifteen of this course.
Purpose:
This assessment will allow you to demonstrate your ability to monitor, analyse and report on a team budget. It will also allow you to monitor, analyse and report on Cash Flows and Contingency plans.
By completing this assessment you will be equipped with advanced knowledge and skills required in budgeting management and financial plans.
Assessment Conditions
As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.
As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.
Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.
Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.
Resources for assessment include:
- a range of relevant exercises, case studies and/or other simulations
- relevant and appropriate materials, tools, equipment and personal protective equipment currently used in industry
- applicable documentation including workplace procedures, regulations, codes of practice and operation manuals.
Assessment Matrix
The competency assessment map that maps all the assessment tasks is available on CANVAS mapping document
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 the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
Where an extension of greater than seven days is needed, you must apply for Special Consideration. You must submit your application within five working days after your assessment date or due date.
More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Re-submissions (VE Programs):
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one re-submission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the re-submission.
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 assessment arrangements might be granted please access the following website:
Final Results
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.
The following grades are available for this course:
CA |
Competency Achieved |
NYC |
Not Yet Competent |
DNS |
Did Not Submit for Assessment |
Course Overview: Access Course Overview