Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term1 2022
Course Code: ACCT5434C
Course Title: Manage budgets and financial plans
School: 525T Business & Enterprise
Campus: City Campus
Program: C5404 - Diploma of Marketing and Communication
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
Ryan Gunasekera
Nominal Hours: 70
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 undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.
The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIN501 Manage budgets and financial plans |
Element: |
1. Plan financial management approaches |
Performance Criteria: |
1.1 Access budget and financial plans for work team 1.2 Evaluate budget and financial plan outcomes with required organisational personnel 1.3 Negotiate any changes required to be made to budget and financial plans with required organisational personnel 1.4 Prepare contingency plans in the event that initial plans need to be varied |
Element: |
2. Implement and monitor financial management plans |
Performance Criteria: |
2.1 Communicate details of agreed budget and financial plans to relevant team members 2.2 Support team members to access resources and systems to perform required roles 2.3 Implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives 2.4 Report on budget and expenditure according to organisational protocols |
Element: |
3. Review and evaluate financial management plans |
Performance Criteria: |
3.1 Collect information on effectiveness of financial management processes within work team 3.2 Analyse variance between actual and budgeted finances 3.3 Identify and recommend improvements to existing financial management processes 3.4 Implement agreed improvements according to financial objectives of work team and organisation 3.5 Evaluate agreed improvements |
Learning Outcomes
This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to undertake financial management in an organisation or work area.
Details of Learning Activities
This course is structured to provide you with the optimum learning experience. A range of learning activities are provided during the semester and are designed to enhance learning and understanding of the topics.
You will be required to participate in a combination of group and individual learning activities. These activities will be provided through classroom work time and additional learning activities will be provided to you to complete outside of the scheduled class time.
A range of in class activities, case studies and independent research is included as the learning activities for this course. We expect you to participate and contribute in all scheduled learning activities.
The learning activities will also include group discussion, group problem solving activities and opportunities to practice your skills in a simulated workplace environment.
Teaching Schedule
Course Schedule: Semester 1: 2022 | |||
Week |
Week Commencing |
Topic / Activities (including any pre-reading, research and resources required) |
Assessment |
|
Week 1 |
7th Feb 2022 |
Introduction to Basic Accounting and Tax requirements
|
|
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Week 2 |
14th Feb 2022 |
Introduction to Management Accounting Concepts
|
|
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Week 3 |
21st Feb 2022 |
The Budgeting Process
|
|
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Week 4 |
28th Feb 2022 |
Costing and Costs Control
|
|
|
Week 5 |
7th March 2022 |
Assessment 1 - In class Open Book Short Answer Test |
In Class Assessment 1: Short Answers Test Week beginning 7th March 2022 |
|
Week 6 |
14th March 2022 |
Sales Budgets
|
|
Week 7 |
21st March 2022 |
Operating Budgets - Manufacturing & Non-manufacturing
|
|
|
Week 8 |
28th March 2022 |
Operating Budgets - Manufacturing & Non-manufacturing - Continuing
|
|
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Week 9 |
4th April 2022 |
Variance Analysis and Performance Reports
|
|
|
Week 10 |
11th April 2022 |
Financial Budget
|
Assessment 2: Master Budget |
|
Week 11 |
25th April 2022 |
Easter Break Thursday April 14th - Wednesday April 20th Cash Budget
|
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Week 12 |
2nd May 2022 |
Financial plans and flow of information
|
|
Week 13 |
9th May 2022 |
Financial Management Case Study 1 |
|
Week 14 |
16th May 2022 |
Financial Management Case Study 2 | |
Week 15 |
23rd May 2022 |
Course Revision |
Assessment task 3 Case Study Due |
Week 16 |
30th May 2022 |
Re-submissions and resit |
Assessment task 3 Case Study Presentations |
Week 17 |
6th June 2022 |
Re-submissions and resit |
|
Learning Resources
Prescribed Texts
References
Other Resources
All resources will be available in Canvas.
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
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:
- manage the budget and financial plan of an organisation for one reporting period.
In the course of the above, the candidate must:
- communicate with relevant people to clarify budget and financial plans, negotiate changes and disseminate information
- prepare, implement and modify financial contingency plans
- monitor expenditure and control costs
- support and monitor team members
- report on budget and expenditure
- review and make recommendations for improvements to financial processes
- meet record-keeping requirements for Australian Taxation Office (ATO) and for auditing purposes.
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:
- basic accounting principles
- types of budgets and financial plans
- legislation and current ATO requirements, including the Goods and Services Tax (GST)
- key requirements for financial record keeping and auditing
- principles for managing work teams
- principles and techniques involved in managing:
- budgeting
- cash flows
- electronic spreadsheets
- Goods and Services Tax
- ledgers and financial statements
- profit and loss statements
- evaluation of budget and financial plans.
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
Assessment 1
Summary and purpose of assessment
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.
There are 7 short answer questions that relate to work relevant scenarios
Task instructions
In Class Short Answers test
You need to answer ALL 7 Questions.
This is an open book Assessment, you are allowed to access all course material while completing this Assessment.
This is an individual Assessment, the answers you provide must be your own.
What -
For this assessment you are asked to provide short answers and some simple calculations covering material from week 1 to week 4. When answering the 7 questions, you need to provide evidence that you are competent in:
- Management Accounting Concepts
- Budgeting Process
- Costing
- Basic Accounting Concepts
- GST and ATO requirements
Where -
This Assessment will take place in Class
How -
The 7 questions must be completed correctly for you to be assessed as satisfactory for this assessment task.
Conditions for assessment
· This is an individual assessment task. You must not copy the work of others.
· This is an open ‘book’ assessment.
· Ensure that you submit assessments on 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 this student assessment document (as a cover sheet) that includes a declaration and statement of authorship.
· You must complete and submit this document with all work you submit for assessment, whether individual or group work.
· On this document you declare that the work you are presenting for assessment is your own work.
· Please make arrangements with your assessor at least one week prior to the assessment due date if you feel you require special allowance or allowable adjustment to this assessment (e.g. verbal assessment or additional time).
· Please write your full name on the student version of the assessment task (do not use nicknames or abbreviations)
· You are allowed support only from your assessor e.g. asking for clarification of a question
· You must submit your work to your assessor/online
· You must answer all questions correctly to be deemed satisfactory in this assessment
· You will be assessed as competent or not yet competent
You can appeal the assessment decision according to the RMIT Assessment Policy and Procedures (Links to an external site.) Links to an external site.
Assessment 2
Summary and purpose of assessment
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.
Task instructions
This assignment requires you to complete all attached minor budgets.
All information required to complete the Master Budget is included in the "Information" worksheet
All minor budget s must be linked back to the Information worksheet in some way.
There are to be no numbers typed into any cell - only formulas
From the details given, you are required to prepare a series of budgets for your business.
These budgets will be prepared on a quarter by quarter basis, for the year ending June 2020
What
From the details given, you are required to prepare a series of budgets for your business, using the Excel spreadsheet provided
Where
This Assignment is to be completed both in and outside of class
How
You will be assessed against the criteria as listed in the marking guide of this task and how well you answer the questions asked by your assessor. To achieve a satisfactory result you will need to address all criteria satisfactorily.
Conditions for assessment
- This is an individual assessment task. You must not copy the work of others.
- This is an open ‘book’ assessment.
- Ensure that you submit assessments on 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 this student assessment document (as a cover sheet) that includes a declaration and statement of authorship.
- You must complete and submit this document with all work you submit for assessment, whether individual or group work.
- On this document you declare that the work you are presenting for assessment is your own work.
- Please make arrangements with your assessor at least one week prior to the assessment due date if you feel you require special allowance or allowable adjustment to this assessment (e.g. verbal assessment or additional time).
- Please write your full name on the student version of the assessment task (do not use nicknames or abbreviations)
- You are allowed support only from your assessor e.g. asking for clarification of a question
- You must submit your work to your assessor/online
- You must answer all questions correctly to be deemed satisfactory in this assessment
- You will be assessed as competent or not yet competent
You can appeal the assessment decision according to the RMIT Assessment Policy and Procedures (Links to an external site.) Links to an external site.
Assessment 3
Summary and purpose of assessment
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.
Task instructions
In Class Open Book Practical Case Study
What -
For this assessment you are asked to analyse and report on Cash Flows and Contingency plans and provide short answers and some simple calculations covering material from week 9 to week 13. When answering this assessment, you need to provide evidence that you are competent in:
- Report on Cash Flow
- Implement Contingency Plans
- Analyse Data
- Interpret Financial Data
- Understand Tax Requirements
Where -
This Assessment will take place in Class
How -
All Questions must be completed correctly for you to be assessed as competent for this assessment task.
Conditions for assessment
This is an individual assessment task. You must not copy the work of oth
ers.
· This is an open ‘book’ assessment.
· Ensure that you submit assessments on 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 this student assessment document (as a cover sheet) that includes a declaration and statement of authorship.
· You must complete and submit this document with all work you submit for assessment, whether individual or group work.
· On this document you declare that the work you are presenting for assessment is your own work.
· Please make arrangements with your assessor at least one week prior to the assessment due date if you feel you require special allowance or allowable adjustment to this assessment (e.g. verbal assessment or additional time).
· Please write your full name on the student version of the assessment task (do not use nicknames or abbreviations)
· You are allowed support only from your assessor e.g. asking for clarification of a question
· You must submit your work to your assessor/online
· You must answer all questions correctly to be deemed satisfactory in this assessment
· You will be assessed as competent or not yet competent
You can appeal the assessment decision according to the RMIT Assessment Policy and Procedures (Links to an external site.) Links to an external site.
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS.
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 footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Other Information
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 five 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 five 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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Resubmissions:
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
Successful re-submissions will contribute a CA only (Competency Achieved) result 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:
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.
Final outcomes table:
CA Competency Achieved – Not 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