Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term1 2024
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
ryan.gunasekera@rmit.edu.au
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: 2024 | |||
Week |
Week Commencing |
Topic / Activities (including any pre-reading, research and resources required) |
Assessment |
|
Week 1
|
12th February 2024 |
Introduction to Basic Accounting and Tax requirements
|
|
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Week 2
|
19th February 2024 |
Introduction to Management Accounting Concepts
|
|
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Week 3
|
26th February 2024 |
The Budgeting Process
|
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Week 4
|
4th March 2024 |
Costing and Costs Control
|
|
|
Week 5
|
11th March 2024 |
Assessment 1 - In class Open Book Short Answer Test |
In Class Assessment 1: Short Answers Test Week beginning 11th March 2024
|
|
Week 6
|
18th March 2024 |
Sales Budgets
|
|
Week 7 |
25th March 2024 |
Operating Budgets - Manufacturing & Non-manufacturing
|
|
Mid-Semester Break: 29 March - 5 April | |||
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Week 8
|
1st April 2024 |
Operating Budgets - Manufacturing & Non-manufacturing - Continuing
|
|
|
Week 9
|
8th April 2024 |
Variance Analysis and Performance Reports
|
|
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Week 10
|
15th April 2024 |
Financial Budget
|
Assessment 2: Master Budget |
|
Week 11
|
22nd April 2024 |
Cash Budget
|
|
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Week 12
|
29th April 2024 |
Financial plans and flow of information
|
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Week 13 |
6th May 2024 |
Financial Management Case Study 1 |
|
Week 14 |
13th May 2024 |
Financial Management Case Study 2 |
|
Week 15 |
20th May 2024 |
Course Revision |
Assessment task 3 Case Study Due |
Week 16 |
27th May 2024 |
Re-submissions and resit |
Assessment task 3 Case Study Presentations |
Week 17 |
3rd June 2024 |
Re-submissions and resit |
|
Learning Resources
Prescribed Texts
References
Other Resources
Available on 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 Task 1
Assessment duration and/or due date
This assessment will be completed in Week 5 during class.
You will have up to 3 hours during the session to complete the assessment.
Summary and Purpose of Assessment
This task is the first of three (3) assessment tasks you need to complete satisfactorily, in order to be deemed competent for this unit.
Completing this assessment demonstrates the basic underpinning skills and knowledge needed to manage budgets and financial plans in various contexts within the marketing and communication industry.
Assessment Instructions
What
For this assessment you will need to answer seven (7) questions. Answer each question in line with the word counts provided where applicable, e.g. 30-50 words.
Where
You will be provided class time to complete this assessment.
How
All questions must be answered correctly for you to be assessed as satisfactory for this assessment task. Answer all questions in the space provided below.
Conditions for assessment
- This is an open book Assessment; you are allowed to access all course material while completing this Assessment.
- This is an individual assessment to be completed in class time.
- You must not copy the work of others. (For more information regarding Academic Integrity please refer to RMIT Academic Integrity Guidelines.)
- You must submit all assessment evidence as instructed. Your assessor will assess the documentation you provide.
- You must complete the task within the maximum allowed duration.
- In certain circumstances, you may be eligible for an assessment adjustment (e.g. a disability or long-term medical or mental health condition; an unavoidable employment, family, cultural, religious or elite sporting commitment known in advance; other unexpected circumstance outside your control).
- Make prior arrangements with the instructor at least one week prior to the assessment due date if you require special allowance, allowable adjustment to this task or extension of time.
- You will have the opportunity to resubmit any product deemed unsatisfactory (two re-submits are allowed per unit).
- You will be assessed as satisfactory or not satisfactory.
You can appeal the assessment decision according to the RMIT Assessment ProcessesLinks to an external site..
Assessment Task 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.
Assessment Task 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.
Assessment Matrix
Available on Canvas
Course Overview: Access Course Overview