Course Title: Manage budgets and forecasts

Part A: Course Overview

Program: C5424 Diploma of Accounting

Course Title: Manage budgets and forecasts

Portfolio: Vocational Education

Nominal Hours: 40

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.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5441C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term2 2023,
Term1 2024

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to prepare, document, and manage budgets and forecasts. It involves forecasting estimates and monitoring budgeted outcomes.

The unit applies to individuals who use specialised knowledge and analytical skills to prepare and manage strategic organisational information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Pre-requisite Courses and Assumed Knowledge and Capabilities

There is no pre-requisite for this unit.



National Competency Codes and Titles

National Element Code & Title:

FNSACC523 Manage budgets and forecasts

Elements:

1. Prepare budget

2. Forecast estimates

3. Document and distribute budget

4. Monitor budget outcomes

Learning Outcomes


Overview of Assessment

In order to achieve competency in this unit, you must provide:

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:

  • prepare and manage at least two different budgets and forecasts for at least two different clients.

In the course of the above, the candidate must:

  • document and present each budget and forecasting estimate according to:
  • industry-standard accounting principles and practices
  • organisational policies and procedures
  • legal and ethical requirements
  • establish processes to monitor the budget outcome, analyse variances and their possible causes, and make required changes in response.

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:

  • purpose and objectives of budgets and forecasts, including relevance of milestones and key performance indicators
  • ethical requirements associated with budgetary forecasting and projections within the context of the strength of assumptions and forecast reliabilities
  • types and sources of data and information required for budgeting and forecasting
  • budget forecasting techniques
  • organisational policies and procedures relating to budgeting and forecasting
  • principles of accrual accounting and double-entry bookkeeping
  • impact of implementation on budgeting and the monitoring of budget outcomes
  • key principles and practices of:
  • corporate governance
  • statistical analysis and measures of variance.

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 manage budgets and forecasts, including:
  • access to the internet
  • digital technologies to access, extract and share required information.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

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.

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.