Course Title: Provide management accounting information
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: ACCT5444C
Course Title: Provide management accounting information
School: 525T Business & Enterprise
Campus: City Campus
Program: C5424 - Diploma of Accounting
Course Contact: Doug Gourlay
Course Contact Phone: +61 3 9925 5944
Course Contact Email: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Course Coordinator:
Name: Meetu Aggarwal
Phone: 03 99251621
Email: meetu.aggarwal@rmit.edu.au
Contact hours: Monday to Friday between 8:30am to 5:30pm
Nominal Hours: 60
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
There is no pre-requisite for this unit.
Course Description
This unit describes the skills and knowledge required to gather, record and analyse operating and cost data, prepare budget reports, and review costing system integrity to calculate and record the costs of products and services.
The unit applies to individuals who use specialised knowledge and analytical skills to manage complex financial data and develop comprehensive organisational reports.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC527 Provide management accounting information |
Element: |
1. Gather and record operating and cost data |
Performance Criteria: |
1.1 Identify and establish systems required to generate operating and cost data 1.2 Code, classify, and systematically check data according to organisational policies and procedures |
Element: |
2. Analyse data and assign costs |
Performance Criteria: |
2.1 Analyse cost data and identify cost behaviour characteristics 2.2 Assign costs to specified products, services and organisational units and reconcile data 2.3 Confirm that calculations are accurate and comply with organisational procedures 2.4 Confirm that interpretation of costs is supported by valid analysis and is consistent with organisational business performance objectives |
Element: |
3. Prepare cost reports and budgets |
Performance Criteria: |
3.1 Obtain cost information advice from relevant sections of organisation when formulating cost reports and budgets 3.2 Confirm that structure and format of budgets are clear and comply with management information requirements and organisational practices |
Element: |
4. Analyse variances and review costing system integrity |
Performance Criteria: |
4.1 Calculate and analyse variances against budget 4.2 Confirm that reports are accurate, comprehensive and comply with management information requirements and organisational practices 4.3 Use variance analysis to review effectiveness of cost assignment processes |
Learning Outcomes
Details of Learning Activities
Students will be expected to attend 2 hours of class each week. They will be introduced to the accounting theory, which will then be supported by practical illustrations. Students will complete exercises to reinforce their understanding of the material. Solutions will be available on the learning management system, Canvas.
Teaching Schedule
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- MyRMIT/Canvas
- Overview of assessment requirements
- Pre-Training Review including:
- Recognition of Prior Learning and Credit Transfers
- Assessment of current skills and knowledge
- Competency/Grading Criteria
- Plagiarism
- Appeals
- Extensions
- Feedback
- Privacy
- Submission requirements
- Resubmission policy
- Where to get support
- Student responsibilities
Week |
Week Commencing |
|
In- class assessments |
1 |
12 Feb 2024 |
Chapter 1: Cost Concepts · Introduction to Management Accounting · Cost concepts (manufacturing and service) |
|
2 |
19 Feb 2024 |
Chapter 1: Cost Concepts · Cost concepts (manufacturing and service) In class Practice Quiz 1 - Fundamentals of management accounting Release of Assessment 1 |
|
3 |
26 Feb 2024 |
Chapter 4: Materials and Labour · Purchase of materials · Issue of materials · Perpetual inventory system |
|
4 |
4 Mar 2024 |
Chapter 4: Materials and Labour · Purchase of materials · Issue of materials · Perpetual inventory system In-class Practice Quiz 2 - Materials Costing |
|
5 |
11 Mar 2024 |
Chapter 4: Materials and Labour · Labour costing procedures
|
|
6 |
18 Mar 2024 |
Chapter 5: Overhead Allocation · Overhead cost behaviour · Calculation of pre-determined departmental overhead rate · Allocation of factory overhead
|
|
7 |
25 Mar 2024 |
Chapter 5: Overhead Allocation · Overhead cost behaviour · Calculation of pre-determined departmental overhead rate · Allocation of factory overhead
|
|
|
|
Mid-semester break 29 Mar to 7 April 2024 |
|
8 |
8 Apr 2024 |
Chapter 6: Job Costing · Preparation of Job costing records · Journal entries in job costing system · Calculation and treatments of under-applied and over-applied overheads
|
Assessment 1 due Results will be available by the end of week 9 and re-submissions will be in week 10 |
9 |
15 Apr 2024 |
Chapter 6: Job Costing · Preparation of Job costing records · Journal entries in job costing system · Calculation and treatments of under-applied and over-applied overheads Release of Assessment 2 |
|
10 |
22 Apr 2024 |
Notes in Canvas: Responsibility Accounting
|
|
11 |
29 Apr 2024 |
Notes in Canvas: Direct and Absorption Costing
|
Assessment 2 due. Results will be available by the end of week 12 and re-submissions will be in week 13 |
12 |
6 May 2024 |
Release of Assessment 3: Case study based on topics 6 and 7 Notes in Canvas: Direct and Absorption Costing
|
|
13 |
13 May 2024 |
Chapter 8: Cost volume profit analysis · Break even analysis · Contribution margin concept · Application of CVP Analysis · Margin of safety · Taxation effects
|
|
14 |
20 May 2024 |
Chapter 8: Cost volume profit analysis · Break even analysis · Contribution margin concept · Application of CVP Analysis · Margin of safety · Taxation effects |
|
15 |
27 May 2024 |
In-class Presentations related to Assessment 3 |
Submission of Assessment 3 in Canvas |
16 |
3 Jun 2024 |
Re-submissions |
|
17 |
10 Jun 2024 |
Re-submissions |
|
18 |
17 Jun 2024 |
Re-submissions |
|
FULL-TIME STUDENTS- 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.
Learning Resources
Prescribed Texts
Provide management Accounting Information by Colin Davy and Danny Bruce, 10th edition, National Core Accounting Publications |
978-1-76073-282-0 |
References
Other Resources
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:
- analyse data and information and provide management accounting information for each of the following:
- at least two sets of operating and cost data
- costs for at least two products, services or organisational units
- at least one cost report and budget according to management information requirements
- at least one report on variance between budgeted and actual data; and review integrity of costing systems.
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:
- cost behaviour characteristics for different cost elements of a product or service
- organisational policies and procedures that apply to costing systems
- key requirements of management accounting information relating to own role
- key principles and practices of budget preparation
- relationship between variance analysis and costing system integrity.
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 prepare cost reports and budgets, including an integrated financial software system and data.
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.
Assessment Tasks
Overview of Assessment
There will be 3 assessments in this course and you must get competency in all of them.
1. Assessment 1 (Due date: Week 8)
It will consist of questions based on materials, labour and overhead allocation topics.
2. Assessment 2 (Due date: Week 11)
It will be based on Job Costing and Responsibility accounting topics.
3. Case Study (Due date: Week 15)
All students will be divided in the teams of 2. You will be given information on a company from where each team will be required to prepare an executive level report and presentation of findings using Microsoft PowerPoint. Each team will prepare answers to specified questions regarding the simulated workplace on MS Excel and will develop a Cost-volume-profit analysis model and submit this in Canvas with their Power Points indicating their observations. Each team will also do a 5-10 minute in class presentation around their observations but as a “snap-shot” only.
Teachers can ask students to re-produce any assessment in front of them.
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
Other Information
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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on Canvas.
• 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. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
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:
Where an extension of greater than seven 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:
Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest result you will receive if your resubmission is successful is “CA”.
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 the assessment arrangements might be granted please access the following website:
More Information:
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 and you will achieve one of the following results:
Final results table:
CA Competency Achieved
NYC Not Yet Competent
DNS Did Not Submit for assessment
Course Overview: Access Course Overview