Course Title: Prepare and analyse management accounting information
Part B: Course Detail
Teaching Period: Term2 2023
Course Code: ACCT5392C
Course Title: Prepare and analyse management accounting information
School: 525T Business & Enterprise
Campus: City Campus
Program: C6181 - Advanced 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: Meetu Aggarwal
Phone: 9925 1621
E-mail: meetu.aggarwal@rmit.edu.au
Contact Timings:
Monday to Friday: 8:30 - 6pm
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
The following unit is a pre-requisite for this unit:
ACCT5444C (FNSACC527) Provide management accounting information
Course Description
This unit describes the skills and knowledge required to gather, record and analyse operating costs and data, prepare cost reports and budgets, and calculate the costs of products, services and other organisational activities.
It applies to individuals who use specialised knowledge and techniques to consolidate and report on complex information and make recommendations relating to strategic organisational activity.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC613 Prepare and analyse management accounting information |
Element: |
1. Gather and record operating and cost data |
Performance Criteria: |
1.1 Establish systems to generate operating and cost data, and determine cost and operating standards 1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures |
Element: |
2. Analyse data and assign costs |
Performance Criteria: |
2.1 Analyse costs to identify cost behaviour characteristics 2.2 Assign costs to specified cost objects, and reconcile data to ensure calculations are accurate and comply with organisational procedures 2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation's objectives |
Element: |
3. Prepare cost reports and budgets |
Performance Criteria: |
3.1 Obtain cost information and relevant advice from all sections of organisation when formulating reports and budgets 3.2 Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements |
Element: |
4. Analyse cost reports and budgets, and review costing system integrity |
Performance Criteria: |
4.1 Calculate variances against budget and standards, and prioritise for review and decision making 4.2 Interpret and discuss variances against budget in consultation with relevant personnel in organisation 4.3 Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards 4.4 Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions 4.5 Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation's objectives, and make recommendations for further actions 4.6 Use comprehensive variance analysis to review effectiveness of cost assignment processes |
Learning Outcomes
Details of Learning Activities
Primarily you will be learning on a face to face basis with the support of an online course site for dissemination of materials and some assessments. Students will be expected to attend three hours of class each week. Students 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 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: o Recognition of Prior Learning and Credit Transfers o Assessment of current skills and knowledge · Competency/Grading Criteria · Plagiarism · Appeals · Extensions · Feedback · Privacy · Submission requirements · Resubmission policy · Where to get support · Student Charter |
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the 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.
Week |
Week Commencing |
Topic |
Assessment |
|
1
|
10 July 2023 |
Chapter 2: Relevant Cost Analysis Release of Assessment 1 (Case Study based on ABC and Relevant cost analysis) |
|
2 |
17 July 2023 |
Chapter 2: Relevant Cost Analysis Quiz 1 |
|
3 |
24 July 2023 |
Chapter 2: Relevant Cost Analysis Chapter 3: Activity Based Costing |
|
4 |
31 July 2023 |
Chapter 3: Activity Based Costing Quiz 2 |
|
5 |
7 August 2023 |
Chapter 3: Activity Based Costing Presentations related to case study in second class
|
Assessment 1 to be submitted. Any feedback will be provided by week 7 and re-submissions can be done in week 8. |
6 |
14 August 2023 |
Chapter 4: Process Costing |
|
7 |
21 August 2023 |
Chapter 4: Process Costing Chapter 5: Operations Costing Release of Assessment 2 |
|
|
|
Mid-Semester Break 28 Aug to 3 Sep 2023 |
|
8 |
4 Sep 2023 |
Chapter 5: Operations Costing |
|
9 |
11 Sep 2023 |
Chapter 5: Operations Costing Chapter 6: Joint and By-Product Costing |
|
10 |
18 Sep 2023 |
Chapter 6: Joint and By-Product Costing |
|
11 |
25 Sep 2023 |
Chapter 6: Joint and By-Product Costing |
Assessment 2 due. Results will be released in week 12 and re-submissions will be in week 13. |
12 |
2 Oct 2023 |
Budgeting: Static and Flexible Budgets Notes on Canvas Chapter 8: Standard Costing Release of Assessment 3 |
|
13 |
9 Oct 2023 |
Chapter 8: Standard Costing |
|
14 |
16 Oct 2023 |
Chapter 8: Standard Costing |
|
15 |
23 Oct 2023 |
Submission of Assessment 3 |
Assessment 3 Due and re-submissions in week 16. |
16 |
30 Oct 2023 |
Re-submissions |
|
17 |
6 Nov 2023 |
Re-submissions |
|
18 |
13 Nov 2023 |
Course finalisation |
|
Learning Resources
Prescribed Texts
Advanced Management Accounting: Information Preparation and Analysis, Seventh edition by Colin Davy and Danny Bruce, Learn Now Publications |
978-1-76073-058-1 |
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- gather and record operating and cost data in accordance with organisational policy and procedures
- determine cost and operating standards for a costing system
- analyse data and assign costs to comply with organisational procedures
- prepare a range of cost reports and budgets to meet management information requirements
- analyse variances against budget and standards
- recommend changes to cost and activity standards
- recommend further actions required resulting from review process
- review integrity of costing systems
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
- identify and describe cost behaviour characteristics for the different cost elements of a product or service
- describe the principles of double-entry bookkeeping and accrual-based accounting
- identify and discuss the key features of organisational policy and procedures as they apply to costing systems
- identify and explain the key principles and practices of budget preparation
- discuss the relationship between variance analysis and costing system integrity
- explain the key processes and procedures for recording and securely storing data
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:
- common office equipment, technology, software and consumables.
- an integrated financial software system and data
Assessors must satisfy NVR/AQTF assessor requirements.
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
Students must get competency in all the assessment tasks in order to get a competency in this course.
ASSESSMENT 1 (Due Date: Week 5)
Case Study
All students will be divided in groups of 2. They will be given a case study based on ABC and Relevant Costing Analysis. They will assume that they are the Management Accountants of an organisation and each team will prepare a report with their workings attached in Excel. Each of the teams will also present a 5 minute presentation in class, about the best option for increasing profitability of this business and their reasons behind it, as a “snapshot “only. This assessment is competency based and a CA (competent) must be achieved for this assessment.
ASSESSMENT 2 (Due Date: Week 11)
In this assessment students will demonstrate the use of process, operations, joint and by-product techniques for costings of products or services. This assessment is competency based and a CA (competent) must be achieved.
ASSESSMENT 3 (Due date: Week 15)
In this assessment students will demonstrate the use of flexible budgeting tools and standard costing technique for performance evaluation. This assessment is competency based and a CA (competent) must be achieved.
Assessment Matrix
It will be uploaded on Canvas.
Other Information
Submission requirements
Ensure that you submit assessments on or before the due date.
Always retain a copy of your assessment tasks, hard copy and the 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, Julie Macpherson, 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. You will achieve one of the following results:
Final Grades table:
CA |
Competency Achieved |
NYC |
Not yet competent |
DNS |
Did not submit for assessment |
Course Overview: Access Course Overview