Course Title: Manage budgets and forecasts

Part B: Course Detail

Teaching Period: Term2 2013

Course Code: ACCT5312C

Course Title: Manage budgets and forecasts

School: 650T Vocational Business Education

Campus: City Campus

Program: C5260 - Diploma of Accounting

Course Contact: Ian Nash & Meetu Aggarwal

Course Contact Phone: +61 3 9925 5733

Course Contact Email: ian.nash@rmit.edu.au & meetu.aggarwal@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Jenny Seiler

RMIT jenny.seiler@rmit.edu.au

Phone 03 9925 1621

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.

Pre-requisites and Co-requisites

None

Course Description

This unit describes the performance outcomes, skills and knowledge required to prepare, document and manage budgets and forecasts, and encompasses forecasting estimates and monitoring budgeted outcomes. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.





 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC503A Manage budgets and forecasts

Element:

1. Prepare budget
2. Forecast estimates
3. Document budget
4. Monitor budget outcomes

Performance Criteria:

1.1. Cash, expenditure and revenue items are clearly defined and relevant to identified objectives of the budget
1.2. Budget objectives are clear and consistent with organisational aims and projects
1.3. Discussions and negotiations with stakeholders are conducted in a manner that promotes understanding, goodwill and ongoing cooperation
1.4. Milestones and performance indicators are identified and included in budgets to monitor financial performance with annual budgets are broken down into seasonal periods in accordance with operating trends
2.1. Estimates of future cash flow, costs and revenues are realistic and attainable and supported by verifiable evidence and source documentation
2.2. Relevant data for forecasts are identified and changes in circumstances anticipated
2.3. Assumptions and parameters are established and reviewed for accuracy, relevance and compliance with organisational procedures and policies
2.4. Financial risks are identified and protection strategies initiated in accordance with organisational procedures and policies
3.1. Data are presented in a format that is easily understood and appropriate to budget reporting
3.2. Reports are completed within timelines and distributed for specified periods and projects
3.3. Trends, issues and comparisons are identified and reported in a structured format to ensure transparency and validity of analysis
3.4. Feasibility is identified by comparison of projections with market growth and development
4.1. Budget variances are analysed in accordance with organisational procedures and recommendations based on the analysis made to the client or designated person
4.2. Budget processes are reviewed and implemented as required


Learning Outcomes



Details of Learning Activities

Students will be provided with a class outline of each of the topics to be covered.

This information is available on the Black board shell. It is a summary complete with practical illustrations of all the relevant material for the student to use as a starting reference. The text is a supplementary reference for students to access to consolidate understanding.
A discussion of contemporary issues related to the topics will be provided and students will complete exercises to reinforce their understanding of the material


Teaching Schedule

Teaching Schedule
WeekTutorial Topic as per Student Learning GuideElementLearning Activities/National codes
1Topic 1. Introduction to course including review of Provide Job Costing Information, course guide, weekly program and assessment guide and use of the Learning Hub for this program Complete Income statement using Variable costing approach FNSACCT503B
2
Topic 2. Assigning costs for a manufacturing organisation
 
1,2,3,4Complete Income statement using Absorption costing principles. Complete income statement using standard costing data and calculate variances FNSACCT503B
3Topic 3 Integrated budgets for manufacturing organisations1,2,3,4Complete Income statement using Absorption costing techniques for calculating Overhead
FNSACCT503B
4Topic 3  Integrated budgets for manufacturing organisations1,2,3,4Complete Income statement using standard costing techniques for calculating Overhead
FNSACCT503B
5Assessment Week1,2,3,4Complete Income statement using ABC techniques for calculating Overhead
FNSACCT503B
6
Topic 4. Variable costing

 

1,2,3,4Complete Income statement using ABC techniques for calculating Overhead
FNSACCT503B
7

Topic 4. Variable costing

Topic 5 Absorption costing
 

1,2,3,4Complete a comprehensive set of budgets for a Manufacturer
FNSACCT503B
8

Topic 5 Absorption costing

Semester Break

9Topic 6. Standard costing1,2,3,4Complete Budgets using Responsibility accounting principles
FNSACCT503B
10Topic 6. Standard costing
11Topic 7. Activity based costing (ABC)1,2,3,4Use CVP technique to evaluate scenarios for profit projections
FNSACCT503B
12Topic 8. Cost/Volume/Profit (Break Even)1,2,3,4Apply differential accounting techniques to evaluate various options for the business.
FNSACCT503B
13Topic 9. Differential accounting1,2,3,4Apply differential accounting techniques to evaluate various options for the business.
FNSACCT503B
14Topic 9. Differential accounting1,2,3,4Research web site for analysis of the degree of compliance with TBL principles and Balanced score cards.
FNSACCT503B
15Assessment Week1,2,3,4Research web site for analysis of the degree of compliance with TBL principles and Balanced score cards.
FNSACCT503B
16Retesting Week final chance for assessments1,2,3,4 


Learning Resources

Prescribed Texts

Management Accounting Principles and Applications (Hart and Wilson) 5th Edition


References


Other Resources


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress
 


Assessment Tasks

Assessment task 1 In class Assignment Topics 1 - 5

Assessment task 2 Assignment

Assessment task 3 In class test. topic 8 - 12


Assessment Matrix

 Assessment 1 part 1Assessment 1 part 2Assessment 2
Manage Budgets and forecastsXXX
Provide Management Acounting InformationXXX

Course Overview: Access Course Overview