Course Title: Manage budgets and forecasts

Part B: Course Detail

Teaching Period: Term1 2015

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

+61 3 99251621

jenny.seiler@rmit.edu.au

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

FULL TIME STUDENTS

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 assessment. Students will be expected to attend four 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 the learning hub.

PART TIME STUDENTS 

Your learning experience will be a mix of face to face learning and online. Students will be expected to attend two hours of class every second week.  Students will be expected to review the notes prior to coming to class. Each class will then focus on a demonstration of the practical application of the theory. (e.g. case studies). Students will be expected to complete all the exercises in their own time. Solutions will be available on the learning hub. 


Two online collaborate sessions will be scheduled during the semester. With respect to the online colloborate sessions, students must ensure that they have Java Script installed on their computers. (can be installed from https://java.com/en/download/index.jsp), and a headset and microphone.
 


Teaching Schedule

Teaching Schedule - Full Time Students
Week Assessments
1Introduction to course including review of Provide Job Costing Information, course guide, RPLs and use of the Learning Hub for this program 
2
Assigning Costs
Variable Costing
 
3

Variable Costing

Absorption Costing

 
4

Absorption Costing

Standard Costing

 
5Standard Costing Assessment 1, Part 1
6

Standard Costing

Activity based costing (ABC)

 
7

Activity based costing (ABC).

Assessment 1, Part 2
8

Intergrated Manufacturing Budgets

9Intergrated Manufacturing Budgets
 
Assessment 1, Part 3
10Responsibility Accounting
 Semester Break
 
 
11Assessment 2 Assessment 2
12

Topic 8. Cost/Volume/Profit (Break Even)

Differential Accounting

 
13Differential accounting Assessment 1, Part 4
14Performance Management using a Balanced Score Card Approach/Triple Bottom Line Reporting Assessment 1, Part 5
15Assessment 3

 Assessment 3

 

16Reassessment WeekAssessment 1 interviews if deemed necessary
 

 

Teaching Schedule - Part  Time Students 

Week Class AssessmentsAssessments to be completed in your own time
1

Introduction to course including review of Provide Job Costing Information, course guide, RPLs and use of the Learning Hub for this program

Assigning Costs

  
3

Variable Costing

Absorption Costing

  
5Standard Costing Assessment 1, Part 1
6Collaborate Session  (students will be able to raise issues with the Intergrated Budgeting Exercises to be completed in your own time)  
7Activity Based Costing  Assessment 1, Part 2
 MID SEMESTER BREAK  
9Responsibility Accounting  Assessment 1, Part 3
10Collaborate Session  Assessment 2, Part 1
11Assessment WeekAssessment 2, Part 2 
13

Cost/Volume/Profit (Break Even)

Differential Accounting

  Assessment 1, Part 4
14 NO CLASS  Assessment 1, Part 5
15

Performance Management using a Balanced Score Card Approach/Triple Bottom line Reporting

Assessment

Assessment 3 
16Reassessments  

**This schedule maybe subject to change.  Students will be advised of changes in class and on the learning hub


Learning Resources

Prescribed Texts

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


References


Other Resources

Relevant learning resources will be placed on the learning hub. Students will need to access the appropriate topic folders on this site, on a weekly basis and bring them to class. It will be expected that students will need to complete some weekly tasks in their own time.


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

Students MUST complete all three assessment tasks and gain competency in ALL sections
 

Assessment 1 - This is a progressive online assessment. Students will be required to complete 5 individual online sections across the semester. Students must achieve a grade of 100% for each part of the assessment. They will have an unlimited number of attempts to do each section. Students may be interviewed to verify their competency in any section of assessment 1. Students will be given an opportunity to redo the assessment in week 16 in class if they did not complete in the original time frame


Part 1 Students will demonstrate an understanding of Absorption Costing Techniques To be completed in your own time
Part 2 Students will demonstrate an understanding of Direct Costing Techniques.  This will be completed individually in class
Part 3 Students will demonstrate an understanding of ABC Costing Techniques   To be completed in your own time
Part 4 Students will demonstrate an understanding of Break Even Analysis Techniques This will be completed individually in class
Part 5 Students will demonstrate an understanding Differential Analysis Techniques  To be completed in your own time


Assessment 2 - Part 1 - FULL TIME STUDENTS This is a class based group assessment. Students will demonstrate team work in the preparation of a set of budgets


PART TIME STUDENTS This assessment will be completed in your own time. Students may from groups of up to three students or do it individually


                        Part 2 - This is an individual class based assessment. Students will be required to complete an analysis of a budget and make a comparison using a business indicator. This is a closed book assessment. Students will demonstrate an understanding of Responsibility Accounting.


Assessment 3 - This is an individual class based assessment. Students will be required to complete a case study looking at contemporary, global performance management data.      
 

Compulsory Exercise – This in class exercise will involve students participating in a question and active listening session to determine budgetary requirements
 

The criteria used to be deemed competent is listed on the cover sheet of each assessment
 

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: http://www.rmit.edu.au/students/assessment/extension. Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf

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: http://www.rmit.edu.au/browse;ID=g43abm17hc9w (unresolved)  Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf


Resubmissions (VET Programs):
If you are found to be Not Yet Competent 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 grade you will receive if your resubmission is successful is “CAEN”.


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: http://rmit.edu.au/browse;ID=7usdbki1fjf31


Assessment Matrix

Other Information

NOTE:  ACCT5312 Manage Budgets and Forecasts and ACCT5314 Provide Management Accounting Information are taught and assessed concurrently.  PLEASE ENSURE THAT YOU ARE ENROLLED IN BOTH COMPETENCIES.  Failure to enrol will mean you cannot finish your programme in the current semester as your teacher will not be able to allocate a mark for a course you are not enrolled in.

Previous Recommended Study - COSC6163 Produce Job Costing Information

 

Marking Guide (competency):
Vocational Education and Training (VET) is based on current industry needs and the focus on
preparing you for the workplace. Because VET courses are informed by practical application of
knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So
when you are assessed in VET it is about whether you are competent to do the job, as well as having
a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum
based education settings that are often based on knowledge retention.


You need to demonstrate you are competent in each element of the unit of competency you are
studying.


You will receive feedback on each assessment task that will inform you whether you are competent or
not and how well you are performing. Once competent in all elements of the unit you receive a
competency grading.


Please refer to the Final Grades table below.


Marking Guide (Grading)


After achieving competency we then grade your performance in the unit; this gives you the opportunity
to have the level of your performance formally recognized against industry standards and employability
skills.

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK
TASK
We are looking for a high level of ability to complete all tasks independently as per the specifications
as well as demonstrating a high level of initiative in your approach to reporting for corporations.
 

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO
CONTINUE LEARNING
We are looking for depth of understanding of the key concepts and knowledge required in reporting for
corporations. You should be able to demonstrate a thorough understanding of some reporting
legislative requirements in the assessment tasks.


3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for the use of appropriate techniques & processes in compiling & presenting corporate
reports for external users. You also need to show an understanding of the kinds of problems that can
arise in the presentation of financial information in corporate reports.


4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see effective planning, self-management & work organisation, resulting in timely
submission of all required assessment tasks.


5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS
AND TEAMWORK

We expect to see contributions to relevant discussions and required team work. In addition you should
demonstrate a range of well-developed communication & interpersonal skills appropriate to each task.


Final Grades table:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment
 

Course Overview: Access Course Overview