Course Title: Manage budgets and forecasts

Part B: Course Detail

Teaching Period: Term2 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: &

Name and Contact Details of All Other Relevant Staff

 Douglas Brien

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


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


1. Prepare budgets

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. Forecast estimates

Performance Criteria:

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. Document budget

Performance Criteria:

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. Monitor budget outcomes

Performance Criteria:

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


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.


Your learning experience will be a mix of face to face learning and online. Students will be expected to attend 14 two hours of classes across the 16 week semester.  There will be 2 sessions students can complete in their own time.  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 blackboard


Teaching Schedule

Teaching Schedule - Full Time Students

Week Class AssessmentsAssessments to be completed in your own time1Introduction to course including review of Provide Job Costing Information, course guide, RPLs and use of the Learning Hub for this program  2
Budgets  3





Test on budgets

Variable Costing

 Assessment 1 6

Variable Costing
Absorption Costing


Absorption Costing

Standard Costing

  Assessment 2, Part 18

Standard Costing


Standard Costing

Test on Standard Costing 

Assessment 3, Part 1


 10ABC Costing11

ABC Costing

Cost/Volume/Profit (Break Even)

  Assessment 2, Part 212

Responsibility accounting

  13Responsibility accounting  Assessment 2, Part 314Differential accounting  15

Differential accounting

Test on Responsibility and Differential Accounting

 Assessment 3, Part 2


 16Reassessment WeekAssessment 2 interviews if deemed necessary


Teaching Schedule - Part  Time Students 


Week Class AssessmentsAssessments to be completed in your own time

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

2 & 3


4NO CLASS  Students will complete their budget exercises  
5Budget Tests Assessment 1 
6Variable Costing  
7Absorption Costing  Assessment 2, Part 1
8Standard Costing  
9Test on Standard Costing  Assessment 3, Part 1 
10ABC Costing  
11Responsibility Accounting Assessment 2, Part 2
12Responsibility Accounting  

Differential Accounting

14 NO CLASS  Students will complete the Cost/Volume/Profit (break even) topic in their own time  Assessment 2, Part 3

Test on Differential Accounting and Responsibility Accounting

Assessment 3, Part 2 
16Reassessments Assessment 2 interviews if deemed necessary 

**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


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

This course is clustered (co-delivered and co-assessed) with ACCT5314C Provide Management Accounting Information unit.

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

Assessment 1 - is a closed book in class individual test on the budgeting topic.  Budgets may be for a retail, service of manufacturing business. 

Assessment 2 - This is a progressive online assessment. Students will be required to complete 3 individual online sections across the semester. Students must achieve a grade of 100% for each part of the assessment to achieve competency. 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 2. 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 Variable and Absorption Costing Techniques  To be completed in your own time
Part 2 Students will demonstrate an understanding of ABC Costing Techniques   To be completed in your own time
Part 3 Students will demonstrate an understanding of CVP Analysis Techniques To be completed in your own time

Assessment 3 - This is a two part in class individual test.

Part 1. This section will test standard costing analysis.  This will be an open book test.

Part 2. This section will test differential and responsibility accounting.  This will be closed book test.

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: Form to use:

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:;ID=g43abm17hc9w (unresolved)  Form to use:

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:;ID=7usdbki1fjf31

Assessment Matrix

Other Information

NOTE:  ACCT5312C Manage Budgets and Forecasts and ACCT5314C 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

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

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.

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.

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.

We expect to see effective planning, self-management & work organisation, resulting in timely
submission of all required assessment tasks.


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