Course Title: Provide management accounting information

Part B: Course Detail

Teaching Period: Term1 2014

Course Code: ACCT5314C

Course Title: Provide management accounting information

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: 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

None

Course Description

This unit describes the performance outcomes, skills and knowledge required to gather, record and analyse operating and cost data, prepare budget reports and review costing systems integrity to calculate and record the costs of products and services. This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.





 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC507A Provide management accounting information

Element:

1. Gather and record operating and cost data
2. Analyse data
3. Prepare budgeted reports
4. Review costing system integrity

Performance Criteria:

1.1. Systems to generate data are identified and established
1.2. Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures
2.1. Costs are assigned to specified products, services and organisational units and data is reconciled to ensure calculations are accurate and comply with organisational procedures
2.2. Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's business performance objectives
3.1. Cost information advice is sought from all sections of the organisation when formulating budgets
3.2. Structure and format of budgets and reports are clear and conform to management information requirements
3.3. Variances against budget are identified and prioritised for review and decision making
3.4. Reports are error free, comprehensive and comply with management requirements and organisational practices
4.1. The variance between actual and applied overheads costs is analysed
4.2. Variance analysis is used to review the effectiveness of the cost assignment process
 


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. Students will be introduced to the accounting theory, which will then be supported by practical illustrations.

Discussions of contemporary global issues relating to the topics will be provided and students will complete exercises to reinforce their understanding of the material.  Solutions will be available on the learning hub.


Teaching Schedule

Teaching Schedule
Week   Assessments
1 Introduction 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

 
5 Standard Costing  Assessment 1, Part 1
6

Standard Costing

Activity based costing (ABC)

 
7

Activity based costing (ABC) 

Students to research acceptable costing methods from around the world.

Assessment 1, Part 2
8

Intergrated Manufacturing Budgets

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

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

Differential Accounting

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

 Assessment 3

Assessment 1 interviews

16 Reassessment Week Assessment 1 interviews (continued)
 

**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


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 1 - This is a progressive online assessment.   Students will be required to complete 5 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.  Each student will be interviewed to verify their competency.

Assessment 2 - This is a class based group assessment.  Students will be required to complete a set of  budgets and provide a report to management on performance

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

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 “CAG”.
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

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
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 “CAG”.
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
 

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