Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: ACCT5367C

Course Title: Manage budgets and financial plans

School: 650T Vocational Business Education

Campus: City Campus

Program: C5338 - Diploma of Leadership and Management

Course Contact: Suzanne Maugeri

Course Contact Phone: +61 3 9925 1466

Course Contact Email: suzanne.maugeri@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Brenda Hughes

brenda.hughes@rmit.edu.au

Nominal Hours: 70

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 skills and knowledge required to undertake financial management within a work team in an organisation. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.

It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIM501 Manage budgets and financial plans

Element:

1 Plan financial management approaches

Performance Criteria:

1.1 Access budget/financial plans for the work team

1.2 Clarify budget/financial plans with relevant personnel within the organization to ensure that documented outcomes are achievable, accurate and comprehensible

1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation

1.4 Prepare contingency plans in the event that initial plans need to be varied

Element:

2 Implement financial management approaches

Performance Criteria:

2.1 Disseminate relevant details of the agreed budget/financial plans to team members

2.2 Provide support to ensure that team members can competently perform required roles associated with the management of finances

2.3 Determine and access resources and systems to manage financial management processes within the work team

Element:

3 Monitor and control finances

Performance Criteria:

3.1 Implement processes to monitor actual expenditure and to control costs across the work team

3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns

3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives

3.4 Report on budget and expenditure in accordance with organizational protocols

Element:

4 Review and evaluate financial management processes

Performance Criteria:

4.1 Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team

4.2 Analyze data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes

4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organization


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including self-paced, research and collaborative based activities.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated business environment.

We expect you to participate and contribute in all scheduled learning activities.


Teaching Schedule

WeekWeek commencingTopicsAssessment
1 6 February

 Introduction to the course including:

  • Course requirements
  • Course support documents
  • Course Blackboard access
  • Accuracy of enrolment
  • Assessment requirements/Cover Sheets
  • Reminder re Plagiarism
  • Reminder re Appeals
  • Extensions/Resubmissions
  • Feedback in this course
  • Reminder re submission requirements
  • Getting help
  • Introduction to Managing Budgets
 
213 February
  • Plan financial management approaches and required knowledge for accounting
 
320 February
  • Accounting principles and practice 
 
427 February
  • Dissemination of budgets, negotiation and  communication
 Assessment Task 1
56 March
  • Budgets for projects and business initiatives
 
613 March
  • Variance reporting and analysis
 Assessment Task 2
720 March
  • Review and evaluate financial management processes
 Assessment Task 3
827 March
  • Review financial outcomes
 
    


Learning Resources

Prescribed Texts

Not applicable


References


Other Resources

Refer to the Program Blackboard Shell for notes and resources provided.


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

 Evidence of the ability to: 

  • use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements
  • communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information
  • prepare, implement and modify financial contingency plans
  • monitor expenditure and control costs
  • support and monitor team members
  • report on budget and expenditure
  • review and make recommendations for improvements to financial processes
  • meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes.

 

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • describe basic accounting principles
  • identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)
  • explain the key requirements for financial record keeping and auditing
  • describe the principles and techniques involved in managing:
  • budgeting
  • cash flows
  • electronic spreadsheets
  • GST
  • ledgers and financial statements
  • profit and loss statements.

 Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial management field of work and include access to:

  • resources and documentation used in the workplace
  • workplace policies and procedures
  • workplace budgets and financial plans
  • business technology
  • case studies and, where available, real situations.

 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

There are three (3) Assessment tasks for this course.

TASK 1 (Individual assessment)

For this assessment task you are required to complete a range of budgetary activities.  Please refer to the Assessment Record and Cover Sheet on Blackboard for further details about this assessment task.

TASK 2 (Individual assessment)

For this assessment task you are required to complete a range of budgetary activities.  Please refer to the Assessment Record and Cover Sheet on Blackboard for further details about this assessment task.

TASK 3 (Individual assessment)

For this assessment task you are required to complete a range of budgetary activities.  Please refer to the Assessment Record and Cover Sheet on Blackboard for further details about this assessment task.

(Each student in a team may be asked to individually demonstrate their skills and knowledge for this unit in order to verify competency, if required).

 Submission Requirements:

You should:

Ensure that you submit assessments on or before the due date.
Always retain a copy of your assessment tasks (hard copy and 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 Blackboard.
Each page of your assessment should include a 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 a 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: 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 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 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

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.

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

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
 

 


 


Assessment Matrix

Course Overview: Access Course Overview