Course Title: Manage budgets and forecasts

Part A: Course Overview

Program: C5374 Diploma of Accounting

Course Title: Manage budgets and forecasts

Portfolio: BUS Portfolio Office

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.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5380C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

Term1 2017,
Term2 2017

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email: ben.sethia@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to prepare, document and manage budgets and forecasts, and encompasses forecasting estimates and monitoring budgeted outcomes.

It applies to individuals who use specialised knowledge and analytical skills to prepare and manage strategic organisational information.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSACC503 Manage budgets and forecasts

Elements:

1. Prepare budget

2. Forecast estimates

3. Document budget

4. Monitor budget outcomes


Learning Outcomes


Overview of Assessment

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

Performance Evidence

Evidence of the ability to:

  • prepare, document and present budgets and forecasting estimates that:
    • accurately apply accounting principles and practices
    • follow organisational policy and procedures
    • monitor budget outcomes periodically 

Knowledge Evidence

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

  • discuss the key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators
  • discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities
  • describe types and sources of data and information required for budgeting and forecasting
  • outline a range of expenditure and revenue items relevant to budgeting and forecasting
  • compare and contrast forecasting techniques
  • identify the key features of organisational procedures and policy relevant to budgeting and forecasting
  • identify and explain the key principles and practices of:
    • accrual accounting
    • budgetary control
    • corporate governance
    • double-entry bookkeeping
    • statistical analysis and measures of variance

Assessment Conditions

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

  • common office equipment, technology, software and consumables

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

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.