Course Title: Manage budgets and forecasts

Part B: Course Detail

Teaching Period: Term1 2019

Course Code: ACCT5380C

Course Title: Manage budgets and forecasts

School: 650T Vocational Business Education

Campus: City Campus

Program: C5374 - Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Course Coordinator:

Meetu Aggarwal

Contact no: 99251621

Contact hours: 

Monday and Wednesday: 8:30 - 6pm

Thursday and Friday: 8:30 - 2:30pm


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

There are no pre-requisites for this unit.

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.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC503 Manage budgets and forecasts


1. Prepare budget

Performance Criteria:

1.1 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget

1.2 Ensure budget objectives are clear and consistent with organisational aims and projects

1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation

1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends


2. Forecast estimates

Performance Criteria:

2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation

2.2 Identify relevant data for forecasts and anticipate changes in circumstances

2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy

2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy


3. Document budget

Performance Criteria:

3.1 Present data in format that is easily understood and appropriate to budget reporting

3.2 Complete reports within timelines and distribute for specified periods and projects

3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis

3.4 Identify feasibility by comparing projections with market growth and development


4. Monitor budget outcomes

Performance Criteria:

4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person

4.2 Review budget processes and implement 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 assessments. Students will be expected to attend two hours of class each week in the semester. Students will be introduced to budgets, 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.

Teaching Schedule

The Teaching Schedule for this course is as follows:


 Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:


·        Program  overview and requirements

·        MyRMIT/Canvas

·        Overview of assessment requirements

·        Pre-Training Review including:

o   Recognition of Prior Learning and Credit Transfers

o   Assessment of current skills and knowledge

·        Competency/Grading Criteria

·        Plagiarism

·        Appeals

·        Extensions

·        Feedback

·        Privacy

·        Submission requirements

·        Resubmission policy

·        Where to get support

·        Student Charter


The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course.   This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities


Week Beginning


Class assessments

Elements and Performance Criteria



Introduction to course including course guide, RPLs and use of Blackboard.


Introduction to Budgeting- An understanding of the reasons for doing a budget and approaches to budgeting


Introducing Excel and how to use it for preparing budgets


Chapter 1

Exercises Q1 to Q13 which includes exercises on Excel.






Forecasting and sales budgets


Chapter 2

Exercises Q1 to Q13






Forecasting and sales budgets

Chapter 2

Exercises Q1 to Q13


Operating Budgets (service and trading organisations)

Chapter 3

Exercises Q1 to Q18






Operating Budgets (service and trading organisations)


Chapter 3

Exercises Q1 to Q18


Research activity made available- to be done in your own time






Operating Budgets (service and trading organisations)


Chapter 3

Exercises Q1 to Q18






Cash Budgets


Chapter 7

Exercises Q1 to Q20


Online quiz 1: Based on Topics 1, 2 and 3






Cash Budgets


Chapter 7

Exercises Q1 to Q20






Cash Budgets


Chapter 7

Exercises Q1 to Q20



Presentations on research activity 





Case Study based on Practice firm concept – Preparation of budgets (1 hr)


Master Budget

Chapter 8

Exercises Q1 to Q5






Case Study based on Practice firm concept – Preparation of budgets (1 hr)


Master Budget

Chapter 8

Exercises Q1 to Q5





19/04/2019 to 26/04/2019






Case Study based on Practice firm concept – Preparation of budgets (1 hr)


Master Budget

Chapter 8

Exercises Q1 to Q5






Performance Reports

Chapter 9

Exercises Q1 to Q13


Online quiz 2: Based on Topics 4 and 5.







Flexible budgets

Chapter 10

Exercises Q1 to Q16






Analysis of Variances

Chapter 11


Case study based on Practice firm concept:

·        Monthly and yearly variance analysis/Performance Report on MS Excel including graphs

·        Power Points






·        Submission of Case study on Practice firm concept

·        Presentations related to it


Submission of

Case Study based on Practice firm concept

All elements and performance criteria 1 to 4



Re-submission of Case study based on Practice Firm concept.




Students will be expected to attend four hours of class each week. Students will be introduced to budgets, which will then be supported by practical illustrations. Students will complete exercises to reinforce their understanding of the material.

Mid semester break will be from 19th April 2019 to 26th April, 2019. Classes will resume from 28/04/2019.

Learning Resources

Prescribed Texts


Budgeting- A practical approach 2nd edition, Pearson publishers


Other Resources



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 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


Students MUST successfully complete the below mentioned assessment task and gain competency in order to pass this course.


(Due Date: WEEK 15)

It has been decided that to help you gain a better understanding of the business; you will do a job swap into Management Accounting, reporting to the Manager of Budgets and Management Accounting - Ms Meetu Aggarwal. Meetu has requested to her boss, Vice President – Accounting that her department is short staffed and needs some additional accounting resources to help complete the annual budget and the year-end budget analysis. You and several of your new work colleagues have been selected to work with Meetu.  After meeting with Meetu, she has given you specific job responsibilities regarding the completion of this year’s Budget and the year –end variance analysis.

This is an individual project for you to complete. You will complete this year’s Budget and the year –end variance analysis. You will also do a 5 minute power point presentation at the Practice Firm based around the management report but as a “snap-shot” only in week 15.

Please note that with regard to the case study, you will be required to demonstrate to your teacher your progress from week 9-11 then in week 14 and you will be given 2 hours per week (in week 9-11 and 14) in the class to work on this and discuss with your teacher. You are required to attend classes, demonstrate and evidence what progress and work on the case study has been completed each week. Failure to attend or not be at the required stage as per the teacher’s requirement each week will result in not being awarded a higher mark for the case study or even a fail.

This assessment is competency based and it must be satisfactorily completed in order for competency to be awarded. The assessment will be graded (once competency is achieved) according to the grading policy for assessments those being, CAG (competent), CC (credit), CDI (Distinction) or CHD (High distinction).


Students can be asked to reproduce any assessment piece in front of the teacher.

Assessment Matrix


National Program Code and Name

FNS50215 Diploma of Accounting

Code & Name of Unit of Competency

ACCT5380C Manage Budgets and Forecasts



Name of Assessment Task

Method of Assessment


Performance Criteria

Foundation Skills

Performance Evidence

Knowledge Evidence

Assessment Conditions


WIL Project

Case Study

E1 to E4










































Other Information

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 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 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

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:


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:


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:


Competent with High Distinction


Competent with Distinction


Competent with Credit


Competency Achieved – Graded


Not Yet Competent


Did Not Submit for assessment

Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview