Course Title: Develop and manage a budget
Part B: Course Detail
Teaching Period: Term1 2018
Course Code: ACCT5418C
Course Title: Develop and manage a budget
School: 650T Vocational Business Education
Campus: City Campus
Program: C5379 - Diploma of Financial Services
Course Contact: Callie Harvey
Course Contact Phone: +61 3 9925 5772
Course Contact Email: callie.harvey@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Andrew Shiangolis
Program Coordinator
+61 3 9925 5982
andrew.shiangolis@rmit.edu.au
Nominal Hours: 80
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 collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.
It applies to individuals who use a range of specialist and managerial techniques to plan, monitor and control budgetary work.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSORG501 Develop and manage a budget |
Element: |
1. Plan for and collect information for budget |
Performance Criteria: |
1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget 1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel 1.3 Consult relevant colleagues in budget planning process as required |
Element: |
2. Develop budget |
Performance Criteria: |
2.1 Draft budget based on analysis of all available information in accordance with organisational policy 2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment |
Element: |
3. Finalise budget and allocate resources |
Performance Criteria: |
3.1 Provide final budget which incorporates agreed modifications to appropriate personnel 3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities 3.3 Obtain agreement to budget priorities and allocate resources |
Element: |
4. Monitor and control budget |
Performance Criteria: |
4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel 4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status |
Element: |
5. Complete financial and statistical reports |
Performance Criteria: |
5.1 Complete all required financial and statistical reports accurately within designated timelines 5.2 Make appropriate recommendations about future financial planning 5.3 Provide clearly presented and accurate reports to appropriate personnel |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is comprised of one single competency.
FNSORG501 - Develop and Manage a Budget
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this 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
|
Week Commencing |
Topics |
Online activity |
Assessment |
Competencies Delivered |
1 |
5/02/2018 |
Introduction to the Course including:
|
Students are required to undertake 1 additional hour per week for structured online learning and submit their work online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
2 |
12/02/2018 |
Introduction to Budget Essentials
|
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
3 |
19/02/2018 |
Introduction to Budget Essentials |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task - Budget Assessment - made available |
FNSORG501 Develop and Manage a Budget
|
4 |
26/02/208 |
Financial Terms for Budgets |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
5 |
5/03/2018 |
Introduction to the Types of Budgets and Terms |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
6 |
12/03/2018 |
Process of Managing a Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
7 |
19/03/2018 |
Process of Managing a Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
8a |
25/03/2018 |
Overview of Product & Services Budget; and Sales Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
|
|
Mid semester break (29/03-4/04 inclusive) |
|
|
|
8b |
2/04/2018 |
Overview of Product & Services Budget; and Sales Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
9 |
9/04/2018 |
Operating Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
10 |
16/04/2018 |
Income Statement and Budgets |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
11 |
23/04/2018 |
Cash Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
12 |
30/04/2018 |
Cash Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
. |
FNSORG501 Develop and Manage a Budget
|
13 |
7/05/2018 |
Communicating a budget to responsible parties |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSORG501 Develop and Manage a Budget
|
14 |
14/05/2018 |
Budget Recommendation and Feedback |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 1 Due Date 16/05/18 |
FNSORG501 Develop and Manage a Budget
|
15 |
21/05/2018 |
Budget Recommendation and Feedback; and Develop and maintain your own knowledge and skills |
1 hour weekly online learning and submitted online for Teacher Feedback |
.Assessment Task 2 Due 23/05/18 |
FNSORG501 Develop and Manage a Budget
|
16 |
28/05/2018 |
Interviews/Re-submission/s if required |
|
|
|
17 |
4/06/2018 |
Interviews/Re-submission/s if required |
|
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Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
The online learning materials listed include
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities
Overview of Assessment
In order to achieve competency in this unit, you must provide
Performance evidence
Evidence of the ability to:
- collect and accurately interpret relevant data to develop and finalise a budget
- consult effectively and negotiate outcomes with others on budgetary issues
- accurately complete financial and statistical reports related to budgeting.
Knowledge Evidence
To complete the evidence requirements safely and effectively, the individual must:
- define basic accounting and financial services industry terminology
- outline types of data required to develop the budget
- explain accounting techniques relevant to budget preparation and maintenance
- describe budgeting techniques and tools
- describe organisational and industry policy and procedures related to budget development and management.
Assessment conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:
- a range of common office equipment, technology, software and consumables
- an integrated financial software system and data.
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
Overview of Assessments
This course is comprised of one single competency.
FNSORG501 - Develop and Manage a Budget
You will demonstrate competency by undertaking two assessments.The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.
Critical Aspects of assessment are described above in the performance evidence for this course.
Summary and Purpose of Assessment
This assessment task has been designed to enable you to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.
Assessment Instructions
What
You will complete a variance analysis ($ and % deviations) on Actual versus Budget performance using Micosoft Excel You will summarise who provided you with the budget estimates for revenue and expenses from within the organisation.
Where
In class time will be provided to explain the basic requirements of the task, and to assist with the layout and expected content of the letter, but students will be expected to complete most of the assessment outside of class time.
How
Students will be assessed according to the criteria outlined in the Criteria for Assessment below. All criteria identified must be addressed to satisfactorily complete this Assessment Task.
Assessment Tasks
Assessment Task 1 - Budget Assessment - Due Date:16th May 2018 Week 14
For Fin-Media Web Design you are to complete an Income Statement Budget for 30/6/2018 using Xero.
You will complete a variance analysis ($ and % deviations) on Actual versus Budget performance using Micosoft Excel.
Assessment Task 2 - Budget Presentation - Due Date: May 23rd 2018 Week 15
You will summarise who provided you with the budget estimates for revenue and expenses from within the organisation.
Using Power Point you will present your annual Budget to the class, including the process you followed to collect the information, a summary of revenue and expense variance analysis for Actual versus Budget and the reasons for the variances. Finally you will present recommendations for improving the Budget process in 2019.
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS
Other Information
Submission Requirements
You should:
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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work 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:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration Resubmissions (VET Programs): Resubmissions (VE Programs): If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 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. Grading & re-submissions Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course. 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:
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: | |||
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CHD |
Competent with High Distinction |
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CDI |
Competent with Distinction |
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CC |
Competent with Credit |
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CAG |
Competency Achieved – Graded |
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CA |
Competency Achieved – Not Graded |
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NYC |
Not Yet Competent |
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DNS |
Did Not Submit for assessment |
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Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview