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:

  • Course requirements
  • Course support documents
  • CANVAS access to the course
  • Accuracy of enrolment
  • Assessment requirements
  • Reminder re Plagiarism
  • Reminder re Appeals
  • Extensions/Resubmissions
  • Feedback in this course
  • Reminder re submission requirements
  • Getting help

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
(No classes on 12/03/208.  Public Holiday - Labour Day)

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
No classes on 25/04/2018 ( Public Holiday – Anzac Day)

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

 

 

 


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:

 

  • 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 the Assessment task document that includes a declaration and statement of authorship.
  • 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.

 

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 Informationhttps://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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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

 

 

CA

Competency Achieved – Not Graded

 

 

NYC

Not Yet Competent

 

 

DNS

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