Course Title: Prepare operational budgets
Part B: Course Detail
Teaching Period: Term2 2008
Course Code: COSC5238C
Course Title: Prepare operational budgets
School: 650T TAFE Business
Campus: City Campus
Program: C4169 - Certificate IV in Financial Services (Accounting)
Course Contact : Laurine Symington
Course Contact Phone: +61 3 9925 5484
Course Contact Email:firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
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
This unit covers the competency to produce operational budgets.
This unit requires the application of skills and knowledge required to prepare operational budgets. The unit encompasses preparing budgets and documenting budgets. The unit can be applied across all sectors of the financial services industry. The unit has application to those job functions that have responsibility for preparing budgets, these may include accountant and divisional managers.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
FNSACCT403A Prepare operational budgets
1.1 Cash, expenditure and revenue items are clearly defined and relevant to identified objectives of the budget
2.1 Data is presented in a format that is easily understood and appropriate to budget reporting
Please refer to Elements of Competency.
Details of Learning Activities
Students will be expected to complete practical exercises both during the class time and at home to build on the skills required to successfully complete these units.
The practical/simulation tests will be used to gauge the level of understanding of the units and a number score will result from these activities
|week beginning||Tutorial topic||assessment|
|July 7||Budgeting fundamentals|
|July 14||Approaches to budgeting|
|July 21||Forecasting and sales budgets (Service business)||Test 1: Underpinning knowledge and the theory behind budgeting, the benefits of budgeting and the role of budgeting in an organisation. (10%)|
|July 28||Forecasting and sales budgets (Service business)|
|Aug 4||Cash Budgets (Service business)|
|Aug 11||Review Test 1 |
Cash Budgets (Service business)
|Aug 18||Master budgets- (Service organisation)|
|Aug 25||Assessment Week||Test 2 will review the creation of Master budgets for a service entity (40%)|
|Sep 1||Mid Semester Break|
|Sep 8||Introduction to Merchandising entities- |
Cost of goods sold budgets
|Sep 15||Master budgets- trading business|
|Sep 22||Master budgets- trading business|
|Sep 29||Master budgets- trading business|
|Oct 6||Master budgets- trading business|
|Oct 13||Master budgets- trading business|
|Oct 20||Trial test 3||This will be a trial for test 3 for next week|
|Oct 27||Assessment Week||Test 3 will be the creation of a set of budgets for a merchandising entity. A full set of budgets will be required to be produced in this assessment. (50%)|
|Nov 10||Review of program|
National Institute of Accountants, 2006. Budgeting a practical approach, Pearson Education Australia
Overview of Assessment
This unit is co-assessed with BSBADM404A Develop and use complex spreadsheets [COSC 5240C]
The assessment for this cluster is a series of tests and a folio of evidence. The “folio of evidence” is a collection of exercises which may have been completed during the classes and then submitted to support the grade of competent. The tests will then be used to allocate a number grade which is only available after the folio has been deemed competent. It is through the results of the tests that students will receive an indication of their progress.
The student must demonstrate an understanding of all elements of a particular competency to be deemed competent. Assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.
Assessment will incorporate a variety of methods including a folio of evidence, practical problem solving exercises and practical tests. Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.
Test One will assess the theory behind budgeting, the benefits of budgeting and the role of budgeting in an organisation. (10%)
Test Two will review the creation of a Budgeted Statement of Financial performance for a service entity and the preparation of the cash flow statement for a service entity. (40%)
Test Three will be the creation of a set of budgets for a merchandising entity. A full set of budgets will be required to be produced in this assessment. (50%)
The program of tests is designed to build on the practical exercises submitted as the folio of evidence, and be used to guarantee the student’s understanding of the concepts presented. These will be closed book requiring application of the practical skills developed during the semester
Course Overview: Access Course Overview