Course Title: Prepare operational budgets
Part B: Course Detail
Teaching Period: Term2 2011
Course Code: COSC5938C
Course Title: Prepare operational budgets
School: 650T TAFE Business
Campus: City Campus
Program: C4169 - Certificate IV in Financial Services (Accounting)
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
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
Nil
Course Description
This unit requires the application of computing skills to achieve work place outcomes. It includes accessing, inputting and saving information, using the internet and routine maintenance of the equipment. The skills are applied to computers and associated devices such as printers, scanners and a range of storage devices. It also covers the use of other equipment such as faxes and photocopiers.
It applies to all sectors of the industry.
If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACCT403B Prepare operational budgets |
Element: |
1. Prepare budget |
Performance Criteria: |
1.1 Cash, expenditure and revenue items are clearly defined and relevant to identified objectives of the budget |
Element: |
2. Document budget |
Performance Criteria: |
2.1 Data is presented in a format that is easily understood and appropriate to budget reporting |
Learning Outcomes
Details of Learning Activities
Students will be expected to complete practical exercises both during class time and at home to build on the skills required to successfully complete these units.
The practical/simulation test will be used to gauge the level of understanding of the units and a number score will result from these activities
Teaching Schedule
| Week | Week Commencing | Topic | Learning Activities |
| 1 | 4/7/2011 | Introduction. Budgeting fundamentals & approaches to budgeting | An understanding of the reasons for doing a budget. An understanding of the different methods for preparing Budgets |
| 2 | 11/7/2011 | Introductory Financial maths & spreadsheets. Preparing Sales & Expense budgets | Complete a Sales and Expense Budget |
| 3 | 18/7/2011 | Cash Budgets | Understand the purpose of a cash budget. Develop models to forecast cash from customer collections and supplier payments. Complete assigned textbook questions. |
| 4 | 25/7/2011 | Operational Budgets - Service Organizations | Complete Operating Budgets for a Service Organization. Complete assigned textbook questions |
| 5 | 1/8/2011 | Cost of Production & Cost of Goods Sold Budgets | Understand the how to calculate Cost of Production & COGS budgets. Complete assigned textbook questions |
| 6 | 8/8/2011 |
Major Assignment -Budgeting Component due Budgeted Financial Statements |
Budgeting component of Major assignment in excel format. Complete assigned textbook questions |
| 7 | 15/8/2011 |
Major Assignment - Report Component due Master Budgets for Trading Businesses |
Report component of major assignment in Word Format. Introduction to Master Budget worksheets |
| 8 | 22/8/2011 | Master Budgets for Trading Businesses | Complete exercises from computer model exercises |
| Mid Semester Break 29th August - 2nd Sept | |||
| 9 | 5/9/2011 |
Major Assignment - Variance analysis due Master Budgets - Trading Business |
Variance reporting component of assignment due in PowerPoint Complete exercises from computer model exercises |
| 10 | 12/9/2011 | Master Budgets - Trading Business |
Complete exercises from computer model exercises |
| 11 | 19/9/2011 | Master Budgets - Trading Business |
Complete exercises from computer model exercises |
| 12 | 26/9/2011 | Final Test - 2 Hours | A full set of budgets wil be required to be produced in Excel format for this assessment |
Learning Resources
Prescribed Texts
Budgeting - A Practical Approach (2nd Edition) - National Institute of Accountants |
References
Other Resources
Overview of Assessment
Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
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. Students will be provided with feedback throughout the course to check their progress.
Assessment Tasks
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. 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.
Major Assignment will require completion of 3 activities contained in a Budgeting case study. First activity will require the completion of a Budgeted Statement of Financial Performance , Statement of Financial Position and Cash Flow.using Excel ( CA/NYC 20%). Second activity will be a report defining organizational roles and responsibilities for completing a budget in MS Word format. (CA/NYC 20%). Third activity will be a budget variance analysis using a Power Point format. (CA/NYC 20%)
FinalTest 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 using Excel.. (40%)
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.
Folio of Evidence will be advised in class CA/NYC
Major Assignment - First Part CA/NYC 20%
Major Assignment - 2nd Part CA/NYC 20%
Major Assignment - 3rd Part CA/NYC 20%
Final Test - CA/NYC 40%
Folio of Evidence - CA/NYC
Total 100%
Assessment Matrix
| Element | Folio of Evidence | Practical Tasks |
| Prepare budgets | Yes |
Major Assignment Parts 1 to 3 Final Test |
| Document budgets | Yes |
Major Assignment Part 1 Final Test |
Other Information
Students must pass each assessment and test and provide a satisfactory Folio of Evidence to be eligible to be deemed Competent in this unit.
Students may apply for Special Consideration on a range of medical or compassionate grounds where they experience unexpected or extenuating circumstances during or at end of a semester which:
Prevented them from submitting assessable work; or,
Prevented them from attending an examination; or,
Substantially affected their performance in the above.
Examples of unexpected or extenuating circumstances normally considered include:
Serious illness or psychological condition – e.g. hospital admission, serious injury, severe asthma, severe anxiety or depression. Does not include minor illness such as a cold.
Loss or bereavement – e.g. death of a close family member, family/relationship breakdown.
Hardship/trauma – e.g. victim of crime, sudden loss of income or employment, severe disruption to domestic arrangements.
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