Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2011

Course Code: ACCT5272C

Course Title: Manage budgets and financial plans

School: 650T TAFE Business

Campus: City Campus

Program: C4228 - Certificate IV in Marketing

Course Contact : Tim Wallis

Course Contact Phone: +61 3 9925 5423

Course Contact Email:timothy.wallis@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Maurice Sheridan
maurice.sheridan@rmit.edu.au
+61 3 9925 5455

Anjella Davydov
anjella.davydov@rmit.edu.au

Nominal Hours: 70

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 required

Course Description

This unit addresses the requirement for managers to ensure that financial resources are used effectively. This is done by ensuring access to budget/s and ongoing monitoring expenditure against the budget/s.

The unit applies to managers working in small and large business environments and not for profit organisations.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIM501A Manage budgets and financial plans

Element:

1. Plan financial management approaches

Performance Criteria:

1.1 Access budget/financial plans for the work team
1.2 Clarify budget/financial plans with relevant personnel within the organisation to ensure that documented outcomes are achievable, accurate and comprehensible
1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation
1.4 Prepare contingency plans in the event that initial plans need to be varied

Element:

2. Implement financial management approaches

Performance Criteria:

2.1 Disseminate relevant details of the agreed budget/financial plans to team members
2.2 Provide support to ensure that team members can competently perform required roles associated with the management of finances
2.3 Determine and access resources and systems to manage financial management processes within the work team

Element:

3. Monitor and control finances

Performance Criteria:

3.1 Implement processes to monitor actual expenditure and to control costs across the work team
3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns
3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives
3.4 Report on budget and expenditure in accordance with organisational protocols

Element:

4. Review and evaluate financial management processes

Performance Criteria:

4.1 Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team
4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes
4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation

Learning Outcomes


This unit describes the performance outcomes, skills and knowledge required to undertake financial management within a work team in an organisation. This includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances, and reviewing and evaluating effectiveness of financial management processes in line with the financial objectives of the work team and the organisation.


Details of Learning Activities

• Attend and prepare notes during scheduled classes
• Participate in class discussions and problem solving exercises
• Answers to be prepared for in-class activities that are based on materials covered in class
• Complete Portfolio of evidence
• Complete required assessment tasks


Teaching Schedule

Week Topic Chapter 1
Review Q’s 1, 2, 4, 6, 8, 9, 10, 11, 13
Self Quiz 1, 2, 3, 4, 6, 7.
Activities 1, 3, 4.
1 Introduction to Budgeting Chapter 1
Review Q’s 1, 2, 4, 6, 8, 9, 10, 11, 13
Self Quiz 1, 2, 3, 4, 6, 7.
Activities 1, 3, 4.
2 Accounting concepts Chapter 2
Review Q’s 1, 2, 3, 4, 5, 6, 7, 8, 13, 21, 23.
Self Quiz 1, 2, 3, 4, 5, 10
Activities 1, 3, 4, 5, 6.
3 Revenue and Expense Budgets Chapter 3
Review Q’s 1, 3 ,4, 7, 9,
Self Quiz 1, 2, 5, 6.
Activities 1, 3, 7.
4 Negotiation of Business Plans Chapter 4
Review Q’s 1, 2, 4, 5.
Self Quiz 1, 2, 3, 4, 5.
Activities 1, 4, 6
5 Contingency Plans Chapter 5
Review Q’s 1, 2, 3, 4, 5
Self Quiz 1, 2, 3, 4, 8
Activities 1, 3, 5, 6
6 Disseminations of Budgets Chapter 6
Review Q’s 1, 2, 3, 4, 5, 6
Self Quiz 1, 2, 3, 4.
Activities 1, 3, 5.
7 Resources and systems Chapter 7
Review Questions 9, 10, 11, 14, 15.
Self Quiz 3, 4, 5.
Activities 1, 2, 3, 6,
8 First Test  
9 Variance Analysis Chapter 9
Review Q’s 1a, 7, 8
Self Quiz 1, 2, 3, 4, 5, 6
Activities 1, 2
10 Implementing Contingency Plans Chapter 10
Review Q’s 1, 2, 3, 4, 5, 6, 7 - 10
Self Quiz 1 - 5
Activities 1, 2, 4, 5, 6.
11 Effectiveness of the financial management process Chapter 11
Review Q’s 2, 3, 5, 6, 7, 9, 12
Self Quiz 1 - 5
Activities 1, 2, 4, 5, 6, 7, 8 & Case Study 11.1 (optional)
12 Financial Management Process Chapter 12
Review Q’s 1, 2, 3, 4, 6, 7, 13, 15, 20
Self Quiz 1 – 9, 15, 17, 20, 23
Activities 1, 2, 3, 4, 5, 7, 12, 14, 19, 24
13 Financial Mathematics
techniques
Chapter 13
Review Q’s 1, 2, 3, 6, 9
Self Quiz 1 – 7,
Activities 1, 2, 4, 5, 7.
14 Second Test  
15 Assignment  
16 Assignment  
17 Re Test  
     


Learning Resources

Prescribed Texts

Manage Budgets and Financial Plans ANANDARAJAH/ASEERVATHAM/REID


References


Other Resources


Overview of Assessment

Students 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 assignments, journals, presentation and written or test. 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.
 


Assessment Tasks

est 1 – Week 7 Test on topics 1, 2, 3, 4, 5, 6, 7
Test 2 – Week 14
Mini Tests conducted in class (10 in total)
Assignment Week 15 - 16 The assignment will be a combination of in-class group work and individual assessment conducted over two weeks.
The assignment will cover the majority of topics for the semester. Notes will be able to be used during this assessment.


Assessment Matrix

 

test 1

test 2

 mini tests assignment
Element 1: Plan Financial management approaches x   x x
Element 2: Implement financial management approaches x   x x
Element 3: Monitor and control finances   x x x
Element 4: Review and evaluate financial management processes   x x x

Course Overview: Access Course Overview