Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term2 2008
Course Code: ACCT5144C
Course Title: Manage budgets and financial plans
School: 650T TAFE Business
Campus: City Campus
Program: C5130 - Diploma of Business
Course Contact : Theresa Lyford
Course Contact Phone: +61 3 9925 5444
Course Contact Email:Theresa.Lyford@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 100
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 covers all of the significant aspects of financial management for operational managers who are not financial specialists. It includes the preparation & analysis of financial reports and emphasises the communication of financial objectives through budgets, consistent surveillance of budget performance, and early intervention where required.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBMGT504A Manage budgets and financial plans |
Element: |
1. Communicate budget and financial plans |
Performance Criteria: |
1.1 Budget/financial plan communication package reviewed by finance specialists |
Element: |
2. Monitor and control activities against plans |
Performance Criteria: |
2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period |
Element: |
3. Report outcomes of financial plans |
Performance Criteria: |
3.1 Records of financial performance are properly maintained within organisational systems |
Learning Outcomes
The oucomes includes knowledge of all aspects of business operations in which financial management and decision-making occurs, including period activities relating to revenue expenditure and cash flow management, as well as capital expenditure proposals and capital budgeting.
The role of the operational manager as a communicator and trainer in respect to the implementation of the budget needs, should also be studied, along with regular and quality reporting of budget performance. Evidence of analysis of budget performance and follow up action will be an outcome of this course.
Details of Learning Activities
Class time will include a short lecture which will provide students with the concepts required to gain the required underpinning skills and knowledge, then students will be given the opportunity to complete selected exercises and scenarios to build on those skills and knowledge which should build competence in the elements required for this course. The use of online resources and the assignment will also students in this process.
Teaching Schedule
Week | Week Beginning | Topic as per Student Course Guide | Classwork and Assessment |
1 | July 7 |
Overview of course Topic 1 Introduction to Financial Decision Making Introduction to course including review of course guide, weekly program and assessment guide and DLS |
Knowledge and skills exercises Reflections. |
2 | Juy 14 | Topic Two Business Structures and Regulations |
Knowledge and skills exercises Reflections |
3 | Juy 21 |
Topic Three The accounting process Topic Four Measuring and reporting financial position (Balance sheet) |
Knowledge and skills exercises Reflections |
4 | July 28 |
Topic Four Measuring and reporting financial position (Balance sheet) Topic Five Measuring and reporting financial performance (Income Statement) |
Knowledge and skills exercises Reflections |
5 | August 4 |
Topic Five Measuring and reporting financial performance (Income Statement) Topic Six Measuring and reporting cash flows |
Knowledge and skills exercises Reflections Assignment available. |
6 | August 11 | Topic Seven Budgets and plans, the development of a budget. |
Knowledge and skills exercises Test One |
7 | August 18 | Topic Seven Budgets and plans, the development of a budget. | Knowledge and skills exercises Reflections |
8 | August 25 |
Topic Seven Budgets and plans, the development of a budget | Knowledge and skills exercises Reflections |
9 | September 8 |
Topic Eight Communication and the budgeting process Topic Nine Risk Management | Knowledge and skills exercises Reflections |
10 | September 15 |
Topic Ten Monitoring budgets and financial plans | Knowledge and skills exercises Reflections |
11 | September 22 | Topic Eleven Techniques for financial analysis |
Knowledge and skills exercises Test Two |
12 | September 29 |
Topic Eleven Techniques for financial analysis |
Knowledge and skills exercises Reflections |
13 | October 6 | Topic Eleven Techniques for financial analysis | Knowledge and skills exercises Reflections |
14 | October 13 | Topic Twelve Variance Analysis |
Knowledge and skills exercises Assignment due. |
15 | October 20 |
Topic Twelve Variance Analysis | Knowledge and skills exercises Reflections |
16 | October 27 | Topic Thirteen Remedial action for restructuring of budgets. | Knowledge and skills exercises Reflections |
17 | November 3 | Revision | Test Three |
18 | November 10 |
Review of the Unit |
Learning Resources
Prescribed Texts
Managing Finance, prepare and manage budgets and financial plans by Anandarajah, Aseervatham and Reid. Prentice Hall, 2005 |
References
Other Resources
Accounting an introduction. Atrill, McLaney, Harvey and Jenner 3rd ed. Prentice Hall, 2006 (available from the library)
Accounting , business reporting for decision making. Birt, Chalmers, Beal, Brooks, Byrne and Oliver 1st ed. Wiley & Sons, Australia 2005 (available from the library)
Overview of Assessment
Throughout this course interactive class exercises performed as a group, followed by discussion of the solutions and question & answer sessions will provide formative feedback to the students regarding their progress in achieving competency.
Assessment tasks may include individual in-class exercises, closed book class tests, assignments, question & answer activities and closed book exams.
Assessment Tasks
Each assessment task will be marked individually and the total marks will be your result for the course.
Assessment Tasks
Assessment 1 – In class theory test (worth 25%)
The first test will be at the completion of Topic Six in week six (6). The questions will assess the student’s knowledge and skills of Accounting, it’s regulatory environment, ethics, corporate governance and the basic reports produced by all reporting entities.
Assessment 2 – In class theory test (worth 25%)
The second test will assess Topics Seven to Nine in week eleven (11). The questions will assess the student’s knowledge and skills in the development of budgets and plans.
Assessment 3 – Assignment (worth 25%)
The assignment will be distributed during week five (5) of the semester and will need to be submitted by the end of week fourteen (14). The assignment is a simulation of the process for developing a budget, producing Each student will be given different numbers for the same exercise, so individual submissions are required.
Assessment 4 – In class theory test (worth 25%)
The final test will be in week seventeen (17) and will assess the work covered in Topics Ten to Thirteen, managing a budget, the techniques for financial analysis, monitoring of budgets and plans variances and remedial actions.
Assessment Matrix
Theory Test | Assignment |
|
BSBMGT504A/1 Communicate budget and financial plans | x |
x |
BSBMGT504A/1 Monitor and control activities against plans |
|
x |
BSBMGT504A/1 Report outcomes of financial plans | x |
x |
Other Information
Late Submission of Work or Assessment
Only in cases of exceptional and genuine hardship (not including inconvenience or poor study planning), will limited extensions be considered. Students must lodge a completed Application for Extension Form before the official submission date for the work or assessment. Completed applications are be addressed to the course coordinator and submitted via Reception on Level 13, Building 108. Documentary evidence should be provided. Note: Extensions are not automatically granted.
Course Overview: Access Course Overview