Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2010

Course Code: ACCT5272C

Course Title: Manage budgets and financial plans

School: 650T TAFE Business

Campus: City Campus

Program: C5225 - Diploma of Management

Course Contact : Maurice Sheridan

Course Contact Phone: +61 3 9925 5455

Course Contact Email:maurice.sheridan@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Meetu Aggarwal
Email meetu.aggarwal@rmit.edu.au
Meetu is at RMIT only on Tuesday and Thursday evenings

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

NIL  There is no Prerequisites for this course

Course Description

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.
As there are no pre-requisites for this unit the course will also include an introduction to accounting and the accounting process.


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



Details of Learning Activities

In order to achieve learning outcomes, students will participate in the following 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 required assessment tasks


Teaching Schedule

TEACHING SCHEDULE
Week

Week

Commencing

TopicElementsLearning Activities
18/2/2010Introduction to Budgeting 1.1Chapter 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.
215/2/2010Accounting concepts 1.2Chapter 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.
322/2/2010Revenue and Expense Budgets1.2Chapter 3
Review Q’s 1, 3 ,4, 7, 9,
Self Quiz 1, 2, 5, 6.
Activities 1, 3, 7.
41/3/2010Negotiation of Business Plans 1.3Chapter 4 pp 104 - 112
Review Q’s 1, 2, 4, 5.
Self Quiz 1, 2, 3, 4, 5.
Activities 4, 6
58/3/2010Contingency Plans 1.4/3.1Chapter 5 pp 121 - 135
Review Q’s 1, 2, 3, 4, 5
Self Quiz 1, 2, 3, 4, 8
Activities 1, 3, 5
615/3/2010First Test   
722/3/2010Disseminations of Budgets2.1/2.2Chapter 6
Review Q’s 1, 2, 3, 4, 5, 6
Self Quiz 1, 2, 3, 4.
Activities 1, 3, 5.
829/3/2010Resources and systems 2.3Chapter 7 pp 177 - 189
Review Questions 9, 10, 11, 14, 15.
Self Quiz 3, 4, 5.
Activities 1, 2, 3, 6,
  Mid Semester Break 1/4/2010 – 7/4/2010   

8(continued)

8/4/2010Resources and systems (cont)2.3Chapter 7 pp 177 - 189
Review Questions 9, 10, 11, 14, 15.
Self Quiz 3, 4, 5.
Activities 1, 2, 3, 6.
912/4/2010Cost Volume Profit 3.1Chapter 16
Review Q’s 2 - 15, 17, 19, 20, 21, 22, 23.
Self Quiz 2 - 9, 13, 14.
Activities 1, 2, 3, 4, 5, 6, 7, 8, 11
1019/4/2010Variance Analysis 3.1Chapter 9 pp 232 - 238 & 248 - 251
Review Q’s 1a, 7, 8
Self Quiz 1, 2, 3, 4, 5, 6
Activities 1, 2
Case Study 9.2, 9.3 (optional)
1126/4/2010 Second Test   
1203/5/2010Implementing Contingency Plans 4.1Chapter 10
Review Q’s 1, 2, 3, 4, 5, 6, 7 - 10
Self Quiz 1 - 5
Activities 1, 2, 4, 5, 6.
1310/5/2010Effectiveness of the financial management process4.2Chapter 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)
1417/5/2010Financial Mathematics 4.3Chapter 13
Review Q’s 1, 2, 3, 4, 6, 7, 9.
Self Quiz 1 - 7
Activities 1, 2, 3, 4, 5, 7 &
1524/5/2010Revision Week  
1631/5/2010Final Test  
177/6/2010Retest  
1815/6/2010Retest  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** The weekly schedule may be subject to change. Students will be advised on the online learning hub and in class should any changes occur.


Learning Resources

Prescribed Texts

Manage Budgets and Financial Plans 4th ed. Reid Anandarajah Aseervatham. 2009


References


Other Resources

Relevant learning resources will be placed on the online learning hub progressively throughout the semester. Students will need to access this site on a weekly basis, print the materials and bring them to class. COPIES OF MATERIALS WILL NOT BE HANDED OUT IN CLASS


Overview of Assessment

Assessment Tasks

Test 1 - Week 6       Test on Topics 1,2,3,4,5            Grade CA/NYC   (35 marks)

Test 2 - Week 11     Test on Topics 6,7,8,9                Grade CA/NYC (35 marks)

Test 3 - Week 16      Test on Topics 10,11,12            Grade CA/NYC (30 marks)

Overview of Assessment

Students must complete all 3 tests and achieve a mark of 50% or greater to achieve an overall pass in this course.

Special Consideration

If a student misses a test for ANY REASON, they must complete a special consideration application. Please note that applications must be submitted through the Hub on RMIT Melbourne campuses within 2 working days of the scheduled assessment

IT IS EXPECTED THAT STUDENTS WILL SHOW THEIR TEACHER THE WRITTEN RECEIPT GRANTING A DEFERRED ASSESSMENT AS SOON AS IT IS RECEIVED so it can be recorded

Special Consideration the full policy can be found at http://www.rmit.edu.au/browse;ID=g43abm17hc9w This site includes a link to the application form


Assessment Tasks

Assessment Tasks

Test 1 - Week 6                 Test on Topics 1,2,3,4,5                Grade CA/NYC (35 marks)

Test 2 - Week 11               Test on Topics 6,7,8,9                   Grade CA/NYC (35 marks)

Test 3 - Week 16               Test on Topics 10,11,12               Grade CA/NYC (30 marks)


Assessment Matrix

 Test 1Test 2Test 3
Element 1:Plan Financial management approaches   
Element 2: Implement financial management approaches   
Element 3: Monitor and control finances   
Element 4: Review and evaluate financial management processes   

Other Information

Competency and grading requirements:
Assessment methods have been designed to measure achievement of each competency. To be deemed competent students must demonstrate an understanding of all elements of a competency.

Students must achieve a mark of 50% or greater to show competency. Each test will also carry a numerical weighting to be used for grading purposes. The grade applied to this weighting will only be awarded if a CA has been achieved in all compulsory assessment tasks on the first attempt.

Where a student fails a test they will be given an opportunity to resit the test as scheduled in week 17 and 18. Under these circumstances grading will only apply if all tests are passed on the first attempt. Reassessments will only be granted to students who were either unsuccessful in the first attempt or have an approved special consideration application.
Students who pass all tests will then have their grade for their in-class exercises to determine their final grade.

Employability Skills

On completion of this course students should display the following employability skills:
• Communication
• Initiative and Enterprise
• Planning & Organization
• Self Management
• Learning
• Technology

Course Overview: Access Course Overview