Course Title: Provide management accounting information

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: ACCT5382C

Course Title: Provide management accounting information

School: 650T Vocational Business Education

Campus: City Campus

Program: C5347 - Diploma of Accounting

Course Contact : Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email:ben.sethia@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Course coordinator- Meetu Aggarwal

meetu.aggarwal@rmit.edu.au

Phone: 9925 1621

Nominal Hours: 60

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 describes the skills and knowledge required to gather, record and analyse operating and cost data, prepare budget reports and review costing systems integrity to calculate and record the costs of products and services.

It applies to individuals who use specialised knowledge and analytical skills to manage complex financial data and develop comprehensive organisational reports.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC507 Provide management accounting information

Element:

1. Gather and record operating and cost data

Performance Criteria:

1.1 Identify and establish systems to generate operating and cost data
1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures
 

Element:

2. Analyse data and assign costs

Performance Criteria:

2.1 Analyse costs and identify cost behaviour characteristics
2.2 Assign costs to specified products, services and organisational units, and reconcile data to ensure calculations are accurate and comply with organisational procedures
2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s business performance objectives

Element:

4. Analyse variances and review costing system integrity

Performance Criteria:

4.1 Calculate and analyse variances against budget
4.2 Ensure reports are accurate, comprehensive and comply with management information requirements and organisational practices
4.3 Use variance analysis to review effectiveness of cost assignment processes

Element:

3. Prepare cost reports and budgets

Performance Criteria:

3.1 Obtain cost information advice from all sections of organisation when formulating cost reports and budgets
3.2 Ensure structure and format of budgets are clear and comply with management information requirements and organisational practices


Learning Outcomes



Details of Learning Activities

FULL TIME STUDENTS

Primarily you will be learning on a face to face basis with the support of an online course site for dissemination of materials and some assessment. Students will be expected to attend four hours of class each week. Students will be introduced to the accounting theory which will then be supported by practical illustrations. Students will complete exercises to reinforce their understanding of the material. Solutions will be available on the learning hub.

PART TIME STUDENTS

Your learning experience will be a mix of face to face learning and online. Students will be expected to attend 12 two hour classes across the 16 week semester. There will be 2 sessions that students can complete in their own time and 2 sessions will be done by blackboard collaboration. Students will be expected to review the notes prior to coming to class. Each class then focus on a demonstration of the practical application of the theory eg case studies. Students will be expected to complete all the exercises in their own time. Solutions will be available on the learning hub. 


Teaching Schedule

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

FULL TIME STUDENTS-  The Teaching Schedule for this course is as follows but please note that it is subject to change.

     Week Week CommencingTopics                                                             Assessment   
 1 08/02/16

Introduction to course including course guide, RPLs and use of Blackboard.

Review of Cost concepts

 
 2 150/2/16Budgets 
 3 22/02/16Budgets 
 4 29/02/16Budgets 
 5 07/03/16

Test on budgets

Variable costing

 Assessment 1
 6 14/03/16

Variable costing

Absorption costing

 
 7 21/03/16

Absorption costing

Standard costing

 Assessment 2 Part 1
  25/03/16 - 01/04/2016 - Mid Semester Break 
 804/04/16Standard costing 
 911/04/16

Standard costing

Test on standard costing

 Assessment 3 Part 1
1018/04/16ABC costing 
 1125/04/16

ABC costing

Cost volume profit analysis

 Assessment 2 Part 2
 1202/05/16Responsibility Accounting 
 1309/05/16Responsibility Accounting Assessment 2 Part 3
 1416/05/16Differential accounting 
1523/05/16

Differential accounting

Test on Differential Accounting and Responsibility Accounting

 Assessment 3 Part 2
 1630/05/16Reassessment week Assessment 2 interviews if necessary

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

PART TIME STUDENTS- The Teaching Schedule for this course is as follows but please note that it is subject to change.
 

WEEKWEEK COMMENCINGTOPICASSESSMENTS
18/02/2016Introduction to course including course guide, RPLs and use of Blackboard.

Review of Cost concepts
 

 
215/02/2016Budgets 
322/02/2016Budgets 
429/02/2016No class. Students will complete their budget exercise 
507/03/2016Budget testsAssessment 1
614/03/2016Variable costing/Absorption costing 
721/03/2016Blackboard collaborationAssessment 2 Part 1
 25/03/2016-01/04/2016MID SEMESTER BREAK 
804/04/2016Standard costing 
911/04/2016Test on Standard costingAssessment 3 Part 1
1018/04/2016ABC costing 
1125/04/2016Responsibility Accounting 
1202/05/2016No class. Students will do topic CVP analysis 
1309/05/2016Differential accounting 
1416/05/2016Blackboard collaboration 
1523/05/2016Test on differential accounting and Responsibility Accounting 
1630/05/2016ReassessmentsAssessment 2 interviews if necessary


Learning Resources

Prescribed Texts

Management Accounting Principles and Applications (Hart and Wilson) 5th edition


References


Other Resources

Relevant learning resources will be placed on the learning hub. Students will need to access the appropriate topic folders on this site, on a weekly basis and bring them to class. It will be expected that students will need to complete some weekly tasks in their own time.


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • gather and record operating and cost data in accordance with organisational policy and procedures
  • analyse data and assign costs to products, services and organisational units to comply with organisational procedures
  • obtain data and prepare a range of cost reports and budgets to meet management information requirements
  • analyse variances between budgeted and actual data, and review integrity of costing systems

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • describe the principles of double-entry bookkeeping and accrual based accounting
  • identify and describe cost behaviour characteristics for the different cost elements of a product or service
  • identify and discuss the key features of organisational policy and procedures as they apply to costing systems
  • outline the key management information requirements
  • identify and explain the key principles and practices of budget preparation
  • discuss the relationship between variance analysis and costing system integrity
  • explain the key processes and procedures for recording and securely storing data

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • a range of common office equipment, technology, software and consumables
  • an integrated financial software system and data

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 


Assessment Tasks

Overview of Assessment

This course is co-delivered and co-assessed with the following competencies:
 ACCT5380C Manage Budgets and Forecasts. Please ensure that you enrol in both competencies.

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group/individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practices, 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.

Assessment Tasks

Students must complete all three assessment tasks and gain competency in all sections.

Assessment 1 (Due Date: WEEK 5 )

It is a closed book in class individual test on the budgeting topic. Budgets may be for a retail, service or manufacturing business.

Assessment 2 (Due Date: WEEK 7, 11 AND 13)

This is a progressive online assessment. Students will be required to complete 3 individual online sections across the semester. It needs to be completed in their own time. Students must achieve a grade of 100% for each part of the assessment to achieve competency. They will have an unlimited number of attempts to do each section. Students may be interviewed to verify their competency in any section of assessment 2. Students will be given an opportunity to redo the assessment in week 16 in class if they did not complete in the original time frame.

Part 1: It will test understanding of Variable and Absorption costing techniques

Part 2: It will test understanding of ABC costing techniques

Part 3: It will test understanding of CVP analysis techniques

Assessment 3 (Due Date: WEEK 9 AND 15)

This is a two part in class individual test.

Part 1: This section will test standard costing analysis. This will be an open book test.

Part 2: This will test differential and responsibility accounting. This will be closed book test.

You must successfully complete all assessment tasks to achieve competency.


Assessment Matrix

Other Information

Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Callie Harvey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.


Late Submission Procedures


You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.


If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. <check links are still current>


More Information: http://www.rmit.edu.au/students/assessment/extension


Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf


Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. <check links are still current>
 

More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w


Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf


Resubmissions (VET Programs):


If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.


If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.


Adjustments to Assessment


In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: <check link is still current>
More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.


Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

Final Grades table:


CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment


Further information regarding the application of the grading criteria will be provided by your teacher.
 

Course Overview: Access Course Overview