Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term1 2010

Course Code: ACCT5125C

Course Title: Manage budgets and financial plans

School: 650T TAFE Business

Campus: City Campus

Program: C6071 - Advanced Diploma of Business (Public Relations)

Course Contact : Jenny Seiler

Course Contact Phone: +61 3 9925 1621

Course Contact Email:jenny.seiler@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Maurice Sheridan
Level 13, Building 108
Phone 9925 5455
Email maurice.sheridan@rmit.edu.au

Colin Bryon
Email colin.byron@rmit.edu.au

Mark Mossuto is no longer involved in the subject, please forward all correspondence to either of the above teachers

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 covers all significant aspects of financial management for operational managers who are not financial specialists. It emphasises the preparation of users of budgets/financial plans through communication and training and consistent surveillance over budget performance, with early intervention where required.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBMGT504A Manage budgets and financial plans

Element:

Communicate budget and financial plans

Performance Criteria:

1.1 Budget/financial plan communication package reviewed by finance specialists

1.2 Package is amended/revised where appropriate

1.3 Training activities are undertaken with users of the budget and plans across the organisation

1.4 All data and terms are defined and understood by the users of the plans

1.5 Communication outcomes are tested to ensure clear understanding of objectives, processes and accountabilities

Element:

Monitor and control activities against plans

Performance Criteria:

2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period

2.2 Funds are allocated in accordance with budget objectives and parameters

2.3 Recording systems and documentation meet all audit requirements and legal obligations

2.4 Risk management plans are implemented and contingency plans in place for all financial plans

2.5 Performance is monitored and variances identified on a real time basis

2.6 Variances are analysed in conjunction with relevant experts to determine cause and effect

2.7 Remedial action is taken swiftly to minimise negative impact and maximise benefits

2.8 Budgets and plans are renegotiated/restructured where necessary to optimise organisational performance

Element:

Report outcomes of financial plans

Performance Criteria:

3.1 Records of financial performance are properly maintained within organisational systems

3.2 Financial performance is analysed and reported in a form and language appropriate to the audience

3.3 Non financial objectives are reported in the context of overall organisational performance

3.4 Strategies and plans are reviewed and updated to optimise organisational performance


Learning Outcomes


On completion of this course students will be able to put into practice, the skills and knowledge gained as applicable within the workplace according to the performance criteria as stipulated against the elements of the competency above.

Learning Activities:

All students will participate within the classroom to provide real life solutions to problems as set by clients and teaching staff that reflect real life situations as found in the workplace. This may take the form of individual assessments, group projects and presentations to teaching staff and clients.


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

WeekWeek CommencingTopicElementsLearning Activities
108/02/2010Introduction 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.
215/02/2010Accounting 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.
322/02/2010Revenue and Expense Budgets3.1, 3.3 Chapter 3
Review Q’s 1, 3 ,4, 7, 9,
Self Quiz 1, 2, 5, 6.
Activities 1, 3, 7.
401/03/2010Negotiation of Business Plans1.3 Chapter 4 pp 104 - 112
Review Q’s 1, 2, 4, 5.
Self Quiz 1, 2, 3, 4, 5.
Activities 4, 6
508/03/2010Contingency Plans1.2, 2.4 Chapter 5 pp 121 - 135
Review Q’s 1, 2, 3, 4, 5
Self Quiz 1, 2, 3, 4, 8
Activities 1, 3, 5
615/03/2010First Test  
722/03/2010Disseminations of Budgets1.2, 1.4, 1.5, 2.8 Chapter 6
Review Q’s 1, 2, 3, 4, 5, 6
Self Quiz 1, 2, 3, 4.
Activities 1, 3, 5.
829/03/2010Resources and systems2.2, 2.3 Chapter 7 pp 177 - 189
Review Questions 9, 10, 11, 14, 15.
Self Quiz 3, 4, 5.
Activities 1, 2, 3, 6,
  Midsemester Break  
8(cont)06/04/2010Resources and systems2.2, 2.3 Chapter 7 pp 177 - 189
Review Questions 9, 10, 11, 14, 15.
Self Quiz 3, 4, 5.
Activities 1, 2, 3, 6,
915/04/2010Cost Volume Profit  Chapter 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
1022/04/2010Variance Analysis2.5, 2.6, 2.7, 3.1, 3.2 Chapter 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)
1129/04/2010Second Test  
1203/05/2010Implementing Contingency Plans2.4, 3.3 Chapter 10
Review Q’s 1, 2, 3, 4, 5, 6, 7 - 10
Self Quiz 1 - 5
Activities 1, 2, 4, 5, 6.
1310/05/2010Effectiveness of the financial management process3.3, 3.4 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)
1417/05/2010Financial Mathematics3.2 Chapter 13
Review Q’s 1, 2, 3, 4, 6, 7, 9.
Self Quiz 1 - 7
Activities 1, 2, 3, 4, 5, 7
1525/05/2010Revision week  
1601/06/2010Final Test  
1708/06/2010RE Sit Tests  
1815/06/2010RE Sit Tests  


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

Overview of Assessment

Grading
A pass in each assessment will result in a grade for the student. Where a pass is achieved competency for that assessment is given. Where there are multiple assessments for a single competency the students must achieve competency (a pass) in each assessment to be deemed competent. Competency MUST be achieved in all assessments of the course for a graded result to be obtained.
Grade Mark Description
HD > = 80 High Distinction (Competency Achieved)
DI 70 - 79 Distinction (Competency Achieved)
CR 60 - 69 Credit (Competency Achieved)
PA 50 - 59 Pass (Competency Achieved)
NN < 50 Fail (Not Yet Competent)
CA Not Applicable Competency Achieved
NYC Not Applicable Not Yet Competent

Assessments:

The student will undertake assessment by completing a number of written portfolios along with presentations to class as evidence of competence in relation to the above mentioned required elements of the competency as required under the direction of the training package.

Students will be provided specific assessment instructions, on commencement of this new course.


Assessment Tasks

Assessment                 Description                          Grading

Test 1 week 6                topics 1,2,3,4,5.                 CA/NYC  (35)

Test 2 week 11              topics 6,7,8,9.                    CA/NYC (35)

Test 3 week 16              topics 10,11,12                 CA/NYC (35)


Assessment Matrix

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

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 will achieve a grade of CA if competent, or alternatively a NYC to indicate they are not yet competent for each assessment. If competent, the assessment will also carry a numerical weighting for the purpose of articulation into degree courses.

Where a student fails a test they will be given an opportunity to resit the test as scheduled in week 17. Students who achieve competency in a retest will be allocated a CA grade for the test and assuming competency is achieved in all assessments an overall course grade of CA.

Students who have an approved special consideration application will be able to complete the missed assessment for competency and if successful, a 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