Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term1 2015
Course Code: ACCT5272C
Course Title: Manage budgets and financial plans
School: 650T Vocational Business Education
Campus: City Campus
Program: C6102 - Advanced Diploma of Business (Public Relations)
Course Contact : Sally Parrott
Course Contact Phone: +61 3 9925 5175
Course Contact Email:firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
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
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
1. Plan financial management approaches
1.1. Access budget/financial plans for the work team
2. Implement financial management approaches
2.1. Disseminate relevant details of the agreed budget/financial plans to team members
3. Monitor and control finances
3.1. Implement processes to monitor actual expenditure and to control costs across the work team
4. Review and evaluate financial management processes
4.1. Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team
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
A range of learning experiences are planned for this course including case studies, in-class activities relevant to manage budgets and financial plans.
|1||Feb 9||(1) Course Induction|
• Course delivery and assessment details
• Course support documents
• Online learning environment
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
(2) Overview of the specific technology required for this Manage Budgets & Financial Plans:
o Excel Training
|2||Feb 16||Planning Financial Management Approaches|
|3||Feb 23||Revenue & Expense Budget|
|4||Mar 2||Negotiation of Business Plans|
|5||Mar 9||Contingency Plans|
|6||Mar 16||Disseminations of Budgets|
|7||Mar 23|| Resources & Systems |
Review of first 7 weeks
|8a||Mar 30||Test||Assessment 1|
|2 - 8 Apr||Mid Semester Break|
|8b||9 - 10 Apr||Self Directed study to be checked in next week’s class|
|9||Apr 13||Variance Analysis|
|10||Apr 20||Implementing Contingency Plans|
|11||Apr 27||Financial Management Process |
Financial Mathematics Techniques
|12||May 4||Review and evaluate financial management processes |
|13||May 11||In class pair Assignment||Assessment 2|
|14||May 18||Interviews/ Portfolio of Evidence||Assessment 3|
|15||May25||Interviews/ Portfolio of Evidence||Assessment 3|
|16||Jun 1||Assessment feedback /resubmissions|
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.
To be deemed competent in this course the following evidence is essential:
financial skills required to work with and interpret budgets, ageing summaries, cash flow, petty cash, GST, and profit and loss statements
knowledge of the record keeping requirements for the ATO and for auditing purposes.
This course has 3 assessment tasks and you must successfully complete all of them in order to be deemed competent in this unit.
Assessment Task 1 – In class Test (Closed book)
Due date: Week 8a – week of March 30th
Submission procedure: This is an individual assessment and it is to be completed in-class and handed in at the end of the class.
Requirements: You will be required to answer 20 short questions on various topics covered in weeks 1 to 7.
Assessment Task 2 – In class Assignment (Closed book)
Due date: Week 13 - Week of May 11th
Submission procedure: This is a group assessment (2 students) and it is to be completed in-class and handed in at the end of the class.
This assessment focuses on the practical aspect of all elements of the unit and contributes to the learning objectives of this unit and will focus on the 3rd and 4th elements of competency: Monitor and control finances and Review and evaluate financial management processes
You are to complete a budget and comment on the variances you may find. You will be given background and financial information of an organisation related to the following:
- Sales Budget
- Expense Budget
- Profit and Loss Budget
Assessment Task 3 – Interview/ Portfolio of Evidence
Date handed out: Week 14 &15 - Week of May 18th & 25th
Date and time due: Week 14 &15 - Week of October 18th & 25th
Group or Individual: This is an individual interview/ assessment conducted with the instructor face to face.
This assessment focuses on the all four elements of the unit and contributes to the learning objectives of this competency. The interview is to validate work presented throughout the course and the students’ grasp of the concepts and techniques used to review and Manage Budgets and Financial Plans.
You are required to attend the interview at the assigned time and be prepared to answer questions in reference to the contents of the activities you have uploaded into Blackboard in order to demonstrate competency.
Detailed marking guides will be provided for all assessments during the semester.
- 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, Julie Macpherson, 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.
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.
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:
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