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: C4228 - Certificate IV in Marketing

Course Contact : Tim Wallis

Course Contact Phone: +61 3 9925 5423

Course Contact

Name and Contact Details of All Other Relevant Staff

Maroun Chamoun -

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

None required

Course Description

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

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


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


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


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

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 in class activities, case studies and face to face delivery will provide a range of learning and teaching experiences for students.

Teaching Schedule

Week NoDateTopicAssessment
1Feb 9

(1) Course Induction
• Course delivery and assessment details
• Course support documents
• Online learning environment
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities

(2) Overview of the specific technology required for this course:
o Blackboard
o Excel Training

2Feb 16Planning Financial Management Approaches 
3Feb 23Revenue & Expense Budgets 
4Mar 2Negotiation of Business Plans 
5Mar 9
Contingency Plans
6Mar 16Disseminations of Budgets 
7Mar 23Resources & Systems

Review of first 7 weeks

8aMar 30TestAssessment  1
 2 - 8 AprMid Semester Break 
8b9 - 10 AprSelf Directed study to be checked in the following week’s class 
9Apr 13Variance Analysis 
10Apr 20Implementing Contingency Plans 
11Apr 27Financial Management Process

Financial Mathematics Techniques

12May 4Review and evaluate financial management processes

Revision/ Exercises

13May  11  In class pair AssignmentAssessment 2
14May 18Interviews/ Portfolio of EvidenceAssessment 3
15May 25Interviews/ Portfolio of EvidenceAssessment 3
16June 1Assessment feedback /resubmissions 

Learning Resources

Prescribed Texts


Other Resources

Relevant learning resources will be placed on the online learning hub (Blackboard)  progressively throughout the semester.   You will need to access this site on a weekly basis to ensure that you keep up to date with important information related to this course.

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.

Assessment Tasks

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.

Assessment Tasks

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.

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, 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:
Form to use:
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:;ID=g43abm17hc9w
Form to use:

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:;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


Assessment Matrix

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

Course Overview: Access Course Overview