Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term2 2009
Course Code: ACCT5144C
Course Title: Manage budgets and financial plans
School: 650T TAFE Business
Campus: City Campus
Program: C5130 - Diploma of Business
Course Contact : Theresa Lyford
Course Contact Phone: +61 3 9925 5444
Course Contact Email:Theresa.Lyford@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Jenny Seiler Bernie Sidler
Level 13
Phone: 9925 1621
Email: jenny.seiler@rmit.edu.au bernard.sidler@rmit.edu.au
Nominal Hours: 100
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 of the significant aspects of financial management for operational managers who are not financial specialists. It includes the preparation & analysis of financial reports and emphasises the communication of financial objectives through budgets, consistent surveillance of budget performance, and early intervention where required.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBMGT504A Manage budgets and financial plans |
Element: |
1. Communicate budget and financial plans |
Performance Criteria: |
1.1 Budget/financial plan communication package reviewed by finance specialists |
Element: |
2. Monitor and control activities against plans |
Performance Criteria: |
2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period |
Element: |
3. Report outcomes of financial plans |
Performance Criteria: |
3.1 Records of financial performance are properly maintained within organisational systems |
Learning Outcomes
The oucomes includes knowledge of all aspects of business operations in which financial management and decision-making occurs, including period activities relating to revenue expenditure and cash flow management, as well as capital expenditure proposals and capital budgeting.
The role of the operational manager as a communicator and trainer in respect to the implementation of the budget needs, should also be studied, along with regular and quality reporting of budget performance. Evidence of analysis of budget performance and follow up action will be an outcome of this course.
Details of Learning Activities
Class time will include a short lecture which will provide students with the concepts required to gain the required underpinning skills and knowledge, then students will be given the opportunity to complete selected exercises and scenarios to build on those skills and knowledge which should build competence in the elements required for this course.
The use of online resources and the assignment will also assist students in this process.
Teaching Schedule
| WEEK | Week Beginning | Topic as per student course guide | Classwork and Assessment |
| 1 | 6/7/2009 | Overview of course including review of course guide, weekly program, assessment guide and DLS Topic One - Introduction to Financial Decision Making |
Reid - Chapter 1, pages 2-23 Review Questions 1, 5, 9, 10 & 20 Self Quiz Questions 1-12 Activities 1-5 DLS – Topic 1 |
| 2 | 13/7/2009 | Topic Two - Business Structures and Regulations Topic Three - The accounting process |
Reid - Chapter 2, pages 28-30 Review Questions 1-3 Self Quiz Questions 1-2 Activities 1 DLS – Topic 2 Reid - Chapter 2, pages 31-35, 37-51 Review Questions 4-13 Self Quiz Questions 3-10 Activities 2-9, 11 DLS – Topic 3 |
| 3 | 20/7/2009 | Topic Three - The accounting process (continued) Topic Four - Measuring and reporting financial position (Balance sheet) |
DLS – Topic 4 |
| 4 | 27/7/2009 |
Topic Four - Measuring and reporting financial position (Balance sheet) (continued) Topic Five - Measuring and reporting financial performance (Income Statement) |
DLS - Topic 5 |
| 5 | 3/8/2009 | Topic Five - Measuring and reporting financial performance (Income Statement) (continued) Topic Six - Measuring and reporting cash flows |
Reid - Chapter 2, pages 48 DLS – Topic 6 Assignment available |
| 6 | 10/8/2009 |
Topic Seven - Budgets and plans and the development of a budget | Reid – Chapter 6, pages 148-154 Review Questions Chapter 6; 1-6 Self Quiz Questions Chapter 6; 1-5 Activities Chapter 6; 1-5 Reid – Chapter 13, pages 336-353 Review Questions Chapter 13; 1-3, 6, 9 Self Quiz Questions Chapter 13; 1-7 Activities Chapter 13; 1- 8 Case study 13.1 |
| 7 | 17/8/2009 | Topic Seven - Budgets and plans and the development of a budget | Review Test 1 Reid – Chapter 15, pages 381-408 Review Questions Chapter 15; 1, 4-5, 7 Self Quiz Questions Chapter 15; 1, 3-5, 7-10 Activities Chapter 15; 1-2, 4-10 |
| 8 | 24/8/2009 | Topic Seven - Budgets and plans and the development of a budget | Reid – Chapter 3, pages 57-85 Review Questions Chapter 3; 1, 3-5, 9-10 Self Quiz Questions Chapter 3; 1, 4, 6, 8, 12-16 Activities Chapter 3; 1-3, 6-7, 9 DLS – Topic 7 Part 1 Assignment Due |
| Mid Semester Break 31/8/2009 – 6/9/2009 | |||
| 9 | 7/9/2009 | Topic Eight - Communication and the budgeting process Topic Nine - Risk Management |
Reid – Chapter 4, pages 104-115 Review Questions Chapter 4; 2-4 Self Quiz Questions Chapter 4; 1-4 Activities Chapter 4; 1-2 Case study 4.3 Reid – Chapter 6, pages 154-164 Review Questions Chapter 6; 7-9 Self Quiz Questions Chapter 6; 6-7 Activities Chapter 6; 7 & 9 Reid – Chapter 5, pages 119-127 Review Questions Chapter 5; 1-5 Self Quiz Questions Chapter 5; 1, 3-4 Activities Chapter 5; 1-3 DLS Topics 8 & 9 |
| 10 | 14/9/2009 | Topic Ten - Monitoring budgets and financial plans | Reid – Chapter 8, pages 205-218 Review Questions Chapter 8; 9-18 Self Quiz Questions Chapter 8; 12-16 Activities Chapter 8; 4-7, 12 DLS Topic 10 |
| 11 | 21/9/2009 | Topic Eleven - Techniques for financial analysis |
Test 2 Reid – Chapter 16, pages 415-421 |
| 12 | 28/9/2009 | Topic Eleven - Techniques for financial analysis | Reid – Chapter 14, pages 358-362 Reid – Chapter 16, pages 421-435 Review Questions Chapter 16; 2-5, 17- 23 Self Quiz Questions Chapter 16; 7-10, 13-14 Activities Chapter 16; 7 & 8, 11 DLS Topic 11 |
| 13 | 5/10/2009 | Topic Eleven - Techniques for financial analysis (continued) | As Above for Reid (related topic) DLS – Topic 11 |
| 14 | 12/10/2009 | Topic Twelve - Variance Analysis | Reid – Chapter 5, pages 137-143 Review Questions Chapter 5; 14, 15, 17, 19 Self Quiz Questions Chapter 5; 9-10 Case Study 5.1 Reid – Chapter 9, pages 232-252 Review Questions Chapter 9; 1, 7-8 Self Quiz Questions Chapter 9; 1, 4-6 Activities Chapter 9; 1-4 DLS Topic 12 Assignment due |
| 15 | 19/10/2009 | Topic Twelve - Variance Analysis | As Above for Reid (related topic) DLS – Topic 12 |
| 16 | 26/10/2009 | Topic Thirteen - Remedial action for restructuring of budgets | Reid – Chapter 11, pages 285-292 Review Questions Chapter 11; 7-9 Self Quiz Questions Chapter 11; 4 Activities Chapter 11; 5-6 Reid – Chapter 10, pages 269, 271-274 Review Questions Chapter 10; 9 Self Quiz Questions Chapter 10; 5 Activities Chapter 10; 3 DLS Topic 13 |
| 17 | 2/11/2009 | Assessment | Test Three Retest 1 |
| 18 | 9/11/2009 | Retests/Resits | Review test 3 Retests 2 & 3 |
Learning Resources
Prescribed Texts
“Managing Finance, Manage Budgets and Financial Plans” by Anandarajah, Aseervatham and Reid. Prentice Hall, 4th edition, 2009 |
References
1. Accounting an introduction. Atrill, McLaney, Harvey and Jenner 3rd ed. Prentice Hall, 2006 (available from the library). |
|
2. Accounting, business reporting for decision making. Birt, Chalmers, Beal, Brooks, Byrne and Oliver 1st ed. Wiley & Sons, Australia 2005 (available from the library). |
Other Resources
Overview of Assessment
Throughout this course interactive class exercises performed as a group, followed by discussion of the solutions and question & answer sessions will provide formative feedback to the students regarding their progress in achieving competency.
Assessment tasks may include individual in-class exercises, closed book class tests, assignments, question & answer activities and closed book exams.
Assessment Tasks
To pass this course, students must submit and pass each individual assessment task and achieve competency in all course elements and have a total mark of not less than 50%.
Assessment 1 – In class theory test (worth 25%)
The first test will be at the completion of Topic Six in week six (6). The questions will assess the student’s knowledge and skills of Accounting, the regulatory environment, ethics, corporate governance and the basic reports produced by all reporting entities.
Assessment 2 – In class theory test (worth 25%)
The second test will assess Topics Seven to Nine in week eleven (11). The questions will assess the student’s knowledge and skills in the development of budgets and plans.
Assessment 3 – Assignment (worth 25%)
The assignment will be distributed during week five (5) of the semester and will need to be submitted by the end of week fourteen (14). The assignment is a simulation of the process for developing a budget. Each student will be given different numbers for the same exercise, so individual submissions are required.
Assessment 4 – In class theory test (worth 25%)
The final test will be in week seventeen (17) and will assess the work covered in Topics Ten to Thirteen, managing a budget, the techniques for financial analysis, monitoring of budgets and plans variances and remedial actions.
If a student fails a test they will be given an opportunity to resit the test as scheduled or resubmit their assignment. Under these circumstances the maximum grade available will be 50% of the total marks for the assessment.
Assessment Matrix
Theory Test Assignment
BSBMGT504A/1 Communicate budget and financial plans X X
BSBMGT504A/2 Monitor and control activities against plans X X
BSBMGT504A/3 Report outcomes of financial plans X X
Other Information
Missed Assessment
If a student misses an assessment or due date for ANY REASON, they must complete a special consideration application as detailed below. Please note that applications must be submitted through the Hub on RMIT Melbourne campuses within 2 working days of the assessment deadline or 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).
Course Overview: Access Course Overview