Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2019

Course Code: ACCT5406C

Course Title: Manage budgets and financial plans

School: 650T Vocational Business Education

Campus: City Campus

Program: C5369 - Diploma of Logistics

Course Contact: Suzanne Maugeri

Course Contact Phone: +61 3 9925 1466

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Nominal Hours: 80

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


Course Description

This unit involves the skills and knowledge required to manage budgets and financial plans in various contexts within the transport and logistics industry.

It includes communicating budget and financial plans, monitoring and controlling activities, and reporting outcomes of financial plans.

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

The unit generally applies to those who lead individuals or teams.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

TLIP5035 Manage budgets and financial plans


1 Communicate budget and financial plans

Performance Criteria:


Budget/financial plan communication package is reviewed by finance specialists


Package is amended/revised where appropriate


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


Data and terms are defined to assist users of the plans


Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities


2 Monitor and control activities against plans

Performance Criteria:


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


Funds are allocated in accordance with budget objectives and parameters


Audit requirements and legal obligations are met through recording systems and documentation


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


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


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


3 Report outcomes of financial plans

Performance Criteria:


Records of financial performance are properly maintained within organisational systems


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


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


Strategies and plans are reviewed and updated to optimise organisational performance

Learning Outcomes

This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to manage budgets and financial plans in various contexts within the transport and logistics industry.

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.

We expect you to participate and contribute in all scheduled learning activities.

Teaching Schedule

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course. 

This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements,including any non-classroom activities

Course Schedule:                                                           Semester 2: 2019



Topic / Activities

(including any pre-reading, research and resources required)


Week 1


8 Jul

  • Introduction to Unit and teacher
  • Unit guide – handout and discussion
  • Elements of Competency – What will the unit cover
  • Overview of Assessments 1 – 3
  • Subject protocols – methods of delivery/ facilitation
  • Required materials
  • Communication 

Introduction to Basic Accounting and Tax requirements

  • Accounting Principles and conventions
  • Accounting Process
  • Accrual vs Cash accounting
  • Accounting Jargon and Accounting equation
  • Cash receipts, cash payments and petty cash
  • Introduction to Financial reports
  • Business structures 
  • GST Principles
  • Record keeping requirement for ATO & Auditing Purposes 


Week 2


15 Jul

Introduction to Management Accounting Concepts

  • Expenditure and Revenue Cycles
  • Debtors, Creditors and terms of trade
  • Managing Ageing summaries
  • Ratios as a tool of control
  • Cash flows and Working Capital


Week 3


22 Jul

The Budgeting Process

  • What is budgeting
  • Benefit and limitations of budgeting
  • Budget as a tool for planning and control
  • The budgeting process
  • Types of budgets
  • The budget development process
  • The budgeting function in an Organisation
  • Importance of Monitoring Performance
  • Leading Continuous Improvement
  • Ethical Consideration in Budgeting


Week 4


29 Jul

Costing and Costs Control

  • Fixed Costs
  • Variable Costs
  • Semi-Variable cost
  • Relevant Range of Activity
  • The contribution margin concept
  • Break-even point


Week 5

5 Aug

Assessment 1 - In class Open Book Short Answer Test

In Class Assessment 1: Short Answers Test 06 August 2019

Week 6


12 Aug

Sales Budgets

  • Sales Budget per Products
  • Sales Budget by Period
  • Sales Budget by Area
  • Fees Budgets


Week 7

19 Aug

Operating Budgets - Manufacturing & Non-manufacturing

  • Purchases Budgets
  • Cost of Good Sold Budget
  • Factory Overhead Budget
  • Cost of Production Budget
  • Budgeted Income Statement
  • Expenses budgets
  • Service Industry budget
  • Capital Budgeting


Week 8


26 Aug

Operating Budgets - Manufacturing & Non-manufacturing - Continuing

  • Purchases Budgets
  • Cost of Good Sold Budget
  • Factory Overhead Budget
  • Cost of Production Budget
  • Budgeted Income Statement
  • Expenses budgets
  • Service Industry budget
  • Capital Budgeting




Semester break 2 – 8th September


Week 9


9 Sep

Variance Analysis and Performance Reports

  • Flexible Budgeting
  • Performance Reporting
  • Monitoring and Modifying the budget
  • Analysing Variances and Corrective Action
  • Contingency Plans and Risk Management


Week 10


16 Sep

Financial Budget

  • Budgeted Income Statement
  • Budgeted Balance Sheet
  • Budgeted Statement of Cash Flows

Assessment 2: Master Budget
Due: 22/09/2109

Week 11


23 Sep

Cash Budget

  • Introduction to Cash Budgets
  • Accounts Receivable Collections Budget
  • Cash Receipts Budget
  • Cash Payments Budget
  • Preparing the Cash Budget


Week 12


1 Oct

Financial plans and flow of information

  • Control information flow
  • Delegate responsibilities
  • Monitor and Communicate Financial Information  


Week 13

7 Oct

Assessment three support session


Week 14

14 Oct

Course Revision


Week 15

21 Oct

Assessment Task 3 - Case study

Feedback and Support

Assessment  task 3  Case Study Due: 27/10/2109

Week 16

28 Oct

Re-submissions and resit 


Week 17

4 Nov

Re-submissions and resit



Learning Resources

Prescribed Texts


Other Resources

Overview of Assessment

Assessment Methods

Assessment methods have been designed to measure achievement of the requirements in a flexible manner over a range of assessment tasks, for example:

  • direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
  • review of final printed documents
  • demonstration of techniques
  • observation of presentations
  • oral or written questioning to assess knowledge of software applications

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.

Performance  Evidence

You will be required to provide evidence of the following skills:

  • accessing, reading and interpreting budgetary documents, financial statements and reports, and workplace policies and procedures
  • applying basic accounting principles to budgetary processes
  • applying relevant legislation and workplace procedures
  • communicating and working effectively with others when completing work activities
  • identifying and solving problems that may arise when setting and achieving budgets
  • making calculations to set and achieve budgets
  • modifying budgets and plans as required to accommodate changes
  • monitoring work activities in terms of planned schedule
  • prioritising work and coordinating self and others in relation to workplace activities
  • selecting and applying appropriate technology, information systems and procedures


Knowledge Evidence

You are required to provide evidence of the following:

  • accountancy practices relevant to budgetary control
  • budgetary procedures and policies
  • budgetary systems, resources, management and workplace operating systems
  • limits of authorised expenditure and who has budget authorities
  • problems that may occur when setting and achieving budgets and action that can be taken to report or resolve these problems
  • quality and customer service standards, policies and procedures
  • risks that may exist when setting and achieving budgets and ways of controlling these risks
  • workplace processes for setting and achieving budgets.


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

There are three assessment tasks for this course.  To be deemed competent students must successfully achieve competency in each task.

Assessment Task 1 : In class Open Book Knowledge Test

Due Date: Week five of this course - 9 August 2019


This assessment will allow you to demonstrate your ability to understand and apply basic accounting knowledge and tax requirements, budgeting process, costing and simple management accounting concepts.

By completing this assessment you will be equipped with the basic knowledge and skills to tackle more complex scenarios in this unit. 

This short-answer assessment task is one of three assessment tasks you need to complete satisfactorily, in order to be deemed competent for this unit. 

Assessment Task 2 : Excel Format Master Budget

Due Date: Week ten of this course - 22 September 2019


This Assessment  will allow you to demonstrate your ability to generate a master budget for a manufacturing business. This Assessment will also allow you to Prepare & present data in format that is easily understood, accurate and appropriate to budget reporting, complying with organisational policy and procedures.

On completion of this Assessment you should be able to break down annual budgets into seasonal periods in accordance with operating trends, and provide realistic, ethical and achievable estimates of future cash flow, costs and revenues, and support with evidence e.g. source documentation.

Assessment Task 3 : Practical Case Study

Due Date: Week fifteen of this course - 27 October 2019


This assessment will allow you to demonstrate your ability to monitor, analyse and report on a team budget. It will also allow you to monitor, analyse and report on Cash Flows and Contingency plans.

By completing this assessment you will be equipped with advanced knowledge and skills required in budgeting management and financial plans. 

Assessment Conditions

As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.

Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.

Resources for assessment include:

  • a range of relevant exercises, case studies and/or other simulations
  • relevant and appropriate materials, tools, equipment and personal protective equipment currently used in industry
  • applicable documentation including workplace procedures, regulations, codes of practice and operation manuals.


Assessment Matrix

The competency assessment map that maps all the assessment tasks is available on CANVAS mapping document 

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 the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.

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 preented 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:

Where an extension of greater than seven days is needed, you must apply for Special Consideration.  You must submit your application within five working days after your assessment date or due date.

More Information:

Re-submissions (VE Programs):

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one re-submission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the re-submission. 

 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 assessment arrangements might be granted please access the following website:


Final Results

 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.

 The following grades are available for this course:


Competency Achieved


Not Yet Competent


Did Not Submit for Assessment


Course Overview: Access Course Overview