Course Title: Develop and manage a budget
Part B: Course Detail
Teaching Period: Term2 2020
Course Code: ACCT5418C
Course Title: Develop and manage a budget
School: 650T Vocational Business Education
Campus: City Campus
Program: C5379 - Diploma of Financial Services
Course Contact: Callie Harvey
Course Contact Phone: +61 3 9925 5772
Course Contact Email: callie.harvey@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Course Co-ordinator and Teacher
Claudio Marasco
9925 1651
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
None
Course Description
This unit describes the skills and knowledge required to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.
It applies to individuals who use a range of specialist and managerial techniques to plan, monitor and control budgetary work.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSORG501 Develop and manage a budget |
Element: |
1. Plan for and collect information for budget |
Performance Criteria: |
1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget 1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel 1.3 Consult relevant colleagues in budget planning process as required |
Element: |
2. Develop budget |
Performance Criteria: |
2.1 Draft budget based on analysis of all available information in accordance with organisational policy 2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment |
Element: |
3. Finalise budget and allocate resources |
Performance Criteria: |
3.1 Provide final budget which incorporates agreed modifications to appropriate personnel 3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities 3.3 Obtain agreement to budget priorities and allocate resources |
Element: |
4. Monitor and control budget |
Performance Criteria: |
4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel 4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status |
Element: |
5. Complete financial and statistical reports |
Performance Criteria: |
5.1 Complete all required financial and statistical reports accurately within designated timelines 5.2 Make appropriate recommendations about future financial planning 5.3 Provide clearly presented and accurate reports to appropriate personnel |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom and on-line 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.
Online Delivery
This course will be delivered via our existing learning management system, Canvas. This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.
Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes. These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.
Teaching Schedule
This course is comprised of one single competency: FNSORG501/ACCT5418C Develop and Manage a Budget
(The following schedule is subject to change)
Course Schedule: ACCT5418C Develop and manage a budget, Semester 2, 2020 | |||
Week |
Topics |
Online activity |
Assessment |
|
Week 1 6/7/2020 |
Introduction to the Course including:
|
Students are required to undertake 1 additional hour per week for structured online learning and submit their work online for Teacher Feedback |
|
|
Week 2 13/7/2020 |
Introduction to Budget Essentials Introduction to Microsoft Excel |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 1 Parts 1 and 2 Budget Assessment made available |
|
Week 3 20/7/2020 |
Financial Terms for Budgets Introduction to MYOB |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 4 27/7/2020 |
Introduction to the Types of Budgets and Terms |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 5 3/8/2020 |
Process of Managing a Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Milestone 1 |
|
Week 6 10/8/2020 |
Overview of Product & Services Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment 1 Due |
|
Week 7 17/8/2020 |
Sales Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 8 24/8/2020 |
Operating Budget
|
1 hour weekly online learning and submitted online for Teacher Feedback |
|
| Mid-Semester Break: 31/8/2020 - 6/9/2020 | |||
|
Week 9 7/9/2020
|
Income Statement and Budget |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 10 14/9/2020 |
Cash Budget I |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Milestone 2 |
|
Week 11 21/9/2020 |
Cash Budget II |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 12 28/9/2020 |
Communicating a budget to responsible parties |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Milestone 3 |
|
Week 13 5/10/2020 |
Budget Recommendation and Feedback |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Milestone 4
|
|
Week 14 12/10/2020 |
Preparation and Finalisation of Assessment Part II |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment 2 Due |
|
Week 15 19/10/2020 |
Interviews/Re-submission/s if required |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 16 26/10/2020 |
Interviews/Re-submission/s if required |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
|
Week 17 2/11/2020 |
Grade Entry |
|
|
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.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT's Learning Management System, Canvas. The online learning materials listed include:
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities.
Overview of Assessment
In order to achieve competency in this unit, you must provide
Performance evidence
Evidence of the ability to:
- collect and accurately interpret relevant data to develop and finalise a budget
- consult effectively and negotiate outcomes with others on budgetary issues
- accurately complete financial and statistical reports related to budgeting.
Knowledge Evidence
To complete the evidence requirements safely and effectively, the individual must:
- define basic accounting and financial services industry terminology
- outline types of data required to develop the budget
- explain accounting techniques relevant to budget preparation and maintenance
- describe budgeting techniques and tools
- describe organisational and industry policy and procedures related to budget development and management.
Assessment conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:
- a range of common office equipment, technology, software and consumables
- an integrated financial software system and data.
Feedback
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
You will demonstrate competency by undertaking two tasks. You must successfully complete both tasks to be deemed competent in this unit.
Assessment 1: Budget Assessment and Presentation
Task 1 of 2: Budget Assessment
Due: Sunday, August 16th, 2020 (Week 6)
Summary and Purpose: This assessment task is part one of two parts required to demonstrate competency for this unit. This practical assessment will allow you to demonstrate your ability to collect and analyse information and apply sound financial and accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.
Assessment Instructions: You are working for Fin Media - Web Design and you have been asked to complete an Income Statement Budget for 30/6/2019 using Microsoft Excel. You will document your budget assumptions showing how you calculated the budget income and expense items.
You will complete a variance analysis ($ and % deviations) on Actual 2018 versus Budget 2019 performance using Microsoft Excel and comment whether the variances are Favourable or Unfavourable.
Task 2 of 2: Budget Presentation
Due: Sunday, October 18th, 2020 (Week 14)
Summary and Purpose: This assessment task is part one of two parts required to demonstrate competency for this unit. This practical assessment will allow you to demonstrate your ability to collect and analyse information and apply sound financial and accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.
Assessment Instructions: You will summarise who provided you with the budget estimates for revenue and expenses from within the organisation.
Using Power Point and MYOB Accounting Software you will present your annual Budget to the class, including the process you followed to collect the information, a summary of revenue and expense variance analysis for Actual versus Budget and the reasons for the variances. Microsoft Excel will also be used in calculating the variances. Finally you will present recommendations for improving the Budget process in 2020. Microsoft Powerpoint, Excel or Word can be used for your in-class presentation.
Please note that four (4) milestones are built into the semester with regard to this Assessment. Please refer to the comments in this section and the teaching schedule with reference to further information about the milestones.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canavs.
Other Information
Submission Requirements
- 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.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
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.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment.
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview