Course Title: Provide management accounting information

Part B: Course Detail

Teaching Period: Term1 2019

Course Code: ACCT5429C

Course Title: Provide management accounting information

School: 650T Vocational Business Education

Campus: City Campus

Program: C5390 - Diploma of Accounting

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Name:    Meetu Aggarwal

Phone:    9925 1621

Email:     meetu.aggarwal@rmit.edu.au

Contact hours: Tuesday to Friday between 9:30am to 3pm

Nominal Hours: 60

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 gather, record and analyse operating and cost data, prepare budget reports, and review costing system integrity to calculate and record the costs of products and services.

It applies to individuals who use specialised knowledge and analytical skills to manage complex financial data and develop comprehensive organisational reports.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC517 Provide management accounting information

Element:

1. Gather and record operating and cost data

Performance Criteria:

1.1 Identify and establish systems to generate operating and cost data

1.2 Systematically code, classify, and check data for accuracy and reliability according to organisational policy and procedures

Element:

2. Analyse data and assign costs

Performance Criteria:

2.1 Analyse cost data and identify cost behaviour characteristics

2.2 Assign costs to specified products, services and organisational units, and reconcile data to confirm that calculations are accurate and comply with organisational procedures

2.3 Confirm that interpretation of costs is supported by valid analysis and is consistent with organisational business performance objectives

Element:

3. Prepare cost reports and budgets

Performance Criteria:

3.1 Obtain cost information advice from relevant sections of organisation when formulating cost reports and budgets

3.2 Confirm that structure and format of budgets are clear and comply with management information requirements and organisational practices

Element:

4. Analyse variances and review costing system integrity

Performance Criteria:

4.1 Calculate and analyse variances against budget

4.2 Confirm that reports are accurate, comprehensive and comply with management information requirements and organisational practices

4.3 Use variance analysis to review effectiveness of cost assignment processes


Learning Outcomes



Details of Learning Activities

Primarily you will be learning on a face to face basis with the support of an online course site for dissemination of materials and some assessments. Students will be expected to attend 3 hours of class each week. Students will be introduced to the accounting theory, which will then be supported by practical illustrations. Students will complete exercises to reinforce their understanding of the material. Solutions will be available on the learning management system, Canvas.


Teaching Schedule

Induction Session


Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Canvas
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 

FULL TIME STUDENTS-  Please note that this is the nominated unit for COIL/Global WIL Projects. These projects will run subject to the making of suitable arrangements with our overseas partnering institutions.

When participating in such a project, you will work in virtual teams and communicate with students from other institutions in other parts of the world, across different time zones to simulate what is happening in today's global workplace. You will also develop a deeper understanding of cultural differences and how this influences communication and team work—while gaining valuable experience which will prove advantageous when seeking employment.

The teaching schedule for this course is shown in the table below. It intentionally does not include the schedule for any COIL/Global WIL project because its timing cannot be determined prior to the start of semester.

Given different academic calendars of our partnering institutions in other countries, and our different availabilities, it sometimes happens that we cannot run such a project in a particular semester. In that event your schedule should be as below. 

On the other hand, if we are able to run the COIL/Global WIL project this semester, then there will be some changes to the weekly schedule in order to accommodate that project, and you will notified in advance of that occurring.

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.

 

Week

Week Beginning

 

Class assessments

Elements and Performance Criteria

1

11/02/2019

Introduction to course including course guide, RPLs and use of Blackboard.

 

Introduction to Management Accounting- Chapter 1

Exercises Q1 to Q7

 

 

 

2

18/02/2019

Cost Behaviour- Absorption and Variable Costing- Chapter 4

Exercises Q1 to Q13, Q16 to Q18

 

 

 

3

25/02/2019

Cost Behaviour- Absorption and Variable Costing- Chapter 4

Exercises Q1 to Q13, Q16 to Q18

 

Case Study made available

 

4

04/03/2019

Cost Volume profit analysis - Chapter 5

Exercises Q1 to Q19

 

 

 

5

11/03/2019

Cost Volume profit analysis - Chapter 5

Exercises Q1 to Q19

 

 

 

6

18/03/2019

Cost Volume profit analysis - Chapter 5

Exercises Q1 to Q19

 

Activity Based Costing- Chapter 12

Exercises Q1 to Q9

 

 

 

 

Submission of Assessment 1.

Results will be released by the end of week 9 and any re-submissions will be in week 10.

 

E1, E2, E3.1,
E4.2 

7

25/03/2019

Activity Based Costing- Chapter 12

Exercises Q1 to Q9

 

 

 

8

01/04/2019

Activity Based Costing- Chapter 12

Exercises Q1 to Q9

 

 

 

9

08/04/2019

Differential/Relevant Costing- Chapter 6

Exercises Q1 to Q12

 

 

E1, E2, E3.1, E4.2 and 4.3

10

15/04/2019

Differential/Relevant Costing- Chapter 6

Exercises Q1 to Q12

 

 

 

11

29/04/2019

 

Assessment 2

 

Fixed and Rolling budgets for planning and decision making- Chapter 3

Exercises Q1 to Q11, Q13

 

 

Assessment 2 - Online multiple choice quiz, based on ABC and Differential costing.

Any re-submissions in week 12.

 

 

E1 to E3

12

06/05/2019

 

Fixed and Rolling budgets for planning and decision making- Chapter 3

Exercises Q1 to Q11, Q13

 

 

 

13

13/05/2019

Fixed and Rolling budgets for planning and decision making- Chapter 3

Exercises Q1 to Q11, Q13

 

Responsibility Accounting-

Blackboard notes

 

 

 

14

20/05/2019

Responsibility Accounting-

Blackboard notes

 

 

 

15

27/05/2019

Assessment 3

Assessment 3, In class test on Budgets and Responsibility Accounting

E1 to E4 except 4.2

16

03/06/2019

Resits for assessment 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Students will be expected to attend three hours of class each week. Students will be introduced to the accounting theory, which will then be supported by practical illustrations. Students will complete exercises to reinforce their understanding of the material.

Mid semester break will be from 19th April, 2019 to 26th April 2019. Classes will resume from 29/04/2019.


Learning Resources

Prescribed Texts


References

ACCT3 Management, Sivabalan, Wakefield, Jackson, Jenkins, 3rd edition, Cengage Learning

9780170416863


Other Resources

Relevant learning resources will be placed on the learning management system, Canvas. Students will need to access the appropriate topic folders on this site, on a weekly basis and bring them to class. It will be expected that students will need to complete some weekly tasks in their own time.


Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • gather and record operating and cost data according to organisational policy and procedures
  • analyse data and assign costs to products, services and organisational units to comply with organisational procedures
  • obtain data and prepare a range of cost reports and budgets to meet management information requirements
  • analyse variances between budgeted and actual data, and review integrity of costing systems.

 

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

 

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Cost behaviour characteristics for different cost elements of a product or service
  • Key features of organisational policies and procedures as they apply to costing systems
  • Key requirements of management accounting information
  • Key principles and practices of budget preparation
  • Relationship between variance analysis and costing system integrity

 

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • office equipment, technology, software and consumables required to prepare cost reports and budgets, including:
  • an integrated financial software system and data.

 

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

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.

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

Overview of Assessment

You are required to complete 3 assessment tasks and gain competency in all of them.

1. Case Study (Due date: week 6)

All students will be divided in the teams of 2. You will be given information on a company called “Marathon Corporation,” from where each team will be required to prepare an executive level report and presentation of findings using Microsoft PowerPoint. Each team will prepare answers to specified questions regarding the simulated workplace on MS Excel and will develop a Cost-volume-profit analysis model and submit this on Canvas with their Power Points indicating their observations. Each team will also record a 5-10 minute presentation through Google Hangouts on air based around their observations but as a “snap-shot” only and will submit the link on Canvas with other documents.

 

2. Online Assessment (Due date: week 11)

It will be an in class, close book, online assessment and will consist of multiple choice questions based on ABC and Differential Costing topics.

 

3. In-class Test on Excel (Due date: week 15)

It will be a close book test on MS Excel and will be conducted in class. Budgeting and Responsibility accounting topics will be tested through this. Budgets may be of retail, service or a manufacturing business.

 

Note: In circumstances where Global WIL/COIL Project will be running, the assessments mentioned above can change. The students will be notified of the changes in advance.


Assessment Matrix

National Program Code and Name

FNS50215 Diploma of Accounting

Code & Name of Unit of Competency

FNSACC507 Provide Management and Accounting Information

   

No

Name of Assessment Task

Method of Assessment

Elements

Performance Criteria

Foundation Skills

Performance Evidence

Knowledge Evidence

Assessment Conditions

1.

Case Study

Questions

E1, E2, E3.1, E4.2 

1-6

1-3

1-4 

All

2.

Online assessment

Questions

E1 to E3

1, 2, 4-6

1 to 3

1-4 and 6

All

3. 

Online assessment

Questions

E1 to E4 

1, 2, 4-6 

1 to 4 

1 to 7

All 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

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 Canvas.
• 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, Callie Harvey, 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: 

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work


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: 

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration



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: 

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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