Part B: Course Detail
Teaching Period: Term1 2025
Course Code: ACCT5434C
Course Title: Manage budgets and financial plans
School: 525T Business & Enterprise
Campus: City Campus
Program: C5404 - Diploma of Marketing and Communication
Course Contact: Nick Reynolds
Course Contact Phone: +61 3 9925 0791
Course Contact Email: nick.reynolds@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Poonam Joon
poonam.joon2@rmit.edu.au
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
Course Description
This unit describes the skills and knowledge required to undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.
The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIN501 Manage budgets and financial plans |
Element: |
1. Plan financial management approaches |
Performance Criteria: |
1.1 Access budget and financial plans for work team
|
Element: |
2. Implement and monitor financial management plans |
Performance Criteria: |
2.1 Communicate details of agreed budget and financial plans to relevant team members
|
Element: |
3. Review and evaluate financial management plans |
Performance Criteria: |
3.1 Collect information on effectiveness of financial management processes within work team 3.2 Analyse variance between actual and budgeted finances 3.3 Identify and recommend improvements to existing financial management processes 3.4 Implement agreed improvements according to financial objectives of work team and organisation 3.5 Evaluate agreed improvements |
Learning Outcomes
This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to undertake financial management in an organisation or work area.
Details of Learning Activities
This course is structured to provide you with the optimum learning experience. A range of learning activities are provided during the semester and are designed to enhance learning and understanding of the topics.
You will be required to participate in a combination of group and individual learning activities. These activities will be provided through classroom work time and additional learning activities will be provided to you to complete outside of the scheduled class time.
A range of in class activities, case studies and independent research is included as the learning activities for this course. We expect you to participate and contribute in all scheduled learning activities.
The learning activities will also include group discussion, group problem solving activities and opportunities to practice your skills in a simulated workplace environment.
Teaching Schedule
| Week Number | Week Beginning | Topic | Assessments |
| 1 | 10th February 2025 |
Introduction to Financial Management
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| 2 | 17th February 2025 |
Accounting and business concepts
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| 3 | 24th February 2025 |
Understanding and clarifying budgets and financial plans
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| 4 | 3rd March 2025 |
Analysing cost concepts and cost behaviour
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| 5 | 10th March 2025 | In Class Open Book Test All Students Must Attend |
Assessment 1: Short Answers Test (In class in the Week beginning 10th March 2025) |
| 6 | 17th March 2025 |
Communication, Approvals and Risk Management
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| 7 | 24th March 2025 |
Monitoring & controlling financial performance
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| 8 | 31st March 2025 |
Financial Performance and Measurement
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| 9 | 7th April 2025 |
Evaluating the financial management process
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| 10 | 14th April 2025 |
Organisational Strategy
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Assessment 2: Master Budget Due (Sunday 20th April, 2025) |
| Mid-Semester Break 18th April 2025- 25th April 2025 | |||
| 11 | 28th April 2025 |
Continuous Improvement
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| 12 | 5th May 2025 |
Legislative & Regulatory Compliance
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| 13 | 12th May 2025 | Amazon Case Study: Practical Session | |
| 14 | 19th May 2025 | Spotify Case Study: Practical Session | |
| 15 | 26th May 2025 | Resit – Resubmit and feedback session |
Assessment task 3 Case Study Presentations. (In class in the Week beginning 26th May 2025)
Assessment task-3 Case Study submission Due (Sunday, 1st May 2025) |
| 16 | 2nd June 2025 | Resit – Resubmit and feedback session |
Learning Resources
Prescribed Texts
References
Other Resources
Available on Canvas
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
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- manage the budget and financial plan of an organisation for one reporting period.
In the course of the above, the candidate must:
- communicate with relevant people to clarify budget and financial plans, negotiate changes and disseminate information
- prepare, implement and modify financial contingency plans
- monitor expenditure and control costs
- support and monitor team members
- report on budget and expenditure
- review and make recommendations for improvements to financial processes
- meet record-keeping requirements for Australian Taxation Office (ATO) and for auditing purposes.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- basic accounting principles
- types of budgets and financial plans
- legislation and current ATO requirements, including the Goods and Services Tax (GST)
- key requirements for financial record keeping and auditing
- principles for managing work teams
- principles and techniques involved in managing:
- budgeting
- cash flows
- electronic spreadsheets
- Goods and Services Tax
- ledgers and financial statements
- profit and loss statements
- evaluation of budget and financial plans.
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
Assessment Task 1
Assessment duration and/or due date
This assessment will be completed in Week 5 during class.
You will have up to 3 hours during the session to complete the assessment.
Summary and purpose of assessment
This task is the first of three (3) assessment tasks you need to complete satisfactorily, in order to be deemed competent for this unit.
Completing this assessment demonstrates the basic underpinning skills and knowledge needed to manage budgets and financial plans in various contexts within the marketing and communication industry.
Assessment instructions
What
For this assessment you will need to answer seven (7) questions. Answer each question in line with the word counts provided where applicable, e.g. 30-50 words.
Where
You will be provided class time to complete this assessment.
How
All questions must be answered correctly for you to be assessed as satisfactory for this assessment task. Answer all questions in the space provided below.
Conditions of assessment
- This is an open book Assessment; you are allowed to access all course material while completing this Assessment.
- This is an individual assessment to be completed in class time.
- You must not copy the work of others. (For more information regarding Academic Integrity please refer to RMIT Academic Integrity Guidelines.)
- You must submit all assessment evidence as instructed. Your assessor will assess the documentation you provide.
- You must complete the task within the maximum allowed duration.
- In certain circumstances, you may be eligible for an assessment adjustment (e.g. a disability or long-term medical or mental health condition; an unavoidable employment, family, cultural, religious or elite sporting commitment known in advance; other unexpected circumstance outside your control).
- Make prior arrangements with the instructor at least one week prior to the assessment due date if you require special allowance, allowable adjustment to this task or extension of time.
- You will have the opportunity to resubmit any product deemed unsatisfactory (two re-submits are allowed per unit).
- You will be assessed as satisfactory or not satisfactory.
You can appeal the assessment decision according to the RMIT Assessment Processes
Assessment Task 2
Summary and purpose of assessment
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.
Task instructions
This assignment requires you to complete all attached minor budgets.
All information required to complete the Master Budget is included in the "Information" worksheet
All minor budget s must be linked back to the Information worksheet in some way.
There are to be no numbers typed into any cell - only formulas
From the details given, you are required to prepare a series of budgets for your business.
These budgets will be prepared on a quarter by quarter basis, for the year ending June 2020
What
From the details given, you are required to prepare a series of budgets for your business, using the Excel spreadsheet provided
Where
This Assignment is to be completed both in and outside of class
How
You will be assessed against the criteria as listed in the marking guide of this task and how well you answer the questions asked by your assessor. To achieve a satisfactory result you will need to address all criteria satisfactorily.
Assessment Task 3
Summary and purpose of assessment
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.
Task instructions
In Class Open Book Practical Case Study
What -
For this assessment you are asked to analyse and report on Cash Flows and Contingency plans and provide short answers and some simple calculations covering material from week 9 to week 13. When answering this assessment, you need to provide evidence that you are competent in:
- Report on Cash Flow
- Implement Contingency Plans
- Analyse Data
- Interpret Financial Data
- Understand Tax Requirements
Where -
This Assessment will take place in Class
How -
All Questions must be completed correctly for you to be assessed as competent for this assessment task.
Assessment Matrix
Available on Canvas
Other Information
None
Course Overview: Access Course Overview