Course Title: Prepare and analyse management accounting information

Part B: Course Detail

Teaching Period: Term1 2022

Course Code: ACCT5392C

Course Title: Prepare and analyse management accounting information

Important Information:


Please note that this course may have compulsory in-person attendance requirements for some teaching activities. 

To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption. 

Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209

Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus 


Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance. 

School: 525T Business & Enterprise

Campus: City Campus

Program: C6163 - Advanced 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

Course Coordinator:     Meetu Aggarwal

Phone:     9925 1621

E-mail:     meetu.aggarwal@rmit.edu.au

Student consultation:

Monday to Friday: 8:30 - 6pm


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 costs and data, prepare cost reports and budgets, and calculate the costs of products, services and other organisational activities.


It applies to individuals who use specialised knowledge and techniques to consolidate and report on complex information and make recommendations relating to strategic organisational activity.


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


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC613 Prepare and analyse management accounting information

Element:

1. Gather and record operating and cost data

Performance Criteria:

1.1 Establish systems to generate operating and cost data, and determine cost and operating standards 1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

Element:

2. Analyse data and assign costs

Performance Criteria:

2.1 Analyse costs to identify cost behaviour characteristics 2.2 Assign costs to specified cost objects, and reconcile data to ensure calculations are accurate and comply with organisational procedures 2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation's objectives

Element:

3. Prepare cost reports and budgets

Performance Criteria:

3.1 Obtain cost information and relevant advice from all sections of organisation when formulating reports and budgets 3.2 Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements

Element:

4. Analyse cost reports and budgets, and review costing system integrity

Performance Criteria:

4.1 Calculate variances against budget and standards, and prioritise for review and decision making 4.2 Interpret and discuss variances against budget in consultation with relevant personnel in organisation 4.3 Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards 4.4 Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions 4.5 Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation's objectives, and make recommendations for further actions 4.6 Use comprehensive 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 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. Solutions will be available on Canvas.



Teaching Schedule

 The Teaching Schedule for this course is as follows: 

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:

o    Recognition of Prior Learning and Credit Transfers

o    Assessment of current skills and knowledge

·         Competency/Grading Criteria

·         Plagiarism

·         Appeals

·         Extensions

·         Feedback

·         Privacy

·         Submission requirements

·         Resubmission policy

·         Where to get support

·         Student Charter

 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the 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: FNSACC613 Prepare and Analyse Management Accounting Information                                                          

Week

Topic

Readings and Activities

Assessment

1


Relevant Cost Analysis

Release of

Assessment 1 (Case Study based on ABC and Relevant cost analysis)

Pre-class work:

  • Watching welcome video to familiarise with course and Canvas shell navigation
  • Reading help and support information
  • Understanding RMIT policies and guidelines
  • Checking Collaborate Ultra- Student guide
  • Viewing Course guide information
  • Getting information on required learning resources


Class work:

Reading: Chapter 2

Activities: Self-test exercises, end of chapter questions and extra questions


2


Relevant Cost Analysis

Reading: Chapter 2

Activities: Self-test exercises, end of chapter questions and extra questions


Quiz 1


3


Activity Based Costing

Reading: Chapter 3

Activity: Self-test exercises and end of chapter questions


4


Activity Based Costing

Reading: Chapter 3

Activity: Self-test exercises and end of chapter questions


Quiz 2


5


Presentations related to case study in first class

Process Costing in second class





Reading: Chapter 4

Activity: Self-test exercises and end of chapter questions

Assessment 1 Submission of case study based on ABC and Relevant cost analysis.

Any feedback will be provided by week 7 and re-submissions can be done in week 8.

6


Process Costing

Reading: Chapter 4

Activity: Self-test exercises and end of chapter questions



7


Operations Costing

Reading: Chapter 5

Activity: Self-test exercises and end of chapter questions


8


Operations Costing

Reading: Chapter 5

Activity: Self-test exercises and end of chapter questions


9


Joint and By-Product

Costing


Reading: Chapter 6

Activity: Self-test exercises and end of chapter questions


10


Joint and By-Product

Costing


Reading: Chapter 6

Activity: Self-test exercises and end of chapter questions


11


Assessment 2 – In class assessment

Assessment 2 based on

Process, Operations and

Joint and By-Product

Costing

Assessment 2 due. Results will be released in week 12 and resits will be in week 13.

12


Budgeting – Static and

Flexible Budgets


Standard Costing

Notes on canvas


Reading: Chapter 8

Activity: Self-test exercises and end of chapter questions


13

Resit - Assessment 2


Standard Costing

Resit - Assessment 2


Reading: Chapter 8

Activity: Self-test exercises and end of chapter questions


14 


Standard Costing

Reading: Chapter 8

Activity: Self-test exercises and end of chapter questions


15


Standard Costing


Assessment 3 – In class Assessment

Reading: Chapter 8

Activity: Self-test exercises and end of chapter questions


Assessment 3 based on

Budgeting and Standard

Costing

Assessment 3 due. Resits will be in week 16.

16


Resits

Resits


 The above weekly schedule can change in unforeseen circumstances. Mid Semester Break will be from 14 April 2022 to 20 April 2022. Classes will resume from 21 April 2022.



Learning Resources

Prescribed Texts

Advanced Management Accounting, Colin and Bruce, 7 edition, National Core Accounting Publications

9781760730581


References


Other Resources

Relevant learning resources will be placed on 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 of the ability to:

  • gather and record operating and cost data in accordance with organisational policy and procedures
  • determine cost and operating standards for a costing system
  • analyse data and assign costs to comply with organisational procedures
  • prepare a range of cost reports and budgets to meet management information requirements
  • analyse variances against budget and standards
  • recommend changes to cost and activity standards
  • recommend further actions required resulting from review process
  • 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

To complete the unit requirements safely and effectively, the individual must:

  • identify and describe cost behaviour characteristics for the different cost elements of a product or service
  • describe the principles of double-entry bookkeeping and accrual-based accounting
  • identify and discuss the key features of organisational policy and procedures as they apply to costing systems
  • identify and explain the key principles and practices of budget preparation
  • discuss the relationship between variance analysis and costing system integrity
  • explain the key processes and procedures for recording and securely storing data.


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:

  • common office equipment, technology, software and consumables
  • an integrated financial software system and data.


Assessors must satisfy NVR/AQTF assessor requirements.

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

Students must get competency in all the assessment tasks in order to get a competency in this course. 

ASSESSMENT 1 (Due Date: Week 5)

Case Study 

All students will be divided in groups of 2. They will be given a case study based on ABC and Relevant Costing Analysis. They will assume that they are the Management Accountants of the organisation and each team will prepare a report with their workings attached on Excel. Also each team will present a 5 minute presentation in class based around what they have learned, as a “snapshot “only. This assessment is competency based and a CA (competent) must be achieved for this assessment. 


ASSESSMENT 2 (Due Date: Week 11) 

In this in class assessment students will demonstrate the use of process, operations, joint and by-product techniques for costings of products or services. This assessment is competency based and a CA (competent) must be achieved. Students will be given an opportunity to redo the assessment in week 13 in class if they did not achieve competency in the first attempt.


ASSESSMENT 3 (Due date: Week 15)

In this in class assessment students will demonstrate the use of flexible budgeting tools and standard costing technique for performance evaluation. This assessment is competency based and a CA (competent) must be achieved. Students will be given an opportunity to redo the assessment in week 16 in class if they did not achieve competency in the first attempt.

Students can be asked to reproduce any of the assessment piece in front of their teacher.

 



Assessment Matrix

It will be uploaded on Canvas.

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 the 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, Julie Macpherson, 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 result you will receive if your resubmission is successful is “CA”.

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. You will achieve one of the following results:


Final Grades table:

CA

Competency Achieved

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