Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term2 2011
Course Code: ACCT5272C
Course Title: Manage budgets and financial plans
School: 650T TAFE Business
Campus: City Campus
Program: C4228 - Certificate IV in Marketing
Course Contact : Tim Wallis
Course Contact Phone: +61 3 9925 5423
Course Contact Email:timothy.wallis@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Maurice Sheridan
maurice.sheridan@rmit.edu.au
+61 3 9925 5455
Anjella Davydov
anjella.davydov@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 required
Course Description
This unit addresses the requirement for managers to ensure that financial resources are used effectively. This is done by ensuring access to budget/s and ongoing monitoring expenditure against the budget/s.
The unit applies to managers working in small and large business environments and not for profit organisations.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIM501A Manage budgets and financial plans |
Element: |
1. Plan financial management approaches |
Performance Criteria: |
1.1 Access budget/financial plans for the work team |
Element: |
2. Implement financial management approaches |
Performance Criteria: |
2.1 Disseminate relevant details of the agreed budget/financial plans to team members |
Element: |
3. Monitor and control finances |
Performance Criteria: |
3.1 Implement processes to monitor actual expenditure and to control costs across the work team |
Element: |
4. Review and evaluate financial management processes |
Performance Criteria: |
4.1 Collect and collate for analysis, data and information on the effectiveness of financial management processes within the work team |
Learning Outcomes
This unit describes the performance outcomes, skills and knowledge required to undertake financial management within a work team in an organisation. This includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances, and reviewing and evaluating effectiveness of financial management processes in line with the financial objectives of the work team and the organisation.
Details of Learning Activities
• Attend and prepare notes during scheduled classes
• Participate in class discussions and problem solving exercises
• Answers to be prepared for in-class activities that are based on materials covered in class
• Complete Portfolio of evidence
• Complete required assessment tasks
Teaching Schedule
Week | Topic | Chapter 1 Review Q’s 1, 2, 4, 6, 8, 9, 10, 11, 13 Self Quiz 1, 2, 3, 4, 6, 7. Activities 1, 3, 4. |
1 | Introduction to Budgeting | Chapter 1 Review Q’s 1, 2, 4, 6, 8, 9, 10, 11, 13 Self Quiz 1, 2, 3, 4, 6, 7. Activities 1, 3, 4. |
2 | Accounting concepts | Chapter 2 Review Q’s 1, 2, 3, 4, 5, 6, 7, 8, 13, 21, 23. Self Quiz 1, 2, 3, 4, 5, 10 Activities 1, 3, 4, 5, 6. |
3 | Revenue and Expense Budgets | Chapter 3 Review Q’s 1, 3 ,4, 7, 9, Self Quiz 1, 2, 5, 6. Activities 1, 3, 7. |
4 | Negotiation of Business Plans | Chapter 4 Review Q’s 1, 2, 4, 5. Self Quiz 1, 2, 3, 4, 5. Activities 1, 4, 6 |
5 | Contingency Plans | Chapter 5 Review Q’s 1, 2, 3, 4, 5 Self Quiz 1, 2, 3, 4, 8 Activities 1, 3, 5, 6 |
6 | Disseminations of Budgets | Chapter 6 Review Q’s 1, 2, 3, 4, 5, 6 Self Quiz 1, 2, 3, 4. Activities 1, 3, 5. |
7 | Resources and systems | Chapter 7 Review Questions 9, 10, 11, 14, 15. Self Quiz 3, 4, 5. Activities 1, 2, 3, 6, |
8 | First Test | |
9 | Variance Analysis | Chapter 9 Review Q’s 1a, 7, 8 Self Quiz 1, 2, 3, 4, 5, 6 Activities 1, 2 |
10 | Implementing Contingency Plans | Chapter 10 Review Q’s 1, 2, 3, 4, 5, 6, 7 - 10 Self Quiz 1 - 5 Activities 1, 2, 4, 5, 6. |
11 | Effectiveness of the financial management process | Chapter 11 Review Q’s 2, 3, 5, 6, 7, 9, 12 Self Quiz 1 - 5 Activities 1, 2, 4, 5, 6, 7, 8 & Case Study 11.1 (optional) |
12 | Financial Management Process | Chapter 12 Review Q’s 1, 2, 3, 4, 6, 7, 13, 15, 20 Self Quiz 1 – 9, 15, 17, 20, 23 Activities 1, 2, 3, 4, 5, 7, 12, 14, 19, 24 |
13 | Financial Mathematics techniques |
Chapter 13 Review Q’s 1, 2, 3, 6, 9 Self Quiz 1 – 7, Activities 1, 2, 4, 5, 7. |
14 | Second Test | |
15 | Assignment | |
16 | Assignment | |
17 | Re Test | |
Learning Resources
Prescribed Texts
Manage Budgets and Financial Plans ANANDARAJAH/ASEERVATHAM/REID |
References
Other Resources
Overview of Assessment
Students must demonstrate an understanding of all elements of a particular competency to be deemed competent. Assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.
Assessment will incorporate a variety of methods including assignments, journals, presentation and written or test. Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.
Assessment Tasks
est 1 – Week 7 Test on topics 1, 2, 3, 4, 5, 6, 7
Test 2 – Week 14
Mini Tests conducted in class (10 in total)
Assignment Week 15 - 16 The assignment will be a combination of in-class group work and individual assessment conducted over two weeks.
The assignment will cover the majority of topics for the semester. Notes will be able to be used during this assessment.
Assessment Matrix
test 1 |
test 2 |
mini tests | assignment | |
Element 1: Plan Financial management approaches | x | x | x | |
Element 2: Implement financial management approaches | x | x | x | |
Element 3: Monitor and control finances | x | x | x | |
Element 4: Review and evaluate financial management processes | x | x | x |
Course Overview: Access Course Overview