Course Title: Prepare operational budgets

Part A: Course Overview

Program: C4398 Certificate IV in Accounting and Bookkeeping

Course Title: Prepare operational budgets

Portfolio: Vocational Education

Nominal Hours: 40

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.

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. 


Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

OFFC5335C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term1 2022,
Term2 2022,
Term1 2023,
Term2 2023

OFFC5335C

City Campus

TAFE

650T Vocational Business Education

Face-to-Face or Internet

 Term1 2019,
Term2 2019,
Term1 2020,
Term2 2020,
Term1 2021,
Term2 2021

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

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



Course Description

This unit describes the skills and knowledge required to prepare and document operational budgets for a variety of organisations.

It applies to individuals who use specialised knowledge and systematic approaches to undertake strategic financial activity for an organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSACC412 Prepare operational budgets

Elements:

1. Prepare budget

2. Set budget timeframe

3. Document budget

Learning Outcomes


Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • establish and confirm budgetary milestones and performance indicators
  • collect financial data and prepare operational budgets for a range of organisations
  • identify budget variances and report variances to designated stakeholders
  • record and document budget reports.


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.

  • Key principles of budgetary control
  • Range of forecasting techniques used when preparing operational budgets
  • Key principles of statistical analysis and measures of variance in the context of financial data analysis and operational budgets
  • Key features of organisational policies and procedures for financial administration as they relate to budgeting


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 operational budgets, including:
  • digital systems and programs to assist in budget preparation and reporting
  • templates for presenting financial 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.