Course Title: Manage budgets and financial plans
Part B: Course Detail
Teaching Period: Term1 2010
Course Code: ACCT5272C
Course Title: Manage budgets and financial plans
School: 650T TAFE Business
Campus: City Campus
Program: C5225 - Diploma of Management
Course Contact : Maurice Sheridan
Course Contact Phone: +61 3 9925 5455
Course Contact Email:maurice.sheridan@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Meetu Aggarwal
Email meetu.aggarwal@rmit.edu.au
Meetu is at RMIT only on Tuesday and Thursday evenings
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
NIL There is no Prerequisites for this course
Course Description
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.
As there are no pre-requisites for this unit the course will also include an introduction to accounting and the accounting process.
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
Details of Learning Activities
In order to achieve learning outcomes, students will participate in the following 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 required assessment tasks
Teaching Schedule
Week |
Week Commencing |
Topic | Elements | Learning Activities |
1 | 8/2/2010 | Introduction to Budgeting | 1.1 | 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 | 15/2/2010 | Accounting concepts | 1.2 | 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 | 22/2/2010 | Revenue and Expense Budgets | 1.2 | Chapter 3 Review Q’s 1, 3 ,4, 7, 9, Self Quiz 1, 2, 5, 6. Activities 1, 3, 7. |
4 | 1/3/2010 | Negotiation of Business Plans | 1.3 | Chapter 4 pp 104 - 112 Review Q’s 1, 2, 4, 5. Self Quiz 1, 2, 3, 4, 5. Activities 4, 6 |
5 | 8/3/2010 | Contingency Plans | 1.4/3.1 | Chapter 5 pp 121 - 135 Review Q’s 1, 2, 3, 4, 5 Self Quiz 1, 2, 3, 4, 8 Activities 1, 3, 5 |
6 | 15/3/2010 | First Test | ||
7 | 22/3/2010 | Disseminations of Budgets | 2.1/2.2 | Chapter 6 Review Q’s 1, 2, 3, 4, 5, 6 Self Quiz 1, 2, 3, 4. Activities 1, 3, 5. |
8 | 29/3/2010 | Resources and systems | 2.3 | Chapter 7 pp 177 - 189 Review Questions 9, 10, 11, 14, 15. Self Quiz 3, 4, 5. Activities 1, 2, 3, 6, |
Mid Semester Break 1/4/2010 – 7/4/2010 | ||||
8(continued) |
8/4/2010 | Resources and systems (cont) | 2.3 | Chapter 7 pp 177 - 189 Review Questions 9, 10, 11, 14, 15. Self Quiz 3, 4, 5. Activities 1, 2, 3, 6. |
9 | 12/4/2010 | Cost Volume Profit | 3.1 | Chapter 16 Review Q’s 2 - 15, 17, 19, 20, 21, 22, 23. Self Quiz 2 - 9, 13, 14. Activities 1, 2, 3, 4, 5, 6, 7, 8, 11 |
10 | 19/4/2010 | Variance Analysis | 3.1 | Chapter 9 pp 232 - 238 & 248 - 251 Review Q’s 1a, 7, 8 Self Quiz 1, 2, 3, 4, 5, 6 Activities 1, 2 Case Study 9.2, 9.3 (optional) |
11 | 26/4/2010 | Second Test | ||
12 | 03/5/2010 | Implementing Contingency Plans | 4.1 | Chapter 10 Review Q’s 1, 2, 3, 4, 5, 6, 7 - 10 Self Quiz 1 - 5 Activities 1, 2, 4, 5, 6. |
13 | 10/5/2010 | Effectiveness of the financial management process | 4.2 | 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) |
14 | 17/5/2010 | Financial Mathematics | 4.3 | Chapter 13 Review Q’s 1, 2, 3, 4, 6, 7, 9. Self Quiz 1 - 7 Activities 1, 2, 3, 4, 5, 7 & |
15 | 24/5/2010 | Revision Week | ||
16 | 31/5/2010 | Final Test | ||
17 | 7/6/2010 | Retest | ||
18 | 15/6/2010 | Retest |
** The weekly schedule may be subject to change. Students will be advised on the online learning hub and in class should any changes occur.
Learning Resources
Prescribed Texts
Manage Budgets and Financial Plans 4th ed. Reid Anandarajah Aseervatham. 2009 |
References
Other Resources
Relevant learning resources will be placed on the online learning hub progressively throughout the semester. Students will need to access this site on a weekly basis, print the materials and bring them to class. COPIES OF MATERIALS WILL NOT BE HANDED OUT IN CLASS
Overview of Assessment
Assessment Tasks
Test 1 - Week 6 Test on Topics 1,2,3,4,5 Grade CA/NYC (35 marks)
Test 2 - Week 11 Test on Topics 6,7,8,9 Grade CA/NYC (35 marks)
Test 3 - Week 16 Test on Topics 10,11,12 Grade CA/NYC (30 marks)
Overview of Assessment
Students must complete all 3 tests and achieve a mark of 50% or greater to achieve an overall pass in this course.
Special Consideration
If a student misses a test for ANY REASON, they must complete a special consideration application. Please note that applications must be submitted through the Hub on RMIT Melbourne campuses within 2 working days of the scheduled assessment
IT IS EXPECTED THAT STUDENTS WILL SHOW THEIR TEACHER THE WRITTEN RECEIPT GRANTING A DEFERRED ASSESSMENT AS SOON AS IT IS RECEIVED so it can be recorded
Special Consideration the full policy can be found at http://www.rmit.edu.au/browse;ID=g43abm17hc9w This site includes a link to the application form
Assessment Tasks
Assessment Tasks
Test 1 - Week 6 Test on Topics 1,2,3,4,5 Grade CA/NYC (35 marks)
Test 2 - Week 11 Test on Topics 6,7,8,9 Grade CA/NYC (35 marks)
Test 3 - Week 16 Test on Topics 10,11,12 Grade CA/NYC (30 marks)
Assessment Matrix
Test 1 | Test 2 | Test 3 | |
Element 1:Plan Financial management approaches | |||
Element 2: Implement financial management approaches | |||
Element 3: Monitor and control finances | |||
Element 4: Review and evaluate financial management processes |
Other Information
Competency and grading requirements:
Assessment methods have been designed to measure achievement of each competency. To be deemed competent students must demonstrate an understanding of all elements of a competency.
Students must achieve a mark of 50% or greater to show competency. Each test will also carry a numerical weighting to be used for grading purposes. The grade applied to this weighting will only be awarded if a CA has been achieved in all compulsory assessment tasks on the first attempt.
Where a student fails a test they will be given an opportunity to resit the test as scheduled in week 17 and 18. Under these circumstances grading will only apply if all tests are passed on the first attempt. Reassessments will only be granted to students who were either unsuccessful in the first attempt or have an approved special consideration application.
Students who pass all tests will then have their grade for their in-class exercises to determine their final grade.
Employability Skills
On completion of this course students should display the following employability skills:
• Communication
• Initiative and Enterprise
• Planning & Organization
• Self Management
• Learning
• Technology
Course Overview: Access Course Overview