Course Title: Manage budgets and financial plans

Part B: Course Detail

Teaching Period: Term2 2018

Course Code: ACCT5406C

Course Title: Manage budgets and financial plans

School: 650T Vocational Business Education

Campus: City Campus

Program: C5369 - Diploma of Logistics

Course Contact: Suzanne Maugeri

Course Contact Phone: +61 3 9925 1466

Course Contact Email: suzanne.maugeri@rmit.edu.au

Name and Contact Details of All Other Relevant Staff

Teacher:  Sam Menai
Sam.Menai@rmit.edu.au

Nominal Hours: 80

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 involves the skills and knowledge required to manage budgets and financial plans in various contexts within the transport and logistics industry.

It includes communicating budget and financial plans, monitoring and controlling activities, and reporting outcomes of financial plans.

It covers all of the significant aspects of financial management for operational managers who are not financial specialists. It emphasises preparing users of budgets/financial plans through communication and training, and consistent surveillance over budget performance, with early intervention where required.

The unit generally applies to those who lead individuals or teams.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:	TLIP5035 Manage budgets and financial plans
Element:	1 Communicate budget and financial plans
Performance Criteria:	1.1 Budget/financial plan communication package is reviewed by finance specialists 1.2 Package is amended/revised where appropriate 1.3 Training activities are undertaken with users of the budget and plans across the organisation 1.4 Data and terms are defined to assist users of the plans 1.5 Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities
Element:	2 Monitor and control activities against plans
Performance Criteria:	2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period 2.2 Funds are allocated in accordance with budget objectives and parameters 2.3 Audit requirements and legal obligations are met through recording systems and documentation 2.4 Risk management plans are implemented and contingency plans are in place for all financial plans 2.5 Performance is monitored and variances are identified on a real time basis 2.6 Variances are analysed in conjunction with relevant experts to determine cause and effect
Element:	3 Report outcomes of financial plans
Performance Criteria:	3.1 Records of financial performance are properly maintained within organisational systems 3.2 Financial performance is analysed and reported in a form and language appropriate to the audience 3.3 Non-financial objectives are reported in the context of overall organisational performance 3.4 Strategies and plans are reviewed and updated to optimise organisational performance

Learning Outcomes

This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to manage budgets and financial plans in various contexts within the transport and logistics industry.

Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.

We expect you to participate and contribute in all scheduled learning activities.

Teaching Schedule

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 bit also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 

The Teaching Schedule for this course is as follows but please note that it is subject to change.

Week	Topic / Activities (including any pre-reading/research/resources required)	Assessment
Week 1 01/07/2018	Introduction to Unit and teacher Unit guide – handout and discussion Elements of Competency – What will the unit cover Overview of Assessments 1 – 3 Subject protocols – methods of delivery/ facilitation Required materials Communication  Introduction to Basic Accounting and Tax requirements Accounting Principles and conventions Accounting Process Accrual vs Cash accounting Accounting Jargon and Accounting equation Cash receipts, cash payments and petty cash Introduction to Financial reports Business structures  GST Principles Record keeping requirement for ATO & Auditing Purposes
Week 2 09/07/2018	Introduction to Management Accounting Concepts Expenditure and Revenue Cycles Debtors, Creditors and terms of trade Managing Ageing summaries Ratios as a tool of control Cash flows and Working Capital
Week 3 16/07/2018	The Budgeting Process What is budgeting Benefit and limitations of budgeting Budget as a tool for planning and control The budgeting process Types of budgets The budget development process The budgeting function in an Organisation Importance of Monitoring Performance Leading Continuous Improvement Ethical Consideration in Budgeting
Week 4 23/07/2018	Costing and Costs Control Fixed Costs Variable Costs Semi-Variable cost Relevant Range of Activity The contribution margin concept Breakeven point
Week 5 30/07/2018	Assessment 1 - In class Open Book Short Answer Test	Assessment 1: Short Answers Test
Week 6 06/08/2018	Sales Budgets Sales Budget per Products Sales Budget by Period Sales Budget by Area Fees Budgets
Week 7 13/08/2018	Operating Budgets - Manufacturing & Non-manufacturing Purchases Budgets Cost of Good Sold Budget Factory Overhead Budget Cost of Production Budget Budgeted Income Statement Expenses budgets Service Industry budget Capital Budgeting
Week 8 20/08/2018	Operating Budgets - Manufacturing & Non-manufacturing - Continuing Purchases Budgets Cost of Good Sold Budget Factory Overhead Budget Cost of Production Budget Budgeted Income Statement Expenses budgets Service Industry budget Capital Budgeting
	Semester Break 25/08/18 0 2/09/18
Week 9 03/09/2018	Variance Analysis and Performance Reports Flexible Budgeting Performance Reporting Monitoring and Modifying the budget Analysing Variances and Corrective Action Contingency Plans and Risk Management	Assessment 2: Master Budget Due: 09/09/2108
Week 10 10/09/2018	Financial Budget Budgeted Income Statement Budgeted Balance Sheet Budgeted Statement of Cash Flows
Week 11 2/10/2018	Support and monitor team members Financial plans for the work team Provide support to budgeting work team Determine and access resources to manage within the work team Identify, document and recommend improvement within the work team
Week 12 9/10/2018	Financial plans and flow of information Control information flow Delegate responsibilities Monitor and Communicate Financial Information
Week 13 16/10/2018	Revision
Week 14 08/10/2018	In class assessment - Case study	Assessment 3: Master Budget Due: 14/10/2108
Week 15 15/10/2018	Resubmissions and feedback
Week 16 - 22/10/2018	Resubmissions and feedback

 

 

 

Learning Resources

Prescribed Texts

References

Other Resources

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

You will be required to provide evidence of the following skills:

• accessing, reading and interpreting budgetary documents, financial statements and reports, and workplace policies and procedures
• applying basic accounting principles to budgetary processes
• applying relevant legislation and workplace procedures
• communicating and working effectively with others when completing work activities
• identifying and solving problems that may arise when setting and achieving budgets
• making calculations to set and achieve budgets
• modifying budgets and plans as required to accommodate changes
• monitoring work activities in terms of planned schedule
• prioritising work and coordinating self and others in relation to workplace activities
• selecting and applying appropriate technology, information systems and procedures

 

Knowledge Evidence

You are required to provide evidence of the following:

• accountancy practices relevant to budgetary control
• budgetary procedures and policies
• budgetary systems, resources, management and workplace operating systems
• limits of authorised expenditure and who has budget authorities
• problems that may occur when setting and achieving budgets and action that can be taken to report or resolve these problems
• quality and customer service standards, policies and procedures
• risks that may exist when setting and achieving budgets and ways of controlling these risks
• workplace processes for setting and achieving budgets.

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

You are required to complete all three assessments successfully  to be deemed competent in this course. 

Assessment 1 – Short Answers – In class

Date handed out:      Week 5

Date and time due:   Week 5

Group or Individual:  Individual

 

Purpose: This assessment will allow you to demonstrate your ability to understand and apply basic accounting knowledge and tax requirements, budgeting process, costing and simple management accounting concepts.
 

By completing this assessment you will be equipped with the basic knowledge and skills to tackle more complex scenarios in this unit. 

 

This short-answer assessment task is one of three assessment tasks you need to complete satisfactorily, in order to be deemed competent for this unit. 

There are 12 short answer questions that relate to work relevant scenarios

Assessment 2–  Excel Format Master Budget

Date handed out:     Week 6

Date and time due:   Week 9

Group or Individual: Individual

 

Purpose: 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.

 

Assessment 3– Practical Case Study – Master Budget

Date handed out:     Week 14

Date and time due:   Week 14

Group or Individual: Individual

 

Purpose: 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. 

 

Assessment Matrix

 Assessment Matrix

 
The assessment matrix that maps all the assessment is available on CANVAS.

 

Submission Requirements

 

You should: 

• Ensure that you submit assessments on or before the due date. 
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
• 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.

 

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
If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

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.

 

Grading & re-submissions
Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

 

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:

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.

 

Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

 

Final Grades table:

 

CHD	Competent with High Distinction
CDI	Competent with Distinction
CC	Competent with Credit
CAG	Competency Achieved – Graded
CA	Competency Achieved – Not Graded
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.

 

 

 

Other Information

Academic Integrity

 

Plagiarism 
Plagiarism is a form of cheating in assessment and may occur in oral, written or visual presentations. It is the presentation of the work, idea or creation of another person, without appropriate referencing, as though it is your own.

 

The penalties for cheating in assessment are severe, whether the cheating involves plagiarism, fabrication, falsification of data, copyright infringement or some other method. Penalties can include charges of academic misconduct, cancellation of results and exclusion from your course. It is also a disciplinary offence for you to allow your work to be plagiarised by another student.

Referencing 
RMIT Business produce their own referencing guidelines entitled written reports and essays: guidelines for referencing and presentation in RMIT Business which all Business students should use.

 

RMIT Business referencing guidelines (RTF, 1,286 KB, 52 pages); A supporting Referencing website has been developed for the RMIT Business guidelines.You can find out more about Academic Integrity at RMIT’s Academic Integrity webpage. 

 

Group Assessment 
A number of your assessments will rely upon group work. This is a critical part of your program as in the workplace you will be regularly required to work in a team environment. Teamwork is also one of the key employability skills for this qualification.

 

The key to being successful in group work is getting to know your classmates and finding out what they want to achieve. You should seek to find a team which shares your key interests and drivers.

If you are facing issues with your group, the key is to resolve them quickly well before assessments are due. If you need to you can seek support from your teacher.

Course Overview: Access Course Overview