Course Title: Manage finances

Part B: Course Detail

Teaching Period: Term2 2018

Course Code: ACCT5365C

Course Title: Manage finances

School: 650T Vocational Business Education

Campus: City Campus

Program: C6155 - Advanced Diploma of Marketing and Communication

Course Contact: Julia Makin

Course Contact Phone: +61 3 99255175

Course Contact Email: Julia.makin@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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 describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to financial bids and estimates, allocating funds, managing budgets and reporting on financial activity. It applies to individuals who have managerial responsibilities which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation this work would be supported by specialists in financial management.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIM601 Manage finances

Element:

1 Plan for financial management

Performance Criteria:

1.1 Review and analyse previous financial data to establish areas which have generated a profit or loss 1.2 Undertake research to review reasons for previous profit and loss 1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle 1.4 Analyse cash flow trends 1.5 Review statutory requirements for compliance and liabilities for tax 1.6 Review existing software and its suitability for financial management

Element:

2 Establish budgets and allocate funds

Performance Criteria:

2.1 Use previous financial data to determine allocations for resources 2.2 Make informed estimates of new items for inclusion in budget 2.3 Prepare budgets in accordance with organisational requirements and statutory requirements

Element:

3 Implement budgets

Performance Criteria:

3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations 3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions 3.3 Review profit and loss statements, cash flows and ageing summaries 3.4 Revise budgets, as required, to deal with contingencies 3.5 Maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations 3.6 Ensure compliance with due diligence

Element:

4 Report on finances

Performance Criteria:

4.1 Ensure structure and format of reports are clear and conform to organisational and statutory requirements 4.2 Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making 4.3 Prepare recommendations to ensure financial viability of the organisation 4.4 Evaluate the effectiveness of financial management processes


Learning Outcomes


Upon completion of this course students shroud be able to plan for financial management, establish and implement budgets and report on finances for an organisation.


Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative class room based activities. The self-based activities will be delivered through various technology platforms. The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice skills in a simulated workplace environment.

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 this 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.

 Week

Week Commencing

Topics

Assessment

1

2 Jul

Course overview – Manage Finances

 

2

9 Jul

Spreadsheet, basic accounting concepts, key financial terms

 

3

16 Jul

Finance knowledge and business set-up

 

4

23 Jul

Financial analysis and statements #1

 

5

30 Jul

Financial analysis and statements #2

 

6

6 Aug

1. Statutory compliances & accounting computer systems

2. Assessment 1 workshop

 

7

13 Aug

Assess.1 workshop

(Set exercises/activities)

Assessment 1 due

19 Aug. Sun. 11.59pm 

8

20 Aug

Developing budgets #1

 

 

27 Aug – 2 Sep

Mid-Semester Break

 

9

3 Sep

Developing budgets #2

 

10

10 Sep

Implement & monitor budgets and contingency plans

 

11

17 Sep

Assess.2 workshop

(Case study & exercises/activities)

 

12

24 Sep

Assess.2 workshop

(Case study & exercises/activities)

Assessment 2 due

30 Sep 11.59pm

13

1 Oct

Financial viability and financial analysis #1

 

14

8 Oct

Financial viability and financial analysis #2

 

15

15 Oct

Assess.3 workshop

(Set exercises/activities)

Assessment 3 due 21 Oct Sun.11.59pm

16

22 Oct

Final Resubmissions 

 

17

29 Oct

Assessment feedback

 


Learning Resources

Prescribed Texts


References


Other Resources

All learning materials will be provided in CANVAS.


Overview of Assessment

 

Overview of Assessment

In order to achieve competency in this unit, you must provide the following performance and Knowledge evidence:

Performance Evidence

Evidence of the ability to: 

  • plan for financial management
  • read and review profit and loss statements, cash flows and aging summaries
  • prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements
  • contribute to financial bids and estimates
  • establish a budget and allocate funds in accordance with statutory and organisational requirements
  • communicate with other people including:
  • reporting on financial activity and making recommendations
  • identifying and prioritising significant issues
  • ensuring managers and supervisors are clear about budgets.
  • analyse the effectiveness of existing financial management approaches including reviewing financial management software, managing risks of misappropriation of funds, ensuring systems are in place to record all transactions, maintaining an audit trail and complying with due diligence. 

Knowledge Evidence

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

  • identify the requirements for financial probity
  • describe the principles of accounting and financial systems
  • explain Australian, international and local legislation and conventions that are relevant to financial management in the organisation
  • outline the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go.

 

Assessment Conditions

 

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial management field of work and include access to:

  • financial data
  • relevant legislation and Australian Tax Office requirements
  • examples of business plans, profit and loss statements, cash flows and aging summaries
  • organisational financial policies and procedures
  • financial management software.

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

Assessment 1 

Task Name: Basic accounting and financial exercises/activities

(Group assessment of 2-3 students per group) 

Duration and/or due date: 

This assessment task is to be completed by week 7 (19 Aug., Sun.11.59pm) of commencing this unit

Summary and Purpose of Assessment

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. This assessment task allows you to demonstrate an understanding of the different aspects of basic accounting and financial knowledge.

Assessment Instructions

What

For this assessment you are required to submit the working and answers to a set of 5 activities which analyses basic financial knowledge and basic financial analysis.

Where

This assessment will take place in and out of class time.

How

This assignment MUST be done in relation to the prescribed set activities.

Information must be well presented in a clear, concise, logical and business-like manner, using appropriate columnar tables where appropriate. Provide working to your answers and explain how you obtained your answer and not just state the answer only.

Assessment 2 

Task Name: Preparation of financial statements

(Group assessment of 2-3 students per group) 

Duration and/or due date:

This assessment task is to be completed by week 12 (30 Sep, Sun.11.59pm) of commencing this unit.

Summary and Purpose of Assessment

This assessment task is one of three assessment tasks you need to complete satisfactorily in order to be deemed competent for this unit. This assessment task allows you to demonstrate your understanding of the preparation of different types of financial statements and recommendations for financial viability

Assessment Instructions

What

You are required to read and understand a case study and thereafter answer all the 4 questions. Provide working to your answers and explain how you obtained your answer in a separate working section and not just state the answer only.

Where

Some in class time will be provided to undertake this assessment task but students will also be expected to complete some of the assessment outside of class time.

How

Students will be assessed according to the criteria outlined in the Criteria for Assessment below. All criteria identified must be addressed to satisfactorily complete this Assessment Task.

Assessment 3 

Task Name: Budget and miscellaneous related finance set exercises/activities

(Individual assessment)

Duration and/or due date:

This assessment task is to be completed by week 15 (21 Oct, Sun.11.59pm) of commencing this unit.

Summary and Purpose of Assessment

This assessment task is one of three assessment tasks. You need to complete satisfactorily in order to be deemed competent for this unit. This assessment task allows you to demonstrate an understanding of the different aspects of budget and miscellaneous related finance knowledge.

Assessment Instructions

What

For this assessment you are required to submit the working and answers to a set of 6 exercises/activities which analyses different aspects of finance and budget knowledge.

Where

This assessment will take place in and out of class time.

How

This assignment MUST be done in relation to the prescribed set exercise/activities.

Information must be well presented in a clear, concise, logical and business-like manner, using appropriate columnar tables where appropriate. Provide working to your answers and explain how you obtained your answer and not just state the answer only.

 


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. 

Other Information

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