Course Title: Manage finances
Part B: Course Detail
Teaching Period: Term1 2020
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: Felicity Burns
Course Contact Phone: +61 3 99255486
Course Contact Email: felicity.burns@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 |
Performance Criteria: |
1 Plan for financial management 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.
Teaching Schedule
Week |
Week Commencing |
Topics |
Assessment |
1 |
10 Feb |
Introduction to Basic Accounting and Tax requirements
|
|
2 |
17 Feb |
Introduction to Management Accounting Concepts
|
|
3 |
24 Feb |
The Budgeting Process
|
|
4 |
2 Mar |
Costing and Costs Control
|
|
5 |
9 Mar |
Assessment 1 - In class Open Book Short Answer Test |
In Class Assessment 1: Short Answers Test – Class time |
6 |
16 Mar |
Sales Budgets
|
|
7 |
23 Mar |
Operating Budgets - Manufacturing & Non-manufacturing
|
|
8 |
30 Mar |
Operating Budgets - Manufacturing & Non-manufacturing - Continuing
|
|
9a |
6 Apr |
Variance Analysis and Performance Reports
|
|
|
9 – 15 Apr. 2020 Mid-semester break
| |||
9b |
13 Apr |
Variance Analysis and Performance Reports
|
|
10 |
20 Apr |
Financial Budget
|
Assessment 2: Master Budget
|
11 |
27 Apr |
Cash Budget
|
|
12 |
4 May |
Financial plans and flow of information
|
|
13 |
11 May |
Assessment three support session
|
|
14 |
18 May |
Course Revision
|
|
15 |
25 May |
Assessment Task 3 - Case study Feedback and Support
|
Assessment task 3 Case Study Due: Class time
|
16 |
1 Jun |
Re-submissions and resit
|
|
17 |
8 Jun |
Re-submissions and resit
|
|
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
Duration and/or due date:
This assessment task is to be completed by week 5 (Class time) of commencing this unit
|
Summary and Purpose of Assessment 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 Instructions In Class Short Answers test You need to answer ALL 12 Questions using the Excel Spreadsheet provided. This is an open book Assessment, you are allowed to access all course material while completing this Assessment. This is an individual Assessment, the answers you provide must be your own. What For this assessment you are asked to provide short answers and some simple calculations covering material from week 1 to week 4. When answering the 12 questions, you need to provide evidence that you are competent in: Management Accounting Concepts Budgeting Process Costing Basic Accounting Concepts GST and ATO requirements Where This Assessment will take place in Class How The 12 questions must be completed correctly for you to be assessed as satisfactory for this assessment task.
|
Assessment 2
Task Name: Preparation of financial statements
Duration and/or due date:
This assessment task is to be completed by week 10 (26 Apr., Sun.11.59pm) of commencing this unit
|
Summary and Purpose of Assessment 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 Instructions Outside/in class Master Budget This assignment requires you to complete all attached minor budgets. All information required to complete the Master Budget is included in the "Information" worksheet All minor budget s must be linked back to the Information worksheet in some way. There are to be no numbers typed into any cell - only formulas From the details given, you are required to prepare a series of budgets for your business. These budgets will be prepared on a quarter by quarter basis, for the year ending June 2018 What From the details given, you are required to prepare a series of budgets for your business, using the Excel spreadsheet provided Where This Assignment is to be completed both in and outside of class How You will be assessed against the criteria as listed in the marking guide of this task and how well you answer the questions asked by your assessor. To achieve a satisfactory result you will need to address all criteria satisfactorily.
|
Assessment 3
Task Name: AT3-Practical Case Study
Duration and/or due date:
This assessment task is to be completed by week 15 (Class time) of commencing this unit
|
Summary and Purpose of Assessment 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 Instructions: In Class Open Book Practical Case Study This is an open book assessment to be completed predominantly in class. Work may be completed outside of class to ensure it is finished by the due day as per the unit outline. Although this is an open book assessment it is an individual assessment and any evidence of plagiarism will be taken seriously. All questions must be completed using Excel platform.
What For this assessment you are asked to analyse and report on Cash Flows and Contingency plans and provide short answers and some simple calculations covering material from week 9 to week 13. When answering this assessment, you need to provide evidence that you are competent in:
Where This Assessment will take place predominantly in Class How You will be assessed against the criteria as listed in the marking guide of this task and how well you answer the questions asked by your assessor. To achieve a satisfactory result you will need to address all criteria satisfactorily. |
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. Non submission without supporting evidence such as ELP or special consideration will mean a result of Did Not Submit (DNS)
- 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 CA (Competency Achieved) 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:
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
CA |
Competency Achieved |
NYC |
Not Yet Competent |
DNS |
Did Not Submit |
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 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