Course Title: Manage finances
Part B: Course Detail
Teaching Period: Term1 2021
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
This course is structures to provide you with the optimum learning experience. A range of learning activities are provided during the semester and are designed to enhance learning and understanding of the topics.
You will participate in a combination of group and individual learning activities. These activities will be provided through classroom work time and additional learning activities will be provided to you to complete outside of the scheduled class time.
A range of in class activities, case studies and independent research is included as the learning activities for this course. We expect you to participate and contribute in all scheduled learning activities.
The learning activities will also include group discussion, group problem solving activities and opportunities to practice your skills in a simulated workplace environment.
Teaching Schedule
Course Schedule: Semester 1: 2021 | ||
Week |
Topic / Activities (including pre-reading, research and resources required) |
Assessment |
Week 1
|
Introduction to Basic Accounting and Tax requirements (1)
|
|
Week 2
|
Introduction to Basic Accounting and Tax requirements (2)
|
|
Week 3
|
The Budgeting Process
|
|
Week 4
|
Cost and Costs Control
|
|
Week 5
|
Sales Budgets
|
|
Week 6
|
Assessment 1 - In class Open Book Short Answer Test |
In Class Assessment 1: Short Answers Test: Class time |
Week 7 |
Operating Budgets - Manufacturing
|
|
Week 8
|
Operating Budgets - Non-manufacturing and Expense Budgets
|
|
Week 9a
|
9a Trend and Variance Analysis
|
|
|
Mid-semester break* |
|
Week 9 |
Trend and Variance Analysis
|
|
Week 10
|
Financial Viability and Flexible Budgeting
|
|
Week 11
|
Accounting Computer Systems Cash Budget
|
Assessment 2 Due |
Week 12
|
Statutory Compliance
|
|
Week 13 |
Assessment three support session |
|
Week 14 |
Assessment Task 3
|
Assessment task 3 Due |
Week 15 |
Course Revision Feedback and Support |
|
Week 16 |
Re-submissions and resit |
|
Week 17 |
Re-submissions and resit |
|
Learning Resources
Prescribed Texts
References
Other Resources
As provided by your teacher
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
There are 3 assessments for this course. Students must be satisfactory in all assessments to be deemed competent in this course.
Assessment 1 Knowledge quiz.
Due Week 6
Summary and purpose of assessment
This is assessment task one of three assessment tasks that you must successfully complete to be deemed competent in BSBFIM601 – Manage finances (Release 1).
You are required to answer 4 questions satisfactorily.
Preparation
To prepare for this task
1. Read the task instructions including how to submit your assessment and clarify any concerns with your assessor
2. Access any learner content you may need to refer to during the assessment.
During the task
For this assessment, you are asked to answer 4 questions about:
· requirements for financial probity
· principles of accounting and financial systems
· Australian, international and local legislation and conventions that are relevant to financial management in the organisation
· requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax, Pay As You Go
Assessment 2 Plan, develop and present a budget
Due Week 11
Summary and purpose of assessment
There are three parts including a group and individual tasks:
· PART A: You will develop a plan to manage the finances for a marketing business with others. The amount of time required to complete this part of the assessment is appropriately two hours.
· PART B: You will develop a budget and allocate funds for a marketing business independently. The amount of time required to complete this part of the assessment is approximately two hours.
· PART C: You will present your budget to manage the finances for a marketing business to others. The amount of time required to complete this part of the assessment is approximately one hour.
You will access the required resources from Canvas.
You must complete each task satisfactorily according to the minimum performance standards in the marking guide.
Your trainer/ assessor will document their observations against assessment criteria in the marking guide.
Assessment 3 Implement a budget and report the outcomes
Due Week 14
Summary and purpose of assessment
You will access the required resources from Canvas.
To complete this part of the assessment, you will need to imagine you have been asked to implement and report on the budget for a small marketing business. Information about the small business and financial data is provided.
Assessment Matrix
The assessment maps for 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.
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):
Feedback on your assignment and your results will be released via the rubric on Canvas. Assessment tasks will receive the following outcomes:
Satisfactory
Not Satisfactory
DNS (Did not Submit)
There are 3 assessments for this course, students must be deemed satisfactory i n all 3 assessments to be competent in this course.
Course grades will be given as:
CA (Competency Achieved)
NYC (Not Yet Competent)
DNS (Did not submit)
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.
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview