Part A: Course Overview

Program: C5404 Diploma of Marketing and Communication

Course Title: Manage budgets and financial plans

Portfolio: Vocational Education

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.

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5434C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term1 2022,
Term2 2022,
Term2 2023,
Term1 2024,
Term2 2024,
Term1 2025

Flexible Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5434C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 VE 2023 (SDBC)

Course Contact: Nick Reynolds

Course Contact Phone: +61 3 9925 0791

Course Contact Email: nick.reynolds@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.

The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

BSBFIN501 Manage budgets and financial plans

Elements:

1. Plan financial management approaches

2. Implement and monitor financial management plans

3. Review and evaluate financial management plans

Learning Outcomes

This course is structured to provide students with the optimum learning experience in order to demonstrate the skills and knowledge required to undertake financial management in an organisation or work area.


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

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • manage the budget and financial plan of an organisation for one reporting period.

In the course of the above, the candidate must:

  • communicate with relevant people to clarify budget and financial plans, negotiate changes and disseminate information
  • prepare, implement and modify financial contingency plans
  • monitor expenditure and control costs
  • support and monitor team members
  • report on budget and expenditure
  • review and make recommendations for improvements to financial processes
  • meet record-keeping requirements for Australian Taxation Office (ATO) and for auditing purposes.


Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • basic accounting principles
  • types of budgets and financial plans
  • legislation and current ATO requirements, including the Goods and Services Tax (GST)
  • key requirements for financial record keeping and auditing
  • principles for managing work teams
  • principles and techniques involved in managing:
  • budgeting
  • cash flows
  • electronic spreadsheets
  • Goods and Services Tax
  • ledgers and financial statements
  • profit and loss statements
  • evaluation of budget and financial plans.


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.