| Effective Term: | 2024/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Introduction to Budgets and Financial Planning |
| Unit ID: | BSMAN1002 |
| Credit Points: | 15.00 |
| Prerequisite(s): | Nil |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 080307 |
| Other Change: | |
| Brief description of the Unit |
This course embeds the unit of competency from the Diploma of Management:
BSBFIM501A: Manage budgets and financial plans. The first of three financial management courses in the Bachelor of Applied Management, Introduction to Budgets and Financial Planning introduces students to the fundamentals of financial management for a work team within an organisation. Students will be introduced to basic accounting principles and be equipped with the knowledge and skills to monitor and control finances in a manner that assures the integrity of the organisations financial information and that meets legislative requirements. A focus will be the management of resources according to the organisations budget. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: No |
| Supplementary Assessment:Yes |
| Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment |
| Course Level: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory | | |  | | | | | Intermediate | | | | | | | | Advanced | | | | | | |
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| Learning Outcomes: |
| Knowledge: |
| K1. | Identify and explain fundamental accounting terminology, concepts and principles |
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| K2. | Outline the processes and financial reports that can be applied to the management and control of financial resources |
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| K3. | Interpret relevant legislation and current Australian Tax Office requirements as they apply to the financial management of an organisation |
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| K4. | Describe the budget development process/cycle including principles, practices and techniques |
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| K5. | Appraise business performance by identifying revenue/cost variations and expenditure overrun |
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| K6. | Identify appropriate contingency plans to respond to variations |
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| Skills: |
| S1. | Identify and interpret the financial information and reports necessary for the monitoring of business performance |
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| S2. | Produce and communicate basic reports on operational and departmental financial activities compared with budget |
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| S3. | Recommend contingency plans required to meet financial objectives |
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| S4. | Identify and make recommendations on improvements to financial management processes |
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| S5. | Apply appropriate software to the preparation of financial records that meet ATO and auditing requirements. |
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| Application of knowledge and skills: |
| A1. | Interpret, manage and evaluate the resource allocations prescribed by a budget |
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| A2. | Manage the effective use of financial resources for a small or large organisation by accessing and interpreting available data and other financial information |
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| Unit Content: |
Topics may include: 1. Accounting concepts and terminology 2. Sources of data for financial analysis and reporting 3. Legal requirements for financial record-keeping and reporting 4. Financial management internal control 5. Budgeted financial statements: - Income Statement
- Cash flow Statement
6. Budgets as a control mechanism 7. Budget analysis calculations and reports 8. Responding to budget variations contingency plans 9. Financial software |
| Graduate Attributes: |
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K4, K5, S1, S2, A1, A2 | Management of budgets and financial resources | Report/Presentation/Case Study | 10 - 30% | | 2. | K5, K6, S1, S2, S3, A2 | Financial contingency plans restructuring to achieve financial objectives | Report/Presentation/Case Study | 20-40% | | 3. | K2, K3, K5, K6, S2, S3, S4, S5, A1, A2 | Examination to assess attainment of required learning outcomes | Examination | 30-50% |
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