Fnsacc503_budgeting_delivery And Assessment Guide_s2, 2016_online.docx

FNSACC503 - Manage Budgets and Forecasts (Flexible - Online)

Delivery and Assessment Guide Northern Sydney Institute School of Business and Finance Meadowbank

Delivery and Assessment Guide Table of Contents Facilitator and Head Teacher Contact Details ..................................................................................... 3 Unit of Competence: FNSACC503 – Manage Budgets and Forecasts.................................................. 3 Elements....................................................................................................................................... 3 Foundation Skills .......................................................................................................................... 4 Resources ............................................................................................................................................. 5 Delivery Schedule ................................................................................................................................. 6 Online Support ..................................................................................................................................... 7 Assessments ......................................................................................................................................... 7 Assessment Task 1: Written assessment task.............................................................................. 8 Assessment Task 2: Individual presentation (video to be uploaded to Studespace) .................. 8 Assessment Task 3: Practical assessment task ............................................................................ 9 Additional Assessment Information .......................................................................................... 10

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Delivery and Assessment Guide Facilitator and Head Teacher Contact Details Facilitator Name: Lisa Genna Email Address: [email protected] Head Teacher Name: Julie Law, Accounting & Finance Email Address: [email protected] Phone Number: (02) 9942 3730 Location: Block P, Level 5 Preferred contact method: Email

Unit of Competence: FNSACC503 – Manage Budgets and Forecasts This unit of competence is also available on the training.gov.au website. You can access a copy of this document by clicking on the following link: https://training.gov.au/Training/Details/FNSACC503

Elements Element

Performance Criteria

1. Prepare budget

1.1 Clearly define cash, expenditure and revenue items and ensure relevance to identified objectives of budget 1.2 Ensure budget objectives are clear and consistent with organisational aims and projects 1.3 Conduct discussions and negotiations with stakeholders in manner that promotes understanding, goodwill and ongoing cooperation 1.4 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods in accordance with operating trends

2. Forecast estimates

2.1 Provide realistic, ethical and attainable estimates of future cash flow, costs and revenues, and support with verifiable evidence and source documentation 2.2 Identify relevant data for forecasts and anticipate changes in circumstances 2.3 Establish assumptions and parameters and review for accuracy, relevance and compliance with organisational procedures and policy 2.4 Identify financial risks and initiate protection strategies in accordance with organisational procedures and policy

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Delivery and Assessment Guide Element

Performance Criteria

3. Document budget

3.1 Present data in format that is easily understood and appropriate to budget reporting 3.2 Complete reports within timelines and distribute for specified periods and projects 3.3 Identify trends, issues and comparisons and report in structured format to ensure transparency and validity of analysis 3.4 Identify feasibility by comparing projections with market growth and development

4. Monitor budget outcomes

4.1 Analyse budget variances in accordance with organisational procedures, and make recommendations based on analysis to client or designated person 4.2 Review budget processes and implement as required

Foundation Skills This section describes the language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance. Skill

Performance Criteria

Description

1. Reading

1.2, 2.2, 2.3, 3.3, 3.4, 4.1, 4.2

Researches, consolidates and evaluates a range of information and financial data, identifying key aspects needed for work requirements and analysing trends

2. Writing

2.1, 2.3, 3.1-3.3, 4.1

* Prepares specific and logically structured written and graphical information for a range of audiences and purposes * Uses clear and concise language, incorporating correct spelling, grammar, terminology and conventions, to convey accurate information

3. Oral communication

1.3, 3.1, 4.1

* Presents financial information to a range of personnel using language and concepts appropriate for the audience * Uses active listening and questioning to elicit and convey information in verbal exchanges

4. Numeracy

1.1, 1.2, 1.4, 2.12.4, 3.1-3.4, 4.1

* Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse, estimate and forecast financial data

5. Navigate the world of work

1.2, 2.3, 2.4, 4.1

* Takes responsibility for adherence to organisational policy and procedures, and legal and ethical requirements

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Delivery and Assessment Guide Skill

Performance Criteria

Description

6. Interact with others

1.2, 2.3, 2.4, 4.1

* Uses collaborative and inclusive techniques to build rapport and establish and maintain positive relationships with a range of stakeholders

7. Get the work done

1.1, 1.2, 1.4, 2.12.4, 3.2-3.4, 4.1, 4.2

* Organises work according to organisational procedures, using some analytical processes, and taking responsibility for sequencing and scheduling tasks to achieve efficient outcomes * Identifies and responds to budgeting problems by systematically analysing relevant information, generating and evaluating options, and selecting the most appropriate option for the client * Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Resources The following resources are required for this unit: Resource

Additional Information

Recommended text

Manage Budgets & Forecasts (6th Edition) Authors:- Richard Hughes and Tony Kirby Publisher: LearnNow Publications - www.learnnowbiz.com

Recommended text resources

Click on the following link: http://learnnowbiz.com/#!/book=978-1-876124-49-6 Under STUDENT RESOURCES, you have access to the following additional resources that come with the textbook:

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Delivery and Assessment Guide Resource

Additional Information The required password is equal to the last four (4) digits of the textbook’s ISBN. This number can be found above the barcode, which is located on the back cover of your textbook.

Other

Being an online unit, you will be required to use a computer and have access to the Internet.

Microsoft Excel

You may choose to use MS Excel for the budget that you will be required to prepare and present (ref. ASSESSMENT 2). If you need to up-skill in this area, you can subscribe to the ‘excelisfun channel’ on YouTube for free. This is an online resource which you can use to teach yourself how to use MS Excel.

Delivery Schedule Lesson

Topic

1

Unit overview Budgeting

Chapter

Homework Download and read a copy of the DELIVERY AND ASSESSMENT GUIDE for this unit.

1

Read chapter 1 and then complete the following activity: Copy and paste the following link into your Internet browser. Here you will find up-to-date information on Australia’s Federal Budget: http://www.budget.gov.au/ Fill in the questionnaire for INDIVIDUALS located at the bottom of the page with your age, annual income, employment status, no. of children under 18 years and additional interests (tick all the items that you are interested in). Then click on the green box ‘SHOW ME’ and you will be presented with parts of the budget relevant to you and your interests. Once you have this information, please provide and answer to the following questions: Question 1: The Federal Budget provides us with information on how the Australian public’s tax dollars will be spent throughout the year. Choosing one area of the economy, briefly discuss (in point form) how the public’s tax dollars will be spent. Question 2: Identify at least three (3) stakeholders who have a vested interested in the Federal Budget.

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Delivery and Assessment Guide Lesson

Topic

Chapter

Homework

2

Forecasting

2

Read chapter 2 and then complete the following activity: Chapter review question: 6 (Bond Eye’s Software)

3

Operating Budgets Manufacturing

3

Read chapter 3 and then complete the following activity: Chapter review question: 20 (Novotna Industries)

YOU CAN NOW COMPLETE ASSESSMENT 1

4

Cash budgets

4

Read chapter 4 and then complete the following activities: Chapter review question: 6 (Smart Choice) Chapter review question: 12 (Rapid Fire Cleaning Equipment)

START WORKING ON ASSESSMENT 2

5

Financial budgets

5

Read chapter 5 and then complete the following activity: Chapter review question: 2 (Swiss Ace)

6

Flexible budgets and performance reports

6

Read chapter 6 and then complete the following activity: Chapter review question: 6 (Harrison)

FINISH ASSESSMENT 2 AND UPLOAD VIDEO TO STUDESPACE YOU CAN NOW COMPLETE ASSESSMENT 3

7 and 8

Revision (all chapters)

1 to 6

Finish all assessments.

Online Support Generally, requests for help received from students via email will be responded to within 48 hours.

Assessments Task Overview

Due Date

Weighting

Unit of Competence Elements

Assessment 1

Flexible

30%

Knowledge requirements +

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Grading:

Delivery and Assessment Guide Task Overview

Due Date

task Assessment 2

Flexible

Individual presentation (video) Assessment 3

Weighting

Unit of Competence Elements

SATISFACTORY or NOT YET SATISFACTORY

Performance criteria 2.1; 2.4; 3.4

30%

Performance criteria 1.1; 1.2; 1.3; 1.4; 2.1; 2.2; 2.3; 2.4; 3.1; 3.2; 3.3

Grading: SATISFACTORY or NOT YET SATISFACTORY Flexible

Practical assessment task ALL CHAPTERS

40% Grading: SATISFACTORY or NOT YET SATISFACTORY

Performance criteria 1.1; 1.2; 1.4; 2.1; 2.2; 3.1; 3.2; 4.1; 4.2

Assessment Task 1: Written assessment task You will find this assessment task by clicking on ‘ASSIGNMENTS’ which is located on the menu bar on the left-hand side of your screen.

Assessment Task 2: Individual presentation (video to be uploaded to Studespace) You will find this assessment task by clicking on ‘ASSIGNMENTS’ which is located on the menu bar on the left-hand side of your screen.

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Delivery and Assessment Guide Assessment Task 3: Practical assessment task You will find this assessment task by clicking on ‘ASSIGNMENTS’ which is located on the menu bar on the left-hand side of your screen.

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Delivery and Assessment Guide Additional Assessment Information Finding out results

Other than from your teacher, unit results may also be accessed using your log-on to Student e-Services. You should have received information about how to register for Student e-Services when you enrolled.

Dispute of Mark/grade

If you do not agree with the mark/grade given for your assessment, you may appeal the assessment decision. You should first discuss the assessment result with your teacher. If you are not satisfied with the outcome of that discussion you can access the appeal process through the staff in the campus administration office.

Reasonable Adjustment

If you have a permanent or temporary condition that may prevent you successfully completing the assessment task(s) you should immediately talk with your teacher about ‘reasonable adjustment’. This is the adjustment of the way you are assessed to take into account your condition and may include providing a support person or extra time. The assessment criteria cannot be altered.

Recognition of Prior Learning (RPL)

All TAFE students are eligible to apply for credit for previous formal, informal and non-formal learning. Refer to the Training and Education Support website for information about Credit pathways (Articulation, Credit transfer and Recognition of Prior Learning (RPL). There is also a brochure widely available throughout the campus on RPL. Each case of student absence from an assessment event, or late submission of an assessment event, will be considered by the teacher on an individual basis. Students should endeavour to notify their teacher in advance where an absence will prevent them from attending, or submitting, a planned assessment event (e.g. class test, presentation, project, report, portfolio or assignment). Unexpected absence and/or late submission due to illness, work commitments and/or other unforeseen misadventure MUST be supported by documented evidence (e.g. medical certificate, statements from employers etc.). If you fail to adequately notify and/or explain your absence/late submission penalties may apply as follows: 1. If a student is late handing in an assessment event the following penalties may apply: a. Penalty A – if the assessment event is up to 7 days late the total mark is reduced by 15% OR the grade is reduced by one level, for example reducing a Distinction to a Credit or a submission may be eligible for a Pass grade only. Note: In Pass/Fail (or Ungraded Competency) units, penalty A will not apply. b. Penalty B – if the assessment event is more than 7 days late the mark is reduced to a zero OR the grade is reduced to a Fail/Not Competent for this event. 2. No penalty will apply if the student has an acceptable reason and negotiates a new date with the teacher before the original due date, or if it is not possible, at the first attendance after the event or within 7 days (whichever is the sooner). The negotiated or revised date will become the due date and Penalties A or B (see above) will apply if the assessment event is not submitted by the revised due date. If extension is not accepted the original due date applies and the penalties will be as outlined. 3. If the student does not attend a class test, presentation or other classroombased assessment event on a negotiated date, Penalty B may apply.

Policy on Late Assessment

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Delivery and Assessment Guide 4. Failure in one particular assessment event may not necessarily mean a Fail in the unit. Is there a penalty for late submission of assessment tasks? What is the procedure if a student is absent on the day of an assessment event? For information about assessment in TAFE please see "Every Student's Guide to Assessment in TAFE NSW" which was offered at enrolment and is available on the TAFE internet site at: https://www.tafensw.edu.au/courses/expectations/assets/pdf/assessment _guide.pdf Policy on Plagiarism

Definition: Plagiarism involves using the work of another person and presenting it as your own. A STUDENT WILL BE GUILTY OF PLAGIARISM if they do any of the following in an assignment, or in any piece of work which is to be assessed, without clearly acknowledging their source(s) for each quotation or piece of borrowed material: a) copying out part (s) of any document or audio-visual material, including computer–based material; b) using or extracting another person’s concepts, experimental results, or conclusions; c) summarising another person’s work; d) in an assignment where there was collaborative preparatory work, submitting substantially the same final version of any material as another student.

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Delivery and Assessment Guide Meadowbank Campus: Accounting & Finance ASSIGNMENT COVER SHEET Instructions 1. Please include a copy of this cover sheet with each assignment that you are required to complete for this online unit. 2. Make sure all details required on this cover sheet are completed. 3. You must keep a copy of every assignment submitted. 4. All assignments and cover sheets must be submitted electronically via the relevant Studespace site.

ASSIGNMENT TITLE ___________________________________________ Due Date: __________________ Date Submitted:________________________ Student’s Name: ___________________________________________________ Unit Code: ________________________________________________________ Unit Name: _______________________________________________________

Teacher’s Name: ___________________________________________________ Extension Granted by: _______________________________________________ Declaration: I certify that this assignment is entirely my own work, except where I have given fully documented references to the work of others and that the assignment, or substantial parts of it, has not been previously submitted for assessment in any formal course of study. Signature: _______________________________________ Date: _________________

 ---------------------------------------------------------------------------------------------------------------------------------------------------------Acknowledgement of receipt of assignment ............................................................................................................ Assignment Title

Signature: ................................................................................

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Date: ..........................................................