RTO Code: 31671 Harvest Education Technical College 07 3344 1922 www.hetc.com.

au

COURSE OUTLINE
Course Name: PLANS BSBFIM501A MANAGE BUDGETS AND FINANCIAL

Campus Location: Unit 1, Block B, 3 Zamia Street, Sunnybank, QLD 4109 Entry Requirements: See Basic Entry Requirements document (Phone) 07 3344 1922

Contact Details: (Email) info@hetc.com.au Number of available contact hours: 40 hours

Rationale/Aim of this Course: Modern organisations use accounting data for decision making because it provides information about an entity in the allocation of scarce resources. Therefore, it is important for business professionals to understand the usefulness of accounting data and theory and the interpretation of accounting/financial information in organisational decision making. Brief Course Description:

This course provides an introduction to accounting procedures, statements and its underlying concepts and principles. Within this framework, accounting practice is integrated with the development of accounting information for effective decision-making. The course teaches students how to analyze, classify, and record business transactions in a manual and computerized environment and emphases on the complete accounting cycle, financial statements and bank reconciliations. Upon the completion of this course, students should be able to understand, prepare, interpret and evaluate financial statements. Coverage also includes the fundamental principles of double-entry bookkeeping, financial statements, trial balances, worksheets, special journals, adjusting entries and closing entries.

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RTO Code: 31671 Harvest Education Technical College 07 3344 1922 www.hetc.com.au

Learning Outcomes:
Upon the completion of this course, students should be able to: 1. Analyse, interpret and evaluate financial data and accounting information for planning, control and decision making purposes. 2. Understand accounting concepts and principles such as the accounting equation and transaction analysis. 3. Record business transactions and financial data according to organizational requirements. For example, understand and be able to apply the double entry system, know how to journalise transactions, post them to general, subsidiary and special ledger accounts, produce financial and cash flow statements, profit and loss statements, balance sheets and trial balances. 4. Understand accrual accounting principles and procedures. 5. Use subsidiary ledgers and special journals where appropriate. 6. Understand and apply different inventory systems such as the period and perpetual systems. 7. Prepare bank reconciliation and make adjustments to cash receipts and cash payments where necessary. 8. Conduct a Cost Volume Profit analysis. 9. Use accounting information for internal control and apply accounting principles to retail businesses. 10. Analyse financial performance of a firm, calculate relevant ratios, benchmark a firms performance against previous years figures or the industrys average figures and provide a profitability, financial stability and liquidity analysis. 11. Understand specific legal requirements apply to the management of a small businesss accounts. Skills obtained upon the completion of this course: 1. 2. 3. 4. Analytical skills to interpret accounting/financial data. Literacy skills to interpret legal requirements and financial reports. Communication skills to report on performance. Numeracy skills to calculate ratios, costs, profit and other financial information.

Learning Facilitations
Lecture notes, usually in a PowerPoint format, are designed to explain theoretical concepts and accounting principles and frameworks. Tutorials are designed to teach and assist students with practical implementations of the theories learnt in lecture notes. All learning materials such as lecture notes will be given to students straight after enrolment. Therefore, students are expected to read these lecture notes and all required readings. The lecture notes provided are merely a basic and brief overview of the topic; students need to read the extra readings or text books to enhance their understanding.

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RTO Code: 31671 Harvest Education Technical College 07 3344 1922 www.hetc.com.au

Tutorial homework exercises will be assigned to every student. Some exercises are handouts from tutors and some are from end of chapter questions in the text book. Exercises provide students with an opportunity to practice what they have learnt in theory and gain sufficient knowledge and practical experiences. The exercise might come in the forms of multiple choice, short answers or/and numerical application questions or essays. One-on-one Mentoring: Every lecturer or tutor will have consultation hours where the students can inquire about the course or any of their other course related concerns. Students can contact them through emails or face to face online conferencing or telephone calls.

Weekly Course Topics

Each week contains new theories, concepts and practical topics. Students are expected to read the required readings before the reading the lecture notes, and attempting the tutorial exercises. Tutorial exercises are a great resource for self assessment. Here is where students can test to see if they understood the lecture and text book materials.

Topics
1 2

Chapter Readings
1 2

Descriptions
Introduction to Accounting Recording business transactions Chart of Accounts, Concept of DR and CR, General Journal Entries and Accounting Equation. Measuring business profit: the adjusting process and introduction to Accounting Policies Completing the accounting cycle Retailing operations and Internal Control. Special journals, control accounts and subsidiary ledgers Accounts and bills receivable, Retail inventory Depreciation Methods Doubtful Debts and Cash Flow Statements Introduction to Budgets Financial statement analysis The master budget & CVP analysis to decision-making Bank Reconciliation

4 5 6 8 9

4 5 8 6 & 10 10 & 11 & 18 20 19 20 & 22 9

10 11 12 13

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RTO Code: 31671 Harvest Education Technical College 07 3344 1922 www.hetc.com.au

Assessments
Type of Assessment Mid Semester Exam Individual Assignment Final Exam Paper Assessment Details: Mid Semester Exam covers materials from topics 1 to 6 which covers chapters 1, 2, 3, 4, 5 and 6. It composes of multiple choice questions and short answer questions. The exam result evaluates the students application skills. If the student does poorly, which is lowered than a pass, in the exam, they should contact their lecturer or tutor immediately and discuss methods of improvement and alternative learning strategies etc. Individual Assignment: This is an individual project. The assignment evaluates the students ability to analyse and evaluate a companys financial performance in terms of profitability, liquidity and stability. Final Exam will assess the students overall understanding of the topics after the mid semester exam. Therefore, chapters 8, 9, 10, 19, 20 and 22 will be examinable. It consists of multiple choice, short answer and essay questions. Weighting (Out of 100%) 20% 30% 50%

Learning Materials
Students will be able to download their lecture notes. All lecture notes and tutorial materials come in both soft copies and hard copies. Prescribed Textbook: Horngren, C.T., Harrison, W.T., Bamber, L., Best, P.J., Frazer, D.J. and Willett, R. (2007). Accounting (4th Edition). Frenchs Forest, NSW: Pearson Education Australia. Other Materials: Lecture readings, Case Studies, Video files and other handouts. You will need a calculator in this course.

Academic Misconduct
All assessment must be completed by the student ethically and honestly. All work must be done by the individual and involve no plagiarism. The student must not cheat or copy other students work Work can not be copied and falsified in assignments and any other assessments.

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