Income Statement and Plans Student Guide

Topics: Budget, Strategic misrepresentation, Income statement Pages: 26 (3528 words) Published: June 16, 2014
HMBFP: Manage Budgets and
Financial Plans
Student Guide

BSBFIM501A: Manage Budgets and Financial Plans
Elements of competence
Plan financial management approaches
Implement financial management approaches
Monitor and control finances
Review and evaluate financial management processes


BSB51107 Diploma of Management
This core module describes the skills and knowledge required to undertake financial management within a work team in an organisation, including the performance outcomes. This includes the planning and implementation of financial management approaches, supporting team members, whose role involves aspects of financial operations, monitoring and controlling finances as well as the reviewing and evaluating effectiveness of financial management processes in line with the financial objectives required.

Upon successful completion of this module, students will:
explain the budgeting process and its importance to a business, identifying the components of different budgets,
forecast estimates for inclusion in the budgets,
document different types of budgets,
analyse and interpret budget outcomes and
evaluate budgets against actual results and prepare performance reports. TEACHING PROGRAM
Twelve (12) hours per week for five (5) weeks (sixty hours). COURSE REQUIREMENTS
To be assessed as competent for this unit of competency you must be able to do the following:
(1) Demonstrate understanding of all learning outcomes
(2) Successfully complete and submit all tasks as requested
Methods of assessment
Case Studies

Written assignment

Short answer

Through consultation with industry, the following
assessment methods have been deemed appropriate for
this unit.
Two case studies have been developed to allow candidates
to demonstrate their knowledge and skills in the following
Complete an analysis of a budget and financial plan
Make recommendations in regards to maintaining
cost variation and expenditure overruns.
create a budget
analyse the information provided and identify the
steps that they will take to implement a sound
financial management approach
modify created contingency plans
The candidates are required to:
Create a contingency plan using the information
analyse the contingency plan scenario and answer
the short answer questions
Short answer questions allow the candidate to demonstrate
their knowledge and skills in the following:
legislative requirements
organisational policies and procedures
auditing processes
problem solving techniques

HMBFP Manage Budgets and Financial Plans Student Guide v 2.0 August 2010

Page 2

BSB51107 Diploma of Management
Assessment Task 1
Analysis of Financial Plan
Assessment Task 2
Contingency Planning
Assessment Task 3
Support and Resource
Assessment Task 4
Knowledge Quiz

Week 1
Week 3
Week 4
Week 5

HMBFP Manage Budgets and Financial Plans Student Guide v 2.0 August 2010

Page 3

BSB51107 Diploma of Management

Assessment Task 1
Analysis of financial plans
Candidate’s name

Phone No.

Assessor’s name

Phone No.

Assessment site
Assessment date/s


Performance objective
Report and monitor expenditure and compare with financial plans so that recommendations are developed for key stakeholders.
Assessment description
Complete the financial reporting for each period and develop recommendations using the templates provided.
1. Read the case study.
2. Complete the financial reports for each period as requested. 3. Analyse the data and complete your recommendations in the space provided. 4. Complete a new budget based on your recommendations.

financial data tabled is accurately
basic accounting terminology is used in recommendations
sound reasoning is used in calculating the strategies that are recommended Submission guidelines
The assessment task is due on the...

References: Manage budgets and forecasts, tafevc publications, 2006.
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