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: lisa.genna2@tafensw.edu.au

Head Teacher Name: Julie Law, Accounting & Finance

Email Address: julie.law@tafensw.edu.au
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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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 Description

Criteria

1. Reading 1.2, 2.2, 2.3, 3.3, Researches, consolidates and evaluates a range of
3.4, 4.1, 4.2 information and financial data, identifying key
aspects needed for work requirements and
analysing trends
2. Writing 2.1, 2.3, 3.1-3.3, * Prepares specific and logically structured written
4.1 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, 2.1- * Performs mathematical calculations and uses a
2.4, 3.1-3.4, 4.1 range of mathematical problem-solving techniques
to analyse, estimate and forecast financial data
5. Navigate the world of 1.2, 2.3, 2.4, 4.1 * Takes responsibility for adherence to
work organisational policy and procedures, and legal
and ethical requirements

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Skill Performance Description
Criteria

6. Interact with others
7. Get the work done
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
1.1, 1.2, 1.4, 2.1- * Organises work according to organisational
2.4, 3.2-3.4, 4.1, procedures, using some analytical processes, and
4.2 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 Click on the following link:

resources 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 Chapter Homework

1 Unit overview Download and read a copy of the DELIVERY AND

ASSESSMENT GUIDE for this unit.

Budgeting 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 3 Read chapter 3 and then complete the following

Budgets - activity:
Manufacturing 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 6 Read chapter 6 and then complete the following

and performance activity:
reports Chapter review question: 6 (Harrison)

FINISH ASSESSMENT 2 AND UPLOAD VIDEO TO STUDESPACE

YOU CAN NOW COMPLETE ASSESSMENT 3

7 and 8 Revision (all 1 to 6 Finish all assessments.

chapters)

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 +
Written assessment Grading:
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 Delivery and Assessment Guide
Task Overview Due Date Weighting Unit of Competence
Elements
task SATISFACTORY or NOT Performance criteria
YET SATISFACTORY 2.1; 2.4; 3.4

Assessment 2 Flexible 30% Performance criteria

1.1; 1.2; 1.3; 1.4; 2.1;
Individual Grading:
2.2; 2.3; 2.4; 3.1; 3.2;
presentation (video) SATISFACTORY or NOT
3.3
YET SATISFACTORY

Assessment 3 Flexible 40% Performance criteria

1.1; 1.2; 1.4; 2.1; 2.2;
Practical assessment Grading:
3.1; 3.2; 4.1; 4.2
task SATISFACTORY or NOT
YET SATISFACTORY
ALL CHAPTERS

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

Dispute of If you do not agree with the mark/grade given for your assessment, you may
Mark/grade 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.
If you have a permanent or temporary condition that may prevent you successfully
Reasonable
completing the assessment task(s) you should immediately talk with your teacher
Adjustment
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.
All TAFE students are eligible to apply for credit for previous formal, informal and
Recognition
non-formal learning. Refer to the Training and Education Support website for
of Prior
information about Credit pathways (Articulation, Credit transfer and Recognition of
Learning
Prior Learning (RPL). There is also a brochure widely available throughout the
(RPL)
campus on RPL.
Each case of student absence from an assessment event, or late submission of an
Policy on
assessment event, will be considered by the teacher on an individual basis.
Late
Students should endeavour to notify their teacher in advance where an absence
Assessment
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 classroom-
based assessment event on a negotiated date, Penalty B may apply.

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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 Definition: Plagiarism involves using the work of another person and presenting it
Plagiarism 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: ................................................................................ Date: ..........................................................

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