FNSACC412 - Prepare operational budgets

Unit code:FNSACC412Study level:TAFE

Nominal hours

Location

City Campus
Footscray Nicholson
Footscray Park

Prerequisites

(Or equivalent to be determined by unit coordinator)
Co-requisites
(Corequisite units must be studied concurrently with this unit)

Overview

This unit describes the skills and knowledge required to prepare and document operational budgets for a variety of organisations. It applies to individuals who use specialised knowledge and systematic approaches to undertake strategic financial activity for an organisation.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit’s learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

establish and confirm budgetary milestones and performance indicators;
collect financial data and prepare operational budgets for a range of organisations;
identify budget variances and report variances to designated stakeholders, and;
record and document budget reports.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Students will also be expected to demonstrate the following knowledge:

key principles of budgetary control;
range of forecasting techniques used when preparing operational budgets;
key principles of statistical analysis and measures of variance in the context of financial data analysis and operational budgets, and;
key features of organisational policies and procedures for financial administration as they relate to budgeting.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.