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Unit Review – Budgeting

Budgeting is one of the units that I took when going through the course of Certificate IV: Accounting and Bookkeeping in RMIT University. I decided to note down what I learned and how I feel about each units.

I took this course for free. If you are interested, you can read about how I registered here.

Tl; dr;

Quite a basic unit that teaches you how to use formula and how to follow style guide using Excel. It also discusses about how to budget for different types of business.

After going through the course, I have a bit more knowledge in budgeting for my personal finance.

Introduction

The unit name is Budgeting, and RMIT programmed it to be a cluster of 2 smaller units. Which means that by completing the unit, students complete 2 units in the program. (note that the unit code may change since the time of writing).

The course description, copying as-is, is as follow:

“In this course, you will learn the skills and knowledge required to prepare and document operational budgets for a variety of organisations. You will also acquire¬†the skills and knowledge required to develop spreadsheets through the use of both cloud-based and non-cloud based spreadsheet applications.”

I think it is quite accurate of what I get after finishing the course.

The teacher

Mr Paul Lim was the lecturer in RMIT. He seems to be helpful with answering questions from other students that to me were silly. However, some of his explanation may not be clear to the students, hence led to confusion when doing assignments. As a result, he was not ranked highly when it came to course evaluation.

He seems to have knowledge in accounting and bookkeeping business. He has been an accountant for quite a while and also a property investor. I talked to him a bit during our break and managed to get some good tradies number off of him. However they only service South-eastern part of Melbourne.

The students

Most students seemed to be taking the same government program as I did. They are quite relaxed with the unit and most of them already have jobs somewhere.

However there were also some students who were young, less than 20. I don’t know why they are taking Cert IV program. But surely they have their own situations.

The experience

Excel logo

Source: computerhope.com

My first impression when taking the first class: “Excel, really?!”. Like, is there anyone who does not know Excel???

I’ve never been so wrong. To my surprise, most students don’t know how to use Excel formula, let alone utilizing Excel calculation power.

The unit only taught us how to use SUM() formula, as well as how to do basic calculations on a cell based on other cells.

budgeting

Source: moneyunder30.com

Budgeting, now that’s something I don’t have a good system for. The unit went into explaining how to budget in different industries. How to forecast budget based on certain estimated weights and values. How to do a rollover (or continuous) budgets. Also I learned about fixed cost and variable cost. It is basic to an accountant, but it was something new to me.

njord style guide

Source: hubspot.com

Style guide was another aspect that I went through. I came to understand that a company will always need to have a style guide to be used in marketing, advertisement, logos, websites, etc. This is the main component in Brand recognition.

Style guide can contain a combination of colours, font type, font size, logos, layouts, etc. that, together, create a unique brand for a company. If you are managing a company, it is advisable that you think about having a style guide. If you need some help, my company, Digital Envision Pty. Ltd. will always be there for you.

Summary

Budgeting is just one of many units that I went through. Even though it was a simple unit, it did teach me something that I don’t know. So far, RMIT’s course has not disappointed me.

“Improve yourself everyday and you will be surprised of the person you become a year from now.” – Tuan Nguyen

By Tuan Nguyen

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