Managing Finance

RQF level 5

Unit aims

1. Understand finance within organisations

Assessment criteria

1.1 Analyse the relationship between the financial function and other functional areas within organisations

1.2 Examine the impact of financial objectives on decision making within organisations

1.3 Differentiate between management accounting and financial accounting

1.4 Analyse the impact of organisational and regulatory frameworks on an organisation’s approach to financial management

1.5 Analyse the challenges organisations face accessing finance

Unit aims

2. Know how to set and manage budgets

Assessment criteria

2.1 Differentiate between budget setting and financial forecasting

2.2 Evaluate budget setting approaches used by organisations

2.3 Formulate and justify a budget for an area of management responsibility

2.4 Analyse the factors that impact on budget management

2.5 Specify corrective actions to be taken in response to budgetary variance

2.6 Discuss reporting procedures for authorising corrective actions to a budget



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